# EDGAR Filing Document

**Accession Number:** 0001126087
**File Stem:** 0001193125-23-061271
**Filing Date:** 2023-3
**Character Count:** 8689009
**Document Hash:** 6779419132018e19a1c1e8bfbee472a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-061271.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001193125-23-061271

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 114

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brighthouse Funds Trust I
- **CENTRAL INDEX KEY:** 0001126087
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10183
- **FILM NUMBER:** 23708650

**BUSINESS ADDRESS:**
- **STREET 1:** BRIGHTHOUSE INVESTMENT ADVISERS, LLC
- **STREET 2:** 125 HIGH STREET, SUITE 732
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 9809495121

**MAIL ADDRESS:**
- **STREET 1:** BRIGHTHOUSE INVESTMENT ADVISERS, LLC
- **STREET 2:** 125 HIGH STREET, SUITE 732
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Brighthouse/abrdn Emerging Markets Equity Portfolio (Series ID: S000011108)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030675 | Class A      |  |
| C000030676 | Class B      |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10183

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BRIGHTHOUSE FUNDS TRUST I

------

(Exact name of registrant as specified in charter)

125 High Street, Suite 732

Boston, MA 02110

------

(Address of principal executive offices)(Zip code)

---

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

---

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

------

**Item 1: Report to Shareholders.** 

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

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Managed By AllianceBernstein L.P.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

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

**MARKET ENVIRONMENT / CONDITIONS** 

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

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

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

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

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

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

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

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

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Managed By AllianceBernstein L.P.** 

**Portfolio Manager Commentary\*—(Continued)** 

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

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

**Daniel Loewy** 

**Alexander Barenboym** 

**Caglasu Altunkopru** 

Portfolio Managers

*AllianceBernstein L.P.* 

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

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

**BHFTI-2** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g382964g83a99.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**AB Global Dynamic Allocation Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -20.43 | 0.26 | 3.65 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | -14.97 | 3.26 | 5.66 |

---

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

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

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Equity Sectors** 

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| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Information Technology** | **8.6** |
| **Financials** | **7.9** |
| **Health Care** | **7.6** |
| **Real Estate** | **6.5** |
| **Industrials** | **6.2** |

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**Top Fixed Income Sectors** 

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| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Treasury & Government Agencies** | **29.8** |
| **Foreign Government** | **9.8** |
| **U.S. Treasury** | **1.2** |

---

**BHFTI-3** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

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

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AB Global Dynamic Allocation Portfolio** <br>|  | **<br>Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class B (a) | Actual | 0.90% | $1000.00 | $977.10 | $4.49 |
|  | Hypothetical\* | 0.90% | $1000.00 | $1020.67 | $4.58 |

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

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

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

**BHFTI-4** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—57.0% of Net Assets** 

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Aerospace & Defense—0.9%** | **Aerospace & Defense—0.9%** | **Aerospace & Defense—0.9%** |
|  Airbus SE | 30560 | $3633653 |
|  BAE Systems plc | 161589 | 1670053 |
|  Boeing Co. (The) (a) (b) | 12177 | 2319597 |
|  Dassault Aviation S.A. | 1303 | 221079 |
|  Elbit Systems, Ltd. | 1374 | 223591 |
|  General Dynamics Corp. | 4906 | 1217228 |
|  Howmet Aerospace, Inc. | 8065 | 317842 |
|  Huntington Ingalls Industries, Inc. | 871 | 200922 |
|  Kongsberg Gruppen ASA | 4670 | 198201 |
|  L3Harris Technologies, Inc. | 4174 | 869068 |
|  Lockheed Martin Corp. | 5148 | 2504450 |
|  MTU Aero Engines AG | 2770 | 599540 |
|  Northrop Grumman Corp. | 3173 | 1731220 |
|  Raytheon Technologies Corp. | 32211 | 3250734 |
|  Rheinmetall AG | 2266 | 451353 |
|  Rolls-Royce Holdings plc (a) | 429778 | 481175 |
|  Safran S.A. | 17671 | 2208225 |
|  Singapore Technologies Engineering, Ltd. | 79154 | 198105 |
|  Textron, Inc. | 4615 | 326742 |
|  Thales S.A. | 5521 | 705785 |
|  TransDigm Group, Inc. | 1124 | 707727 |
|  |  | 24036290 |
| **Air Freight & Logistics—0.3%** |  |  |
|  C.H. Robinson Worldwide, Inc. (b) | 2703 | 247487 |
|  Deutsche Post AG | 51248 | 1929069 |
|  DSV A/S | 9679 | 1535148 |
|  Expeditors International of Washington, Inc. (b) | 3569 | 370891 |
|  FedEx Corp. | 5215 | 903238 |
|  Nippon Express Holdings, Inc. | 4003 | 228281 |
|  SG Holdings Co., Ltd. | 14938 | 208235 |
|  United Parcel Service, Inc. - Class B | 15966 | 2775529 |
|  Yamato Holdings Co., Ltd. | 14728 | 234135 |
|  |  | 8432013 |
| **Airlines—0.1%** |  |  |
|  Alaska Air Group, Inc. (a) | 2765 | 118729 |
|  American Airlines Group, Inc. (a) (b) | 14177 | 180331 |
|  ANA Holdings, Inc. (a) (b) | 8348 | 177845 |
|  Delta Air Lines, Inc. (a) | 13988 | 459646 |
|  Deutsche Lufthansa AG (a) | 30305 | 251841 |
|  Japan Airlines Co., Ltd. (a) (b) | 7368 | 151145 |
|  Qantas Airways, Ltd. (a) | 46854 | 188647 |
|  Singapore Airlines, Ltd. | 69272 | 285472 |
|  Southwest Airlines Co. (a) | 12944 | 435824 |
|  United Airlines Holdings, Inc. (a) | 7128 | 268726 |
|  |  | 2518206 |
| **Auto Components—0.2%** |  |  |
|  Aisin Corp. | 7661 | 204055 |
|  Aptiv plc (a) | 5910 | 550398 |
|  BorgWarner, Inc. | 5167 | 207972 |
|  Bridgestone Corp. (b) | 29519 | 1050927 |
|  Cie Generale des Etablissements Michelin SCA | 35074 | 975299 |
|  Continental AG | 5753 | 343718 |
| **Auto Components—(Continued)** |  |  |
|  Denso Corp. | 22405 | 1098329 |
|  Koito Manufacturing Co., Ltd. | 10597 | 157851 |
|  Sumitomo Electric Industries, Ltd. | 36700 | 416313 |
|  Valeo | 10728 | 191224 |
|  |  | 5196086 |
| **Automobiles—1.1%** |  |  |
|  Bayerische Motoren Werke AG | 17118 | 1527870 |
|  Ferrari NV | 6517 | 1394351 |
|  Ford Motor Co. | 86157 | 1002006 |
|  General Motors Co. | 31808 | 1070021 |
|  Honda Motor Co., Ltd. | 84286 | 1927128 |
|  Isuzu Motors, Ltd. | 29975 | 350106 |
|  Mazda Motor Corp. | 28829 | 217919 |
|  Mercedes-Benz Group AG | 41483 | 2722261 |
|  Nissan Motor Co., Ltd. | 119232 | 375133 |
|  Renault S.A. (a) | 9903 | 329949 |
|  Stellantis NV (Milan-Traded Shares) | 113776 | 1611629 |
|  Subaru Corp. | 31906 | 489582 |
|  Suzuki Motor Corp. | 19059 | 613188 |
|  Tesla, Inc. (a) (b) | 58104 | 7157251 |
|  Toyota Motor Corp. | 548263 | 7493187 |
|  Volkswagen AG | 1551 | 245196 |
|  Volvo Car AB - Class B | 30212 | 138029 |
|  Yamaha Motor Co., Ltd. (b) | 15324 | 348238 |
|  |  | 29013044 |
| **Banks—3.6%** |  |  |
|  ABN AMRO Bank NV | 20880 | 288388 |
|  AIB Group plc | 55286 | 213109 |
|  ANZ Group Holdings, Ltd. | 154578 | 2490084 |
|  Banco Bilbao Vizcaya Argentaria S.A. | 313680 | 1894243 |
|  Banco Santander S.A. | 868267 | 2600316 |
|  Bank Hapoalim B.M. | 64688 | 583573 |
|  Bank Leumi Le-Israel B.M. | 79293 | 660969 |
|  Bank of America Corp. | 152504 | 5050932 |
|  Bank of Ireland Group plc | 55335 | 524670 |
|  Banque Cantonale Vaudoise | 1558 | 149636 |
|  Barclays plc | 831061 | 1597786 |
|  BNP Paribas S.A. | 57434 | 3268415 |
|  BOC Hong Kong Holdings, Ltd. | 190064 | 646087 |
|  CaixaBank S.A. | 229203 | 899686 |
|  Chiba Bank, Ltd. (The) | 26875 | 196963 |
|  Citigroup, Inc. | 42250 | 1910968 |
|  Citizens Financial Group, Inc. | 10813 | 425708 |
|  Comerica, Inc. | 2854 | 190790 |
|  Commerzbank AG (a) | 54675 | 517003 |
|  Commonwealth Bank of Australia | 87970 | 6140402 |
|  Concordia Financial Group, Ltd. | 55194 | 230946 |
|  Credit Agricole S.A. | 62167 | 655305 |
|  Danske Bank A/S | 35710 | 703508 |
|  DBS Group Holdings, Ltd. | 93646 | 2370781 |
|  DNB Bank ASA | 48092 | 952132 |
|  Erste Group Bank AG | 17826 | 568428 |
|  Fifth Third Bancorp | 14969 | 491133 |
|  FinecoBank Banca Fineco S.p.A. | 31337 | 522248 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Banks—(Continued)** | | |
|  First Republic Bank | 3986 | $485854 |
|  Hang Seng Bank, Ltd. | 39611 | 655866 |
|  HSBC Holdings plc (Hong Kong-Traded Shares) | 1031508 | 6432968 |
|  Huntington Bancshares, Inc. | 31462 | 443614 |
|  ING Groep NV | 194765 | 2376213 |
|  Intesa Sanpaolo S.p.A. | 863719 | 1926948 |
|  Israel Discount Bank, Ltd. - Class A | 63953 | 336116 |
|  Japan Post Bank Co., Ltd. | 20911 | 179671 |
|  JPMorgan Chase & Co. | 63975 | 8579047 |
|  KBC Group NV | 12942 | 830970 |
|  KeyCorp | 20346 | 354427 |
|  Lloyds Banking Group plc | 3526018 | 1936253 |
|  M&T Bank Corp. | 3831 | 555725 |
|  Mediobanca Banca di Credito Finanziario S.p.A. | 31293 | 300673 |
|  Mitsubishi UFJ Financial Group, Inc. | 618009 | 4169107 |
|  Mizrahi Tefahot Bank, Ltd. | 7939 | 257186 |
|  Mizuho Financial Group, Inc. | 124714 | 1762674 |
|  National Australia Bank, Ltd. | 163734 | 3317927 |
|  NatWest Group plc | 273275 | 872331 |
|  Nordea Bank Abp | 173814 | 1858859 |
|  Oversea-Chinese Banking Corp., Ltd. | 175061 | 1588473 |
|  PNC Financial Services Group, Inc. (The) | 8947 | 1413089 |
|  Regions Financial Corp. | 20384 | 439479 |
|  Resona Holdings, Inc. | 110987 | 609710 |
|  Shizuoka Financial Group, Inc. | 22629 | 181881 |
|  Signature Bank | 1373 | 158197 |
|  Skandinaviska Enskilda Banken AB - Class A | 83152 | 956934 |
|  Societe Generale S.A. | 41742 | 1047313 |
|  Standard Chartered plc | 128852 | 967127 |
|  Sumitomo Mitsui Financial Group, Inc. | 67518 | 2720589 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 17506 | 610827 |
|  SVB Financial Group (a) | 1289 | 296650 |
|  Svenska Handelsbanken AB - A Shares | 74916 | 753826 |
|  Swedbank AB - A Shares | 46829 | 795565 |
|  Truist Financial Corp. | 28936 | 1245116 |
|  U.S. Bancorp | 29496 | 1286321 |
|  UniCredit S.p.A. | 99321 | 1412369 |
|  United Overseas Bank, Ltd. | 61013 | 1399253 |
|  Wells Fargo & Co. | 82747 | 3416624 |
|  Westpac Banking Corp. | 181008 | 2846896 |
|  Zions Bancorp N.A. (b) | 3283 | 161392 |
|  |  | 98684269 |
| **Beverages—1.1%** |  |  |
|  Anheuser-Busch InBev S.A. (b) | 44907 | 2699727 |
|  Asahi Group Holdings, Ltd. | 23594 | 734660 |
|  Brown-Forman Corp. - Class B | 3989 | 261998 |
|  Budweiser Brewing Co. APAC, Ltd. (144A) | 87286 | 274587 |
|  Carlsberg AS - Class B | 5040 | 667178 |
|  Coca-Cola Co. (The) | 84909 | 5401061 |
|  Coca-Cola Europacific Partners plc | 10654 | 589379 |
|  Coca-Cola HBC AG (a) | 10444 | 249289 |
|  Constellation Brands, Inc. - Class A | 3476 | 805563 |
|  Davide Campari-Milano NV | 27024 | 273894 |
|  Diageo plc | 117721 | 5198475 |
|  Heineken Holding NV | 5252 | 404401 |
| **Beverages—(Continued)** |  |  |
|  Heineken NV | 13401 | 1259045 |
|  Ito En, Ltd. | 2856 | 104204 |
|  Keurig Dr Pepper, Inc. | 18535 | 660958 |
|  Kirin Holdings Co., Ltd. (b) | 42568 | 652153 |
|  Molson Coors Beverage Co. - Class B (b) | 4106 | 211541 |
|  Monster Beverage Corp. (a) (b) | 8391 | 851938 |
|  PepsiCo, Inc. | 30107 | 5439131 |
|  Pernod Ricard S.A. | 10669 | 2097094 |
|  Remy Cointreau S.A. | 1199 | 202159 |
|  Suntory Beverage & Food, Ltd. | 7195 | 245501 |
|  Treasury Wine Estates, Ltd. | 37319 | 344838 |
|  |  | 29628774 |
| **Biotechnology—0.9%** |  |  |
|  AbbVie, Inc. | 38572 | 6233621 |
|  Amgen, Inc. | 11670 | 3065009 |
|  Argenx SE (a) | 290 | 109279 |
|  Argenx SE (a) | 2557 | 963537 |
|  Biogen, Inc. (a) | 3166 | 876729 |
|  CSL, Ltd. | 24905 | 4856246 |
|  Genmab A/S (a) | 3403 | 1441434 |
|  Gilead Sciences, Inc. | 27343 | 2347396 |
|  Grifols S.A. (a) | 15123 | 175369 |
|  Incyte Corp. (a) | 4028 | 323529 |
|  Moderna, Inc. (a) | 7339 | 1318231 |
|  Regeneron Pharmaceuticals, Inc. (a) | 2338 | 1686844 |
|  Swedish Orphan Biovitrum AB (a) | 8802 | 181857 |
|  Vertex Pharmaceuticals, Inc. (a) | 5595 | 1615724 |
|  |  | 25194805 |
| **Building Products—0.4%** |  |  |
|  A.O. Smith Corp. (b) | 2803 | 160444 |
|  AGC, Inc. (b) | 9971 | 330311 |
|  Allegion plc | 1916 | 201678 |
|  Assa Abloy AB - Class B | 51819 | 1114933 |
|  Carrier Global Corp. | 18359 | 757309 |
|  Cie de Saint-Gobain | 25569 | 1255279 |
|  Daikin Industries, Ltd. | 12881 | 1981478 |
|  Geberit AG | 1855 | 878417 |
|  Johnson Controls International plc | 15027 | 961728 |
|  Kingspan Group plc | 8018 | 431715 |
|  Lixil Corp. | 14762 | 224966 |
|  Masco Corp. | 4920 | 229616 |
|  Nibe Industrier AB - B Shares | 77839 | 727874 |
|  Rockwool International A/S - B Shares | 475 | 112052 |
|  TOTO, Ltd. | 7351 | 248762 |
|  Trane Technologies plc | 5055 | 849695 |
|  Xinyi Glass Holdings, Ltd. | 91957 | 170961 |
|  |  | 10637218 |
| **Capital Markets—1.5%** |  |  |
|  3i Group plc | 49447 | 802855 |
|  abrdn plc | 110562 | 251833 |
|  Ameriprise Financial, Inc. | 2360 | 734833 |
|  Amundi S.A. | 3188 | 181144 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Capital Markets—(Continued)** | | |
|  ASX, Ltd. | 10047 | $460742 |
|  Bank of New York Mellon Corp. (The) | 16042 | 730232 |
|  BlackRock, Inc. | 3289 | 2330684 |
|  Cboe Global Markets, Inc. | 2314 | 290338 |
|  Charles Schwab Corp. (The) | 33311 | 2773474 |
|  CME Group, Inc. | 7841 | 1318543 |
|  Credit Suisse Group AG (b) | 225117 | 676356 |
|  Daiwa Securities Group, Inc. | 68966 | 305735 |
|  Deutsche Bank AG | 106851 | 1211103 |
|  Deutsche Boerse AG | 9823 | 1694868 |
|  EQT AB | 15360 | 327358 |
|  Euronext NV (144A) | 4421 | 327705 |
|  FactSet Research Systems, Inc. | 829 | 332603 |
|  Franklin Resources, Inc. (b) | 6197 | 163477 |
|  Futu Holdings, Ltd. (ADR) (a) | 3147 | 127926 |
|  Goldman Sachs Group, Inc. (The) | 7447 | 2557151 |
|  Hargreaves Lansdown plc | 18035 | 186915 |
|  Hong Kong Exchanges & Clearing, Ltd. | 62270 | 2691007 |
|  Intercontinental Exchange, Inc. | 12183 | 1249854 |
|  Invesco, Ltd. | 9924 | 178533 |
|  Japan Exchange Group, Inc. | 25841 | 373465 |
|  Julius Baer Group, Ltd. (a) | 11054 | 642525 |
|  London Stock Exchange Group plc | 17015 | 1468123 |
|  Macquarie Group, Ltd. | 18982 | 2154936 |
|  MarketAxess Holdings, Inc. | 821 | 228969 |
|  Moody's Corp. | 3443 | 959289 |
|  Morgan Stanley | 29213 | 2483689 |
|  MSCI, Inc. | 1756 | 816838 |
|  Nasdaq, Inc. | 7394 | 453622 |
|  Nomura Holdings, Inc. | 149474 | 556355 |
|  Northern Trust Corp. | 4546 | 402275 |
|  Partners Group Holding AG | 1174 | 1043557 |
|  Raymond James Financial, Inc. | 4237 | 452723 |
|  S&P Global, Inc. | 7432 | 2489274 |
|  SBI Holdings, Inc. | 12695 | 243396 |
|  Schroders plc | 37074 | 194886 |
|  Singapore Exchange, Ltd. | 44322 | 296396 |
|  St. James's Place plc | 27963 | 370289 |
|  State Street Corp. | 8020 | 622111 |
| T. Rowe Price Group, Inc. | 4924 | 537011 |
|  UBS Group AG | 173112 | 3226736 |
|  |  | 41921734 |
| **Chemicals—1.3%** |  |  |
|  Air Liquide S.A. | 27055 | 3848284 |
|  Air Products & Chemicals, Inc. | 4839 | 1491670 |
|  Akzo Nobel NV | 9399 | 627158 |
|  Albemarle Corp. | 2555 | 554077 |
|  Arkema S.A. | 3073 | 277185 |
|  Asahi Kasei Corp. | 64435 | 457875 |
|  BASF SE | 47485 | 2357355 |
|  Celanese Corp. | 2175 | 222372 |
|  CF Industries Holdings, Inc. | 4347 | 370364 |
|  Chr Hansen Holding A/S | 5516 | 397664 |
|  Clariant AG (a) | 11234 | 178771 |
|  Corteva, Inc. | 15677 | 921494 |
| **Chemicals—(Continued)** |  |  |
|  Covestro AG | 10063 | 393697 |
|  Croda International plc | 7227 | 577571 |
|  Dow, Inc. | 15667 | 789460 |
|  DuPont de Nemours, Inc. (b) | 10927 | 749920 |
|  Eastman Chemical Co. | 2679 | 218178 |
|  Ecolab, Inc. | 5409 | 787334 |
|  EMS-Chemie Holding AG | 363 | 245347 |
|  Evonik Industries AG | 10896 | 209200 |
|  FMC Corp. | 2748 | 342950 |
|  Givaudan S.A. | 478 | 1457294 |
|  ICL Group, Ltd. | 36600 | 263934 |
|  International Flavors & Fragrances, Inc. (b) | 5562 | 583120 |
|  Johnson Matthey plc | 9526 | 245230 |
|  JSR Corp. | 9171 | 180745 |
|  Koninklijke DSM NV | 9037 | 1107896 |
|  Linde plc (b) | 10872 | 3546229 |
|  LyondellBasell Industries NV - Class A | 5551 | 460900 |
|  Mitsubishi Chemical Group Corp. | 66193 | 341994 |
|  Mitsui Chemicals, Inc. | 9602 | 215324 |
|  Mosaic Co. (The) | 7532 | 330429 |
|  Nippon Paint Holdings Co., Ltd. (b) | 42894 | 339410 |
|  Nippon Sanso Holdings Corp. | 8783 | 126509 |
|  Nissan Chemical Corp. | 6592 | 290170 |
|  Nitto Denko Corp. | 7388 | 424991 |
|  Novozymes A/S - B Shares | 10592 | 537889 |
|  OCI NV | 5476 | 195408 |
|  Orica, Ltd. | 22787 | 232849 |
|  PPG Industries, Inc. | 5127 | 644669 |
|  Sherwin-Williams Co. (The) | 5145 | 1221063 |
|  Shin-Etsu Chemical Co., Ltd. | 19388 | 2362146 |
|  Sika AG | 7551 | 1821976 |
|  Solvay S.A. | 3859 | 391150 |
|  Sumitomo Chemical Co., Ltd. | 77046 | 275872 |
|  Symrise AG | 6865 | 746860 |
|  Toray Industries, Inc. | 71695 | 397993 |
|  Tosoh Corp. | 13185 | 156444 |
|  Umicore S.A. | 10906 | 402356 |
|  Yara International ASA | 8612 | 378652 |
|  |  | 35697428 |
| **Commercial Services & Supplies—0.2%** |  |  |
|  Brambles, Ltd. | 71701 | 588874 |
|  Cintas Corp. | 1876 | 847239 |
|  Copart, Inc. (a) | 9332 | 568226 |
|  Dai Nippon Printing Co., Ltd. | 11512 | 230789 |
|  Rentokil Initial plc | 129712 | 797247 |
|  Republic Services, Inc. | 4480 | 577875 |
|  Rollins, Inc. | 5049 | 184491 |
|  Secom Co., Ltd. | 10867 | 619912 |
|  Securitas AB - B Shares | 24946 | 207664 |
|  TOPPAN, Inc. | 13625 | 201146 |
|  Waste Management, Inc. | 8206 | 1287357 |
|  |  | 6110820 |
| **Communications Equipment—0.3%** |  |  |
|  Arista Networks, Inc. (a) | 5377 | 652499 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Communications Equipment—(Continued)** | | |
|  Cisco Systems, Inc. | 90336 | $4303607 |
|  F5, Inc. (a) | 1299 | 186420 |
|  Juniper Networks, Inc. | 7038 | 224934 |
|  Motorola Solutions, Inc. | 3641 | 938322 |
|  Nokia Oyj | 279770 | 1299923 |
|  Telefonaktiebolaget LM Ericsson - B Shares | 150900 | 883726 |
|  |  | 8489431 |
| **Construction & Engineering—0.2%** |  |  |
|  ACS Actividades de Construccion y Servicios S.A. | 11193 | 320707 |
|  Bouygues S.A. | 11968 | 359040 |
|  Eiffage S.A. | 4330 | 426962 |
|  Ferrovial S.A. | 25196 | 659111 |
|  Kajima Corp. | 21442 | 249426 |
|  Obayashi Corp. | 32922 | 248897 |
|  Quanta Services, Inc. | 3120 | 444600 |
|  Shimizu Corp. | 27984 | 149085 |
|  Skanska AB - B Shares | 17561 | 278751 |
|  Taisei Corp. | 9343 | 300984 |
|  Vinci S.A. | 27805 | 2777025 |
|  |  | 6214588 |
| **Construction Materials—0.2%** |  |  |
|  CRH plc | 39034 | 1545458 |
|  HeidelbergCement AG | 7537 | 429860 |
|  Holcim AG (a) | 28659 | 1477864 |
|  James Hardie Industries plc | 23126 | 414203 |
|  Martin Marietta Materials, Inc. | 1361 | 459977 |
|  Vulcan Materials Co. | 2899 | 507644 |
|  |  | 4835006 |
| **Consumer Finance—0.1%** |  |  |
|  American Express Co. | 13085 | 1933309 |
|  Capital One Financial Corp. | 8373 | 778354 |
|  Discover Financial Services | 5959 | 582969 |
|  Synchrony Financial | 10510 | 345358 |
|  |  | 3639990 |
| **Containers & Packaging—0.1%** |  |  |
|  AMCOR plc | 32783 | 390445 |
|  Avery Dennison Corp. | 1773 | 320913 |
|  Ball Corp. | 6857 | 350667 |
|  International Paper Co. | 7898 | 273508 |
|  Packaging Corp. of America | 2045 | 261576 |
|  Sealed Air Corp. | 3168 | 158020 |
|  SIG Group AG (a) | 15753 | 345256 |
|  Smurfit Kappa Group plc | 12836 | 475579 |
|  Westrock Co. | 5548 | 195068 |
|  |  | 2771032 |
| **Distributors—0.1%** |  |  |
|  D'ieteren Group | 1291 | 248543 |
|  Genuine Parts Co. | 3085 | 535278 |
|  Jardine Cycle & Carriage, Ltd. | 5108 | 109135 |
|  LKQ Corp. | 5687 | 303743 |
| **Distributors—(Continued)** |  |  |
|  Pool Corp. | 864 | 261213 |
|  |  | 1457912 |
| **Diversified Consumer Services—0.0%** |  |  |
|  IDP Education, Ltd. | 10848 | 200471 |
| **Diversified Financial Services—0.6%** |  |  |
|  Berkshire Hathaway, Inc. - Class B (a) | 39373 | 12162320 |
|  Eurazeo S.E. | 2294 | 143188 |
|  EXOR NV (a) | 5636 | 411411 |
|  Groupe Bruxelles Lambert NV | 5171 | 414211 |
|  Industrivarden AB - A Shares | 6828 | 166433 |
|  Industrivarden AB - C Shares | 8025 | 195257 |
|  Investor AB - A Shares | 25875 | 482456 |
|  Investor AB - B Shares | 94194 | 1708422 |
|  Kinnevik AB - B Shares (a) | 12614 | 174131 |
|  L E Lundbergforetagen AB - B Shares | 3977 | 169529 |
|  M&G plc | 128202 | 291408 |
|  Mitsubishi HC Capital, Inc. | 33467 | 164868 |
|  ORIX Corp. | 61800 | 996513 |
|  Sofina S.A. (b) | 806 | 178353 |
|  Wendel S.E. | 1411 | 132241 |
|  |  | 17790741 |
| **Diversified Telecommunication Services—0.7%** |  |  |
|  AT&T, Inc. (c) | 155457 | 2861963 |
|  Bezeq The Israeli Telecommunication Corp., Ltd. | 105159 | 181421 |
|  BT Group plc | 356911 | 484628 |
|  Cellnex Telecom S.A. (a) | 28097 | 934383 |
|  Deutsche Telekom AG | 167569 | 3342410 |
|  Elisa Oyj | 7410 | 392771 |
|  HKT Trust & HKT, Ltd. | 192145 | 234857 |
|  Infrastrutture Wireless Italiane S.p.A. | 17038 | 172108 |
|  Koninklijke KPN NV | 169666 | 524940 |
|  Lumen Technologies, Inc. (b) | 20779 | 108466 |
|  Nippon Telegraph & Telephone Corp. | 61795 | 1763881 |
|  Orange S.A. | 103143 | 1025592 |
|  Singapore Telecommunications, Ltd. | 426901 | 819587 |
|  Spark New Zealand, Ltd. | 96760 | 331663 |
|  Swisscom AG | 1341 | 733957 |
|  Telecom Italia S.p.A. (a) | 505179 | 117378 |
|  Telefonica Deutschland Holding AG | 52783 | 130051 |
|  Telefonica S.A. | 267781 | 969816 |
|  Telenor ASA | 36175 | 338191 |
|  Telia Co. AB | 137431 | 351729 |
|  Telstra Corp., Ltd. | 209076 | 567754 |
|  United Internet AG | 4917 | 99412 |
|  Verizon Communications, Inc. | 91618 | 3609749 |
|  |  | 20096707 |
| **Electric Utilities—1.0%** |  |  |
|  Acciona S.A. (b) | 1279 | 235239 |
|  Alliant Energy Corp. | 5474 | 302220 |
|  American Electric Power Co., Inc. | 11207 | 1064105 |
|  BKW AG | 1092 | 149000 |
|  Chubu Electric Power Co., Inc. | 33310 | 344701 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Electric Utilities—(Continued)** | | |
|  CK Infrastructure Holdings, Ltd. | 31935 | $167158 |
|  CLP Holdings, Ltd. | 84346 | 615455 |
|  Constellation Energy Corp. | 7130 | 614677 |
|  Duke Energy Corp. | 16797 | 1729923 |
|  Edison International | 8321 | 529382 |
|  EDP - Energias de Portugal S.A. | 142580 | 710304 |
|  Electricite de France S.A. | 30140 | 387174 |
|  Elia Group S.A. | 1714 | 243554 |
|  Endesa S.A. | 16405 | 309554 |
|  Enel S.p.A. | 420492 | 2261527 |
|  Entergy Corp. | 4438 | 499275 |
|  Evergy, Inc. | 5007 | 315090 |
|  Eversource Energy | 7558 | 633663 |
|  Exelon Corp. | 21636 | 935324 |
|  FirstEnergy Corp. | 11842 | 496653 |
|  Fortum Oyj | 22858 | 380765 |
|  HK Electric Investments & HK Electric Investments, Ltd. | 134397 | 88696 |
|  Iberdrola S.A. | 312473 | 3655152 |
|  Kansai Electric Power Co., Inc. (The) | 36399 | 353328 |
|  Mercury NZ, Ltd. | 35029 | 123631 |
|  NextEra Energy, Inc. | 42862 | 3583263 |
|  NRG Energy, Inc. | 5130 | 163237 |
|  Origin Energy, Ltd. | 88349 | 463846 |
|  Orsted A/S | 9781 | 887399 |
|  PG&E Corp. (a) | 35123 | 571100 |
|  Pinnacle West Capital Corp. | 2466 | 187515 |
|  Power Assets Holdings, Ltd. | 71721 | 392848 |
|  PPL Corp. | 16060 | 469273 |
|  Red Electrica Corp. S.A. | 20882 | 362738 |
|  Southern Co. (The) | 23190 | 1655998 |
|  SSE plc | 55199 | 1138529 |
|  Terna - Rete Elettrica Nazionale | 72266 | 534896 |
|  Tokyo Electric Power Co. Holdings, Inc. (a) | 78928 | 284964 |
|  Verbund AG | 3516 | 296542 |
|  Xcel Energy, Inc. | 11933 | 836623 |
|  |  | 28974321 |
| **Electrical Equipment—0.6%** |  |  |
|  ABB, Ltd. | 81262 | 2475060 |
|  AMETEK, Inc. | 5008 | 699718 |
|  Eaton Corp. plc | 8689 | 1363738 |
|  Emerson Electric Co. | 12899 | 1239078 |
|  Fuji Electric Co., Ltd. | 6558 | 249732 |
|  Generac Holdings, Inc. (a) | 1392 | 140119 |
|  Legrand S.A. | 13798 | 1110980 |
|  Mitsubishi Electric Corp. | 99908 | 988998 |
|  Nidec Corp. | 23121 | 1204072 |
|  Prysmian S.p.A. | 13227 | 489652 |
|  Rockwell Automation, Inc. | 2518 | 648561 |
|  Schneider Electric SE | 28050 | 3944936 |
|  Siemens Energy AG (a) | 22506 | 423452 |
|  Vestas Wind Systems A/S | 52210 | 1525375 |
|  |  | 16503471 |
| **Electronic Equipment, Instruments & Components—0.5%** |  |  |
|  Amphenol Corp. - Class A | 12976 | 987993 |
|  Azbil Corp. | 6010 | 152188 |
|  CDW Corp. | 2950 | 526811 |
|  Corning, Inc. | 16597 | 530108 |
|  Halma plc | 19683 | 470318 |
|  Hamamatsu Photonics KK | 7320 | 352121 |
|  Hexagon AB - B Shares | 100629 | 1057788 |
|  Hirose Electric Co., Ltd. | 1550 | 193887 |
|  Ibiden Co., Ltd. | 5862 | 213554 |
|  Keyence Corp. | 10060 | 3938537 |
|  Keysight Technologies, Inc. (a) | 3926 | 671621 |
|  Kyocera Corp. | 16595 | 828162 |
|  Murata Manufacturing Co., Ltd. | 29699 | 1489978 |
|  Omron Corp. | 9632 | 469786 |
|  Shimadzu Corp. | 12198 | 347915 |
|  TDK Corp. | 20109 | 652959 |
|  TE Connectivity, Ltd. | 6977 | 800960 |
|  Teledyne Technologies, Inc. (a) | 1022 | 408708 |
|  Trimble, Inc. (a) | 5403 | 273176 |
|  Venture Corp., Ltd. | 14051 | 179137 |
|  Yokogawa Electric Corp. | 11868 | 188027 |
|  Zebra Technologies Corp. - Class A (a) | 1130 | 289743 |
|  |  | 15023477 |
| **Energy Equipment & Services—0.1%** |  |  |
|  Baker Hughes Co. | 22072 | 651786 |
|  Halliburton Co. | 19785 | 778540 |
|  Schlumberger NV. (b) | 30855 | 1649508 |
|  Tenaris S.A. | 24254 | 425646 |
|  |  | 3505480 |
| **Entertainment—0.6%** |  |  |
|  Activision Blizzard, Inc. | 15530 | 1188821 |
|  Bollore SE | 45760 | 256439 |
|  Capcom Co., Ltd. | 8941 | 286750 |
|  Electronic Arts, Inc. | 5762 | 704001 |
|  Embracer Group AB (a) | 32848 | 148486 |
|  Koei Tecmo Holdings Co., Ltd. | 5964 | 107492 |
|  Konami Group Corp. | 4838 | 219996 |
|  Live Nation Entertainment, Inc. (a) | 3100 | 216194 |
|  Netflix, Inc. (a) | 9701 | 2860631 |
|  Nexon Co., Ltd. (b) | 24609 | 548942 |
|  Nintendo Co., Ltd. | 57071 | 2389883 |
|  Sea, Ltd. (ADR) (a) | 18682 | 972024 |
|  Square Enix Holdings Co., Ltd. | 4457 | 206935 |
|  Take-Two Interactive Software, Inc. (a) | 3418 | 355916 |
|  Toho Co., Ltd. | 5816 | 225058 |
|  UBISOFT Entertainment S.A. (a) | 4940 | 140222 |
|  Universal Music Group NV | 37501 | 905243 |
|  Walt Disney Co. (The) (a) | 39771 | 3455304 |
|  Warner Bros Discovery, Inc. (a) (b) | 48193 | 456870 |
|  |  | 15645207 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Equity Real Estate Investment Trusts—5.4%** | | |
|  Abacus Property Group | 46408 | $83038 |
|  abrdn Property Income Trust, Ltd. | 35098 | 26529 |
|  Acadia Realty Trust (b) | 8514 | 122176 |
|  Activia Properties, Inc. | 68 | 213298 |
|  Advance Logistics Investment Corp. | 61 | 67101 |
|  Advance Residence Investment Corp. | 119 | 307342 |
|  Aedifica S.A. | 3665 | 298282 |
|  AEON REIT Investment Corp. | 157 | 184340 |
|  Agree Realty Corp. (b) | 8004 | 567724 |
|  AIMS APAC REIT | 51650 | 47854 |
|  Alexander & Baldwin, Inc. | 6603 | 123674 |
|  Alexandria Real Estate Equities, Inc. | 18146 | 2643328 |
|  Allied Properties Real Estate Investment Trust | 11629 | 219869 |
|  American Assets Trust, Inc. | 4473 | 118535 |
|  American Homes 4 Rent Trust - Class A - Class A | 28328 | 853806 |
|  American Tower Corp. | 10157 | 2151862 |
|  Americold Realty Trust, Inc. (b) | 24740 | 700389 |
|  Apartment Income REIT Corp. | 13775 | 472620 |
|  Apartment Investment & Management Co. - Class A | 13696 | 97516 |
|  Apple Hospitality REIT, Inc. | 19677 | 310503 |
|  Arena REIT | 29726 | 76678 |
|  Argosy Property, Ltd. | 77321 | 57261 |
|  Armada Hoffler Properties, Inc. | 6104 | 70196 |
|  Artis Real Estate Investment Trust (b) | 7378 | 49096 |
|  Ascencio | 442 | 24857 |
|  Ascendas Real Estate Investment Trust | 488093 | 999316 |
|  Assura plc | 267790 | 176519 |
|  AvalonBay Communities, Inc. | 15925 | 2572206 |
|  Balanced Commercial Property Trust, Ltd. | 50301 | 53681 |
|  Big Yellow Group plc | 15553 | 215901 |
|  Boardwalk Real Estate Investment Trust (b) | 3406 | 124342 |
|  Boston Properties, Inc. | 17526 | 1184407 |
|  Brandywine Realty Trust | 15501 | 95331 |
|  British Land Co. plc (The) | 129862 | 620947 |
|  Brixmor Property Group, Inc. | 27427 | 621770 |
|  Broadstone Net Lease, Inc. (b) | 15836 | 256702 |
|  BWP Trust | 44848 | 119316 |
|  Camden Property Trust | 11885 | 1329694 |
|  Canadian Apartment Properties (b) | 15603 | 491829 |
|  Capital & Counties Properties plc | 67746 | 87256 |
|  CapitaLand Ascott Trust | 182800 | 143404 |
|  CapitaLand Integrated Commercial Trust | 740693 | 1129394 |
|  CareTrust REIT, Inc. | 8828 | 164024 |
|  Carmila S.A. (a) | 5267 | 75182 |
|  CDL Hospitality Trusts | 80544 | 75245 |
|  Centerspace (b) | 1352 | 79322 |
|  Centuria Industrial REIT | 48283 | 102458 |
|  Centuria Office REIT | 42559 | 44309 |
|  Champion REIT | 183706 | 72402 |
|  Charter Hall Long Wale REIT | 60599 | 180594 |
|  Charter Hall Retail REIT | 45224 | 116097 |
|  Charter Hall Social Infrastructure REIT | 30476 | 70459 |
|  Choice Properties Real Estate Investment Trust (b) | 23543 | 256643 |
|  Civitas Social Housing plc | 56313 | 42992 |
|  Cofinimmo S.A. | 2971 | 266931 |
|  Comforia Residential REIT, Inc. | 60 | 135209 |
|  Community Healthcare Trust, Inc. (b) | 2159 | 77292 |
| **Equity Real Estate Investment Trusts—(Continued)** |  |  |
|  Corporate Office Properties Trust | 10284 | 266767 |
|  Cousins Properties, Inc. | 13860 | 350519 |
|  Covivio | 7113 | 423532 |
|  CRE Logistics REIT, Inc. | 49 | 68579 |
|  Crombie Real Estate Investment Trust (b) | 9470 | 110926 |
|  Cromwell European Real Estate Investment Trust | 29400 | 47169 |
|  Cromwell Property Group | 130735 | 59213 |
|  Crown Castle, Inc. | 9447 | 1281391 |
|  CT Property Trust, Ltd. | 21324 | 17702 |
|  CubeSmart (b) | 20551 | 827178 |
|  Custodian Reit PLC | 37346 | 42139 |
|  Daiwa House REIT Investment Corp. | 310 | 691900 |
|  Daiwa Office Investment Corp. | 25 | 121573 |
|  Daiwa Securities Living Investments Corp. | 191 | 166772 |
|  Derwent London plc | 10257 | 293865 |
|  Dexus | 154802 | 813762 |
|  Dexus Industria REIT | 19570 | 38240 |
|  DiamondRock Hospitality Co. | 19183 | 157109 |
|  Digital Realty Trust, Inc. (b) | 32700 | 3278829 |
|  Douglas Emmett, Inc. (b) | 15534 | 243573 |
|  Dream Industrial Real Estate Investment Trust (b) | 22568 | 194845 |
|  Easterly Government Properties, Inc. (b) | 8341 | 119026 |
|  EastGroup Properties, Inc. | 3822 | 565885 |
|  Empire State Realty Trust, Inc. - Class A (b) | 12175 | 82060 |
|  Empiric Student Property plc | 54022 | 55000 |
|  EPR Properties (b) | 6794 | 256270 |
|  Equinix, Inc. | 10503 | 6879780 |
|  Equity Commonwealth | 9590 | 239462 |
|  Equity LifeStyle Properties, Inc. | 16345 | 1055887 |
|  Equity Residential | 41483 | 2447497 |
|  ESR-LOGOS REIT | 495957 | 136519 |
|  Essential Properties Realty Trust, Inc. (b) | 12856 | 301730 |
|  Essex Property Trust, Inc. | 7441 | 1576897 |
|  Eurocommercial Properties NV | 4673 | 112727 |
|  Extra Space Storage, Inc. | 15158 | 2230954 |
|  Far East Hospitality Trust | 89650 | 41380 |
|  Federal Realty Investment Trust | 8967 | 906026 |
|  First Capital Real Estate Investment Trust | 19487 | 241932 |
|  First Industrial Realty Trust, Inc. | 12097 | 583801 |
|  Fortune Real Estate Investment Trust | 126130 | 102455 |
|  Four Corners Property Trust, Inc. (b) | 7608 | 197275 |
|  Frasers Centrepoint Trust | 99400 | 155954 |
|  Frasers Logistics & Industrial Trust | 261150 | 225638 |
|  Frontier Real Estate Investment Corp. (b) | 45 | 175058 |
|  Fukuoka REIT Corp. | 67 | 86922 |
|  Gaming and Leisure Properties, Inc. | 22484 | 1171192 |
|  Gecina S.A. | 7149 | 728372 |
|  Getty Realty Corp. (b) | 3852 | 130390 |
|  Global Net Lease, Inc. | 9515 | 119604 |
|  Global One Real Estate Investment Corp. | 88 | 72225 |
|  GLP J-REIT | 631 | 725970 |
|  Goodman Group | 87498 | 1027981 |
|  Goodman Property Trust | 101061 | 128841 |
|  GPT Group (The) | 275749 | 787593 |
|  Granite Real Estate Investment Trust | 5466 | 278871 |
|  Great Portland Estates plc | 19807 | 118237 |
|  Growthpoint Properties Australia, Ltd. | 25616 | 51899 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Equity Real Estate Investment Trusts—(Continued)** | | |
|  H&R Real Estate Investment Trust (b) | 24280 | $217157 |
|  Hamborner REIT AG | 6533 | 47086 |
|  Hammerson plc | 357778 | 102696 |
|  Hankyu Hanshin REIT, Inc. | 62 | 72037 |
|  Health Care & Medical Investment Corp. | 33 | 45140 |
|  Healthcare Realty Trust, Inc. - Class A | 34868 | 671906 |
|  Healthpeak Properties, Inc. | 61402 | 1539348 |
|  Heiwa Real Estate REIT, Inc. | 89 | 102548 |
|  Highwoods Properties, Inc. | 9532 | 266705 |
|  Home Invest Belgium S.A. | 850 | 19859 |
|  Home Reit plc | 72879 | 33557 |
|  HomeCo Daily Needs | 159443 | 139324 |
|  Hoshino Resorts REIT, Inc. | 24 | 129370 |
|  Host Hotels & Resorts, Inc. (b) | 80759 | 1296182 |
|  Hotel Property Investments, Ltd. | 17583 | 42588 |
|  Hudson Pacific Properties, Inc. (b) | 12658 | 123162 |
|  Hulic REIT, Inc. | 117 | 145664 |
|  ICADE | 3001 | 129760 |
|  Ichigo Office REIT Investment Corp. | 108 | 69828 |
|  Immobiliare Grande Distribuzione SIIQ S.p.A. | 5971 | 19894 |
|  Impact Healthcare Reit plc | 28723 | 36385 |
|  Independence Realty Trust, Inc. | 20549 | 346456 |
|  Industrial & Infrastructure Fund Investment Corp. | 175 | 202391 |
|  Ingenia Communities Group | 33956 | 103193 |
|  Inmobiliaria Colonial Socimi S.A. | 31333 | 202336 |
|  Innovative Industrial Properties, Inc. | 2542 | 257632 |
|  InterRent Real Estate Investment Trust | 12021 | 113640 |
|  Intervest Offices & Warehouses NV | 2150 | 44241 |
|  InvenTrust Properties Corp. (b) | 6152 | 145618 |
|  Invincible Investment Corp. | 450 | 173952 |
|  Invitation Homes, Inc. | 68828 | 2040062 |
|  Irish Residential Properties REIT plc | 40957 | 48835 |
|  Iron Mountain, Inc. (b) | 6341 | 316099 |
|  Japan Excellent, Inc. (b) | 114 | 113779 |
|  Japan Hotel REIT Investment Corp. | 413 | 242954 |
|  Japan Logistics Fund, Inc. | 82 | 195626 |
|  Japan Metropolitan Fund Investment Corp. | 1001 | 795565 |
|  Japan Prime Realty Investment Corp. (b) | 85 | 239034 |
|  Japan Real Estate Investment Corp. | 185 | 810252 |
|  JBG SMITH Properties | 9831 | 186592 |
|  Kenedix Office Investment Corp. | 69 | 167720 |
|  Kenedix Residential Next Investment Corp. | 95 | 148356 |
|  Kenedix Retail REIT Corp. | 56 | 108347 |
|  Keppel DC REIT | 117557 | 155456 |
|  Keppel Pacific Oak US REIT | 78050 | 35871 |
|  Keppel REIT | 198682 | 135082 |
|  Killam Apartment Real Estate Investment Trust (b) | 10430 | 124867 |
|  Kilroy Realty Corp. | 10700 | 413769 |
|  Kimco Realty Corp. | 69101 | 1463559 |
|  Kite Realty Group Trust | 19929 | 419505 |
|  Kiwi Property Group, Ltd. | 144766 | 83616 |
|  Klepierre S.A. (a) | 28380 | 656442 |
|  Land Securities Group plc | 104513 | 786029 |
|  Lar Espana Real Estate Socimi S.A. | 5449 | 24650 |
|  LaSalle Logiport REIT | 165 | 201256 |
|  Lendlease Global Commercial. | 168324 | 88652 |
|  Lexington Realty Trust | 24885 | 249348 |
| **Equity Real Estate Investment Trusts—(Continued)** |  |  |
|  Life Storage, Inc. | 7756 | 763966 |
|  Link REIT | 303524 | 2228632 |
|  LondonMetric Property plc | 87408 | 181935 |
|  LTC Properties, Inc. (b) | 3632 | 129045 |
|  LXI REIT plc | 139176 | 189297 |
|  Macerich Co. (The) (b) | 19678 | 221574 |
|  Manulife US Real Estate Investment Trust | 147550 | 44308 |
|  Mapletree Industrial Trust | 173612 | 287961 |
|  Mapletree Logistics Trust | 469154 | 557508 |
|  Mapletree Pan Asia Commercial Trust | 330285 | 412177 |
|  Medical Properties Trust, Inc. (b) | 54662 | 608935 |
|  Mercialys S.A. | 8154 | 85529 |
|  Merlin Properties Socimi S.A. | 30682 | 289124 |
|  Mid-America Apartment Communities, Inc. | 13104 | 2057197 |
|  Mirai Corp. | 151 | 51826 |
|  Mirvac Group | 567366 | 821908 |
|  Mitsubishi Estate Logistics REIT Investment Corp. | 45 | 144209 |
|  Mitsui Fudosan Logistics Park, Inc. | 50 | 183233 |
|  Montea NV | 1215 | 87139 |
|  Mori Hills REIT Investment Corp. | 146 | 174607 |
|  Mori Trust Sogo REIT, Inc. | 92 | 102771 |
|  National Health Investors, Inc. | 3788 | 197809 |
|  National Retail Properties, Inc. | 16378 | 749457 |
|  National Storage Affiliates Trust | 7784 | 281158 |
|  National Storage REIT | 106193 | 167000 |
|  Necessity Retail REIT, Inc. (The) | 12192 | 72299 |
|  NETSTREIT Corp. (b) | 5000 | 91650 |
|  NewRiver REIT plc | 28026 | 26417 |
|  NexPoint Residential Trust, Inc. | 2055 | 89434 |
|  Nextensa S.A. | 341 | 18952 |
|  Nippon Accommodations Fund, Inc. | 43 | 197547 |
|  Nippon Building Fund, Inc. (b) | 222 | 991393 |
|  Nippon Prologis REIT, Inc. | 324 | 758799 |
|  NIPPON REIT Investment Corp. (b) | 40 | 105476 |
|  Nomura Real Estate Master Fund, Inc. | 634 | 787353 |
|  NorthWest Healthcare Properties Real Estate Investment Trust (b) | 19273 | 135224 |
|  NSI NV | 1640 | 40811 |
|  NTT UD REIT Investment Corp. | 125 | 130573 |
|  Office Properties Income Trust | 4379 | 58460 |
|  Omega Healthcare Investors, Inc. (b) | 21614 | 604111 |
|  One REIT, Inc. | 23 | 43932 |
|  Orion Office REIT, Inc. (b) | 5183 | 44263 |
|  Orix JREIT, Inc. | 243 | 344588 |
|  OUE Commercial Real Estate Investment Trust | 197550 | 49208 |
|  Paramount Group, Inc. (b) | 17107 | 101616 |
|  Park Hotels & Resorts, Inc. | 20498 | 241671 |
|  Parkway Life Real Estate Investment Trust | 35600 | 99881 |
|  Pebblebrook Hotel Trust (b) | 11845 | 158605 |
|  Phillips Edison & Co., Inc. (b) | 10700 | 340688 |
|  Physicians Realty Trust (b) | 20853 | 301743 |
|  Picton Property Income, Ltd. (The) | 50429 | 48733 |
|  Piedmont Office Realty Trust, Inc. - Class A | 11230 | 102979 |
|  Precinct Properties New Zealand, Ltd. | 122528 | 98186 |
|  Primaris Real Estate Investment Trust (b) | 9039 | 97733 |
|  Primary Health Properties plc | 121386 | 162743 |
|  Prime US REIT | 59000 | 23835 |
|  Prologis, Inc. | 105007 | 11837439 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Equity Real Estate Investment Trusts—(Continued)** | | |
|  Prosperity REIT | 107900 | $27511 |
|  PRS REIT plc (The) | 47579 | 51148 |
|  Public Storage | 17857 | 5003353 |
|  Realty Income Corp. (b) | 71250 | 4519387 |
|  Regency Centers Corp. | 19137 | 1196063 |
|  Region RE, Ltd. | 104305 | 192279 |
|  Regional REIT, Ltd. (144A) | 40529 | 28879 |
|  Residential Secure Income plc (144A) | 17050 | 17324 |
|  Retail Estates NV | 1001 | 66615 |
|  Retail Opportunity Investments Corp. | 10993 | 165225 |
|  Rexford Industrial Realty, Inc. | 16897 | 923252 |
|  RioCan Real Estate Investment Trust (b) | 27846 | 434554 |
|  RLJ Lodging Trust | 14644 | 155080 |
|  RPT Realty (b) | 7619 | 76495 |
|  Ryman Hospitality Properties, Inc. | 4937 | 403748 |
|  Sabra Health Care REIT, Inc. | 21101 | 262285 |
|  Safehold, Inc. | 2465 | 70548 |
|  Safestore Holdings plc | 18895 | 216067 |
|  Samty Residential Investment Corp. | 37 | 32530 |
|  Sankei Real Estate, Inc. | 43 | 29191 |
|  SBA Communications Corp. | 2353 | 659569 |
|  Scentre Group | 745016 | 1448652 |
|  Schroder Real Estate Investment Trust, Ltd. | 45227 | 23025 |
|  Segro plc | 172716 | 1596677 |
|  Sekisui House REIT, Inc. | 379 | 214795 |
|  Service Properties Trust (b) | 15023 | 109518 |
|  Shaftesbury plc | 17075 | 75553 |
|  Simon Property Group, Inc. | 37205 | 4370843 |
|  SITE Centers Corp. (b) | 17789 | 242998 |
|  SL Green Realty Corp. (b) | 5892 | 198678 |
|  SmartCentres Real Estate Investment Trust (b) | 11892 | 235205 |
|  SOSiLA Logistics REIT, Inc. | 61 | 63573 |
|  SPH REIT | 99150 | 66325 |
|  Spirit Realty Capital, Inc. | 12769 | 509866 |
|  STAG Industrial, Inc. (b) | 16493 | 532889 |
|  Star Asia Investment Corp. | 148 | 62003 |
|  Starhill Global REIT | 131450 | 52897 |
|  Starts Proceed Investment Corp. | 23 | 41418 |
|  Stockland | 343430 | 848007 |
|  STORE Capital Corp. | 23355 | 748761 |
|  Stride Property Group | 44398 | 39809 |
|  Summit Hotel Properties, Inc. | 9562 | 69038 |
|  Summit Industrial Income REIT | 16187 | 271258 |
|  Sun Communities, Inc. | 11207 | 1602601 |
|  Sunlight Real Estate Investment Trust | 99350 | 42799 |
|  Sunstone Hotel Investors, Inc. (b) | 19393 | 187336 |
|  Suntec Real Estate Investment Trust | 193628 | 199570 |
|  Supermarket Income Reit plc | 114200 | 141627 |
|  Takara Leben Real Estate Investment Corp. | 55 | 41509 |
|  Tanger Factory Outlet Centers, Inc. (b) | 9276 | 166411 |
|  Target Healthcare REIT plc | 57123 | 55419 |
|  Terreno Realty Corp. | 6775 | 385294 |
|  Tokyu REIT, Inc. | 86 | 135521 |
|  Triple Point Social Housing REIT plc (144A) | 33583 | 24883 |
|  Tritax Big Box REIT plc | 172204 | 288914 |
|  Tritax EuroBox plc (144A) | 74396 | 55261 |
|  UDR, Inc. | 36449 | 1411670 |
| **Equity Real Estate Investment Trusts—(Continued)** |  |  |
|  UK Commercial Property Trust, Ltd. | 67831 | 47704 |
|  Unibail-Rodamco-Westfield (a) | 15523 | 809979 |
|  Unibail-Rodamco-Westfield (Interim Shares) (a) | 50 | 2603 |
|  UNITE Group plc (The) | 29394 | 323656 |
|  United Urban Investment Corp. | 274 | 313390 |
|  Universal Health Realty Income Trust (b) | 1164 | 55558 |
|  Urban Edge Properties (b) | 10452 | 147269 |
|  Urban Logistics REIT plc | 42438 | 69053 |
|  Vastned Retail NV | 1535 | 34750 |
|  Ventas, Inc. | 45465 | 2048198 |
|  Veris Residential, Inc. (a) | 7857 | 125162 |
|  VICI Properties, Inc. | 109548 | 3549355 |
|  Vicinity Centres | 547608 | 745085 |
|  Vital Healthcare Property Trust | 44835 | 63796 |
|  Vornado Realty Trust (b) | 19716 | 410290 |
|  Warehouse Reit plc | 36550 | 46132 |
|  Warehouses De Pauw NV | 22751 | 650557 |
|  Washington Real Estate Investment Trust | 7959 | 141670 |
|  Waypoint REIT | 65653 | 122807 |
|  Welltower, Inc. | 53681 | 3518790 |
|  Wereldhave NV | 3693 | 49406 |
|  Weyerhaeuser Co. | 16150 | 500650 |
|  Workspace Group plc | 13176 | 70733 |
|  WP Carey, Inc. (b) | 18995 | 1484459 |
|  Xenia Hotels & Resorts, Inc. | 10427 | 137428 |
|  Xior Student Housing NV | 2512 | 77971 |
|  |  | 148435723 |
| **Food & Staples Retailing—0.7%** |  |  |
|  Aeon Co., Ltd. | 33832 | 712154 |
|  Carrefour S.A. | 30695 | 513591 |
|  Coles Group, Ltd. | 69085 | 782372 |
|  Costco Wholesale Corp. | 9663 | 4411160 |
|  Endeavour Group, Ltd. | 69445 | 301587 |
|  HelloFresh SE (a) | 8600 | 188542 |
|  J Sainsbury plc | 90893 | 238595 |
|  Jeronimo Martins SGPS S.A. | 14597 | 315630 |
|  Kesko Oyj - B Shares | 14086 | 311702 |
|  Kobe Bussan Co., Ltd. | 7863 | 226972 |
|  Koninklijke Ahold Delhaize NV | 54064 | 1553469 |
|  Kroger Co. (The) | 14205 | 633259 |
|  Ocado Group plc (a) | 29266 | 220232 |
|  Seven & i Holdings Co., Ltd. | 38955 | 1666431 |
|  Sysco Corp. | 11114 | 849665 |
|  Tesco plc | 385920 | 1046331 |
|  Walgreens Boots Alliance, Inc. (b) | 15649 | 584647 |
|  Walmart, Inc. | 31096 | 4409102 |
|  Welcia Holdings Co., Ltd. | 4782 | 111390 |
|  Woolworths Group, Ltd. | 62759 | 1433169 |
|  |  | 20510000 |
| **Food Products—1.2%** |  |  |
|  Ajinomoto Co., Inc. | 23605 | 719746 |
|  Archer-Daniels-Midland Co. | 12229 | 1135463 |
|  Associated British Foods plc | 18367 | 349919 |
|  Barry Callebaut AG | 187 | 370493 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Food Products—(Continued)** | | |
|  Campbell Soup Co. (b) | 4393 | $249303 |
|  Chocoladefabriken Lindt & Spruengli AG | 6 | 617951 |
|  Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 54 | 550289 |
|  Conagra Brands, Inc. | 10473 | 405305 |
|  Danone S.A. | 33191 | 1748631 |
|  General Mills, Inc. | 12996 | 1089715 |
|  Hershey Co. (The) | 3204 | 741950 |
|  Hormel Foods Corp. | 6314 | 287603 |
|  J.M. Smucker Co. (The) (b) | 2325 | 368419 |
|  JDE Peet's NV | 5272 | 152382 |
|  Kellogg Co. | 5565 | 396451 |
|  Kerry Group plc - Class A | 8233 | 742924 |
|  Kikkoman Corp. | 7558 | 399510 |
|  Kraft Heinz Co. (The) (b) | 17377 | 707418 |
|  Lamb Weston Holdings, Inc. | 3135 | 280144 |
|  McCormick & Co., Inc. (b) | 5464 | 452911 |
|  MEIJI Holdings Co., Ltd. | 5760 | 295779 |
|  Mondelez International, Inc. - Class A | 29899 | 1992768 |
|  Mowi ASA | 21300 | 363664 |
|  Nestle S.A. | 142175 | 16419148 |
|  Nisshin Seifun Group, Inc. | 10030 | 125742 |
|  Nissin Foods Holdings Co., Ltd. | 3245 | 256921 |
|  Orkla ASA | 38830 | 280544 |
|  Salmar ASA | 3356 | 131966 |
|  Tyson Foods, Inc. - Class A | 6318 | 393295 |
|  WH Group, Ltd. | 422817 | 245985 |
|  Wilmar International, Ltd. | 99316 | 309418 |
|  Yakult Honsha Co., Ltd. | 6672 | 435098 |
|  |  | 33016855 |
| **Gas Utilities—0.1%** |  |  |
|  APA Group | 60602 | 443706 |
|  Atmos Energy Corp. (b) | 3052 | 342038 |
|  Enagas S.A. (b) | 12782 | 212515 |
|  Hong Kong & China Gas Co., Ltd. (b) | 575048 | 546719 |
|  Naturgy Energy Group S.A. | 7573 | 196988 |
|  Osaka Gas Co., Ltd. | 19368 | 313261 |
|  Snam S.p.A. | 103572 | 502863 |
|  Tokyo Gas Co., Ltd. | 20141 | 395949 |
|  |  | 2954039 |
| **Health Care Equipment & Supplies—1.3%** |  |  |
|  Abbott Laboratories | 38203 | 4194307 |
|  Alcon, Inc. | 25835 | 1774464 |
|  Align Technology, Inc. (a) | 1585 | 334277 |
|  Asahi Intecc Co., Ltd. | 11295 | 186139 |
|  Baxter International, Inc. | 10986 | 559956 |
|  Becton Dickinson & Co. | 6222 | 1582255 |
|  BioMerieux | 2178 | 229041 |
|  Boston Scientific Corp. (a) | 31231 | 1445058 |
|  Carl Zeiss Meditec AG | 2082 | 262778 |
|  Cochlear, Ltd. | 3415 | 474156 |
|  Coloplast A/S - Class B | 6143 | 719767 |
|  Cooper Cos., Inc. (The) | 1076 | 355801 |
|  Demant A/S (a) | 4844 | 134698 |
| **Health Care Equipment & Supplies—(Continued)** |  |  |
|  Dentsply Sirona, Inc. | 4700 | 149648 |
|  DexCom, Inc. (a) | 8564 | 969787 |
|  DiaSorin S.p.A. | 1315 | 184268 |
|  Edwards Lifesciences Corp. (a) | 13524 | 1009026 |
|  EssilorLuxottica S.A. | 15036 | 2737997 |
|  Fisher & Paykel Healthcare Corp., Ltd. | 29697 | 422700 |
|  Getinge AB - B Shares | 11826 | 246253 |
|  Hologic, Inc. (a) | 5446 | 407415 |
|  Hoya Corp. | 18668 | 1806226 |
|  IDEXX Laboratories, Inc. | 1816 | 740855 |
|  Intuitive Surgical, Inc. (a) | 7790 | 2067077 |
|  Koninklijke Philips NV | 45977 | 690080 |
|  Medtronic plc | 28986 | 2252792 |
|  Olympus Corp. | 63150 | 1116220 |
|  ResMed, Inc. | 3194 | 664767 |
|  Siemens Healthineers AG | 14580 | 729378 |
|  Smith & Nephew plc | 44807 | 598611 |
|  Sonova Holding AG | 2778 | 660989 |
|  STERIS plc | 2182 | 402994 |
|  Straumann Holding AG | 5777 | 654206 |
|  Stryker Corp. | 7345 | 1795779 |
|  Sysmex Corp. | 8697 | 529737 |
|  Teleflex, Inc. | 1023 | 255372 |
|  Terumo Corp. | 33377 | 943863 |
|  Zimmer Biomet Holdings, Inc. | 4577 | 583568 |
|  |  | 34872305 |
| **Health Care Providers & Services—1.0%** |  |  |
|  AmerisourceBergen Corp. | 3391 | 561923 |
|  Amplifon S.p.A. | 6507 | 194384 |
|  Cardinal Health, Inc. | 5943 | 456838 |
|  Centene Corp. (a) | 12469 | 1022583 |
|  Chartwell Retirement Residences  | 21419 | 133513 |
|  Cigna Corp. | 6656 | 2205399 |
|  CVS Health Corp. | 28640 | 2668962 |
|  DaVita, Inc. (a) | 1215 | 90724 |
|  Elevance Health, Inc. | 5236 | 2685911 |
|  Fresenius Medical Care AG & Co. KGaA | 10575 | 345889 |
|  Fresenius SE & Co. KGaA | 21840 | 614466 |
|  HCA Healthcare, Inc. | 4696 | 1126852 |
|  Henry Schein, Inc. (a) | 2969 | 237134 |
|  Humana, Inc. | 2761 | 1414156 |
|  Laboratory Corp. of America Holdings | 1972 | 464366 |
|  McKesson Corp. | 3136 | 1176376 |
|  Molina Healthcare, Inc. (a) | 1267 | 418389 |
|  NMC Health plc (a)(d)(e) | 8180 | 0 |
|  Quest Diagnostics, Inc. | 2544 | 397983 |
|  Ramsay Health Care, Ltd. | 9530 | 421234 |
|  Sonic Healthcare, Ltd. | 23662 | 482449 |
|  UnitedHealth Group, Inc. | 20406 | 10818853 |
|  Universal Health Services, Inc. - Class B | 1434 | 202036 |
|  |  | 28140420 |
| **Health Care Technology—0.0%** |  |  |
|  M3, Inc. | 22826 | 621806 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Hotels, Restaurants & Leisure—0.9%** | | |
|  Accor S.A. (a) | 8837 | $219559 |
|  Aristocrat Leisure, Ltd. | 30954 | 639240 |
|  Booking Holdings, Inc. (a) | 866 | 1745232 |
|  Caesars Entertainment, Inc. (a) | 4678 | 194605 |
|  Carnival Corp. (a) (b) | 21533 | 173556 |
|  Chipotle Mexican Grill, Inc. (a) | 606 | 840819 |
|  Compass Group plc | 91300 | 2109664 |
|  Darden Restaurants, Inc. | 2674 | 369894 |
|  Domino's Pizza, Inc. | 783 | 271231 |
|  Entain plc | 30514 | 489252 |
|  Evolution AB | 9453 | 923216 |
|  Expedia Group, Inc. (a) | 3317 | 290569 |
|  Flutter Entertainment plc (a) | 8636 | 1183344 |
|  Galaxy Entertainment Group, Ltd. | 111959 | 741337 |
|  Genting Singapore, Ltd. | 306581 | 218787 |
|  Hilton Worldwide Holdings, Inc. | 5984 | 756138 |
|  InterContinental Hotels Group plc | 9540 | 549110 |
|  La Francaise des Jeux SAEM | 5471 | 219798 |
|  Las Vegas Sands Corp. (a) | 7168 | 344566 |
|  Lottery Corp., Ltd. (The) (a) | 115072 | 350719 |
|  Marriott International, Inc. - Class A | 6018 | 896020 |
|  McDonald's Corp. | 16050 | 4229656 |
|  McDonald's Holdings Co. Japan, Ltd. (b) | 4524 | 172134 |
|  MGM Resorts International | 7118 | 238667 |
|  Norwegian Cruise Line Holdings, Ltd. (a) (b) | 9193 | 112522 |
|  Oriental Land Co., Ltd. | 10342 | 1506697 |
|  Royal Caribbean Cruises, Ltd. (a) (b) | 4785 | 236523 |
|  Sands China, Ltd. (a) | 125524 | 415857 |
|  Sodexo S.A. (b) | 4598 | 439858 |
|  Starbucks Corp. | 25031 | 2483075 |
|  Whitbread plc | 10414 | 323971 |
|  Wynn Resorts, Ltd. (a) | 2258 | 186217 |
|  Yum! Brands, Inc. | 6207 | 794993 |
|  |  | 24666826 |
| **Household Durables—0.4%** |  |  |
|  Barratt Developments plc | 51843 | 248944 |
|  Berkeley Group Holdings plc | 5647 | 257116 |
|  DR Horton, Inc. | 6898 | 614888 |
|  Electrolux AB - Series B | 11149 | 150894 |
|  Garmin, Ltd. | 3366 | 310648 |
|  Iida Group Holdings Co., Ltd. | 7463 | 112805 |
|  Lennar Corp. - Class A (b) | 5563 | 503451 |
|  Mohawk Industries, Inc. (a) (b) | 1150 | 117553 |
|  Newell Brands, Inc. | 8211 | 107400 |
|  NVR, Inc. (a) | 67 | 309043 |
|  Open House Group Co., Ltd. | 4049 | 146867 |
|  Panasonic Holdings Corp. | 114186 | 956223 |
|  Persimmon plc | 16518 | 243824 |
|  PulteGroup, Inc. | 5050 | 229926 |
|  SEB S.A. | 1288 | 108264 |
|  Sekisui Chemical Co., Ltd. | 19170 | 266752 |
|  Sekisui House, Ltd. | 83006 | 1468042 |
|  Sharp Corp. (b) | 11693 | 84162 |
|  Sony Group Corp. | 65198 | 4971733 |
|  Taylor Wimpey plc | 180679 | 222727 |
| **Household Durables—(Continued)** |  |  |
|  Whirlpool Corp. | 1189 | 168196 |
|  |  | 11599458 |
| **Household Products—0.6%** |  |  |
|  Church & Dwight Co., Inc. | 5299 | 427152 |
|  Clorox Co. (The) | 2687 | 377067 |
|  Colgate-Palmolive Co. | 18197 | 1433742 |
|  Essity AB - Class B | 31485 | 826416 |
|  Henkel AG & Co. KGaA | 5427 | 350013 |
|  Kimberly-Clark Corp. | 7365 | 999799 |
|  Procter & Gamble Co. (The) | 52129 | 7900671 |
|  Reckitt Benckiser Group plc | 36996 | 2573776 |
|  Unicharm Corp. | 20863 | 800040 |
|  |  | 15688676 |
| **Independent Power and Renewable Electricity Producers—0.1%** | **Independent Power and Renewable Electricity Producers—0.1%** |  |
|  AES Corp. (The) | 14571 | 419062 |
|  Corp. ACCIONA Energias Renovables S.A. | 3405 | 131595 |
|  EDP Renovaveis S.A. | 14845 | 328162 |
|  Meridian Energy, Ltd. | 65340 | 215954 |
|  RWE AG | 33213 | 1476876 |
|  |  | 2571649 |
| **Industrial Conglomerates—0.7%** |  |  |
|  3M Co. | 12077 | 1448274 |
|  CK Hutchison Holdings, Ltd. | 138769 | 833076 |
|  DCC plc | 5090 | 251275 |
|  General Electric Co. | 23922 | 2004424 |
|  Hitachi, Ltd. | 50075 | 2520017 |
|  Honeywell International, Inc. | 14697 | 3149567 |
|  Investment AB Latour - B Shares | 7760 | 147317 |
|  Jardine Matheson Holdings, Ltd. | 8283 | 421172 |
|  Keppel Corp., Ltd. | 75298 | 408461 |
|  Lifco AB - B Shares | 12112 | 201609 |
|  Melrose Industries plc | 209613 | 340771 |
|  Siemens AG | 39551 | 5489388 |
|  Smiths Group plc | 18734 | 361181 |
|  Toshiba Corp. | 20170 | 707014 |
|  |  | 18283546 |
| **Insurance—2.1%** |  |  |
|  Admiral Group plc | 9342 | 241447 |
|  Aegon NV | 91957 | 466483 |
|  Aflac, Inc. | 12545 | 902487 |
|  Ageas SA | 8311 | 369773 |
|  AIA Group, Ltd. | 617027 | 6797789 |
|  Allianz SE | 21118 | 4540923 |
|  Allstate Corp. (The) | 5897 | 799633 |
|  American International Group, Inc. | 16589 | 1049088 |
|  Aon plc - Class A | 4601 | 1380944 |
|  Arch Capital Group, Ltd. (a) | 8057 | 505818 |
|  Arthur J. Gallagher & Co. | 4589 | 865210 |
|  Assicurazioni Generali S.p.A. | 57427 | 1019867 |
|  Assurant, Inc. | 1161 | 145195 |
|  Aviva plc | 144388 | 769609 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Insurance—(Continued)** | | |
|  AXA S.A. | 96633 | $2693232 |
|  Baloise Holding AG | 2393 | 369644 |
|  Brown & Brown, Inc. | 5114 | 291345 |
|  Chubb, Ltd. | 9111 | 2009887 |
|  Cincinnati Financial Corp. | 3473 | 355600 |
|  Dai-ichi Life Holdings, Inc. | 50654 | 1150276 |
|  Everest Re Group, Ltd. | 860 | 284892 |
|  Gjensidige Forsikring ASA | 10411 | 204303 |
|  Globe Life, Inc. | 1977 | 238327 |
|  Hannover Rueck SE | 3125 | 621216 |
|  Hartford Financial Services Group, Inc. (The) | 7049 | 534526 |
|  Insurance Australia Group, Ltd. | 126613 | 409208 |
|  Japan Post Holdings Co., Ltd. | 122919 | 1036276 |
|  Japan Post Insurance Co., Ltd. | 10132 | 178312 |
|  Legal & General Group plc | 308788 | 932585 |
|  Lincoln National Corp. | 3379 | 103803 |
|  Loews Corp. | 4363 | 254494 |
|  Marsh & McLennan Cos., Inc. | 10886 | 1801415 |
|  Medibank Private, Ltd. | 142381 | 283899 |
|  MetLife, Inc. (f) | 14616 | 1057760 |
|  MS&AD Insurance Group Holdings, Inc. | 23038 | 737354 |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 7244 | 2355487 |
|  NN Group NV | 14449 | 590116 |
|  Phoenix Group Holdings plc | 38776 | 285563 |
|  Poste Italiane S.p.A. | 27010 | 263401 |
|  Principal Financial Group, Inc. (b) | 5057 | 424383 |
|  Progressive Corp. (The) | 12760 | 1655100 |
|  Prudential Financial, Inc. | 8115 | 807118 |
|  Prudential plc | 142139 | 1923515 |
|  QBE Insurance Group, Ltd. | 76183 | 695910 |
|  Sampo Oyj - A Shares | 24804 | 1296959 |
|  Sompo Holdings, Inc. | 16190 | 718881 |
|  Suncorp Group, Ltd. | 64850 | 531780 |
|  Swiss Life Holding AG | 1594 | 822844 |
|  Swiss Re AG | 15594 | 1462870 |
|  T&D Holdings, Inc. | 27406 | 394445 |
|  Tokio Marine Holdings, Inc. | 94921 | 2031933 |
|  Travelers Cos., Inc. (The) | 5177 | 970636 |
|  Tryg A/S | 18713 | 443846 |
|  W.R. Berkley Corp. | 4456 | 323372 |
|  Willis Towers Watson plc (b) | 2399 | 586747 |
|  Zurich Insurance Group AG | 7779 | 3717392 |
|  |  | 57704918 |
| **Interactive Media & Services—1.1%** |  |  |
|  Adevinta ASA (a) | 14774 | 97582 |
|  Alphabet, Inc. - Class A (a) (c) | 130805 | 11540925 |
|  Alphabet, Inc. - Class C (a) (c) | 116990 | 10380523 |
|  Auto Trader Group plc | 48686 | 303814 |
|  Kakaku.com, Inc. | 6764 | 108792 |
|  Match Group, Inc. (a) | 6173 | 256118 |
|  Meta Platforms, Inc. - Class A (a) (c) | 49754 | 5987396 |
|  REA Group, Ltd. | 2744 | 206633 |
|  Scout24 SE | 4163 | 209161 |
|  Seek, Ltd. | 17400 | 247712 |
|  Z Holdings Corp. | 138065 | 349040 |
|  |  | 29687696 |
| **Internet & Direct Marketing Retail—0.8%** |  |  |
|  Amazon.com, Inc. (a) | 193353 | 16241652 |
|  Delivery Hero SE (a) | 8790 | 421106 |
|  eBay, Inc. | 11985 | 497018 |
|  Etsy, Inc. (a) (b) | 2762 | 330832 |
|  Just Eat Takeaway.com NV (a) | 9507 | 202445 |
|  Prosus NV (a) | 42883 | 2944152 |
|  Rakuten Group, Inc. (a) (b) | 44192 | 200576 |
|  Zalando SE (a) | 11660 | 413359 |
|  ZOZO, Inc. | 6533 | 162203 |
|  |  | 21413343 |
| **IT Services—1.5%** |  |  |
|  Accenture plc - Class A | 13799 | 3682125 |
|  Adyen NV (a) | 1121 | 1551258 |
|  Akamai Technologies, Inc. (a) (b) | 3468 | 292352 |
|  Amadeus IT Group S.A. (a) | 23291 | 1201118 |
|  Automatic Data Processing, Inc. | 9065 | 2165266 |
|  Bechtle AG | 4294 | 151945 |
|  Broadridge Financial Solutions, Inc. | 2557 | 342970 |
|  Capgemini SE | 8467 | 1420033 |
|  Cognizant Technology Solutions Corp. - Class A | 11296 | 646018 |
|  Computershare, Ltd. | 28178 | 502693 |
|  DXC Technology Co. (a) | 5015 | 132898 |
|  Edenred | 12911 | 702541 |
|  EPAM Systems, Inc. (a) (b) | 1251 | 410003 |
|  Fidelity National Information Services, Inc. | 13263 | 899895 |
|  Fiserv, Inc. (a) | 13953 | 1410230 |
|  FleetCor Technologies, Inc. (a) | 1636 | 300500 |
|  Fujitsu, Ltd. | 10167 | 1346396 |
|  Gartner, Inc. (a) | 1725 | 579841 |
|  Global Payments, Inc. | 6046 | 600489 |
|  GMO Payment Gateway, Inc. | 2204 | 183260 |
|  International Business Machines Corp. (b) | 19703 | 2775956 |
|  Itochu Techno-Solutions Corp. | 5073 | 118818 |
|  Jack Henry & Associates, Inc. | 1590 | 279140 |
|  MasterCard, Inc. - Class A | 18613 | 6472298 |
|  NEC Corp. | 12756 | 446300 |
|  Nexi S.p.A. (a) | 30515 | 239868 |
|  Nomura Research Institute, Ltd. | 17491 | 415804 |
|  NTT Data Corp. | 32416 | 476983 |
|  Obic Co., Ltd. | 3614 | 534298 |
|  Otsuka Corp. | 5942 | 188044 |
|  Paychex, Inc. | 6988 | 807533 |
|  PayPal Holdings, Inc. (a) | 25229 | 1796809 |
|  SCSK Corp. | 7922 | 119574 |
|  TIS, Inc. | 11645 | 308667 |
|  VeriSign, Inc. (a) | 2036 | 418276 |
|  Visa, Inc. - Class A (b) | 35668 | 7410384 |
|  Wix.com, Ltd. (a) | 2973 | 228416 |
|  Worldline S.A. (a) | 12367 | 482565 |
|  |  | 42041564 |
| **Leisure Products—0.1%** |  |  |
|  Bandai Namco Holdings, Inc. | 10340 | 648437 |
|  Hasbro, Inc. | 2832 | 172780 |
|  Shimano, Inc. (b) | 3775 | 601463 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Leisure Products—(Continued)** | | |
|  Yamaha Corp. | 7258 | $267771 |
|  |  | 1690451 |
| **Life Sciences Tools & Services—0.6%** |  |  |
|  Agilent Technologies, Inc. | 6516 | 975119 |
|  Bachem Holding AG - Class B | 1750 | 152630 |
|  Bio-Rad Laboratories, Inc. - Class A (a) | 468 | 196789 |
|  Bio-Techne Corp. | 3424 | 283781 |
|  Charles River Laboratories International, Inc. (a) | 1110 | 241869 |
|  Danaher Corp. | 14282 | 3790729 |
|  Eurofins Scientific SE | 6984 | 502932 |
|  Illumina, Inc. (a) | 3427 | 692939 |
|  IQVIA Holdings, Inc. (a) | 4069 | 833697 |
|  Lonza Group AG | 3851 | 1895377 |
|  Mettler-Toledo International, Inc. (a) | 491 | 709716 |
|  PerkinElmer, Inc. | 2754 | 386166 |
|  QIAGEN NV (a) | 11785 | 593122 |
|  Sartorius Stedim Biotech | 1436 | 467841 |
|  Thermo Fisher Scientific, Inc. | 8547 | 4706747 |
|  Waters Corp. (a) | 1306 | 447410 |
|  West Pharmaceutical Services, Inc. | 1615 | 380090 |
|  |  | 17256954 |
| **Machinery—1.2%** |  |  |
|  Alfa Laval AB | 15059 | 435759 |
|  Alstom S.A. | 16533 | 405924 |
|  Atlas Copco AB - A Shares | 138868 | 1644108 |
|  Atlas Copco AB - B Shares | 80697 | 862195 |
|  Caterpillar, Inc. | 11517 | 2759013 |
|  CNH Industrial NV | 52904 | 849647 |
|  Cummins, Inc. (b) | 3076 | 745284 |
|  Daifuku Co., Ltd. | 5242 | 246696 |
|  Daimler Truck Holding AG (a) | 23405 | 725163 |
|  Deere & Co. | 6067 | 2601287 |
|  Dover Corp. | 3132 | 424104 |
|  Epiroc AB - A Shares | 34116 | 623447 |
|  Epiroc AB - B Shares | 20120 | 324309 |
|  FANUC Corp. | 9917 | 1480032 |
|  Fortive Corp. | 7760 | 498580 |
|  GEA Group AG | 7898 | 322620 |
|  Hitachi Construction Machinery Co., Ltd. | 5672 | 127821 |
|  Hoshizaki Corp. | 5683 | 200097 |
|  Husqvarna AB - B Shares | 21274 | 149894 |
|  IDEX Corp. | 1647 | 376060 |
|  Illinois Tool Works, Inc. | 6147 | 1354184 |
|  Indutrade AB | 14126 | 287053 |
|  Ingersoll Rand, Inc. | 8796 | 459591 |
|  Knorr-Bremse AG | 3783 | 206721 |
|  Komatsu, Ltd. | 47796 | 1036942 |
|  Kone Oyj - Class B | 17573 | 910218 |
|  Kubota Corp. (b) | 52744 | 726566 |
|  Kurita Water Industries, Ltd. | 5425 | 225205 |
|  Makita Corp. | 11629 | 272279 |
|  MINEBEA MITSUMI, Inc. | 18740 | 281255 |
|  MISUMI Group, Inc. | 14654 | 321225 |
|  Mitsubishi Heavy Industries, Ltd. | 16595 | 656718 |
| **Machinery—(Continued)** |  |  |
|  NGK Insulators, Ltd. | 12061 | 153821 |
|  Nordson Corp. | 1179 | 280272 |
|  Otis Worldwide Corp. | 9168 | 717946 |
|  PACCAR, Inc. (b) | 7586 | 750786 |
|  Parker-Hannifin Corp. | 2800 | 814800 |
|  Pentair plc | 3588 | 161388 |
|  Rational AG | 269 | 159430 |
|  Sandvik AB | 55124 | 995276 |
|  Schindler Holding AG | 1221 | 219312 |
|  Schindler Holding AG (Participation Certificate) | 2121 | 398258 |
|  SKF AB - B Shares | 19752 | 302269 |
|  SMC Corp. | 2961 | 1253183 |
|  Snap-on, Inc. | 1162 | 265505 |
|  Spirax-Sarco Engineering plc | 3827 | 491734 |
|  Stanley Black & Decker, Inc. (b) | 3225 | 242262 |
|  Techtronic Industries Co., Ltd. | 71139 | 792134 |
|  Toyota Industries Corp. | 7619 | 415395 |
|  VAT Group AG (144A) (a) | 1409 | 388061 |
|  Volvo AB - A Shares | 10413 | 198229 |
|  Volvo AB - B Shares (a) | 78017 | 1412627 |
|  Wartsila Oyj Abp | 24000 | 202811 |
|  Westinghouse Air Brake Technologies Corp. | 3968 | 396046 |
|  Xylem, Inc. | 3931 | 434651 |
|  Yaskawa Electric Corp. | 12500 | 402158 |
|  |  | 34388351 |
| **Marine—0.1%** |  |  |
|  AP Moller - Maersk A/S - Class A | 163 | 361634 |
|  AP Moller - Maersk A/S - Class B | 262 | 588469 |
|  Kuehne & Nagel International AG | 2812 | 653463 |
|  Mitsui OSK Lines, Ltd. | 17679 | 443040 |
|  Nippon Yusen KK (b) | 25130 | 595338 |
|  SITC International Holdings Co., Ltd. | 67999 | 150098 |
|  ZIM Integrated Shipping Services, Ltd. (b) | 4274 | 73470 |
|  |  | 2865512 |
| **Media—0.3%** |  |  |
|  Charter Communications, Inc. - Class A (a) | 2418 | 819944 |
|  Comcast Corp. - Class A | 96070 | 3359568 |
|  CyberAgent, Inc. | 21793 | 193840 |
|  Dentsu Group, Inc. (b) | 11130 | 351373 |
|  DISH Network Corp. - Class A (a) (b) | 5476 | 76883 |
|  Fox Corp. - Class A (b) | 6686 | 203054 |
|  Fox Corp. - Class B | 3070 | 87341 |
|  Hakuhodo DY Holdings, Inc. | 11850 | 120023 |
|  Informa plc | 74581 | 559158 |
|  Interpublic Group of Cos., Inc. (The) | 8530 | 284134 |
|  News Corp. - Class A | 8412 | 153098 |
|  News Corp. - Class B | 2606 | 48055 |
|  Omnicom Group, Inc. | 4469 | 364536 |
|  Paramount Global - Class B (b) | 11016 | 185950 |
|  Pearson plc | 34014 | 385547 |
|  Publicis Groupe S.A. | 11812 | 750072 |
|  Vivendi SE | 37253 | 356477 |
|  WPP plc | 56091 | 556863 |
|  |  | 8855916 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Metals & Mining—1.1%** | | |
|  Anglo American plc | 65695 | $2569508 |
|  Antofagasta plc | 20336 | 377541 |
|  ArcelorMittal S.A. | 27243 | 712293 |
|  BHP Group, Ltd. | 261902 | 8108806 |
|  BlueScope Steel, Ltd. | 24317 | 277176 |
|  Boliden AB | 14192 | 533684 |
|  Fortescue Metals Group, Ltd. | 87550 | 1220560 |
|  Freeport-McMoRan, Inc. | 31196 | 1185448 |
|  Glencore plc | 505084 | 3377383 |
|  IGO, Ltd. | 35235 | 320228 |
|  JFE Holdings, Inc. | 25413 | 295076 |
|  Mineral Resources, Ltd. | 8838 | 464912 |
|  Newcrest Mining, Ltd. | 45873 | 639562 |
|  Newmont Corp. | 17314 | 817221 |
|  Nippon Steel Corp. | 41808 | 727917 |
|  Norsk Hydro ASA | 69074 | 517331 |
|  Northern Star Resources, Ltd. | 60236 | 441086 |
|  Nucor Corp. | 5711 | 752767 |
|  Pilbara Minerals, Ltd. (a) | 131163 | 334230 |
|  Rio Tinto plc | 58134 | 4079043 |
|  Rio Tinto, Ltd. | 19192 | 1512527 |
|  South32, Ltd. | 238541 | 645711 |
|  Steel Dynamics, Inc. | 3653 | 356898 |
|  Sumitomo Metal Mining Co., Ltd. | 12851 | 457173 |
|  voestalpine AG | 6092 | 160803 |
|  |  | 30884884 |
| **Multi-Utilities—0.4%** |  |  |
|  Ameren Corp. | 5636 | 501153 |
|  CenterPoint Energy, Inc. | 13733 | 411853 |
|  CMS Energy Corp. | 6331 | 400942 |
|  Consolidated Edison, Inc. | 7735 | 737223 |
|  Dominion Energy, Inc. | 18161 | 1113632 |
|  DTE Energy Co. | 4226 | 496682 |
|  E.ON SE | 116072 | 1158448 |
|  Engie S.A. | 94428 | 1352590 |
|  National Grid plc | 189225 | 2272853 |
|  NiSource, Inc. | 8856 | 242832 |
|  Public Service Enterprise Group, Inc. | 10883 | 666801 |
|  Sempra Energy | 6857 | 1059681 |
|  Veolia Environnement S.A. | 34409 | 883985 |
|  WEC Energy Group, Inc. | 6881 | 645163 |
|  |  | 11943838 |
| **Multiline Retail—0.2%** |  |  |
|  Dollar General Corp. | 4952 | 1219430 |
|  Dollar Tree, Inc. (a) | 4605 | 651331 |
|  Next plc | 6606 | 465133 |
|  Pan Pacific International Holdings Corp. | 19593 | 363714 |
|  Target Corp. | 10116 | 1507689 |
|  Wesfarmers, Ltd. | 58635 | 1830924 |
|  |  | 6038221 |
| **Oil, Gas & Consumable Fuels—2.5%** |  |  |
|  Aker BP ASA | 16382 | 510645 |
|  Ampol, Ltd. | 12357 | 237194 |
| **Oil, Gas & Consumable Fuels—(Continued)** |  |  |
|  APA Corp. | 7123 | 332502 |
|  BP plc | 972775 | 5656914 |
|  Chevron Corp. | 39286 | 7051444 |
|  ConocoPhillips | 27772 | 3277096 |
|  Coterra Energy, Inc. (b) | 17356 | 426437 |
|  Devon Energy Corp. | 14285 | 878670 |
|  Diamondback Energy, Inc. | 3878 | 530433 |
|  ENEOS Holdings, Inc. | 157618 | 536672 |
|  Eni S.p.A. | 129251 | 1846252 |
|  EOG Resources, Inc. | 12785 | 1655913 |
|  EQT Corp. (b) | 8071 | 273042 |
|  Equinor ASA | 49252 | 1766590 |
|  Exxon Mobil Corp. | 90918 | 10028255 |
|  Galp Energia SGPS S.A. | 25915 | 350668 |
|  Hess Corp. | 6079 | 862124 |
|  Idemitsu Kosan Co., Ltd. | 10788 | 252451 |
|  Inpex Corp. (b) | 53416 | 569980 |
|  Kinder Morgan, Inc. (b) | 43252 | 781996 |
|  Marathon Oil Corp. | 14782 | 400149 |
|  Marathon Petroleum Corp. | 10878 | 1266090 |
|  Neste Oyj | 21873 | 1010270 |
|  Occidental Petroleum Corp. | 16257 | 1024028 |
|  OMV AG | 7665 | 395792 |
|  ONEOK, Inc. | 9748 | 640444 |
|  Phillips 66 | 10494 | 1092215 |
|  Pioneer Natural Resources Co. | 5207 | 1189227 |
|  Repsol S.A. | 71334 | 1137157 |
|  Santos, Ltd. | 164231 | 805301 |
|  Shell plc | 375566 | 10672729 |
|  Targa Resources Corp. | 4942 | 363237 |
|  TotalEnergies SE (b) | 128638 | 8028960 |
|  Valero Energy Corp. | 8595 | 1090362 |
|  Washington H Soul Pattinson & Co., Ltd. | 11247 | 211623 |
|  Williams Cos., Inc. (The) (b) | 26583 | 874581 |
|  Woodside Energy Group, Ltd. | 98165 | 2375112 |
|  |  | 70402555 |
| **Paper & Forest Products—0.1%** |  |  |
|  Holmen AB - B Shares | 4890 | 194542 |
|  Mondi plc | 25207 | 428102 |
|  Oji Holdings Corp. | 41143 | 166431 |
|  Stora Enso Oyj - R Shares | 28308 | 399923 |
|  Svenska Cellulosa AB SCA - Class B | 31119 | 393479 |
|  UPM-Kymmene Oyj | 27594 | 1034388 |
|  |  | 2616865 |
| **Personal Products—0.6%** |  |  |
|  Beiersdorf AG | 5224 | 599463 |
|  Estee Lauder Cos., Inc. (The) - Class A | 5057 | 1254692 |
|  Haleon plc (a) | 262584 | 1050305 |
|  Kao Corp. (b) | 24558 | 983071 |
|  Kobayashi Pharmaceutical Co., Ltd. | 2795 | 192263 |
|  Kose Corp. (b) | 1739 | 188922 |
|  L'Oreal S.A. | 12487 | 4479622 |
|  Shiseido Co., Ltd. | 20680 | 1019123 |
|  Unilever plc | 131593 | 6638733 |
|  |  | 16406194 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Pharmaceuticals—3.8%** | | |
|  Astellas Pharma, Inc. | 94913 | $1439934 |
|  AstraZeneca plc | 80109 | 10872022 |
|  Bayer AG | 50791 | 2622465 |
|  Bristol-Myers Squibb Co. | 46581 | 3351503 |
|  Catalent, Inc. (a) (b) | 3910 | 175989 |
|  Chugai Pharmaceutical Co., Ltd. (b) | 34723 | 882316 |
|  Daiichi Sankyo Co., Ltd. | 90595 | 2903347 |
|  Eisai Co., Ltd. | 13033 | 853647 |
|  Eli Lilly and Co. | 17205 | 6294277 |
|  GSK plc | 210281 | 3656746 |
|  Hikma Pharmaceuticals plc | 8411 | 157941 |
|  Ipsen S.A. | 1962 | 211442 |
|  Johnson & Johnson | 57356 | 10131937 |
|  Kyowa Kirin Co., Ltd. | 13916 | 320126 |
|  Merck & Co., Inc. | 55264 | 6131541 |
|  Merck KGaA | 6682 | 1294037 |
|  Nippon Shinyaku Co., Ltd. | 2586 | 147338 |
|  Novartis AG | 111845 | 10131067 |
|  Novo Nordisk A/S - Class B | 85586 | 11588340 |
|  Ono Pharmaceutical Co., Ltd. | 18798 | 439736 |
|  Organon & Co. | 5548 | 154956 |
|  Orion Oyj - Class B | 5514 | 302240 |
|  Otsuka Holdings Co., Ltd. | 20204 | 657763 |
|  Pfizer, Inc. | 122435 | 6273569 |
|  Recordati Industria Chimica e Farmaceutica S.p.A. | 5434 | 225876 |
|  Roche Holding AG | 36323 | 11414933 |
|  Roche Holding AG (Bearer Shares) | 1383 | 536010 |
|  Sanofi | 58976 | 5706555 |
|  Shionogi & Co., Ltd. | 13703 | 681703 |
|  Takeda Pharmaceutical Co., Ltd. | 77713 | 2427296 |
|  Teva Pharmaceutical Industries, Ltd. (ADR) (a) | 57030 | 520114 |
|  UCB S.A. | 6556 | 516382 |
|  Viatris, Inc. | 26453 | 294422 |
|  Zoetis, Inc. | 10213 | 1496715 |
|  |  | 104814285 |
| **Professional Services—0.5%** |  |  |
|  Adecco Group AG | 8334 | 274059 |
|  Bureau Veritas S.A. | 15291 | 402433 |
|  CoStar Group, Inc. (a) | 8638 | 667545 |
|  Equifax, Inc. | 2670 | 518941 |
|  Experian plc | 47595 | 1620304 |
|  Intertek Group plc | 8400 | 409986 |
|  Jacobs Solutions, Inc. | 2784 | 334275 |
|  Leidos Holdings, Inc. | 2979 | 313361 |
|  Nihon M&A Center Holdings, Inc. | 15726 | 195063 |
|  Persol Holdings Co., Ltd. | 9243 | 196291 |
|  Randstad NV | 6244 | 381301 |
|  Recruit Holdings Co., Ltd. | 74529 | 2370310 |
|  RELX plc | 99242 | 2749577 |
|  Robert Half International, Inc. | 2390 | 176454 |
|  SGS S.A. | 331 | 766371 |
|  Teleperformance | 3057 | 729476 |
|  Verisk Analytics, Inc. | 3424 | 604062 |
|  Wolters Kluwer NV | 13572 | 1417719 |
|  |  | 14127528 |
| **Real Estate Management & Development—1.1%** |  |  |
|  Abrdn European Logistics Income plc (144A) | 36076 | 29960 |
|  ADLER Group S.A. (144A) (a) (b) | 8392 | 12089 |
|  Aeon Mall Co., Ltd. | 10917 | 141015 |
|  Allreal Holding AG | 1335 | 217432 |
|  Amot Investments, Ltd. | 15448 | 90734 |
|  Aroundtown S.A. | 114205 | 266608 |
|  Atrium Ljungberg AB - B Shares | 4074 | 66886 |
|  Azrieli Group, Ltd. | 5609 | 372657 |
|  CA Immobilien Anlagen AG (a) | 3808 | 115263 |
|  Capitaland Investment, Ltd. | 369612 | 1022157 |
|  Castellum AB (b) | 23653 | 285394 |
|  Catena AB | 2777 | 103469 |
|  CBRE Group, Inc. - Class A (a) | 7006 | 539182 |
|  Cibus Nordic Real Estate AB | 4382 | 60358 |
|  City Developments, Ltd. | 63891 | 391243 |
|  Citycon Oyj (a) | 6659 | 44622 |
|  CK Asset Holdings, Ltd. | 282965 | 1742160 |
|  CLS Holdings plc | 15278 | 29428 |
|  Corem Property Group AB - B Shares | 61822 | 49958 |
|  Daito Trust Construction Co., Ltd. | 3239 | 332890 |
|  Daiwa House Industry Co., Ltd. | 31016 | 711690 |
|  Deutsche Euroshop AG | 854 | 20234 |
|  Deutsche Wohnen SE | 4496 | 95764 |
|  Dios Fastigheter AB | 8131 | 58992 |
|  Entra ASA (144A) | 5029 | 54336 |
|  ESR Group, Ltd. (144A) | 101586 | 213226 |
|  Fabege AB | 23072 | 196912 |
|  Fastighets AB Balder - B Shares (a) | 87622 | 410036 |
|  Grainger plc | 67127 | 203850 |
|  Grand City Properties S.A. | 8729 | 85905 |
|  Hang Lung Properties, Ltd. | 102649 | 199301 |
|  Heiwa Real Estate Co., Ltd. | 2932 | 81284 |
|  Helical plc | 9364 | 37778 |
|  Henderson Land Development Co., Ltd. | 73637 | 257111 |
|  Hiag Immobilien Holding AG | 334 | 29615 |
|  Hongkong Land Holdings, Ltd. | 159619 | 732032 |
|  Hufvudstaden AB - A Shares | 9878 | 140716 |
|  Hulic Co., Ltd. (b) | 57565 | 453046 |
|  Hysan Development Co., Ltd. | 55939 | 180457 |
|  Intershop Holding AG | 107 | 69831 |
|  Kennedy-Wilson Holdings, Inc. (b) | 10788 | 169695 |
|  Kojamo Oyj | 17943 | 265835 |
|  LEG Immobilien SE | 10695 | 696954 |
|  Lendlease Corp Ltd | 34927 | 186198 |
|  Lifestyle Communities, Ltd. | 8662 | 112306 |
|  Mitsubishi Estate Co., Ltd. | 164873 | 2133571 |
|  Mitsui Fudosan Co., Ltd. | 130632 | 2386508 |
|  Mobimo Holding AG | 666 | 169482 |
|  Neobo Fastigheter AB (a) | 10180 | 19073 |
|  New World Development Co., Ltd. | 206421 | 581939 |
|  Nomura Real Estate Holdings, Inc. | 16409 | 350803 |
|  NP3 Fastigheter AB | 2538 | 48425 |
|  Nyfosa AB | 16721 | 129612 |
|  Pandox AB (a) | 8115 | 90801 |
|  Peach Property Group AG (a) | 1088 | 19317 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Real Estate Management & Development—(Continued)** | | |
|  Phoenix Spree Deutschland, Ltd. | 8500 | $25359 |
|  Platzer Fastigheter Holding AB - Class B | 4941 | 38979 |
|  PSP Swiss Property AG | 4152 | 488265 |
|  Sagax AB - Class B | 25740 | 586245 |
|  Samhallsbyggnadsbolaget i Norden AB (b) | 101807 | 170876 |
|  Shurgard Self Storage S.A. | 2294 | 105447 |
|  Sino Land Co., Ltd. | 509774 | 634921 |
|  Sirius Real Estate, Ltd. | 99290 | 88471 |
|  Stendorren Fastigheter AB (a) | 1250 | 23054 |
|  StorageVault Canada, Inc. (b) | 21891 | 97329 |
|  Sumitomo Realty & Development Co., Ltd. | 52477 | 1235630 |
|  Sun Hung Kai Properties, Ltd. | 205869 | 2817239 |
|  Swire Pacific, Ltd. - Class A | 25241 | 221375 |
|  Swire Properties, Ltd. | 156427 | 395734 |
|  Swiss Prime Site AG | 11022 | 957051 |
|  TAG Immobilien AG | 13919 | 90119 |
|  Tokyo Tatemono Co., Ltd. (b) | 18240 | 220803 |
|  Tricon Residential, Inc. (b) | 22291 | 171874 |
|  UOL Group, Ltd. | 68919 | 346101 |
|  VGP NV | 937 | 78348 |
|  Vonovia SE | 102246 | 2409668 |
|  Wallenstam AB | 30712 | 129802 |
|  Wharf Real Estate Investment Co., Ltd. | 229060 | 1335448 |
|  Wihlborgs Fastigheter AB | 24436 | 184797 |
|  |  | 30359075 |
| **Road & Rail—0.4%** |  |  |
|  Aurizon Holdings, Ltd. | 93323 | 235386 |
|  Central Japan Railway Co. | 7456 | 917256 |
|  CSX Corp. | 46712 | 1447138 |
|  East Japan Railway Co. | 15632 | 891914 |
|  Grab Holdings, Ltd. - Class A (a) (b) | 65822 | 211947 |
|  Hankyu Hanshin Holdings, Inc. | 11776 | 350096 |
|  J.B. Hunt Transport Services, Inc. | 1812 | 315940 |
|  Keio Corp. | 5361 | 197108 |
|  Keisei Electric Railway Co., Ltd. | 6745 | 192939 |
|  Kintetsu Group Holdings Co., Ltd. | 8850 | 293343 |
|  MTR Corp., Ltd. (b) | 80124 | 424521 |
|  Norfolk Southern Corp. | 5124 | 1262656 |
|  Odakyu Electric Railway Co., Ltd. | 14946 | 194804 |
|  Old Dominion Freight Line, Inc. | 1999 | 567276 |
|  Tobu Railway Co., Ltd. | 9796 | 229364 |
|  Tokyu Corp. | 27364 | 344644 |
|  Union Pacific Corp. | 13623 | 2820915 |
|  West Japan Railway Co. | 11402 | 497662 |
|  |  | 11394909 |
| **Semiconductors & Semiconductor Equipment—2.0%** |  |  |
|  Advanced Micro Devices, Inc. (a) | 35217 | 2281005 |
|  Advantest Corp. | 9812 | 633464 |
|  Analog Devices, Inc. | 11340 | 1860100 |
|  Applied Materials, Inc. | 18978 | 1848078 |
|  ASM International NV | 2426 | 614168 |
|  ASML Holding NV | 21015 | 11375481 |
|  Broadcom, Inc. | 8809 | 4925376 |
|  Disco Corp. | 1502 | 431777 |
| **Semiconductors & Semiconductor Equipment—(Continued)** |  |  |
|  Enphase Energy, Inc. (a) | 2955 | 782957 |
|  First Solar, Inc. (a) | 2172 | 325344 |
|  Infineon Technologies AG | 67516 | 2056381 |
|  Intel Corp. | 89574 | 2367441 |
|  KLA Corp. | 3094 | 1166531 |
|  Lam Research Corp. | 2988 | 1255856 |
|  Lasertec Corp. | 3902 | 648131 |
|  Microchip Technology, Inc. | 12053 | 846723 |
|  Micron Technology, Inc. | 24065 | 1202769 |
|  Monolithic Power Systems, Inc. (b) | 970 | 343002 |
|  NVIDIA Corp. | 54626 | 7983044 |
|  NXP Semiconductors NV | 5729 | 905354 |
|  ON Semiconductor Corp. (a) | 9451 | 589459 |
|  Qorvo, Inc. (a) | 2251 | 204031 |
|  QUALCOMM, Inc. | 24499 | 2693420 |
|  Renesas Electronics Corp. (a) | 60605 | 547718 |
|  Rohm Co., Ltd. | 4571 | 326195 |
|  Skyworks Solutions, Inc. | 3500 | 318955 |
|  SolarEdge Technologies, Inc. (a) | 1214 | 343890 |
|  STMicroelectronics NV | 35335 | 1256158 |
|  SUMCO Corp. (b) | 18104 | 242242 |
|  Teradyne, Inc. (b) | 3420 | 298737 |
|  Texas Instruments, Inc. | 19933 | 3293330 |
|  Tokyo Electron, Ltd. | 7722 | 2293924 |
|  Tower Semiconductor, Ltd. (a) | 5655 | 246765 |
|  |  | 56507806 |
| **Software—2.5%** |  |  |
|  Adobe, Inc. (a) | 10210 | 3435971 |
|  ANSYS, Inc. (a) | 1899 | 458779 |
|  Autodesk, Inc. (a) | 4740 | 885764 |
|  AVEVA Group plc | 6256 | 242986 |
|  Cadence Design Systems, Inc. (a) | 5975 | 959824 |
|  Ceridian HCM Holding, Inc. (a) | 3339 | 214197 |
|  Check Point Software Technologies, Ltd. (a) | 5187 | 654392 |
|  CyberArk Software, Ltd. (a) | 2134 | 276673 |
|  Dassault Systemes SE | 34460 | 1242871 |
|  Fortinet, Inc. (a) | 14278 | 698051 |
|  Intuit, Inc. | 6154 | 2395260 |
|  Microsoft Corp. (c) | 162696 | 39017755 |
|  Nemetschek SE | 3042 | 155373 |
|  Nice, Ltd. (a) | 3288 | 637388 |
|  NortonLifeLock Inc | 12773 | 273725 |
|  Oracle Corp. | 33138 | 2708700 |
|  Oracle Corp. Japan | 2045 | 133056 |
|  Paycom Software, Inc. (a) (b) | 1060 | 328929 |
|  PTC, Inc. (a) | 2306 | 276812 |
|  Roper Technologies, Inc. | 2313 | 999424 |
|  Sage Group plc (The) | 52321 | 469888 |
|  Salesforce, Inc. (a) | 21706 | 2877999 |
|  SAP SE | 53987 | 5571426 |
|  ServiceNow, Inc. (a) | 4407 | 1711106 |
|  Synopsys, Inc. (a) | 3337 | 1065471 |
|  Temenos AG | 3307 | 182679 |
|  Trend Micro, Inc. (a) (b) | 6980 | 326401 |
|  Tyler Technologies, Inc. (a) | 907 | 292426 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Software—(Continued)** | | |
|  WiseTech Global, Ltd. | 7587 | $261629 |
|  Xero, Ltd. (a) | 7038 | 335963 |
|  |  | 69090918 |
| **Specialty Retail—0.8%** |  |  |
|  Advance Auto Parts, Inc. | 1323 | 194521 |
|  AutoZone, Inc. (a) | 425 | 1048127 |
|  Bath & Body Works, Inc. | 4980 | 209857 |
|  Best Buy Co., Inc. | 4372 | 350678 |
|  CarMax, Inc. (a)(b) | 3472 | 211410 |
|  Fast Retailing Co., Ltd. | 3017 | 1828315 |
|  H & M Hennes & Mauritz AB - B Shares | 37511 | 404917 |
|  Hikari Tsushin, Inc. | 1080 | 151930 |
|  Home Depot, Inc. (The) | 22421 | 7081897 |
|  Industria de Diseno Textil S.A. | 56396 | 1501721 |
|  JD Sports Fashion plc | 130757 | 199597 |
|  Kingfisher plc | 100535 | 287723 |
|  Lowe's Cos., Inc. (b) | 13943 | 2778003 |
|  Nitori Holdings Co., Ltd. | 4158 | 539260 |
|  O'Reilly Automotive, Inc. (a) | 1391 | 1174046 |
|  Ross Stores, Inc. | 7634 | 886078 |
|  TJX Cos., Inc. (The) | 25560 | 2034576 |
|  Tractor Supply Co. | 2422 | 544877 |
|  Ulta Beauty, Inc. (a) | 1130 | 530049 |
|  USS Co., Ltd. | 10629 | 168445 |
|  |  | 22126027 |
| **Technology Hardware, Storage & Peripherals—1.7%** |  |  |
|  Apple, Inc. | 327546 | 42558052 |
|  Brother Industries, Ltd. | 12258 | 185489 |
|  Canon, Inc. (b) | 51717 | 1118275 |
|  FUJIFILM Holdings Corp. | 18625 | 939691 |
|  Hewlett Packard Enterprise Co. | 28345 | 452386 |
|  HP, Inc. | 19853 | 533450 |
|  Logitech International S.A. | 8976 | 557115 |
|  NetApp, Inc. | 4794 | 287928 |
|  Ricoh Co., Ltd. | 29087 | 223105 |
|  Seagate Technology Holdings plc | 4261 | 224171 |
|  Seiko Epson Corp. | 14513 | 210658 |
|  Western Digital Corp. (a) | 6832 | 215550 |
|  |  | 47505870 |
| **Textiles, Apparel & Luxury Goods—0.9%** |  |  |
|  Adidas AG | 8939 | 1220264 |
|  Burberry Group plc | 20376 | 497888 |
|  Cie Financiere Richemont S.A. - Class A | 26988 | 3492399 |
|  Hermes International | 1638 | 2527663 |
|  Kering S.A. | 3872 | 1981622 |
|  LVMH Moet Hennessy Louis Vuitton SE | 14208 | 10321329 |
|  Moncler S.p.A. | 10645 | 566641 |
|  NIKE, Inc. - Class B | 27567 | 3225615 |
|  Pandora A/S | 4689 | 330823 |
|  Puma SE | 5461 | 331385 |
|  Ralph Lauren Corp. (b) | 936 | 98907 |
|  Swatch Group AG (The) | 2776 | 144795 |
|  Swatch Group AG (The) - Bearer Shares | 1508 | 428115 |
| **Textiles, Apparel & Luxury Goods—(Continued)** |  |  |
|  Tapestry, Inc. | 5493 | 209174 |
|  VF Corp. (b) | 7204 | 198902 |
|  |  | 25575522 |
| **Tobacco—0.4%** |  |  |
|  Altria Group, Inc. | 39286 | 1795763 |
|  British American Tobacco plc | 110500 | 4384056 |
|  Imperial Brands plc | 46679 | 1166255 |
|  Japan Tobacco, Inc. (b) | 62040 | 1254453 |
|  Philip Morris International, Inc. | 33817 | 3422619 |
|  |  | 12023146 |
| **Trading Companies & Distributors—0.5%** |  |  |
|  AerCap Holdings NV (a) | 7018 | 409290 |
|  Ashtead Group plc | 22829 | 1304145 |
|  Brenntag SE | 8014 | 512381 |
|  Bunzl plc | 17465 | 582935 |
|  Fastenal Co. | 12537 | 593251 |
|  IMCD NV | 2962 | 423079 |
|  ITOCHU Corp. | 61454 | 1921477 |
|  Marubeni Corp. | 79948 | 913628 |
|  Mitsubishi Corp. | 65290 | 2112244 |
|  Mitsui & Co., Ltd. | 74097 | 2154540 |
|  MonotaRO Co., Ltd. | 12989 | 183678 |
|  Reece, Ltd. | 11462 | 110229 |
|  Sumitomo Corp. | 58235 | 965660 |
|  Toyota Tsusho Corp. | 11047 | 404952 |
|  United Rentals, Inc. (a) | 1527 | 542726 |
|  WW Grainger, Inc. (b) | 988 | 549575 |
|  |  | 13683790 |
| **Transportation Infrastructure—0.1%** |  |  |
|  Aena SME S.A. (a) | 3893 | 490287 |
|  Aeroports de Paris (a) | 1542 | 207372 |
|  Auckland International Airport, Ltd. (a) | 64716 | 321511 |
|  Getlink SE | 22628 | 362610 |
|  Transurban Group | 158956 | 1403614 |
|  |  | 2785394 |
| **Water Utilities—0.1%** |  |  |
|  American Water Works Co., Inc. | 3966 | 604498 |
|  Severn Trent plc | 12860 | 412416 |
|  United Utilities Group plc | 35028 | 420036 |
|  |  | 1436950 |
| **Wireless Telecommunication Services—0.4%** |  |  |
|  KDDI Corp. | 83388 | 2520329 |
|  SoftBank Corp. | 148496 | 1679007 |
|  SoftBank Group Corp. | 62354 | 2640571 |
|  T-Mobile U.S., Inc. (a) | 13132 | 1838480 |
|  Tele2 AB - B Shares | 29454 | 239995 |
|  Vodafone Group plc | 1365401 | 1384065 |
|  |  | 10302447 |
|  Total Common Stocks <br>(Cost $1,185,833,619) |  | 1579510753 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—30.0%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Federal Agencies—0.9%** | **Federal Agencies—0.9%** | **Federal Agencies—0.9%** |
|  Federal Home Loan Bank<br>2.500%, 02/13/24 | 2175000 | $2121534 |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 06/19/23 | 9329000 | 9250279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 07/15/32 (b) | 2364000 | 2757208 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 09/12/23 | 8502000 | 8392726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 (b) | 1525000 | 1788314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 05/15/30 | 1788000 | 2144978 |
|  |  | 26455039 |
| **U.S. Treasury—29.1%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/46 | 19880600 | 14069407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/49 (b) | 4197400 | 2950641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/15/52 | 15608800 | 10854213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 | 4579300 | 3309618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/51 | 24855800 | 17832095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45 | 5470900 | 4118776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/47 (b) | 2337700 | 1823863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/43 | 5417100 | 4421496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/45 (b) | 29768500 | 23968294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/49 | 3659800 | 2944852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/52 (b) | 9094300 | 7286808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/45 | 1329600 | 1095362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/47 | 3206300 | 2624532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/47 (b) | 3558700 | 2911183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/48 | 1975100 | 1618888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/48 | 9323800 | 7656442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/49 | 2720900 | 2240704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/41 | 1999900 | 1728117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 02/15/43 | 9885800 | 8433823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/43 | 24408000 | 22438198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/15/41 | 3613400 | 3426943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 | 487200 | 456636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 | 1512200 | 1514326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/41 (b) | 530600 | 549668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/39 | 301900 | 320120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 3963700 | 4199045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/15/28 | 5597100 | 5987585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/26 (g) | 31745700 | 33376387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/27 | 18628100 | 20310450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 05/15/30 | 854700 | 974458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/15/27 | 2592500 | 2837775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 08/15/25 | 2470400 | 2623546 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 06/30/25 (b) | 8513900 | 7712729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 08/31/25 | 34141300 | 30700497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 09/30/25 (b) | 11534100 | 10356360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 04/30/25 | 11201100 | 10222754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 | 11063100 | 9887213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 01/31/26 | 27091900 | 24104383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 02/28/26 | 11035000 | 9832789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 08/15/30 | 4004800 | 3152372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 04/30/26 | 6627600 | 5924712 |
| **U.S. Treasury—(Continued)** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 05/31/26 | 9318100 | 8310216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 09/30/26 (b) | 9132700 | 8109195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/31/26 (b) | 9196500 | 8225479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 6774600 | 6066707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 7259500 | 5908552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 08/15/26 (b) | 2030700 | 1850951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/31/27 (b) | 6697800 | 6047119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/30 (b) | 6315400 | 5381905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 02/15/26 | 11760100 | 10876255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 08/15/29 | 9431400 | 8184318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/31 | 33445800 | 28127134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 07/31/24 | 6316400 | 6041785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 11386000 | 9925834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/28/27 | 13519000 | 12381503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/32 | 19871900 | 16857736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/31/24 (b) | 10430000 | 10049061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/15/25 (b) | 23431200 | 22294421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/15/25 | 16706400 | 15775149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 33782600 | 31234389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 11/30/23 (b) | 4198800 | 4100719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 05/15/25 (b) (g) | 44542400 | 42327460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/25 | 9040300 | 8556503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/15/27 | 9640500 | 8971314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/27 | 31517500 | 29154919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 33211800 | 30604155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 08/15/24 | 1865100 | 1799530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/27 | 46256900 | 43125525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/29 (b) | 12563700 | 11421189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/31/24 | 3936400 | 3843372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/29 | 8538200 | 7891165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/15/28 | 2279600 | 2143447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/32 | 12599000 | 11472964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/28 | 3859700 | 3641838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/32 | 26193900 | 24139316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 9904400 | 9446708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 5838000 | 5859437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 3207400 | 3273052 |
|  |  | 806218382 |
|  Total U.S. Treasury & Government Agencies <br>(Cost $922,572,759) |  | 832673421 |
| **Foreign Government—9.8%** | **Foreign Government—9.8%** | **Foreign Government—9.8%** |
| **Sovereign—9.8%** | **Sovereign—9.8%** | **Sovereign—9.8%** |
| Australia Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 06/21/51 (AUD) | 237000 | 93511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/21/30 (AUD) | 5507000 | 3410192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 04/21/29 (AUD) | 1346000 | 887163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/21/37 (AUD) | 1486000 | 954914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/21/27 (AUD) | 1450000 | 1030227 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Foreign Government—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Belgium Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 06/22/29 (144A) (EUR) | 2970000 | $2814475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 06/22/47 (144A) (EUR) | 1293400 | 986797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 06/22/24 (144A) (EUR) | 1391195 | 1485630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/28/41 (144A) (EUR) | 983000 | 1169805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/28/35 (144A) (EUR) | 962000 | 1204469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/28/28 (EUR) | 440800 | 534567 |
| Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/31 (EUR) | 2993000 | 2629865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/31 (EUR) | 2458000 | 2134217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/50 (EUR) | 1916000 | 1071647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 02/15/26 (EUR) | 10966518 | 11044736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 08/15/48 (EUR) | 404000 | 336369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/04/44 (EUR) | 1063600 | 1137389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 07/04/42 (EUR) | 702500 | 834168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/04/39 (EUR) | 1677500 | 2193770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/04/31 (EUR) | 2832600 | 3674766 |
| Canadian Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 06/01/26 (CAD) | 1477000 | 1018715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/45 (CAD) | 2505000 | 1896659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/01/29 (CAD) | 5971000 | 5030149 |
| Denmark Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 11/15/29 (DKK) | 4004000 | 497825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/39 (DKK) | 4060000 | 728359 |
| Finland Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 09/15/31 (144A) (EUR) | 729000 | 609935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 04/15/26 (144A) (EUR) | 1288000 | 1285318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 04/15/47 (144A) (EUR) | 462000 | 363443 |
| French Republic Government Bond OAT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/25/32 (EUR) | 338000 | 273790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 05/25/25 (EUR) | 3110000 | 3154826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 05/25/26 (EUR) | 7888399 | 7829569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/25/36 (144A) (EUR) | 4341800 | 3641827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 05/25/50 (144A) (EUR) | 1327000 | 972289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/25/24 (EUR) | 2032800 | 2159846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/25/30 (EUR) | 11465800 | 12003468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/25/45 (EUR) | 4228900 | 4501564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/25/60 (EUR) | 292000 | 363323 |
| Ireland Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.200%, 10/18/30 (EUR) | 1930000 | 1674463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/18/45 (EUR) | 483000 | 413911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 03/13/25 (EUR) | 1140800 | 1287974 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 09/15/27 (EUR) | 520000 | 489258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 04/30/45 (144A) (EUR) | 232000 | 140421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 03/01/32 (144A) (EUR) | 3928000 | 3335609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 03/01/41 (144A) (EUR) | 469000 | 325264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/01/24 (EUR) | 9653000 | 10418958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 09/01/49 (144A) (EUR) | 2727000 | 2553561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/39 (144A) (EUR) | 2969000 | 3255457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/01/29 (EUR) | 9596200 | 10991127 |
|  Japan Government Forty Year Bond<br>1.700%, 03/20/54 (JPY) | 63950000 | 498863 |
| Japan Government Ten Year Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 09/20/26 (JPY) | 605100000 | 4605934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 12/20/29 (JPY) | 767550000 | 5716095 |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Japan Government Ten Year Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 06/20/31 (JPY) | 501750000 | 3693926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/20/24 (JPY) | 1601350000 | 12310409 |
| Japan Government Thirty Year Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 12/20/49 (JPY) | 549350000 | 3180403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 09/20/46 (JPY) | 1021600000 | 6335181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 06/20/51 (JPY) | 741650000 | 4534158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 12/20/51 (JPY) | 120200000 | 732804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 09/20/43 (JPY) | 140250000 | 1162267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 09/20/42 (JPY) | 436950000 | 3682645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 03/20/40 (JPY) | 571750000 | 5103187 |
| Japan Government Twenty Year Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 09/20/36 (JPY) | 732900000 | 5277617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/20/41 (JPY) | 141200000 | 937973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/20/33 (JPY) | 230600000 | 1918176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 12/20/31 (JPY) | 195350000 | 1643060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 09/20/32 (JPY) | 376150000 | 3186355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 09/20/33 (JPY) | 418500000 | 3539616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 06/20/29 (JPY) | 555050000 | 4689504 |
| Japan Government Two Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.005%, 09/01/23 (JPY) | 1525850000 | 11630711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.005%, 04/01/24 (JPY) | 1016200000 | 7742602 |
|  Mexican Bonos<br>10.000%, 11/20/36 (MXN) | 39667100 | 2178377 |
| Netherlands Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/31 (144A) (EUR) | 1730000 | 1464776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/52 (144A) (EUR) | 313000 | 162208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 01/15/47 (144A) (EUR) | 486000 | 525337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 01/15/42 (144A) (EUR) | 905600 | 1099231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/28 (144A) (EUR) | 2276500 | 2754111 |
| Norway Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 09/17/31 (144A) (NOK) | 4362000 | 380678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/14/24 (144A) (NOK) | 10370000 | 1056604 |
|  Poland Government Bond<br>5.750%, 04/25/29 (PLN) | 6492000 | 1404092 |
| Republic of Austria Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/20/31 (144A) (EUR) | 1380000 | 1154344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/20/26 (144A) (EUR) | 1522000 | 1515358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 06/20/44 (144A) (EUR) | 1483000 | 1577221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 03/15/37 (144A) (EUR) | 267000 | 316808 |
| Singapore Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 06/01/26 (SGD) | 1024000 | 746479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/01/46 (SGD) | 550000 | 427057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 09/01/33 (SGD) | 731000 | 558319 |
| Spain Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350%, 07/30/23 (EUR) | 2380000 | 2517149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/31/50 (144A) (EUR) | 1318000 | 734885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 10/31/27 (144A) (EUR) | 1403000 | 1391597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 07/30/30 (144A) (EUR) | 6064000 | 5903038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/31/46 (144A) (EUR) | 1182000 | 1088346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 01/31/37 (144A) (EUR) | 1390000 | 1558991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 10/31/23 (144A) (EUR) | 1028000 | 1115509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 07/30/41 (144A) (EUR) | 1213000 | 1448902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/31/29 (EUR) | 3371400 | 4167588 |
| Sweden Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/12/26 (144A) (SEK) | 15990000 | 1441054 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Foreign Government—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Sweden Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/13/23 (144A) (SEK) | 3330000 | 315380 |
|  Swiss Confederation Government Bond<br>4.000%, 02/11/23 (CHF) | 415000 | 450246 |
| United Kingdom Gilt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 10/22/30 (GBP) | 3348000 | 3161958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 01/31/32 (GBP) | 2009000 | 1922602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/22/49 (GBP) | 1069000 | 826812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 09/07/23 (GBP) | 1170000 | 1401203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/22/44 (GBP) | 1710900 | 1832254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/07/46 (GBP) | 5267100 | 6560697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/07/28 (GBP) | 2928400 | 3967522 |
|  Total Foreign Government <br>(Cost $343,603,005) |  | 272093804 |
| **Preferred Stocks—0.1%** | **Preferred Stocks—0.1%** | **Preferred Stocks—0.1%** |
| **Automobiles—0.1%** | **Automobiles—0.1%** | **Automobiles—0.1%** |
|  Bayerische Motoren Werke (BMW) AG | 3077 | 262060 |
|  Dr. Ing HC F Porsche AG (a) | 5895 | 598085 |
|  Porsche Automobil Holding SE | 7948 | 436039 |
|  Volkswagen AG | 9595 | 1195909 |
|  |  | 2492093 |
| **Household Products—0.0%** | **Household Products—0.0%** | **Household Products—0.0%** |
|  Henkel AG & Co. KGaA | 9221 | 641910 |
| **Life Sciences Tools & Services—0.0%** | **Life Sciences Tools & Services—0.0%** | **Life Sciences Tools & Services—0.0%** |
|  Sartorius AG | 1264 | 499855 |
|  Total Preferred Stocks <br>(Cost $4,321,029) |  | 3633858 |
| **Mutual Funds—0.0%** | **Mutual Funds—0.0%** | **Mutual Funds—0.0%** |
| **Investment Company Securities—0.0%** | **Investment Company Securities—0.0%** | **Investment Company Securities—0.0%** |
|  iShares U.S. Real Estate ETF | 2520 | 212159 |
|  Vanguard Global ex-U.S. Real Estate ETF | 3436 | 142044 |
|  Total Mutual Funds <br>(Cost $356,207) |  | 354203 |
| **Short-Term Investment—2.4%** | **Short-Term Investment—2.4%** | **Short-Term Investment—2.4%** |
| **Repurchase Agreement—1.4%** | **Repurchase Agreement—1.4%** | **Repurchase Agreement—1.4%** |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $37,960,828; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $38,712,360. | 37953237 | 37953237 |
| **U.S. Treasury—1.0%** | **U.S. Treasury—1.0%** | **U.S. Treasury—1.0%** |
|  U.S. Treasury Bill<br>4.116%, 04/13/23 (h) | 28580000 | 28257284 |
|  Total Short-Term Investments <br>(Cost $66,199,978) |  | 66210521 |
| **Securities Lending Reinvestments (i)—6.4%** | **Securities Lending Reinvestments (i)—6.4%** | **Securities Lending Reinvestments (i)—6.4%** |
| **Certificates of Deposit—1.5%** | **Certificates of Deposit—1.5%** | **Certificates of Deposit—1.5%** |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (j) | 4000000 | 4005403 |
|  Bank of Nova Scotia<br>4.810%, SOFR + 0.510%, 03/15/23 (j) | 4000000 | 4001681 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.550%, SOFR + 0.250%, 02/03/23 (j) | 2000000 | 2000132 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (j) | 3000000 | 3000213 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (j) | 6000000 | 6000000 |
|  Mitsubishi UFJ Trust and Banking Corp.<br>4.860%, SOFR + 0.560%, 02/14/23 (j) | 3000000 | 3000900 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (j) | 5000000 | 5001973 |
|  Nordea Bank Abp (NY)<br>4.800%, SOFR + 0.500%, 02/27/23 (j) | 5000000 | 5001385 |
|  Royal Bank of Canada<br>4.880%, SOFR + 0.580%, 09/20/23 (j) | 4000000 | 4002644 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (j) | 5000000 | 5007589 |
|  |  | 41021920 |
| **Commercial Paper—0.5%** | **Commercial Paper—0.5%** | **Commercial Paper—0.5%** |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (j) | 5000000 | 5001265 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (j) | 4000000 | 4005448 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (j) | 5000000 | 5000000 |
|  |  | 14006713 |
| **Repurchase Agreements—3.6%** | **Repurchase Agreements—3.6%** | **Repurchase Agreements—3.6%** |
|  Citigroup Global Markets, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $8,200,211; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $8,160,001. | 8000000 | 8000000 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (i)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $16,754,420; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $17,096,201. | 16746419 | $16746419 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $4,552,184; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $4,658,605. | 4550000 | 4550000 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $9,007,560; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $9,201,404. | 9000000 | 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $25,021,632; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $27,220,713. | 25000000 | 25000000 |
|  Royal Bank of Canada Toronto <br>Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $5,022,604; collateralized by various Common Stock with an aggregate market value of $5,556,273. | 5000000 | 5000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $900,425; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $919,626. | 900000 | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $5,002,439; collateralized by various Common Stock with an aggregate market value of $5,564,235. | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $7,903,871; collateralized by various Common Stock with an aggregate market value of $8,792,389. | 7900000 | 7900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $6,205,329; collateralized by various Common Stock with an aggregate market value of $6,901,790. | 6200000 | 6200000 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $10,004,888; collateralized by various Common Stock with an aggregate market value of $11,145,570. | 10000000 | 10000000 |
|  |  | 98296419 |
| **Mutual Funds—0.8%** | **Mutual Funds—0.8%** | **Mutual Funds—0.8%** |
|  Allspring Government Money Market Fund, Select Class<br>4.090% (k) | 2000000 | 2000000 |
|  BlackRock Liquidity Funds FedFund, Institutional Shares<br>4.020% (k) | 5000000 | 5000000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (k) | 5000000 | 5000000 |
|  HSBC U.S. Government Money Market Fund, Class I <br>4.130% (k) | 4000000 | 4000000 |
|  STIT-Government & Agency Portfolio, Institutional Class<br>4.220% (k) | 5000000 | 5000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (k) | 2000000 | 2000000 |
|  |  | 23000000 |
|  Total Securities Lending Reinvestments <br>(Cost $176,296,532) |  | 176325052 |
|  Total Investments—105.7% <br>(Cost $2,699,183,129) |  | 2930801612 |
|  Other assets and liabilities (net)—(5.7)% |  | (158960930) |
| **Net Assets—100.0%** |  | $2771840682 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $176,062,047 and the collateral received consisted of cash in the amount of $176,296,556 and non-cash collateral with a value of $5,962,951. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities.

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $52,296,622.

(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(e) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets.

(f) Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)

(g) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $37,424,609.

(h) The rate shown represents current yield to maturity.

(i) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(j) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(k) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $52,574,989, which is 1.9% of net assets.

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| AUD | 24678035 | BNP | 01/19/23 | USD | 16655499 | $156715 |
| AUD | 20031817 | BOA | 01/19/23 | USD | 13738409 | (91487) |
| AUD | 60236637 | CBNA | 01/19/23 | USD | 38219544 | 2817405 |
| AUD | 8838873 | GSBU | 01/19/23 | USD | 5729773 | 291818 |
| AUD | 257644 | SSBT | 01/19/23 | USD | 164818 | 10705 |
| CAD | 18826549 | CBNA | 01/19/23 | USD | 14165045 | (259576) |
| CAD | 72041225 | DBAG | 01/19/23 | USD | 53265231 | (54892) |
| CAD | 16438863 | MSIP | 01/19/23 | USD | 12128395 | 13507 |
| CAD | 27938901 | MSIP | 01/19/23 | USD | 20556358 | 79582 |
| CAD | 148476 | SSBT | 01/19/23 | USD | 108981 | 685 |
| CAD | 1868773 | UBSA | 01/19/23 | USD | 1373202 | 7091 |
| CHF | 5867724 | HSBCU | 03/01/23 | USD | 6400935 | (16420) |
| EUR | 1662884 | BNP | 02/27/23 | USD | 1761077 | 25453 |
| EUR | 1333662 | BOA | 02/27/23 | USD | 1424384 | 8445 |
| EUR | 1652258 | BOA | 02/27/23 | USD | 1761551 | 13564 |
| EUR | 18450468 | CBNA | 02/27/23 | USD | 19803682 | 18702 |
| EUR | 1019551 | MSIP | 02/27/23 | USD | 1089298 | 6063 |
| EUR | 1156947 | MSIP | 02/27/23 | USD | 1223604 | 19370 |
| EUR | 3307360 | MSIP | 02/27/23 | USD | 3524091 | 29193 |
| EUR | 1927650 | SSBT | 02/27/23 | USD | 2055955 | 15029 |
| GBP | 21600466 | HSBCU | 01/18/23 | USD | 26826826 | (703330) |
| GBP | 3645355 | JPMC | 01/18/23 | USD | 4340542 | 68132 |
| GBP | 692472 | NWM | 01/18/23 | USD | 841176 | (3704) |
| GBP | 360421 | SSBT | 01/18/23 | USD | 435459 | 433 |
| GBP | 399709 | SSBT | 01/18/23 | USD | 475859 | 7547 |
| JPY | 2420097870 | BNP | 02/09/23 | USD | 17999789 | 525330 |
| JPY | 2566775081 | CBNA | 02/09/23 | USD | 18591102 | 1056786 |
| JPY | 1282581199 | DBAG | 02/09/23 | USD | 9474858 | 342914 |
| JPY | 84907959 | HSBCU | 02/09/23 | USD | 630710 | 19235 |
| JPY | 171067056 | JPMC | 02/09/23 | USD | 1273860 | 35607 |
| JPY | 120883882 | UBSA | 02/09/23 | USD | 918836 | 6494 |
| NOK | 64867896 | CBNA | 02/03/23 | USD | 6561247 | 67916 |
| NZD | 20764282 | MSIP | 02/02/23 | USD | 12807575 | 380940 |
| **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** |
| AUD | 9660900 | CBNA | 01/19/23 | USD | 6129745 | (451862) |
| AUD | 44355057 | HSBCU | 01/19/23 | USD | 29525742 | (691686) |
| AUD | 495788 | SSBT | 01/19/23 | USD | 334742 | (3019) |
| CAD | 38222356 | CBNA | 01/19/23 | USD | 28215667 | (15732) |
| CAD | 12451314 | CBNA | 01/19/23 | USD | 9123914 | (72746) |
| CAD | 9126675 | HSBCU | 01/19/23 | USD | 6691184 | (49865) |
| CAD | 5458743 | SSBT | 01/19/23 | USD | 4014481 | (17399) |
| CAD | 568401 | SSBT | 01/19/23 | USD | 423318 | 3491 |
| CHF | 59199798 | MSIP | 03/01/23 | USD | 63743773 | (669958) |
| CHF | 451400 | SSBT | 03/01/23 | USD | 485882 | (5275) |
| DKK | 8591346 | CBNA | 02/03/23 | USD | 1204398 | (35118) |
| EUR | 3643374 | BOA | 02/27/23 | USD | 3835930 | (78353) |
| EUR | 38998749 | HSBCU | 02/27/23 | USD | 41164817 | (733751) |
| EUR | 1313811 | JPMC | 02/27/23 | USD | 1385110 | (26392) |
| EUR | 21941357 | MSIP | 02/27/23 | USD | 23439851 | (132994) |
| EUR | 308632 | SSBT | 02/27/23 | USD | 331028 | (552) |
| EUR | 138746826 | UBSA | 02/27/23 | USD | 146463230 | (2600355) |
| GBP | 60440352 | BOA | 01/18/23 | USD | 71979987 | (1116274) |
| GBP | 11388394 | BOA | 01/18/23 | USD | 13804783 | 31716 |
| GBP | 18049033 | CBNA | 01/18/23 | USD | 21499015 | (329395) |
| GBP | 6548854 | HSBCU | 01/18/23 | USD | 7869326 | (50826) |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts—(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| JPY | 13045843494 | CBNA | 02/09/23 | USD | 94437581 | $(5424413) |
| JPY | 359459302 | HSBCU | 02/09/23 | USD | 2741261 | (10292) |
| JPY | 1057414884 | MSIP | 02/09/23 | USD | 7769535 | (324657) |
| JPY | 88206155 | MSIP | 02/09/23 | USD | 646415 | (28776) |
| JPY | 57599652 | SSBT | 02/09/23 | USD | 438714 | (2194) |
| JPY | 577944244 | UBSA | 02/09/23 | USD | 4394188 | (29801) |
| MXN | 42138310 | BNP | 01/19/23 | USD | 2156665 | 10 |
| NOK | 14235148 | BOA | 02/03/23 | USD | 1431166 | (23592) |
| NOK | 64867896 | JPMC | 02/03/23 | USD | 6475589 | (153574) |
| NOK | 3959508 | SSBT | 02/03/23 | USD | 396830 | (7811) |
| NZD | 14345874 | GSBU | 02/02/23 | USD | 8926706 | (185132) |
| NZD | 6701316 | HSBCU | 02/02/23 | USD | 4324063 | 67696 |
| NZD | 6418408 | JPMC | 02/02/23 | USD | 4061800 | (14877) |
| NZD | 90905 | SSBT | 02/02/23 | USD | 57977 | 239 |
| PLN | 5844196 | HSBCU | 01/30/23 | USD | 1288517 | (42609) |
| SEK | 18964440 | BOA | 02/03/23 | USD | 1809594 | (10881) |
| SEK | 114462503 | HSBCU | 02/03/23 | USD | 10894472 | (93259) |
| SEK | 81262263 | MSIP | 02/03/23 | USD | 7748270 | (52432) |
| SGD | 2167225 | CBNA | 03/02/23 | USD | 1608002 | (11494) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(8498942) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Australian 10 Year Treasury Bond Futures | 03/15/23 | 251 | AUD | 29036044 | $(1072090) |
|  MSCI EAFE Index Mini Futures | 03/17/23 | 33 | USD | 3216510 | (31462) |
|  MSCI Emerging Markets Index Mini Futures | 03/17/23 | 1182 | USD | 56700540 | (945933) |
|  OMX Stockholm 30 Index Futures | 01/20/23 | 42 | SEK | 8576400 | (25631) |
|  Russell 2000 Index E-Mini Futures | 03/17/23 | 961 | USD | 85091745 | (2929151) |
|  S&P Midcap 400 Index E-Mini Futures | 03/17/23 | 350 | USD | 85491000 | (2413431) |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | 116 | USD | 12519844 | (4680) |
| **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** |
|  Canada Government Bond 10 Year Futures | 03/22/23 | (87) | CAD | (10661850) | 153430 |
|  Euro Stoxx 50 Index Futures | 03/17/23 | (840) | EUR | (31794000) | 2017440 |
|  Euro-Bund Futures | 03/08/23 | (300) | EUR | (39879000) | 2629697 |
|  FTSE 100 Index Futures | 03/17/23 | (41) | GBP | (3061060) | (1000) |
|  Japanese Government 10 Year Bond Futures | 03/13/23 | (40) | JPY | (5818400000) | 874837 |
|  MSCI Singapore Index Futures | 01/30/23 | (293) | SGD | (8513115) | 59600 |
|  S&P 500 Index E-Mini Futures | 03/17/23 | (544) | USD | (105019200) | 2917669 |
|  SPI 200 Index Futures | 03/16/23 | (155) | AUD | (27094000) | 350372 |
|  TOPIX Index Futures | 03/09/23 | (169) | JPY | (3196635000) | 321319 |
|  U.S. Treasury Note 10 Year Futures | 03/22/23 | (366) | USD | (41100656) | 220378 |
|  U.S. Treasury Note 2 Year Futures | 03/31/23 | (174) | USD | (35683594) | (46433) |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | (98) | USD | (13162625) | 345878 |
|  United Kingdom Long Gilt Bond Futures | 03/29/23 | (86) | GBP | (8591400) | 503877 |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $2924686 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Swap Agreements** 

**OTC Total Return Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Fixed Rate** | **Fixed<br>Rate** | **Payment**<br>**Frequency** | **Maturity<br>Date** | **Counterparty** | **Underlying Reference<br>Instrument** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
|  Pay | 0.100% | Annually | 03/15/23 | MLI | Bloomberg Commodity Index 3 Month Forward | USD 28,889,685 | $(38326) | $– $| (38326) |
|  Receive | 0.000% | Monthly | 03/22/23 | MSC | Eurex Swiss Market New Index Futures | CHF 8,942,956 | 336988 | – | 336988 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $298662 | $– $| 298662 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating<br>Rate Index** | **Payment <br>Frequency** | **Fixed<br>Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
|  Pay | SOFR | Annually | 3.355% | Annually | 12/27/32 | USD | 697190000 | $(12098129) | $– $| (12098129) |

---

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

**Glossary of Abbreviations** 

Counterparties

------

---

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

---

Currencies

------

---

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

---

Index Abbreviations

------

(SOFR)— Secured Overnight Financing Rate

Other Abbreviations

------

---

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

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $13445530 | $10590760 | $— | $24036290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 4297145 | 4134868 |  | 8432013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines | 1463256 | 1054950 |  | 2518206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 758370 | 4437716 |  | 5196086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 9229278 | 19783766 |  | 29013044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 29395150 | 69289119 |  | 98684269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 14221569 | 15407205 |  | 29628774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 17467083 | 7727722 |  | 25194805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 3160470 | 7476748 |  | 10637218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 22233449 | 19688285 |  | 41921734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 13234229 | 22463199 |  | 35697428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 3465188 | 2645632 |  | 6110820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 6305782 | 2183649 |  | 8489431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 444600 | 5769988 |  | 6214588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 967621 | 3867385 |  | 4835006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 3639990 |  |  | 3639990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 1950197 | 820835 |  | 2771032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 1100234 | 357678 |  | 1457912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services |  | 200471 |  | 200471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 12162320 | 5628421 |  | 17790741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 6580178 | 13516529 |  | 20096707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 14587321 | 14387000 |  | 28974321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 4091214 | 12412257 |  | 16503471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 4489120 | 10534357 |  | 15023477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 3079834 | 425646 |  | 3505480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 10209761 | 5435446 |  | 15645207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts | 108362552 | 40073171 |  | 148435723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 10887833 | 9622167 |  | 20510000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 8500745 | 24516110 |  | 33016855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 342038 | 2612001 |  | 2954039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 19770734 | 15101571 |  | 34872305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 26081998 | 2058422 | 0 | 28140420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology |  | 621806 |  | 621806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 14164283 | 10502543 |  | 24666826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 2361105 | 9238353 |  | 11599458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 11138431 | 4550245 |  | 15688676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 419062 | 2152587 |  | 2571649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 6602265 | 11681281 |  | 18283546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 17347780 | 40357138 |  | 57704918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 28164962 | 1522734 |  | 29687696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 17069502 | 4343841 |  | 21413343 |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | $31651399 | $10390165 | $— | $42041564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 172780 | 1517671 |  | 1690451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 13645052 | 3611902 |  | 17256954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 13281759 | 21106592 |  | 34388351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine | 73470 | 2792042 |  | 2865512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 5582563 | 3273353 |  | 8855916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 3112334 | 27772550 |  | 30884884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 6275962 | 5667876 |  | 11943838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 3378450 | 2659771 |  | 6038221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 34038245 | 36364310 |  | 70402555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products |  | 2616865 |  | 2616865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 1254692 | 15151502 |  | 16406194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 34825023 | 69989262 |  | 104814285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 2614638 | 11512890 |  | 14127528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 978080 | 29380995 |  | 30359075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 6625872 | 4769037 |  | 11394909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 35835402 | 20672404 |  | 56507806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 59531258 | 9559660 |  | 69090918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 17044119 | 5081908 |  | 22126027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 44271537 | 3234333 |  | 47505870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 3732598 | 21842924 |  | 25575522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 5218382 | 6804764 |  | 12023146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 2094842 | 11588948 |  | 13683790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure |  | 2785394 |  | 2785394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 604498 | 832452 |  | 1436950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 1838480 | 8463967 |  | 10302447 |
|  Total Common Stocks | 800873614 | 778637139 | 0 | 1579510753 |
|  Total U.S. Treasury & Government Agencies\* |  | 832673421 |  | 832673421 |
|  Total Foreign Government\* |  | 272093804 |  | 272093804 |
|  Total Preferred Stocks\* |  | 3633858 |  | 3633858 |
|  Total Mutual Funds\* | 354203 |  |  | 354203 |
|  Total Short-Term Investment\* |  | 66210521 |  | 66210521 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 41021920 |  | 41021920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 14006713 |  | 14006713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 98296419 |  | 98296419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 23000000 |  |  | 23000000 |
|  Total Securities Lending Reinvestments | 23000000 | 153325052 |  | 176325052 |
|  Total Investments | $824227817 | $2106573795 | $0 | $2930801612 |
|  Collateral for Securities Loaned (Liability) | $— | $(176296556) | $— | $(176296556) |
| Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $6127813 | $— | $6127813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (14626755) |  | (14626755) |
|  Total Forward Contracts | $— | $(8498942) | $— | $(8498942) |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $10394497 | $— | $— | $10394497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (7469811) |  |  | (7469811) |
|  Total Futures Contracts | $2924686 | $— | $— | $2924686 |
| Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) | $— | $(12098129) | $— | $(12098129) |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| OTC Swap Contracts | OTC Swap Contracts | OTC Swap Contracts | OTC Swap Contracts | OTC Swap Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Assets) | $— | $336988 | $— | $336988 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) |  | (38326) |  | (38326) |
|  Total OTC Swap Contracts | $— | $298662 | $— | $298662 |

---

\* See Consolidated Schedule of Investments for additional detailed categorizations.

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

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

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $2929743852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (c) | 1057760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 9374249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (d) | 10252575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (e) | 2566458 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value | 336988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 6127813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 14454613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 12178168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 11372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2986104228 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for OTC swap contracts | 244200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 14626755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 176296556 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value | 38326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 16815441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 857287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 643469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 1970176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on OTC swap contracts | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1463933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 602635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 149475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 553947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 214263546 |
|  **Net Assets** | $2771840682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $2681462231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 90378451 |
|  **Net Assets** | $2771840682 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $2771840682 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 308712503 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $8.98 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $2,698,561,995.

(b) Includes securities loaned at value of $176,062,047.

(c) Identified cost of affiliated investments was $621,134.

(d) Identified cost of cash denominated in foreign currencies was $10,124,064.

(e) Includes collateral of $2,450,000 for OTC swap contracts and $116,458 for centrally cleared swap contracts.

**Consolidated§ Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $45630616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 31224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 23939972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 587279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 70189091 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 19566314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 152701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 628384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 7944297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 104869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 50989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 93952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 27857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 91452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 28670389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (364670) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 28305719 |
|  **Net Investment Income** | 41883372 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 40368213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 107313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (42657122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (138384506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2486751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 38089509 |
|  Net realized gain (loss) | (99989842) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (692238984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 58475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1372228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (13152354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 264201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (16495171) |
|  Net change in unrealized appreciation (depreciation) | (722936061) |
|  Net realized and unrealized gain (loss) | (822925903) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(781042531) |

---

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

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $41883372 | $43289361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (99989842) | 307369568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (722936061) | 7588536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (781042531) | 358247465 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (364889383) | (237856544) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (364889383) | (237856544) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (16936663) | (279608197) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (1162868577) | (159217276) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3934709259 | 4093926535 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2771840682 | $3934709259 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 492791 | $4809219 | 406238 | $5145782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 39922252 | 364889383 | 19244057 | 237856544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (38276744) | (386635265) | (41346895) | (522610523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 2138299 | $(16936663) | (21696600) | $(279608197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(16936663) |  | $(279608197) |

---

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Consolidated§ Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $12.83 | $12.47 | $12.78 | $11.44 | $12.56 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.13 | 0.14 | 0.14 | 0.19 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.73) | 0.99 | 0.53 | 1.84 | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.60) | 1.13 | 0.67 | 2.03 | (0.87) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.47) | (0.03) | (0.22) | (0.44) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.78) | (0.74) | (0.76) | (0.25) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.25) | (0.77) | (0.98) | (0.69) | (0.25) |
|  **Net Asset Value, End of Period** | $8.98 | $12.83 | $12.47 | $12.78 | $11.44 |
|  **Total Return (%)** (b) | (20.43) | 9.28 | 6.09 | 18.07 | (6.97) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.90 | 0.89 | 0.90 | 0.89 | 0.89 |
|  Net ratio of expenses to average net assets (%) (c) | 0.89 | 0.88 | 0.88 | 0.88 | 0.87 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.32 | 1.08 | 1.13 | 1.58 | 1.54 |
|  Portfolio turnover rate (%) | 16 | 17 | 18 | 22 | 20 |
|  Net assets, end of period (in millions) | $2771.8 | $3934.7 | $4093.9 | $4370.6 | $4209.3 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

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

*See accompanying notes to consolidated financial statements.* 

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022** 

**1. Organization** 

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

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

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

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

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

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

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

**3. Significant Accounting Policies** 

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

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

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

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

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

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

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

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

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

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

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

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

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

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

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

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

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

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

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

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

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than<br>90 days** | **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $(69624268) | $— | $— | $— | $(69624268) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury & Government Agencies | (106672288) |  |  |  | (106672288) |
|  **Total Borrowings** | $**(176296556)** | $**—** | $**—** | $**—** | $**(176296556)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(176296556) |

---

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

**4. Investments in Derivative Instruments** 

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

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

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

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

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

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

**BHFTI-38** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

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

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

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

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

**BHFTI-39** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

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

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

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

**BHFTI-40** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated**<br> **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Consolidated**<br> **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on futures contracts (b) (c) | $4728097 | Unrealized depreciation on centrally cleared swap contracts (a) (b) | $12098129 |
|  |  |  | Unrealized depreciation on futures contracts (b) (c) | 1123203 |
|  Equity | OTC swap contracts at market value | 336988 |  |  |
|  | Unrealized appreciation on futures contracts (b) (c) | 5666400 | Unrealized depreciation on futures contracts (b) (c) | 6346608 |
| Commodity |  |  | OTC swap contracts at market value (d) | 38326 |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 6127813 | Unrealized depreciation on forward foreign currency exchange contracts | 14626755 |
| Total |  | $16859298 |  | $34233021 |

---

(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets
and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of
Assets and Liabilities.

(d) Excludes OTC swap interest payable of $1,346.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Bank of America N.A. | $53725 | $(53725) | $— | $— |
|  BNP Paribas S.A. | 707508 |  |  | 707508 |
|  Citibank N.A. | 3960809 | (3960809) |  |  |
|  Deutsche Bank AG | 342914 | (54892) |  | 288022 |
|  Goldman Sachs Bank USA | 291818 | (185132) |  | 106686 |
|  HSBC Bank USA | 86931 | (86931) |  |  |
|  JPMorgan Chase Bank N.A. | 103739 | (103739) |  |  |
|  Morgan Stanley & Co. | 336988 |  | (244200) | 92788 |
|  Morgan Stanley & Co. International plc | 528655 | (528655) |  |  |
|  State Street Bank and Trust | 38129 | (36250) |  | 1879 |
|  UBS AG | 13585 | (13585) |  |  |
|  | $6464801 | $(5023718) | $(244200) | $1196883 |

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**BHFTI-41** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  Bank of America N.A. | $1320587 | $(53725) | $— | $1266862 |
|  Citibank N.A. | 6600336 | (3960809) |  | 2639527 |
|  Deutsche Bank AG | 54892 | (54892) |  |  |
|  Goldman Sachs Bank USA | 185132 | (185132) |  |  |
|  HSBC Bank USA | 2392038 | (86931) |  | 2305107 |
|  JPMorgan Chase Bank N.A. | 194843 | (103739) |  | 91104 |
|  Merill Lynch International | 38326 |  | (38326) |  |
|  Morgan Stanley & Co. International plc | 1208817 | (528655) |  | 680162 |
|  NatWest Markets plc | 3704 |  |  | 3704 |
|  State Street Bank and Trust | 36250 | (36250) |  |  |
|  UBS AG | 2630156 | (13585) |  | 2616571 |
|  | $14665081 | $(5023718) | $(38326) | $9603037 |

---

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net<br>Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions . . . . . | $— | $— | $— | $38089509 | $38089509 |
|  Swap contracts . . . . . . . . . . . . . . . . | (146905896) | 984203 | 7537187 |  | (138384506) |
|  Futures contracts . . . . . . . . . . . . . . . | 30711930 | (73369052) |  |  | (42657122) |
|  | $(116193966) | $(72384849) | $7537187 | $38089509 | $(142952119) |
| **Consolidated Statement of Operations Location—Net<br>Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions . . . . . | $— | $— | $— | $(16495171) | $(16495171) |
|  Swap contracts . . . . . . . . . . . . . . . . | (11670172) | (7183) | (1474999) |  | (13152354) |
|  Futures contracts . . . . . . . . . . . . . . . | 3631826 | (5004054) |  |  | (1372228) |
|  | $(8038346) | $(5011237) | $(1474999) | $(16495171) | $(31019753) |

---

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

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Forward foreign currency transactions | 1247667076 |
|  Futures contracts long | 254008852 |
|  Futures contracts short | (477078953) |
|  Swap contracts | 852722453 |

---

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

**5. Certain Risks** 

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

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

**BHFTI-42** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

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

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

**BHFTI-43** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

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

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

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

**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

**6. Investment Transactions** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $253316556 | $229020624 | $470895886 | $464975241 |

---

**7. Investment Management Fees and Other Transactions with Affiliates** 

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

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| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $19566314 | 0.700% | First $250 million |
|  | 0.650% | $250 million to $500 million |
|  | 0.625% | $500 million to $1 billion |
|  | 0.600% | Over $1 billion |

---

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

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

---

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

---

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

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

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

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

**BHFTI-45** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

**8. Transactions in Securities of Affiliated Issuers** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized**<br>**Gain/(Loss)** | **Change in<br>Unrealized**<br>**Appreciation/<br>(Depreciation)** | **Ending Value<br>as of**<br>**December 31, 2022** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held**<br>**December 31, 2022** |
|  MetLife, Inc. | $1108323 | $– $| (216351) | $107313 | $58475 | $1057760 | $31224 | 14616 |

---

**9. Contractual Obligations** 

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

**10. Income Tax Information** 

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

---

| | |
|:---|:---|
|  Cost basis of investments | $2747383497 |
|  Gross unrealized appreciation | 553766391 |
|  Gross unrealized (depreciation) | (381461264) |
|  Net unrealized appreciation (depreciation) | $172305127 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $136641902 | $44907811 | $228247481 | $192948733 | $364889383 | $237856544 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $76137871 | $– $| 172472185 | $(158082127) | $90527929 |

---

**BHFTI-46** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

**11. Recent Accounting Pronouncement** 

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

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

**BHFTI-47** 

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**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements and Financial Highlights** 

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

**Basis for Opinion** 

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

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

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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

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

**BHFTI-48** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

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

**Trustees and Officers** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

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**BHFTI-49** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

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

---

**Officers** 

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

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

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

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

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

**BHFTI-50** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

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

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

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

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

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

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

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

**BHFTI-51** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

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

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

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

**BHFTI-52** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

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

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

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

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

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

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

\* \* \* \*

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

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

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

**BHFTI-53** 

------

**Brighthouse Funds Trust I** 

**AB Global Dynamic Allocation Portfolio** 

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

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

**BHFTI-54** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Managed By AllianceBernstein L.P.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the AB International Bond Portfolio returned -15.47% and -15.64%, respectively. The Portfolio's benchmark, the Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index¹, returned -9.76%. The Portfolio's Custom Benchmark<sup>2</sup> returned -12.92% over the same period.

**MARKET ENVIRONMENT / CONDITIONS** 

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

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

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

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

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

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

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

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

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

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Managed By AllianceBernstein L.P.** 

**Portfolio Manager Commentary\*—(Continued)** 

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

**Christian DiClementi** 

**Scott A. DiMaggio** 

**Matthew S. Sheridan** 

Portfolio Managers

*AllianceBernstein L.P.* 

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

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

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

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG GLOBAL AGGREGATE EX-U.S. (USD HEDGED) INDEX & THE CUSTOM BENCHMARK**![LOGO](g394295g40p09.jpg)

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**AB International Bond Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –15.47 | –2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –15.64 | –2.70 |
| &nbsp;&nbsp;&nbsp;**Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index** | –9.76 | –0.94 |
| &nbsp;&nbsp;&nbsp;**Custom Benchmark** | –12.92 | –1.41 |

---

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

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

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

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Countries** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **United States** | **17.2** |
| **Japan** | **12.2** |
| **Germany** | **4.3** |
| **United Kingdom** | **4.2** |
| **Canada** | **3.2** |
| **South Korea** | **3.1** |
| **Mexico** | **2.7** |
| **Australia** | **2.5** |
| **Brazil** | **2.3** |
| **Indonesia** | **2.3** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

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

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AB International Bond Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,**<br>**2022** |
|  Class A (a) | Actual | 0.59% | $1000.00 | $991.00 | $2.96 |
|  | Hypothetical\* | 0.59% | $1000.00 | $1022.23 | $3.01 |
|  Class B (a) | Actual | 0.84% | $1000.00 | $989.70 | $4.21 |
|  | Hypothetical\* | 0.84% | $1000.00 | $1020.97 | $4.28 |

---

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

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

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

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Foreign Government—59.1% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Banks—1.4%** | **Banks—1.4%** | **Banks—1.4%** |
|  BNG Bank NV<br>0.750%, 01/24/29 (EUR) | 651000 | $606877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/19/27 (AUD) | 2491000 | 1621408 |
|  Development Bank of Japan, Inc.<br>0.010%, 10/15/24 (EUR) | 1388000 | 1397588 |
|  Kreditanstalt fuer Wiederaufbau<br>4.100%, 02/20/26 (AUD) | 2360000 | 1604423 |
|  Landwirtschaftliche Rentenbank<br>Zero Coupon, 11/27/29 (EUR) | 2545000 | 2218425 |
|  |  | 7448721 |
| **Regional Government—0.8%** | **Regional Government—0.8%** | **Regional Government—0.8%** |
|  Japan Finance Organization for Municipalities<br>0.050%, 02/12/27 (EUR) | 1822000 | 1700635 |
|  Province of Ontario Canada<br>2.700%, 06/02/29 (CAD) | 1895000 | 1304639 |
|  Province of Quebec Canada<br>0.875%, 05/04/27 (EUR) | 1239000 | 1199210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 05/20/32 (CAD) | 619000 | 445072 |
|  |  | 4649556 |
| **Sovereign—56.9%** | **Sovereign—56.9%** | **Sovereign—56.9%** |
|  Abu Dhabi Government International Bonds<br>3.125%, 10/11/27 | 1665000 | 1588790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 04/16/30 | 320000 | 296721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 09/30/49 | 2340000 | 1726288 |
|  Angolan Government International Bonds<br>8.000%, 11/26/29 | 701000 | 613768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 11/26/49 | 4127000 | 3214108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 11/26/49 (144A) | 670000 | 521796 |
|  Argentine Republic Government International Bonds<br>0.500%, 07/09/30 (a) | 8710888 | 2349236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 07/09/29 | 1532610 | 406843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 07/09/35 (a) | 4311823 | 1093675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/09/38 (a) | 1965508 | 621755 |
|  Australia Government Bonds<br>2.750%, 11/21/27 (AUD) | 2074000 | 1353044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 06/21/35 (AUD) | 1897000 | 1111527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/21/47 (AUD) | 1419000 | 767220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/21/27 (AUD) | 7621000 | 5414729 |
|  Bahrain Government International Bonds<br>4.250%, 01/25/28 | 904000 | 827518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/30/31 | 225000 | 205249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/19/44 | 1364000 | 1061058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/12/28 | 205000 | 206068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 05/14/30 (144A) | 242000 | 245664 |
|  Brazil Notas do Tesouro Nacional<br>10.000%, 01/01/29 (BRL) | 30062000 | 5099730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 01/01/31 (BRL) | 12895000 | 2134409 |
|  Brazilian Government International Bonds<br>6.000%, 04/07/26 | 1145000 | 1182353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 06/12/30 (b) | 355000 | 308081 |
|  Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/32 (EUR) | 2374853 | 2033311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/50 (EUR) | 585162 | 327290 |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
|  Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 08/15/32 (EUR) | 9259000 | 9239306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 07/04/42 (EUR) | 2602101 | 3089808 |
|  Canadian Government Bonds<br>2.000%, 12/01/51 (CAD) | 1705000 | 956613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 12/01/29 (CAD) | 6070000 | 4205918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 09/01/27 (CAD) | 3133000 | 2247870 |
|  CBB International Sukuk Programme Co. WLL<br>4.500%, 03/30/27 (144A) | 1049000 | 1018919 |
|  Chile Government International Bonds<br>2.450%, 01/31/31 | 360000 | 298594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 01/27/32 | 1085000 | 887722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 01/31/27 (b) | 2020000 | 1856208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/07/41 | 219000 | 157316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 01/22/61 | 2695000 | 1677887 |
|  Colombia Government International Bonds<br>3.125%, 04/15/31 | 665000 | 493572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 04/22/32 | 1701000 | 1236963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/61 | 848000 | 470919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/22/42 | 1557000 | 973241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/45 | 1296000 | 881676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 01/18/41 | 1296000 | 1030354 |
|  Colombian TES<br>7.000%, 03/26/31 (COP) | 4821400000 | 701528 |
|  Dominican Republic International Bonds<br>4.875%, 09/23/32 | 605000 | 502187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/22/29 | 1525000 | 1403169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/22/29 (144A) | 1383000 | 1272514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/30/60 (b) | 2274000 | 1664955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/15/48 (b) | 2158000 | 1775002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/20/27 | 691000 | 718604 |
|  Ecuador Government International Bonds<br>1.500%, 07/31/40 (144A) (a) | 2169604 | 885375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/31/35 (144A) (a) | 3912778 | 1798853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/31/35 (a) | 2964709 | 1362990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/31/30 (144A) (a) | 1709428 | 1098425 |
|  Egypt Government International Bonds<br>3.875%, 02/16/26 (144A) | 1031000 | 849070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/16/30 (EUR) | 1145000 | 846934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/30/27 | 1095000 | 902795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/11/31 (EUR) | 288000 | 213584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.053%, 01/15/32 | 2114000 | 1541846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/16/61 (144A) | 219000 | 134869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.150%, 11/20/59 | 202000 | 131788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 01/31/47 | 2058000 | 1367903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.700%, 03/01/49 | 658000 | 437842 |
|  El Salvador Government International Bonds<br>6.375%, 01/18/27 | 2494000 | 1091125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 02/01/41 | 659000 | 254586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650%, 06/15/35 | 745000 | 296130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/28/29 | 391000 | 170867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 07/15/52 | 545000 | 238351 |
|  European Financial Stability Facility<br>2.375%, 06/21/32 (EUR) | 1665000 | 1673592 |
|  Export-Import Bank of China (The)<br>4.000%, 11/28/47 | 2796000 | 2352058 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Foreign Government—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
|  Export-Import Bank of Korea<br>0.829%, 04/27/25 (EUR) | 705000 | $708632 |
|  French Republic Government Bond OAT<br>0.500%, 05/25/40 (144A) (EUR) | 3637000 | 2469231 |
|  Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 02/06/31 | 415000 | 338848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 06/16/25 | 1690000 | 1597050 |
|  Ghana Government International Bonds<br>7.625%, 05/16/29 (c) | 490000 | 180320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 02/11/35 (144A) (c) | 1046000 | 370807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.627%, 06/16/49 (c) | 1125000 | 387563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 03/11/61 (144A) (c) | 233000 | 80851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.950%, 03/26/51 (c) | 208000 | 72238 |
|  Guatemala Government Bonds<br>4.375%, 06/05/27 | 3123000 | 2951349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/07/41 (144A) | 336000 | 269788 |
|  Hungary Government International Bonds<br>2.125%, 09/22/31 | 4037000 | 2990044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/16/29 (144A) | 498000 | 475590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/16/34 (144A) | 1000000 | 936800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/16/34 | 310000 | 290408 |
|  Indonesia Government International Bonds<br>1.000%, 07/28/29 (EUR) | 520000 | 447645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 02/14/30 | 1163000 | 1032304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/15/25 | 555000 | 548918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/15/50 | 648000 | 534665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/31/52 | 359000 | 303395 |
|  Indonesia Treasury Bonds<br>6.500%, 02/15/31 (IDR) | 18816000000 | 1173016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 02/15/26 (IDR) | 36206000000 | 2378072 |
|  Italy Buoni Poliennali Del Tesoro<br>2.800%, 06/15/29 (EUR) | 869000 | 857615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/30/35 (144A) (EUR) | 2700000 | 2687024 |
|  Ivory Coast Government International Bonds<br>5.875%, 10/17/31 (144A) (EUR) | 460000 | 411613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/33 | 320000 | 284000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/03/28 | 1281000 | 1237190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 03/22/48 (EUR) | 323000 | 242755 |
|  Jamaica Government International Bonds<br>7.625%, 07/09/25 | 570000 | 585577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 07/28/45 (b) | 573000 | 644020 |
|  Japan Government Five Year Bonds<br>0.005%, 09/20/26 (JPY) | 1353800000 | 10269549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 12/20/23 (JPY) | 728250000 | 5555265 |
|  Japan Government Forty Year Bond<br>1.000%, 03/20/62 (JPY) | 368500000 | 2248091 |
|  Japan Government Ten Year Bond<br>0.600%, 12/20/23 (JPY) | 296200000 | 2270317 |
|  Japan Government Thirty Year Bonds<br>0.400%, 12/20/49 (JPY) | 554600000 | 3210798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 09/20/50 (JPY) | 447750000 | 2684999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 03/20/52 (JPY) | 90450000 | 596609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 09/20/52 (JPY) | 260700000 | 1898756 |
|  Japan Government Twenty Year Bond<br>0.500%, 09/20/36 (JPY) | 2134200000 | 15368387 |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
|  Japan Government Two Year Bonds<br>0.005%, 01/01/24 (JPY) | 1425450000 | 10860204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.005%, 02/01/24 (JPY) | 1282150000 | 9769897 |
|  Kingdom of Belgium Government Bond<br>1.450%, 06/22/37 (144A) (EUR) | 2803000 | 2358369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/22/39 (144A) (EUR) | 1741448 | 1713235 |
|  Korea Treasury Bonds<br>1.375%, 12/10/29 (KRW) | 6303790000 | 4256950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 03/10/27 (KRW) | 5234930000 | 3913014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 06/10/25 (KRW) | 17600390000 | 13708348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 09/10/27 (KRW) | 4081250000 | 3140648 |
|  Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/27/23 (c) | 6653000 | 378556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 02/26/25 (c) | 461000 | 26415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 11/03/28 (c) | 2006000 | 115465 |
|  Malaysia Government Bond<br>4.498%, 04/15/30 (MYR) | 7477000 | 1747598 |
|  Mexico Government International Bonds<br>3.375%, 02/23/31 (EUR) | 1695000 | 1665431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.771%, 05/24/61 (b) | 3880000 | 2450335 |
|  Morocco Government International Bond<br>2.375%, 12/15/27 | 1143000 | 993317 |
|  New Zealand Government Bonds<br>2.000%, 05/15/32 (NZD) | 1109000 | 572296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/14/33 (NZD) | 4660000 | 2721086 |
|  Nigeria Government International Bonds<br>6.125%, 09/28/28 | 252000 | 194383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/28/28 (144A) | 472000 | 364082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.143%, 02/23/30 | 1033000 | 789894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/28/33 (144A) | 558000 | 396426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/28/33 | 1869000 | 1327812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 11/28/47 | 3085000 | 1979398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.696%, 02/23/38 | 700000 | 474180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 09/28/51 | 941000 | 625765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 03/24/29 | 482000 | 398855 |
|  Oman Government International Bonds<br>4.875%, 02/01/25 | 709000 | 695372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/17/28 | 1725000 | 1700953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/08/47 | 486000 | 441945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/17/48 | 439000 | 410708 |
|  Pakistan Government International Bond<br>6.875%, 12/05/27 | 914000 | 353096 |
|  Panama Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.362%, 06/30/31 | 1874000 | 1508570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/17/26 | 1490000 | 1401360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870%, 07/23/60 | 2167000 | 1395840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 02/14/35 | 911000 | 924127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 01/26/36 | 390000 | 406205 |
|  Paraguay Government International Bonds<br>3.849%, 06/28/33 | 690000 | 603975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.849%, 06/28/33 (144A) | 209000 | 182943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 04/28/31 (144A) | 650000 | 628146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 04/28/31 | 1090000 | 1053353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/26 | 1045000 | 1039511 |
|  Peru Government Bonds<br>5.940%, 02/12/29 (PEN) | 9084000 | 2191270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 08/12/32 (PEN) | 10049000 | 2322458 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Foreign Government—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
|  Perusahaan Penerbit SBSN Indonesia III<br>4.150%, 03/29/27 | 570000 | $| 558600 |
|  Peruvian Government International Bonds<br>2.780%, 12/01/60 | 1497000 |  | 870675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/34 | 1460000 |  | 1149974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.230%, 07/28/21 | 874000 |  | 507267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/18/50 | 1275000 |  | 1258967 |
|  Philippine Government International Bonds<br>3.000%, 02/01/28 | 915000 |  | 851165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 07/06/46 | 1794000 |  | 1307517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229%, 03/29/27 | 292000 |  | 277021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.556%, 09/29/32 | 1465000 |  | 1329936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 01/14/29 | 364000 |  | 347482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 03/29/47 | 3870000 |  | 3303265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/30/26 | 288000 |  | 294972 |
|  Qatar Government International Bonds<br>4.400%, 04/16/50 | 1580000 |  | 1445311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 04/16/50 (144A) | 1538000 |  | 1406892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/23/28 | 1363000 |  | 1370415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.817%, 03/14/49 | 980000 |  | 953050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, 04/23/48 | 1141000 |  | 1145715 |
|  Republic of Austria Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/20/30 (144A) (EUR) | 592000 |  | 511017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 02/20/29 (144A) (EUR) | 4654000 |  | 4293038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 02/20/32 (144A) (EUR) | 6325000 |  | 5587743 |
|  Republic of Azerbaijan International Bond<br>3.500%, 09/01/32 | 1600000 |  | 1332000 |
|  Republic of Kenya Government International Bond<br>7.250%, 02/28/28 | 361000 |  | 314973 |
|  Republic of Poland Government International Bond<br>5.500%, 11/16/27 | 930000 |  | 954109 |
|  Republic of South Africa Government International Bonds<br>5.650%, 09/27/47 | 541000 |  | 396066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 09/30/49 | 1287000 |  | 941698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/20/32 | 745000 |  | 670500 |
|  Romanian Government International Bonds<br>3.000%, 02/14/31 | 800000 |  | 628592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/27/32 | 728000 |  | 578451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/27/32 (144A) | 794000 |  | 630893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/14/51 | 868000 |  | 574425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/25/27 | 230000 |  | 220629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/25/27 (144A) (b) | 1010000 |  | 968849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/25/34 | 1332000 |  | 1243997 |
|  Saudi Government International Bonds<br>2.250%, 02/02/33 | 2595000 |  | 2104514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 03/04/23 | 320000 |  | 318400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/26/26 | 807000 |  | 770215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/22/30 (144A) | 689000 |  | 628713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 02/02/61 | 2130000 |  | 1522950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/16/50 | 2042000 |  | 2001160 |
|  Senegal Government International Bonds<br>4.750%, 03/13/28 (EUR) | 265000 |  | 244126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 05/23/33 | 469000 |  | 386456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/13/48 | 1425000 |  | 1001530 |
|  Sharjah Sukuk, Ltd.<br>3.764%, 09/17/24 | 450000 |  | 438795 |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
|  Spain Government Bond<br>3.450%, 07/30/43 (144A) (EUR) | 2034000 |  | 2018352 |
|  Sri Lanka Government International Bonds<br>6.200%, 05/11/27 (c) | 1823000 |  | 563452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 11/03/25 (c) | 1370000 |  | 431677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, 03/28/30 (c) | 214000 |  | 66143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.850%, 03/14/29 (c) | 523000 |  | 162262 |
|  Turkey Government International Bond<br>4.875%, 04/16/43 (b) | 4063000 |  | 2635083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 05/11/47 | 315000 |  | 214200 |
|  Ukraine Government International Bonds<br>6.750%, 06/20/28 (144A) (EUR) | 442000 |  | 81758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.876%, 05/21/31 | 1096000 |  | 200057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/25/34 | 1234000 |  | 223724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 09/01/26 | 4290000 |  | 879707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 09/01/29 | 1548000 |  | 320300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 11/01/30 | 858000 |  | 171995 |
|  United Kingdom Gilt<br>0.875%, 01/31/46 (GBP) | 2490000 |  | 1592863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 10/22/41 (GBP) | 3987000 |  | 3055636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 07/31/51 (GBP) | 420927 |  | 274846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 07/31/53 (GBP) | 1200098 |  | 829926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/07/37 (GBP) | 2428769 |  | 2208743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 01/29/38 (GBP) | 1661690 |  | 1939191 |
|  Uruguay Government International Bonds<br>4.375%, 01/23/31 | 676097 |  | 671554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.975%, 04/20/55 | 857005 |  | 818778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 01/15/33 | 535000 |  | 665855 |
|  Zambia Government International Bond<br>8.970%, 07/30/27 | 1123000 |  | 495849 |
|  |  |  | 315075963 |
|  Total Foreign Government<br>(Cost $379,881,716) |  |  | 327174240 |
| **Corporate Bonds & Notes—28.5%** | **Corporate Bonds & Notes—28.5%** | **Corporate Bonds & Notes—28.5%** | **Corporate Bonds & Notes—28.5%** |
| **Advertising—0.2%** | **Advertising—0.2%** | **Advertising—0.2%** | **Advertising—0.2%** |
|  Interpublic Group of Cos., Inc. (The)<br>4.650%, 10/01/28 | 870000 |  | 832410 |
| **Aerospace/Defense—0.2%** | **Aerospace/Defense—0.2%** | **Aerospace/Defense—0.2%** | **Aerospace/Defense—0.2%** |
|  Bombardier, Inc.<br>7.500%, 03/15/25 (144A) | 435000 |  | 430787 |
|  Embraer Netherlands Finance B.V.<br>5.400%, 02/01/27 | 507000 |  | 485452 |
|  |  |  | 916239 |
| **Agriculture—0.3%** | **Agriculture—0.3%** | **Agriculture—0.3%** | **Agriculture—0.3%** |
|  Altria Group, Inc.<br>3.125%, 06/15/31 (EUR) | 860000 |  | 762406 |
|  BAT International Finance plc<br>6.000%, 11/24/34 (GBP) | 305000 |  | 329281 |
|  British American Tobacco plc<br>3.000%, 5Y EUR Swap + 3.372%, 09/27/26 (EUR) (d) | 645000 |  | 534613 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Agriculture—(Continued)** | **Agriculture—(Continued)** | **Agriculture—(Continued)** | **Agriculture—(Continued)** |
|  Imperial Brands Finance Netherlands B.V.<br>1.750%, 03/18/33 (EUR) | 282000 | $| 212268 |
|  |  |  | 1838568 |
| **Apparel—0.3%** | **Apparel—0.3%** | **Apparel—0.3%** | **Apparel—0.3%** |
|  Levi Strauss & Co.<br>3.375%, 03/15/27 (EUR) | 915000 |  | 913115 |
|  PVH Corp.<br>3.125%, 12/15/27 (EUR) | 550000 |  | 534984 |
|  |  |  | 1448099 |
| **Auto Manufacturers—0.6%** | **Auto Manufacturers—0.6%** | **Auto Manufacturers—0.6%** | **Auto Manufacturers—0.6%** |
|  BMW Finance NV<br>1.000%, 08/29/25 (EUR) | 835000 |  | 845312 |
|  General Motors Financial Co., Inc.<br>0.600%, 05/20/27 (EUR) | 615000 |  | 557004 |
|  Harley-Davidson Financial Services, Inc.<br>3.050%, 02/14/27 (144A) | 330000 |  | 293891 |
|  Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 09/22/28 (EUR) | 800000 |  | 695081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 03/30/27 (EUR) | 400000 |  | 385371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5Y EUR Swap + 3.746%, 06/17/25 (EUR) (d) | 300000 |  | 296648 |
|  |  |  | 3073307 |
| **Auto Parts & Equipment—0.3%** | **Auto Parts & Equipment—0.3%** | **Auto Parts & Equipment—0.3%** | **Auto Parts & Equipment—0.3%** |
|  Aptiv plc<br>1.600%, 09/15/28 (EUR) | 585000 |  | 545614 |
|  Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de C.V.<br>5.000%, 05/07/28 | 535000 |  | 444858 |
|  ZF Finance GmbH<br>2.000%, 05/06/27 (EUR) | 800000 |  | 698104 |
|  |  |  | 1688576 |
| **Banks—7.4%** | **Banks—7.4%** | **Banks—7.4%** | **Banks—7.4%** |
|  AIB Group plc<br>0.500%, 1Y EUR Swap + 0.750%, 11/17/27 (EUR) (d) | 1005000 |  | 910483 |
|  Australia & New Zealand Banking Group, Ltd.<br>0.250%, 03/17/25 (EUR) | 1045000 |  | 1042956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.669%, 5Y EUR Swap + 1.120%, 05/05/31 (EUR) (d) | 805000 |  | 731075 |
|  Banco Bilbao Vizcaya Argentaria S.A.<br>5.875%, 5Y EUR Swap + 5.660%, 09/24/23 (EUR) (d) | 1200000 |  | 1232513 |
|  Banco Santander S.A.<br>1.125%, 06/23/27 (EUR) | 900000 |  | 855496 |
|  Bank Hapoalim BM<br>3.255%, 5Y H15 + 2.155%, 01/21/32 (144A) (d) | 312000 |  | 268470 |
|  Bank of America Corp.<br>1.776%, 3M EURIBOR + 1.200%, 05/04/27 (EUR) (d) | 1189000 |  | 1172975 |
|  Bank of Montreal<br>0.125%, 01/26/27 (EUR) | 640000 |  | 600066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 04/05/26 (EUR) | 619000 |  | 613661 |
|  Bank of Nova Scotia (The)<br>0.010%, 01/14/27 (EUR) | 1565000 |  | 1460985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 03/16/26 (EUR) | 246000 |  | 239682 |
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
|  Barclays plc<br>8.000%, 5Y H15 + 5.431%, 03/15/29 (b) (d) | 695000 |  | 649825 |
|  BNP Paribas S.A.<br>3.375%, 01/23/26 (GBP) | 565000 |  | 641220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5Y H15 + 3.340%, 02/25/31 (d) | 960000 |  | 741696 |
|  Citigroup, Inc.<br>1.750%, 10/23/26 (GBP) | 605000 |  | 643554 |
|  Commonwealth Bank of Australia<br>0.125%, 10/15/29 (EUR) | 1015000 |  | 867295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.936%, 5Y EUR Swap + 1.450%, 10/03/29 (EUR) (d) | 855000 |  | 861830 |
|  Cooperatieve Rabobank UA<br>3.250%, 5Y EUR Swap + 3.702%, 12/29/26 (EUR) (d) | 400000 |  | 364488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5Y EUR Swap + 4.679%, 06/29/27 (EUR) (d) | 600000 |  | 570824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/23/29 (GBP) | 625000 |  | 689029 |
|  Credit Suisse Group AG<br>1.250%, 1Y EUR Swap + 0.750%, 07/17/25 (EUR) (d) | 1165000 |  | 1117468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1Y EUR Swap + 3.500%, 04/02/26 (EUR) (d) | 515000 |  | 494295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 5Y USD Swap + 4.598%, 12/11/23 (144A) (d) | 803000 |  | 698610 |
|  Danske Bank A/S<br>0.750%, 1Y EUR Swap + 0.880%, 06/09/29 (EUR) (d) | 1175000 |  | 1025883 |
|  Deutsche Bank AG<br>1.875%, 3M EURIBOR + 1.380%, 02/23/28 (EUR) (d) | 100000 |  | 93592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/12/26 (EUR) | 200000 |  | 201919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/12/24 (GBP) | 800000 |  | 942985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%, SOFR + 3.190%, 07/14/26 (b) (d) | 170000 |  | 168863 |
|  Dexia Credit Local S.A.<br>0.625%, 02/03/24 (EUR) | 3000000 |  | 3124366 |
|  DNB Boligkreditt A/S<br>0.250%, 09/07/26 (EUR) | 1314000 |  | 1259128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 06/19/25 (EUR) | 433000 |  | 434238 |
|  Goldman Sachs Group, Inc. (The)<br>1.250%, 05/01/25 (EUR) | 660000 |  | 671750 |
|  HSBC Holdings plc<br>4.600%, 5Y H15 + 3.649%, 12/17/30 (d) | 818000 |  | 636390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5Y EUR Swap + 5.338%, 09/29/23 (EUR) (d) | 784000 |  | 828203 |
|  ING Groep NV<br>3.000%, 02/18/26 (GBP) | 900000 |  | 1012050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5Y USD Swap + 4.446%, 04/16/25 (d) | 201000 |  | 190043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5Y USD ICE Swap + 4.204%, 04/16/24 (d) | 790000 |  | 759229 |
|  Intesa Sanpaolo S.p.A.<br>7.000%, 11/21/25 (144A) | 216000 |  | 220292 |
|  JPMorgan Chase & Co.<br>1.090%, 3M EURIBOR + 0.760%, 03/11/27 (EUR) (d) | 1400000 |  | 1362725 |
|  KBC Group NV<br>0.250%, 3M EURIBOR + 0.470%, 03/01/27 (EUR) (d) | 1200000 |  | 1132725 |
|  Lloyds Bank plc<br>0.125%, 06/18/26 (EUR) | 1425000 |  | 1364428 |
|  Morgan Stanley<br>0.406%, 3M EURIBOR + 0.698%, 10/29/27 (EUR) (d) | 1385000 |  | 1279591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.342%, 3M EURIBOR + 0.834%, 10/23/26 (EUR) (d) | 264000 |  | 260970 |
|  National Australia Bank<br>0.010%, 01/06/29 (EUR) | 1215000 |  | 1059523 |
|  NatWest Group plc<br>2.000%, 3M EURIBOR + 1.737%, 03/04/25 (EUR) (d) | 900000 |  | 939323 |
|  Shinhan Financial Group Co., Ltd.<br>2.875%, 5Y H15 + 2.064%, 05/12/26 (d) | 201000 |  | 170448 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
|  Societe Generale S.A.<br>7.875%, 5Y USD Swap + 4.979%, 12/18/23 (d) | 860000 | 851244 |
|  Stadshypotek AB<br>0.010%, 11/24/28 (EUR) | 1100000 | 971878 |
|  Standard Chartered plc<br>5.925%, 3M LIBOR + 1.510%, 01/30/27 (144A) (d) | 1000000 | 768060 |
|  Truist Financial Corp.<br>5.100%, 10Y H15 + 4.349%, 03/01/30 (b) (d) | 880000 | 814000 |
|  UniCredit S.p.A.<br>1.200%, 3M EURIBOR + 1.350%, 01/20/26 (EUR) (d) | 955000 | 946484 |
|  |  | 40958826 |
| **Beverages—0.1%** | **Beverages—0.1%** | **Beverages—0.1%** |
|  Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL<br>5.250%, 04/27/29 (144A) (b) | 306000 | 285259 |
| **Building Materials—0.0%** | **Building Materials—0.0%** | **Building Materials—0.0%** |
|  Cemex S.A.B. de C.V.<br>7.375%, 06/05/27 (144A) (b) | 267000 | 274009 |
| **Chemicals—0.2%** | **Chemicals—0.2%** | **Chemicals—0.2%** |
|  Braskem Idesa SAPI<br>6.990%, 02/20/32 (144A) | 726000 | 518232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.990%, 02/20/32 | 440000 | 314080 |
|  INEOS Quattro Finance 2 plc<br>2.500%, 01/15/26 (144A) (EUR) | 561000 | 508909 |
|  |  | 1341221 |
| **Coal—0.1%** | **Coal—0.1%** | **Coal—0.1%** |
|  Indika Energy Capital IV Pte, Ltd.<br>8.250%, 10/22/25 | 420000 | 413993 |
| **Commercial Services—0.8%** | **Commercial Services—0.8%** | **Commercial Services—0.8%** |
|  Autopistas del Sol S.A.<br>7.375%, 12/30/30 | 771352 | 690360 |
|  DP World Salaam<br>6.000%, 5Y H15 + 5.750%, 10/01/25 (d) | 1024000 | 1012275 |
|  DP World, Ltd.<br>4.700%, 09/30/49 | 302000 | 253867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/25/48 | 1082000 | 1012951 |
|  JSW Infrastructure, Ltd.<br>4.950%, 01/21/29 (144A) | 531000 | 451616 |
|  TransJamaican Highway, Ltd.<br>5.750%, 10/10/36 (144A) | 735255 | 586733 |
|  Verisure Holding AB<br>3.250%, 02/15/27 (EUR) | 585000 | 540572 |
|  |  | 4548374 |
| **Computers—0.3%** | **Computers—0.3%** | **Computers—0.3%** |
|  CA Magnum Holdings<br>5.375%, 10/31/26 (144A) (b) | 680000 | 619635 |
|  Kyndryl Holdings, Inc.<br>2.050%, 10/15/26 | 679000 | 553991 |
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
|  Western Digital Corp.<br>2.850%, 02/01/29 | 217000 | 167886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 02/01/32 | 608000 | 437010 |
|  |  | 1778522 |
| **Cosmetics/Personal Care—0.1%** | **Cosmetics/Personal Care—0.1%** | **Cosmetics/Personal Care—0.1%** |
|  Natura &Co. Luxembourg Holdings S.a.r.l<br>6.000%, 04/19/29 | 401000 | 350953 |
| **Diversified Financial Services—0.5%** | **Diversified Financial Services—0.5%** | **Diversified Financial Services—0.5%** |
|  Aircastle, Ltd.<br>2.850%, 01/26/28 (144A) | 497000 | 406475 |
|  Aviation Capital Group LLC<br>3.500%, 11/01/27 (144A) (b) | 214000 | 186915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/30/24 (144A) | 459000 | 447473 |
|  BPCE SFH S.A.<br>0.010%, 11/10/27 (EUR) | 400000 | 365259 |
|  Discover Financial Services<br>6.700%, 11/29/32 | 187000 | 190081 |
|  Intercorp Financial Services, Inc.<br>4.125%, 10/19/27 | 285000 | 250893 |
|  Joy Treasure Assets Holdings, Inc.<br>4.500%, 03/20/29 | 340000 | 302998 |
|  Motion Finco Sarl<br>7.000%, 05/15/25 (EUR) | 375000 | 398767 |
|  Power Finance Corp., Ltd.<br>3.350%, 05/16/31 | 280000 | 231438 |
|  |  | 2780299 |
| **Electric—3.2%** | **Electric—3.2%** | **Electric—3.2%** |
|  Adani Electricity Mumbai, Ltd.<br>3.949%, 02/12/30 | 294000 | 222791 |
|  Adani Green Energy, Ltd.<br>4.375%, 09/08/24 | 1040000 | 941200 |
|  AES Andes S.A.<br>6.350%, 5Y H15 + 4.917%, 10/07/79 (144A) (d) | 457000 | 420385 |
|  AES Panama Generation Holdings SRL<br>4.375%, 05/31/30 (144A) | 295000 | 256266 |
|  Alfa Desarrollo S.p.A.<br>4.550%, 09/27/51 (144A) (b) | 794095 | 603219 |
|  Cadent Finance plc<br>0.625%, 03/19/30 (EUR) | 660000 | 555490 |
|  Colbun S.A.<br>3.950%, 10/11/27 | 200000 | 186247 |
|  Cometa Energia S.A. de C.V.<br>6.375%, 04/24/35 | 592187 | 567820 |
|  Comision Federal de Electricidad<br>3.348%, 02/09/31 (144A) | 760000 | 593203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.348%, 02/09/31 | 212000 | 165473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.677%, 02/09/51 (144A) | 485000 | 315362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 05/15/29 | 414000 | 366154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 05/15/29 (144A) | 637000 | 563381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/29/36 | 748000 | 638037 |
|  Consolidated Edison Co. of New York, Inc.<br>4.500%, 05/15/58 | 122000 | 101170 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
|  E.ON International Finance B.V.<br>6.250%, 06/03/30 (GBP) | 445000 | $| 559115 |
|  EDP - Energias de Portugal S.A.<br>1.500%, 5Y EUR Swap + 1.888%, 03/14/82 (EUR) (d) | 400000 |  | 347896 |
|  Empresas Publicas de Medellin E.S.P.<br>4.250%, 07/18/29 (144A) | 592000 |  | 469900 |
|  Enel Finance International NV<br>0.500%, 06/17/30 (EUR) | 793000 |  | 649194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 10/14/32 (144A) | 700000 |  | 739737 |
|  Engie Energia Chile S.A.<br>3.400%, 01/28/30 (144A) | 326000 |  | 266176 |
|  Entergy Arkansas LLC<br>3.350%, 06/15/52 | 222000 |  | 154234 |
|  Eskom Holdings SOC, Ltd.<br>6.750%, 08/06/23 | 509000 |  | 488742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 02/11/25 | 1186000 |  | 1076793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 02/11/25 (144A) | 286000 |  | 259665 |
|  Iberdrola International B.V.<br>1.450%, 5Y EUR Swap + 1.832%, 11/09/26 (EUR) (d) | 700000 |  | 634842 |
|  India Clean Energy Holdings<br>4.500%, 04/18/27 (144A) | 665000 |  | 524020 |
|  Israel Electric Corp., Ltd.<br>3.750%, 02/22/32 (144A) | 213000 |  | 186298 |
|  JSW Hydro Energy, Ltd.<br>4.125%, 05/18/31 | 1008900 |  | 840920 |
|  Kallpa Generacion S.A.<br>4.125%, 08/16/27 | 395000 |  | 361935 |
|  Lamar Funding, Ltd.<br>3.958%, 05/07/25 | 1772000 |  | 1676507 |
|  Minejesa Capital BV<br>5.625%, 08/10/37 | 595000 |  | 463211 |
|  Orsted A/S<br>4.875%, 01/12/32 (GBP) | 469000 |  | 554036 |
|  ReNew Wind Energy AP2 / ReNew Power Pvt, Ltd. other 9 Subsidiaries<br>4.500%, 07/14/28 | 315000 |  | 264965 |
|  SSE plc<br>8.375%, 11/20/28 (GBP) | 545000 |  | 750483 |
|  |  |  | 17764867 |
| **Electronics—0.2%** | **Electronics—0.2%** | **Electronics—0.2%** | **Electronics—0.2%** |
|  Honeywell International, Inc.<br>4.125%, 11/02/34 (EUR) | 1141000 |  | 1205651 |
| **Energy-Alternate Sources—0.2%** | **Energy-Alternate Sources—0.2%** | **Energy-Alternate Sources—0.2%** | **Energy-Alternate Sources—0.2%** |
|  Empresa Generadora de Electricidad Haina S.A.<br>5.625%, 11/08/28 (144A) (b) | 596000 |  | 530440 |
|  Greenko Dutch B.V.<br>3.850%, 03/29/26 | 382000 |  | 330354 |
|  Greenko Solar Mauritius, Ltd.<br>5.950%, 07/29/26 | 215000 |  | 195327 |
|  |  |  | 1056121 |
| **Engineering & Construction—0.3%** | **Engineering & Construction—0.3%** | **Engineering & Construction—0.3%** | **Engineering & Construction—0.3%** |
|  Aeropuerto Internacional de Tocumen S.A.<br>5.125%, 08/11/61 | 1253000 |  | 1023271 |
|  Heathrow Funding, Ltd.<br>2.750%, 10/13/31 (GBP) | 490000 |  | 488594 |
|  State Agency of Roads of Ukraine<br>6.250%, 06/24/30 (144A)† | 1144000 |  | 193908 |
|  |  |  | 1705773 |
| **Entertainment—0.1%** | **Entertainment—0.1%** | **Entertainment—0.1%** | **Entertainment—0.1%** |
|  Allwyn Entertainment Financing UK plc<br>5.887%, 3M EURIBOR + 4.125%, 02/15/28 (144A) (EUR) (d) | 289000 |  | 298996 |
| **Food—0.3%** | **Food—0.3%** | **Food—0.3%** | **Food—0.3%** |
|  BRF S.A.<br>4.875%, 01/24/30 | 382000 |  | 322158 |
|  China Modern Dairy Holdings, Ltd.<br>2.125%, 07/14/26 | 310000 |  | 262131 |
|  NBM US Holdings, Inc.<br>7.000%, 05/14/26 | 975000 |  | 968185 |
|  |  |  | 1552474 |
| **Insurance—0.7%** | **Insurance—0.7%** | **Insurance—0.7%** | **Insurance—0.7%** |
|  Allianz SE<br>2.121%, 3M EURIBOR + 3.280%, 07/08/50 (EUR) (d) | 300000 |  | 259192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.099%, 3M EURIBOR + 3.350%, 07/06/47 (EUR) (d) | 500000 |  | 494130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.252%, 3M EURIBOR + 3.550%, 07/05/52 (EUR) (d) | 400000 |  | 392965 |
|  Credit Agricole Assurances S.A.<br>4.750%, 5Y EUR Swap + 5.350%, 09/27/48 (EUR) (d) | 600000 |  | 618582 |
|  Liberty Mutual Group, Inc.<br>3.625%, 5Y EUR Swap + 3.700%, 05/23/59 (EUR) (d) | 695000 |  | 654687 |
|  Principal Financial Group, Inc.<br>7.650%, 3M LIBOR + 3.044%, 05/15/55 (d) | 300000 |  | 290250 |
|  Prudential Financial, Inc.<br>5.200%, 3M LIBOR + 3.040%, 03/15/44 (d) | 642000 |  | 610317 |
|  Voya Financial, Inc.<br>5.650%, 3M LIBOR + 3.580%, 05/15/53 (d) | 589000 |  | 572920 |
|  |  |  | 3893043 |
| **Internet—0.2%** | **Internet—0.2%** | **Internet—0.2%** | **Internet—0.2%** |
|  Booking Holdings, Inc.<br>4.500%, 11/15/31 (EUR) | 388000 |  | 420391 |
|  Prosus NV<br>2.031%, 08/03/32 (EUR) | 460000 |  | 347167 |
|  Weibo Corp.<br>3.375%, 07/08/30 | 313000 |  | 243164 |
|  |  |  | 1010722 |
| **Investment Companies—0.7%** | **Investment Companies—0.7%** | **Investment Companies—0.7%** | **Investment Companies—0.7%** |
|  Fund of National Welfare Samruk-Kazyna JSC<br>2.000%, 10/28/26 (144A) | 805000 |  | 700099 |
|  Huarong Finance Co., Ltd.<br>3.250%, 11/13/24 | 400000 |  | 367932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/29/24 | 208000 |  | 196998 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Investment Companies—(Continued)** | **Investment Companies—(Continued)** | **Investment Companies—(Continued)** | **Investment Companies—(Continued)** |
|  Huarong Finance II Co., Ltd.<br>4.625%, 06/03/26 | 316000 | $| 278080 |
|  JAB Holdings B.V.<br>1.000%, 12/20/27 (EUR) | 900000 |  | 828551 |
|  MDGH GMTN RSC Ltd.<br>4.500%, 11/07/28 | 1356000 |  | 1342982 |
|  |  |  | 3714642 |
| **Iron/Steel—0.2%** | **Iron/Steel—0.2%** | **Iron/Steel—0.2%** | **Iron/Steel—0.2%** |
|  CSN Resources S.A.<br>4.625%, 06/10/31 (b) | 595000 |  | 471222 |
|  JSW Steel, Ltd.<br>3.950%, 04/05/27 | 300000 |  | 256212 |
|  Vale Overseas, Ltd.<br>3.750%, 07/08/30 | 600000 |  | 524959 |
|  |  |  | 1252393 |
| **Leisure Time—0.1%** | **Leisure Time—0.1%** | **Leisure Time—0.1%** | **Leisure Time—0.1%** |
|  Carnival plc<br>1.000%, 10/28/29 (EUR) | 798000 |  | 345959 |
|  Royal Caribbean Cruises, Ltd.<br>8.250%, 01/15/29 (144A) | 446000 |  | 448174 |
|  |  |  | 794133 |
| **Lodging—0.2%** | **Lodging—0.2%** | **Lodging—0.2%** | **Lodging—0.2%** |
|  Melco Resorts Finance, Ltd.<br>5.750%, 07/21/28 (144A) | 505000 |  | 420523 |
|  Studio City Co., Ltd.<br>7.000%, 02/15/27 (144A) | 250000 |  | 233805 |
|  Studio City Finance, Ltd.<br>6.500%, 01/15/28 | 200000 |  | 155304 |
|  Wynn Macau, Ltd.<br>5.625%, 08/26/28 | 200000 |  | 170818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/26/28 (144A) (b) | 325000 |  | 277579 |
|  |  |  | 1258029 |
| **Mining—0.8%** | **Mining—0.8%** | **Mining—0.8%** | **Mining—0.8%** |
|  Aris Mining Corp.<br>6.875%, 08/09/26 | 595000 |  | 464404 |
|  Cia de Minas Buenaventura SAA<br>5.500%, 07/23/26 | 764000 |  | 655185 |
|  Corp. Nacional del Cobre de Chile<br>3.000%, 09/30/29 | 1810000 |  | 1580952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 01/14/30 | 369000 |  | 325672 |
|  Freeport Indonesia PT<br>5.315%, 04/14/32 (144A) | 335000 |  | 307274 |
|  Glencore Capital Finance DAC<br>1.125%, 03/10/28 (EUR) | 275000 |  | 242270 |
|  Vedanta Resources Finance II plc<br>13.875%, 01/21/24 (b) | 614000 |  | 534728 |
|  Volcan Cia Minera SAA<br>4.375%, 02/11/26 (144A) | 184000 |  | 158524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/11/26 | 284000 |  | 244679 |
|  |  |  | 4513688 |
| **Multi-National—1.1%** | **Multi-National—1.1%** | **Multi-National—1.1%** | **Multi-National—1.1%** |
|  European Investment Bank<br>0.750%, 07/15/27 (AUD) | 990000 |  | 574081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 01/19/27 (AUD) | 1300000 |  | 803025 |
|  Inter American Development Bank<br>2.700%, 01/29/26 (AUD) | 1005000 |  | 653780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/11/26 (AUD) | 783000 |  | 532908 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/27 (EUR) | 1237000 |  | 1171128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.010%, 04/24/28 (EUR) | 1277000 |  | 1163059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/19/26 (AUD) | 445000 |  | 289719 |
|  International Finance Corp.<br>4.450%, 05/14/27 (AUD) | 1159000 |  | 791435 |
|  |  |  | 5979135 |
| **Oil & Gas—5.5%** | **Oil & Gas—5.5%** | **Oil & Gas—5.5%** | **Oil & Gas—5.5%** |
|  BP Capital Markets plc<br>3.250%, 5Y EUR Swap + 3.880%, 03/22/26 (EUR) (d) | 234000 |  | 230047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5Y EUR Swap + 4.120%, 03/22/29 (EUR) (d) | 541000 |  | 496563 |
|  Ecopetrol S.A.<br>5.875%, 11/02/51 | 2079000 |  | 1398174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/29/30 | 533000 |  | 483342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/18/43 (b) | 767000 |  | 653238 |
|  Eni S.p.A.<br>3.375%, 5Y EUR Swap + 3.641%, 07/13/29 (EUR) (d) | 835000 |  | 740445 |
|  Gran Tierra Energy, Inc.<br>7.750%, 05/23/27 | 252000 |  | 204134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 05/23/27 (144A) | 355000 |  | 287570 |
|  Hunt Oil Co. of Peru LLC Sucursal Del Peru<br>6.375%, 06/01/28 | 284050 |  | 270080 |
|  KazMunayGas National Co. JSC<br>5.375%, 04/24/30 | 1694000 |  | 1513370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/19/47 | 1179000 |  | 911249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/24/48 | 395000 |  | 324719 |
|  Leviathan Bond, Ltd. | Leviathan Bond, Ltd. | Leviathan Bond, Ltd. | Leviathan Bond, Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/30/25 (144A) | 324995 |  | 317683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/30/30 (144A) | 531793 |  | 500530 |
|  Medco Oak Tree Pte, Ltd.<br>7.375%, 05/14/26 | 580000 |  | 551238 |
|  NAK Naftogaz Ukraine via Kondor Finance plc<br>7.375%, 07/19/22 | 2001000 |  | 310155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 11/08/26 (144A)† | 505000 |  | 85850 |
|  Oil and Gas Holding Co. BSCC (The)<br>7.500%, 10/25/27 | 1416000 |  | 1444728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 11/07/24 | 1079000 |  | 1096178 |
|  Pertamina Persero PT<br>2.300%, 02/09/31 (b) | 3570000 |  | 2876159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/03/42 | 439000 |  | 418404 |
|  Petroleos Mexicanos<br>6.700%, 02/16/32 | 789000 |  | 619560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/21/47 | 1788000 |  | 1140742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 08/04/26 | 1549000 |  | 1462979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 01/28/60 | 2895000 |  | 1829708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.690%, 01/23/50 | 1868000 |  | 1292467 |
|  Petronas Energy Canada, Ltd.<br>2.112%, 03/23/28 (b) | 924000 |  | 807293 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
|  QatarEnergy Trading LLC<br>3.300%, 07/12/51 (144A) | 977000 | 720537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 07/12/51 | 2605000 | 1921187 |
|  Reliance Industries, Ltd.<br>2.875%, 01/12/32 | 380000 | 309153 |
|  Saudi Arabian Oil Co.<br>1.625%, 11/24/25 | 1215000 | 1106639 |
|  SEPLAT Energy plc<br>7.750%, 04/01/26 (144A) | 540000 | 426622 |
|  SierraCol Energy Andina LLC<br>6.000%, 06/15/28 (144A) | 400000 | 313904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/28 | 215000 | 168723 |
|  Sinopec Group Overseas Development 2018, Ltd.<br>2.700%, 05/13/30 | 678000 | 592377 |
|  State Oil Co. of the Azerbaijan Republic<br>6.950%, 03/18/30 | 701000 | 722369 |
|  Tengizchevroil Finance Co. International, Ltd.<br>3.250%, 08/15/30 (144A) | 552000 | 390358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/15/30 | 730000 | 516234 |
|  TotalEnergies SE<br>1.625%, 5Y EUR Swap + 1.993%, 10/25/27 (EUR) (d) | 830000 | 720312 |
|  Tullow Oil plc<br>10.250%, 05/15/26 (144A) | 665000 | 533330 |
|  |  | 30708350 |
| **Packaging & Containers—0.3%** | **Packaging & Containers—0.3%** | **Packaging & Containers—0.3%** |
|  Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance plc<br>3.250%, 09/01/28 (144A) (b) | 579000 | 491829 |
|  Ardagh Packaging Finance plc<br>2.125%, 08/15/26 (EUR) | 615000 | 548275 |
|  Rimini Bidco SpA<br>7.296%, 3M EURIBOR + 5.250%, 12/14/26 (144A) (EUR) (d) | 605000 | 574603 |
|  |  | 1614707 |
| **Pharmaceuticals—0.0%** |  |  |
|  Grifols S.A.<br>1.625%, 02/15/25 (144A) (EUR) | 181000 | 182652 |
| **Pipelines—0.5%** | **Pipelines—0.5%** | **Pipelines—0.5%** |
|  Acu Petroleo Luxembourg Sarl<br>7.500%, 07/13/35 (144A) | 1075000 | 978785 |
|  Enbridge Pipelines, Inc.<br>2.820%, 05/12/31 (CAD) | 459000 | 283946 |
|  Enbridge, Inc.<br>6.100%, 11/09/32 (CAD) | 439000 | 340494 |
|  GNL Quintero S.A.<br>4.634%, 07/31/29 | 164720 | 159049 |
|  Southern Gas Corridor CJSC<br>6.875%, 03/24/26 | 454000 | 464814 |
|  TransCanada PipeLines, Ltd.<br>5.330%, 05/12/32 (CAD) | 849000 | 624529 |
|  |  | 2851617 |
| **Real Estate—0.4%** |  |  |
|  Annington Funding plc<br>3.184%, 07/12/29 (GBP) | 365000 | 365843 |
|  KWG Group Holdings, Ltd.<br>7.400%, 01/13/27 | 225000 | 81909 |
|  Powerlong Real Estate Holdings, Ltd.<br>4.900%, 05/13/26 | 435000 | 121626 |
|  SBB Treasury Oyj | SBB Treasury Oyj | SBB Treasury Oyj |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 12/14/28 (EUR) | 502000 | 341227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/26/29 (EUR) | 187000 | 126819 |
|  Shimao Group Holdings, Ltd. | Shimao Group Holdings, Ltd. | Shimao Group Holdings, Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 01/16/27 (c) | 580000 | 104400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 07/15/26 (c) | 250000 | 45621 |
|  Sinochem Offshore Capital Co., Ltd.<br>2.375%, 09/23/31 | 345000 | 262373 |
|  Sunac China Holdings, Ltd. | Sunac China Holdings, Ltd. | Sunac China Holdings, Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/26/24 (c) | 202000 | 42731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/26/26 (c) | 240000 | 48633 |
|  Times China Holdings, Ltd. | Times China Holdings, Ltd. | Times China Holdings, Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/14/27 | 203000 | 32758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 03/22/26 | 200000 | 32418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 07/08/25 | 225000 | 36887 |
|  Vivion Investments Sarl<br>3.000%, 08/08/24 (EUR) | 700000 | 579220 |
|  Yango Justice International, Ltd. | Yango Justice International, Ltd. | Yango Justice International, Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/15/24 (c) | 320000 | 8480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/17/25 (c) | 203000 | 5379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 11/25/23 (c) | 300000 | 7950 |
|  |  | 2244274 |
| **Real Estate Investment Trusts—0.5%** |  |  |
|  Digital Euro Finco LLC<br>2.500%, 01/16/26 (EUR) | 735000 | 728249 |
|  Digital Intrepid Holding B.V.<br>0.625%, 07/15/31 (EUR) | 625000 | 457516 |
|  Public Storage<br>0.500%, 09/09/30 (EUR) | 650000 | 522999 |
|  Westfield America Management, Ltd.<br>2.625%, 03/30/29 (GBP) | 340000 | 315020 |
|  WPC Eurobond B.V.<br>1.350%, 04/15/28 (EUR) | 600000 | 533180 |
|  |  | 2556964 |
| **Retail—0.1%** |  |  |
|  Stonegate Pub Co. Financing plc<br>8.250%, 07/31/25 (GBP) | 340000 | 370761 |
| **Savings & Loans—0.3%** | **Savings & Loans—0.3%** | **Savings & Loans—0.3%** |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 05/31/28 (EUR) | 1000000 | 952439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5Y EUR Swap + 1.500%, 07/25/29 (EUR) (d) | 750000 | 756369 |
|  |  | 1708808 |
| **Semiconductors—0.1%** |  |  |
|  TSMC Arizona Corp.<br>3.875%, 04/22/27 | 607000 | 583518 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Software—0.1%** | | | |
|  Cedacri Mergeco S.p.A.<br>6.387%, 3M EURIBOR + 4.625%, 05/15/28 (EUR) (d) | 190000 | $| 188569 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/03/25 (EUR) | 141000 |  | 137437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 12/03/28 (EUR) | 149000 |  | 132597 |
|  |  |  | 458603 |
| **Telecommunications—0.6%** |  |  |  |
|  AT&T, Inc.<br>2.875%, 5Y EUR Swap + 3.140%, 03/02/25 (EUR) (d) | 400000 |  | 382685 |
|  Axtel S.A.B. de CV<br>6.375%, 11/14/24 | 320000 |  | 261738 |
|  Bell Telephone Co. of Canada or Bell Canada<br>3.000%, 03/17/31 (CAD) | 170000 |  | 107984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/10/32 (CAD) | 667000 |  | 514531 |
|  CK Hutchison Group Telecom Finance S.A.<br>0.750%, 04/17/26 (EUR) | 1035000 |  | 993554 |
|  Telefonica Europe B.V.<br>4.375%, 6Y EUR Swap + 4.107%, 12/14/24 (EUR) (d) | 300000 |  | 305854 |
|  TELUS Corp.<br>5.250%, 11/15/32 (CAD) | 849000 |  | 622736 |
|  Xiaomi Best Time International, Ltd.<br>2.875%, 07/14/31 (144A) | 434000 |  | 314654 |
|  |  |  | 3503736 |
| **Transportation—0.3%** |  |  |  |
|  Empresa de Transporte de Pasajeros Metro S.A. | Empresa de Transporte de Pasajeros Metro S.A. | Empresa de Transporte de Pasajeros Metro S.A. | Empresa de Transporte de Pasajeros Metro S.A. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 05/07/30 (144A) | 200000 |  | 181663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 05/07/50 | 665000 |  | 557312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/25/47 (b) | 200000 |  | 173601 |
|  Lima Metro Line 2 Finance, Ltd. | Lima Metro Line 2 Finance, Ltd. | Lima Metro Line 2 Finance, Ltd. | Lima Metro Line 2 Finance, Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 04/05/36 | 268716 |  | 238843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/34 | 686002 |  | 665259 |
|  |  |  | 1816678 |
| **Water—0.1%** |  |  |  |
|  Thames Water Utilities Finance plc<br>6.750%, 11/16/28 (GBP) | 420000 |  | 533360 |
|  Total Corporate Bonds & Notes<br>(Cost $187,088,730) |  |  | 157662350 |
| **U.S. Treasury & Government Agencies—4.7%** | **U.S. Treasury & Government Agencies—4.7%** | **U.S. Treasury & Government Agencies—4.7%** | **U.S. Treasury & Government Agencies—4.7%** |
| **Agency Sponsored Mortgage - Backed—1.2%** |  |  |  |
| Connecticut Avenue Securities Trust (CMO) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.678%, SOFR30A + 0.750%, 10/25/41 (144A) (d) | 22652 |  | 22453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.778%, SOFR30A + 0.850%, 12/25/41 (144A) (d) | 280909 |  | 275528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.478%, SOFR30A + 1.550%, 10/25/41 (144A) (d) | 66676 |  | 64980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.578%, SOFR30A + 1.650%, 12/25/41 (144A) (d) | 909180 |  | 857528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.489%, 1M LIBOR + 2.100%, 03/25/31 (d) | 1680176 |  | 1671756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.489%, 1M LIBOR + 2.100%, 09/25/39 (144A) (d) | 5969 |  | 5961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.489%, 1M LIBOR + 2.100%, 10/25/39 (144A) (d) | 28399 |  | 28328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.539%, 1M LIBOR + 2.150%, 09/25/31 (144A) (d) | 122981 |  | 122681 |
| **Agency Sponsored Mortgage - Backed—(Continued)** |  |  |  |
| Connecticut Avenue Securities Trust (CMO) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.689%, 1M LIBOR + 2.300%, 08/25/31 (144A) (d) | 100447 |  | 100322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.789%, 1M LIBOR + 2.400%, 04/25/31 (144A) (d) | 307931 |  | 307166 |
|  Connecticut Avenue Securities (CMO) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.639%, 1M LIBOR + 10.250%, 01/25/29 (d) | 476888 |  | 495079 |
|  Freddie Mac STACR REMIC Trust (CMO) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.678%, SOFR30A + 0.750%, 10/25/33 (144A) (d) | 323831 |  | 321208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.728%, SOFR30A + 0.800%, 10/25/41 (144A) (d) | 71248 |  | 70320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.878%, SOFR30A + 0.950%, 12/25/41 (144A) (d) | 1145330 |  | 1086711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.428%, SOFR30A + 1.500%, 10/25/41 (144A) (d) | 675847 |  | 642034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.578%, SOFR30A + 1.650%, 01/25/34 (144A) (d) | 225835 |  | 222733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.339%, 1M LIBOR + 1.950%, 10/25/49 (144A) (d) | 27358 |  | 27358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.439%, 1M LIBOR + 2.050%, 07/25/49 (144A) (d) | 65424 |  | 64109 |
|  |  |  | 6386255 |
| **U.S. Treasury—3.5%** |  |  |  |
|  U.S. Treasury Bond<br>2.375%, 02/15/42 | 3505000 |  | 2676122 |
|  U.S. Treasury Inflation Indexed Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/24 (e) | 4146348 |  | 4012564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/26 (e) | 4200959 |  | 3937607 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 05/31/27 | 7683900 |  | 7242976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 (b) | 742800 |  | 738738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 176700 |  | 177349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 404800 |  | 413086 |
|  |  |  | 19198442 |
|  Total U.S. Treasury & Government Agencies<br>(Cost $26,942,439) |  |  | 25584697 |
| **Mortgage-Backed Securities—2.1%** |  |  |  |
| **Collateralized Mortgage Obligations—1.8%** |  |  |  |
|  Bellemeade Re, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%, SOFR30A + 1.000%, 09/25/31 (144A) (d) | 470651 |  | 445982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.989%, 1M LIBOR + 1.600%, 07/25/29 (144A) (d) | 99911 |  | 99862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.889%, 1M LIBOR + 2.500%, 10/25/29 (144A) (d) | 199511 |  | 199217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.239%, 1M LIBOR + 2.850%, 10/25/29 (144A) (d) | 486000 |  | 464378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.489%, 1M LIBOR + 3.100%, 04/25/29 (144A) (d) | 750000 |  | 726631 |
|  Eagle Re, Ltd.<br>5.978%, SOFR30A + 2.050%, 04/25/34 (144A) (d) | 277454 |  | 270188 |
|  Home Re, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.639%, 1M LIBOR + 3.250%, 05/25/29 (144A) (d) | 1600000 |  | 1577378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.639%, 1M LIBOR + 5.250%, 10/25/30 (144A) (d) | 1300000 |  | 1311114 |
|  Oaktown Re III, Ltd.<br>6.939%, 1M LIBOR + 2.550%, 07/25/29 (144A) (d) | 1500000 |  | 1473653 |
|  PMT Credit Risk Transfer Trust<br>6.737%, 1M LIBOR + 2.350%, 02/27/23 (144A)† (d) | 682884 |  | 645938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.137%, 1M LIBOR + 2.750%, 05/27/23 (144A) (d) | 260100 |  | 248917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.087%, 1M LIBOR + 3.700%, 11/27/31 (144A) (d) | 22213 |  | 21245 |
|  Radnor Re, Ltd.<br>7.589%, 1M LIBOR + 3.200%, 02/25/29 (144A) (d) | 2236136 |  | 2191617 |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mortgage-Backed Securities—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** | **Value** |
| **Collateralized Mortgage Obligations—(Continued)** | | | |
|  Triangle Re, Ltd.<br>5.828%, SOFR30A + 1.900%, 02/25/34 (144A) (d) | 538951 | $| 536472 |
|  |  |  | 10212592 |
| **Commercial Mortgage-Backed Securities—0.3%** |  |  |  |
|  BFLD Trust<br>5.918%, 1M LIBOR + 1.600%, 06/15/38 (144A) (d) | 310000 |  | 295679 |
|  JPMorgan Chase Commercial Mortgage Securities Trust<br>4.064%, 12/15/47 (144A) (d) | 1500000 |  | 1101580 |
|  |  |  | 1397259 |
|  Total Mortgage-Backed Securities<br>(Cost $11,303,692) |  |  | 11609851 |
| **Asset-Backed Securities—1.4%** |  |  |  |
| **Asset-Backed - Automobile—0.1%** |  |  |  |
|  Santander Bank Auto Credit-Linked Notes<br>5.721%, 08/16/32 (144A) | 318747 |  | 317729 |
| **Asset-Backed - Other—1.2%** |  |  |  |
|  Amur Equipment Finance Receivables XI LLC Trust<br>5.300%, 06/21/28 (144A) | 671000 |  | 663593 |
|  Balboa Bay Loan Funding Ltd.<br>5.443%, 3M LIBOR + 1.200%, 07/20/34 (144A) (d) | 1350416 |  | 1316508 |
|  Black Diamond CLO, Ltd.<br>5.755%, 3M LIBOR + 1.430%, 07/23/32 (144A) (d) | 2121980 |  | 2077234 |
|  CNH Equipment Trust<br>5.420%, 07/15/26 | 395000 |  | 396489 |
|  Flatiron CLO, Ltd.<br>5.337%, 3M LIBOR + 1.110%, 07/19/34 (144A) (d) | 1562322 |  | 1524119 |
|  Hpefs Equipment Trust<br>5.260%, 08/20/29 (144A) | 352000 |  | 350891 |
|  Pikes Peak CLO<br>5.413%, 3M LIBOR + 1.170%, 07/20/34 (144A) (d) | 968631 |  | 938424 |
|  |  |  | 7267258 |
| **Asset-Backed - Student Loan—0.1%** |  |  |  |
|  Nelnet Student Loan Trust<br>2.530%, 04/20/62 (144A) | 548158 |  | 426764 |
|  Total Asset-Backed Securities<br>(Cost $8,287,940) |  |  | 8011751 |
| **Short-Term Investment—4.4%** |  |  |  |
| **Repurchase Agreement—1.6%** |  |  |  |
|  Fixed Income Clearing Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $9,040,121; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $9,219,131. | 9038313 |  | 9038313 |
| **U.S. Treasury—2.8%** |  |  |  |
|  U.S. Treasury Bills |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.798%, 04/06/23 (f) | 710000 |  | 702727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.215%, 03/16/23 (f) | 13395000 |  | 13283915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398%, 04/27/23 (f) | 157300 |  | 155084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410%, 05/11/23 (f) | 415100 |  | 408399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.426%, 04/25/23 (f) | 715000 |  | 704983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.525%, 05/25/23 (f) | 370600 |  | 364005 |
|  |  |  | 15619113 |
|  Total Short-Term Investments<br>(Cost $24,652,574) |  |  | 24657426 |
| **Securities Lending Reinvestments (g)—1.3%** | **Securities Lending Reinvestments (g)—1.3%** | **Securities Lending Reinvestments (g)—1.3%** | **Securities Lending Reinvestments (g)—1.3%** |
| **Repurchase Agreements—1.0%** |  |  |  |
|  Cantor Fitzgerald & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $1,200,573; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $1,224,000. | 1200000 |  | 1200000 |
|  HSBC Securities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $800,378; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $816,385. | 800000 |  | 800000 |
|  Natixis S.A. (New York) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,000,472; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.625%, maturity dates ranging from 02/23/23 - 05/15/52, and an aggregate market value of $1,020,482. | 1000000 |  | 1000000 |
|  Societe Generale |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $1,469,110; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $1,497,784. | 1468415 |  | 1468415 |
|  TD Prime Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $1,332,426; collateralized by various Common Stock with an aggregate market value of $1,491,169. | 1331775 |  | 1331775 |
|  |  |  | 5800190 |
| **Mutual Funds—0.3%** |  |  |  |
|  Allspring Government Money Market Fund, Select Class<br>4.090% (h) | 400000 |  | 400000 |

---

**BHFTI-14** 

*See accompanying notes to financial statements.* 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (g)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Mutual Funds—(Continued)** | | |
|  BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (h) | 400000 | $400000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares<br>4.150% (h) | 500000 | 500000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares<br>4.110% (h) | 400000 | 400000 |
|  |  | 1700000 |
|  Total Securities Lending Reinvestments<br>(Cost $7,500,190) |  | 7500190 |
|  Total Investments—101.5%<br>(Cost $645,657,281) |  | 562200505 |
|  Other assets and liabilities (net)—(1.5)% |  | (8374768) |
|  **Net Assets—100.0%** |  | $553825737 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Principal<br>Amount** | **Cost** | **Value** |
|  NAK Naftogaz Ukraine via Kondor Finance plc, 7.625%, 11/08/26 | 11/04/19 | $505000 | $505000 | $85850 |
|  PMT Credit Risk Transfer Trust, 6.737%, 02/27/23 | 02/11/20 | 682884 | 682884 | 645938 |
|  State Agency of Roads of Ukraine, 6.250%, 06/24/30 | 06/17/21 | 1144000 | 1144000 | 193908 |
|  |  |  |  | $925696 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| AUD | 4921576 | ANZ | 01/19/23 | USD | 3301920 | $50964 |
| AUD | 1661103 | CBNA | 01/19/23 | USD | 1053953 | 77694 |
| AUD | 4532381 | CSI | 01/19/23 | USD | 3037225 | 50515 |
| AUD | 10106116 | JPMC | 01/19/23 | USD | 6385752 | 499164 |
| AUD | 4862468 | MSCS | 01/19/23 | USD | 3291127 | 21490 |
| AUD | 5001005 | MSCS | 01/19/23 | USD | 3255607 | 151389 |
| AUD | 1030700 | NWM | 01/19/23 | USD | 697481 | 4696 |
| AUD | 16639 | SSBT | 01/19/23 | USD | 11473 | (138) |
| AUD | 35179 | SSBT | 01/19/23 | USD | 23219 | 747 |
| AUD | 76439 | SSBT | 01/19/23 | USD | 51288 | 787 |
| AUD | 76484 | SSBT | 01/19/23 | USD | 52741 | (635) |
| AUD | 83296 | SSBT | 01/19/23 | USD | 56232 | 514 |
| AUD | 93741 | SSBT | 01/19/23 | USD | 60664 | 3199 |
| AUD | 112634 | SSBT | 01/19/23 | USD | 71134 | 5600 |
| AUD | 114720 | SSBT | 01/19/23 | USD | 73182 | 4972 |
| AUD | 131557 | SSBT | 01/19/23 | USD | 87735 | 1890 |

---

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts—(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| AUD | 136523 | SSBT | 01/19/23 | USD | 88166 | $4842 |
| AUD | 168600 | SSBT | 01/19/23 | USD | 113344 | 1517 |
| AUD | 176217 | SSBT | 01/19/23 | USD | 119239 | 811 |
| AUD | 339435 | SSBT | 01/19/23 | USD | 214369 | 16875 |
| AUD | 879975 | SSBT | 01/19/23 | USD | 604588 | (5094) |
| BRL | 3036575 | BBP | 01/04/23 | USD | 566012 | 9124 |
| BRL | 22986478 | BBP | 01/04/23 | USD | 4319654 | 34052 |
| BRL | 2270705 | JPMC | 01/04/23 | USD | 435193 | (5115) |
| BRL | 2859837 | JPMC | 01/04/23 | USD | 548103 | (6442) |
| BRL | 6623762 | JPMC | 01/04/23 | USD | 1269479 | (14919) |
| BRL | 1555080 | MSCS | 01/04/23 | USD | 295474 | (937) |
| BRL | 4315839 | MSCS | 01/04/23 | USD | 827154 | (9721) |
| BRL | 16070143 | MSCS | 01/04/23 | USD | 2962457 | 81275 |
| BRL | 27578133 | MSCS | 01/04/23 | USD | 5285496 | (62118) |
| BRL | 4315839 | MSCS | 02/02/23 | USD | 815548 | (2569) |
| CAD | 3491712 | BNP | 01/19/23 | USD | 2632844 | (53832) |
| CAD | 4507132 | BNP | 01/19/23 | USD | 3327910 | 1101 |
| CAD | 4043055 | CBNA | 01/19/23 | USD | 3030426 | (44187) |
| CAD | 4399993 | CBNA | 01/19/23 | USD | 3290595 | (40718) |
| CAD | 4076369 | JPMC | 01/19/23 | USD | 3024414 | (13569) |
| CAD | 4407269 | NWM | 01/19/23 | USD | 3254867 | 384 |
| CAD | 7720298 | SCB | 01/19/23 | USD | 5661911 | 40376 |
| CAD | 135770 | SSBT | 01/19/23 | USD | 100509 | (228) |
| CAD | 278316 | SSBT | 01/19/23 | USD | 205231 | 335 |
| CAD | 408843 | SSBT | 01/19/23 | USD | 299202 | 2774 |
| CAD | 926875 | SSBT | 01/19/23 | USD | 687421 | (2822) |
| CAD | 2068175 | SSBT | 01/19/23 | USD | 1515240 | 12334 |
| CHF | 3062662 | UBSA | 03/01/23 | USD | 3308346 | 24055 |
| CLP | 2859028938 | BNP | 01/19/23 | USD | 3225730 | 140222 |
| CLP | 2965577492 | BOA | 01/19/23 | USD | 3173553 | 317839 |
| CLP | 5658249402 | UBSA | 01/19/23 | USD | 6277179 | 384311 |
| CNH | 22457546 | HSBCU | 02/16/23 | USD | 3242790 | 12881 |
| CNH | 23057999 | HSBCU | 02/16/23 | USD | 3214265 | 128453 |
| CNH | 4427114 | MSCS | 02/16/23 | USD | 626869 | 14930 |
| COP | 826594000 | BNP | 01/19/23 | USD | 170230 | (191) |
| COP | 1020662000 | BNP | 01/19/23 | USD | 210370 | (409) |
| COP | 3219800000 | BNP | 01/19/23 | USD | 672894 | (10546) |
| DKK | 713808 | SSBT | 02/03/23 | USD | 100029 | 2956 |
| EUR | 823256 | BOA | 02/27/23 | USD | 879257 | 5213 |
| EUR | 1170717 | BOA | 02/27/23 | USD | 1248156 | 9611 |
| EUR | 542996 | JPMC | 02/27/23 | USD | 575337 | 8034 |
| EUR | 721979 | MSCS | 02/27/23 | USD | 771370 | 4293 |
| EUR | 825048 | MSCS | 02/27/23 | USD | 871280 | 15116 |
| EUR | 1272105 | SCB | 02/27/23 | USD | 1362630 | 4064 |
| EUR | 66820 | SSBT | 02/27/23 | USD | 71502 | 287 |
| EUR | 84869 | SSBT | 02/27/23 | USD | 90550 | 629 |
| EUR | 87675 | SSBT | 02/27/23 | USD | 93724 | 470 |
| EUR | 689072 | SSBT | 02/27/23 | USD | 729016 | 11294 |
| EUR | 819528 | SSBT | 02/27/23 | USD | 873808 | 6657 |
| EUR | 1452432 | SSBT | 02/27/23 | USD | 1549106 | 11324 |
| EUR | 6270838 | UBSA | 02/27/23 | USD | 6697449 | 39668 |
| GBP | 746720 | BOA | 01/18/23 | USD | 924091 | (21011) |
| GBP | 2612953 | NWM | 01/18/23 | USD | 3209464 | (49372) |
| GBP | 2907506 | NWM | 01/18/23 | USD | 3556258 | (39934) |
| GBP | 83369 | SSBT | 01/18/23 | USD | 101727 | (901) |
| GBP | 347198 | SSBT | 01/18/23 | USD | 414736 | 5163 |
| INR | 261595212 | BOA | 03/16/23 | USD | 3148006 | 1048 |

---

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts—(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| INR | 261595212 | CBNA | 03/16/23 | USD | 3154151 | $(5097) |
| JPY | 135682701 | JPMC | 02/09/23 | USD | 1010368 | 28242 |
| JPY | 1303627993 | MSCS | 02/09/23 | USD | 9733608 | 245271 |
| JPY | 442855493 | NWM | 02/09/23 | USD | 3278250 | 111675 |
| JPY | 203855204 | SCB | 02/09/23 | USD | 1556352 | 4098 |
| JPY | 440147411 | UBSA | 02/09/23 | USD | 3250508 | 118687 |
| JPY | 555031745 | UBSA | 02/09/23 | USD | 4049048 | 199553 |
| KRW | 1872333940 | BOA | 01/30/23 | USD | 1439980 | 41470 |
| KRW | 4223575225 | BOA | 01/30/23 | USD | 3140305 | 201523 |
| KRW | 4514606025 | MSCS | 01/30/23 | USD | 3315280 | 256820 |
| KRW | 4236471142 | SCB | 01/30/23 | USD | 3252007 | 100024 |
| KRW | 4236471143 | SCB | 01/30/23 | USD | 3252769 | 99262 |
| KRW | 4628887061 | SCB | 01/30/23 | USD | 3235287 | 427236 |
| MXN | 61797024 | BOA | 01/19/23 | USD | 3165930 | (3134) |
| MXN | 62440369 | CBNA | 01/19/23 | USD | 3228903 | (33180) |
| MXN | 61500002 | JPMC | 01/19/23 | USD | 3156323 | (8728) |
| NOK | 64729361 | BOA | 02/03/23 | USD | 6507729 | 107276 |
| NZD | 5112296 | BOA | 02/02/23 | USD | 3268134 | (21040) |
| NZD | 5126706 | JPMC | 02/02/23 | USD | 3281061 | (24814) |
| NZD | 7839365 | JPMC | 02/02/23 | USD | 4835360 | 143844 |
| NZD | 1952723 | MSCS | 02/02/23 | USD | 1260354 | (20074) |
| PLN | 28854393 | HSBCU | 01/30/23 | USD | 6361759 | 210371 |
| SEK | 33718453 | BOA | 02/03/23 | USD | 3270385 | (33610) |
| SEK | 34271682 | CSI | 02/03/23 | USD | 3327081 | (37199) |
| SGD | 4378761 | HSBCU | 03/02/23 | USD | 3242107 | 29997 |
| SGD | 4378761 | HSBCU | 03/02/23 | USD | 3241641 | 30463 |
| SGD | 4387551 | HSBCU | 03/02/23 | USD | 3233947 | 44726 |
| THB | 95829738 | BNP | 01/19/23 | USD | 2675293 | 95603 |
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | 5143936 | BOA | 01/19/23 | USD | 3491298 | (13072) |
| AUD | 25844651 | CBNA | 01/19/23 | USD | 16398172 | (1208814) |
| AUD | 5173625 | GSI | 01/19/23 | USD | 3308730 | (215866) |
| AUD | 4819093 | MSCS | 01/19/23 | USD | 3118038 | (165029) |
| AUD | 10045142 | SSBT | 01/19/23 | USD | 6535201 | (308176) |
| AUD | 5009555 | SSBT | 01/19/23 | USD | 3154844 | (257977) |
| AUD | 161908 | SSBT | 01/19/23 | USD | 108989 | (1313) |
| AUD | 140007 | SSBT | 01/19/23 | USD | 89803 | (5579) |
| AUD | 139398 | SSBT | 01/19/23 | USD | 91346 | (3620) |
| AUD | 130175 | SSBT | 01/19/23 | USD | 84693 | (3991) |
| AUD | 124069 | SSBT | 01/19/23 | USD | 83113 | (1410) |
| AUD | 106620 | SSBT | 01/19/23 | USD | 72252 | (384) |
| AUD | 103325 | SSBT | 01/19/23 | USD | 65322 | (5070) |
| AUD | 100574 | SSBT | 01/19/23 | USD | 65248 | (3269) |
| AUD | 88542 | SSBT | 01/19/23 | USD | 59689 | (631) |
| AUD | 87481 | SSBT | 01/19/23 | USD | 58654 | (943) |
| AUD | 78949 | SSBT | 01/19/23 | USD | 53424 | (361) |
| AUD | 77158 | SSBT | 01/19/23 | USD | 52175 | (390) |
| BRL | 22986478 | BBP | 01/04/23 | USD | 4405481 | 51775 |
| BRL | 3036575 | BBP | 01/04/23 | USD | 581976 | 6840 |
| BRL | 6623762 | JPMC | 01/04/23 | USD | 1239129 | (15431) |
| BRL | 2859837 | JPMC | 01/04/23 | USD | 536283 | (5378) |
| BRL | 2270705 | JPMC | 01/04/23 | USD | 426624 | (3454) |
| BRL | 27578133 | MSCS | 01/04/23 | USD | 5083902 | (139477) |
| BRL | 16070143 | MSCS | 01/04/23 | USD | 3079929 | 36197 |
| BRL | 4315839 | MSCS | 01/04/23 | USD | 820034 | 2602 |

---

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts—(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| BRL | 1555080 | MSCS | 01/04/23 | USD | 298039 | $3503 |
| BRL | 1555080 | MSCS | 02/02/23 | USD | 293858 | 926 |
| CAD | 4706051 | BNP | 01/19/23 | USD | 3505055 | 29120 |
| CAD | 4564224 | BNP | 01/19/23 | USD | 3341538 | (29641) |
| CAD | 4140637 | BNP | 01/19/23 | USD | 3070054 | 11740 |
| CAD | 4564224 | BOA | 01/19/23 | USD | 3346620 | (24560) |
| CAD | 19108554 | CBNA | 01/19/23 | USD | 14002121 | (111640) |
| CAD | 4187065 | CBNA | 01/19/23 | USD | 3153404 | 60798 |
| CAD | 702852 | GSI | 01/19/23 | USD | 521052 | 1919 |
| CAD | 2576351 | MSCS | 01/19/23 | USD | 1917066 | 14149 |
| CAD | 6479225 | NWM | 01/19/23 | USD | 4847868 | 62251 |
| CAD | 552413 | SSBT | 01/19/23 | USD | 411090 | 3073 |
| CAD | 341457 | SSBT | 01/19/23 | USD | 251631 | (573) |
| CAD | 301496 | SSBT | 01/19/23 | USD | 222520 | (168) |
| CAD | 256185 | SSBT | 01/19/23 | USD | 189291 | 70 |
| CHF | 3031602 | BOA | 03/01/23 | USD | 3272549 | (26057) |
| CLP | 2852650107 | BNP | 01/19/23 | USD | 3189938 | (168504) |
| CLP | 3019184867 | BOA | 01/19/23 | USD | 3159802 | (394702) |
| CLP | 2853510648 | BOA | 01/19/23 | USD | 3081545 | (277910) |
| CLP | 2778159900 | CBNA | 01/19/23 | USD | 3062008 | (208736) |
| CNH | 48675176 | BNP | 02/16/23 | USD | 6809241 | (247200) |
| COP | 8965042291 | BNP | 01/19/23 | USD | 1839655 | (4552) |
| EUR | 36148923 | UBSA | 02/09/23 | USD | 38597832 | (190312) |
| EUR | 2751912 | BBP | 02/27/23 | USD | 2914992 | (41544) |
| EUR | 1218209 | JPMC | 02/27/23 | USD | 1284320 | (24472) |
| EUR | 1817770 | MSCS | 02/27/23 | USD | 1919629 | (33305) |
| EUR | 62576 | SSBT | 02/27/23 | USD | 65858 | (1370) |
| EUR | 39217764 | UBSA | 02/27/23 | USD | 41398860 | (735009) |
| EUR | 36148923 | UBSA | 02/27/23 | USD | 38645585 | (191254) |
| GBP | 13349060 | CBNA | 01/18/23 | USD | 15900667 | (243621) |
| GBP | 2744634 | CBNA | 01/18/23 | USD | 3242999 | (76348) |
| GBP | 2632091 | CBNA | 01/18/23 | USD | 3155121 | (28117) |
| GBP | 2806800 | JPMC | 01/18/23 | USD | 3340990 | (53540) |
| GBP | 760537 | MSCS | 01/18/23 | USD | 945494 | 25705 |
| GBP | 453018 | MSCS | 01/18/23 | USD | 545114 | (2763) |
| IDR | 57548199417 | BNP | 01/26/23 | USD | 3689910 | (5925) |
| INR | 522961026 | CBNA | 03/16/23 | USD | 6290277 | (5071) |
| JPY | 256937705 | BOA | 02/09/23 | USD | 1897361 | (69419) |
| JPY | 10906078765 | CBNA | 02/09/23 | USD | 78948034 | (4534707) |
| JPY | 458520209 | MSCS | 02/09/23 | USD | 3383769 | (126065) |
| KRW | 3687969646 | BNP | 01/30/23 | USD | 2811595 | (106444) |
| KRW | 1687417150 | BNP | 01/30/23 | USD | 1263794 | (71345) |
| KRW | 24983442356 | BOA | 01/30/23 | USD | 17480107 | (2287591) |
| KRW | 4345442706 | CBNA | 01/30/23 | USD | 3281950 | (156303) |
| KRW | 4315435987 | CBNA | 01/30/23 | USD | 3102956 | (311555) |
| KRW | 4218935388 | CBNA | 01/30/23 | USD | 3238994 | (99162) |
| KRW | 3133774707 | HSBCU | 01/30/23 | USD | 2348035 | (131507) |
| KRW | 4868921780 | SCB | 01/30/23 | USD | 3664177 | (188269) |
| KRW | 4498983093 | SCB | 01/30/23 | USD | 3197321 | (362418) |
| MXN | 64237372 | BNP | 01/19/23 | USD | 3225555 | (62139) |
| MXN | 61059675 | BOA | 01/19/23 | USD | 3106984 | (18074) |
| MXN | 59962042 | JPMC | 01/19/23 | USD | 3010797 | (58084) |
| MYR | 9514791 | MSCS | 03/16/23 | USD | 2179292 | 12802 |
| NOK | 64737960 | BNP | 02/03/23 | USD | 6520429 | (95454) |
| NZD | 5167621 | BOA | 02/02/23 | USD | 3205157 | (77078) |
| NZD | 5145255 | BOA | 02/02/23 | USD | 3258907 | (9122) |
| NZD | 14670816 | MSCS | 02/02/23 | USD | 9049077 | (269149) |

---

*See accompanying notes to financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts—(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| PLN | 14298462 | JPMC | 01/30/23 | USD | 3190332 | $(66411) |
| PLN | 14298462 | MSCS | 01/30/23 | USD | 3197268 | (59475) |
| SEK | 34116371 | BOA | 02/03/23 | USD | 3255398 | (19575) |
| SEK | 33726443 | UBSA | 02/03/23 | USD | 3268797 | 31256 |
| SGD | 4323151 | BBP | 03/02/23 | USD | 3193546 | (37003) |
| SGD | 4423238 | CBNA | 03/02/23 | USD | 3281882 | (23459) |
| SGD | 4390087 | JPMC | 03/02/23 | USD | 3241380 | (39188) |
| THB | 94869947 | SCB | 01/19/23 | USD | 2571698 | (171446) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(10430449) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Australian 10 Year Treasury Bond Futures | 03/15/23 | 91 | AUD | 10527012 | $(188191) |
|  Euro-Bund Futures | 03/08/23 | 56 | EUR | 7444080 | (262634) |
|  U.S. Treasury Long Bond Futures | 03/22/23 | 14 | USD | 1754813 | (29864) |
|  U.S. Treasury Note 10 Year Futures | 03/22/23 | 3 | USD | 336891 | (2644) |
|  U.S. Treasury Note Ultra 10 Year Futures | 03/22/23 | 115 | USD | 13602344 | (2191) |
| **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** |
|  Euro-Bobl Futures | 03/08/23 | (5) | EUR | (578750) | 20334 |
|  Euro-OAT Futures | 03/08/23 | (17) | EUR | (2164100) | 158357 |
|  Japanese Government 10 Year Bond Futures | 03/13/23 | (3) | JPY | (436380000) | 65635 |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | (135) | USD | (14570508) | 159115 |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | (10) | USD | (1343125) | 35297 |
|  United Kingdom Long Gilt Bond Futures | 03/29/23 | (41) | GBP | (4095900) | 240542 |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $193756 |

---

**Swap Agreements** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating<br>Rate Index** | **Payment<br>Frequency** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 3M NZDBB | Quarterly | 2.503% | Semi-Annually | 11/02/24 | NZD | 7847000 | $(250381) | $— | $(250381) |
|  Pay | 3M NZDBB | Quarterly | 2.580% | Semi-Annually | 11/01/24 | NZD | 2933000 | (90706) |  | (90706) |
|  Pay | 6M EURIBOR | Semi-Annually | (0.016)% | Annually | 09/30/50 | EUR | 3800000 | (2031608) |  | (2031608) |
|  Pay | 6M EURIBOR | Semi-Annually | (0.043)% | Annually | 11/10/50 | EUR | 3820000 | (2067103) |  | (2067103) |
|  Pay | 6M EURIBOR | Semi-Annually | 1.464% | Annually | 05/13/27 | EUR | 3317000 | (250815) | 19 | (250834) |
|  Pay | 6M EURIBOR | Semi-Annually | 1.494% | Annually | 05/12/27 | EUR | 4343000 | (322732) | (109) | (322623) |
|  Pay | 6M EURIBOR | Semi-Annually | 1.800% | Annually | 08/18/32 | EUR | 4900000 | (592419) |  | (592419) |
|  Pay | 6M BBR | Semi-Annually | 4.355% | Annually | 11/14/32 | AUD | 2940000 | (29251) |  | (29251) |
|  Pay | 7 Day CNRR | Quarterly | 2.441% | Quarterly | 04/01/27 | CNY | 33750000 | (55835) |  | (55835) |
|  Pay | 7 Day CNRR | Quarterly | 2.333% | Quarterly | 09/01/27 | CNY | 54730000 | (150154) |  | (150154) |
|  Pay | 7 Day CNRR | Quarterly | 2.360% | Quarterly | 07/01/25 | CNY | 11323000 | (5728) |  | (5728) |
|  Pay | 7 Day CNRR | Quarterly | 2.465% | Quarterly | 12/01/26 | CNY | 37030000 | (48066) |  | (48066) |
|  Pay | 7 Day CNRR | Quarterly | 2.495% | Quarterly | 05/05/27 | CNY | 34130000 | (48618) |  | (48618) |
|  Pay | 7 Day CNRR | Quarterly | 2.528% | Quarterly | 09/15/26 | CNY | 38340000 | (31146) |  | (31146) |
|  Pay | 7 Day CNRR | Quarterly | 2.568% | Quarterly | 07/20/25 | CNY | 79220000 | 15478 |  | 15478 |
|  Pay | 7 Day CNRR | Quarterly | 2.585% | Quarterly | 08/03/25 | CNY | 41560000 | 5697 |  | 5697 |
|  Pay | 7 Day CNRR | Quarterly | 2.595% | Quarterly | 11/02/25 | CNY | 40400000 | 4742 |  | 4742 |

---

*See accompanying notes to financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Centrally Cleared Interest Rate Swaps—(Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating<br>Rate Index** | **Payment<br>Frequency** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 7 Day CNRR | Quarterly | 2.600% | Quarterly | 09/29/25 | CNY | 40730000 | $5111 | $— | $5111 |
|  Pay | 7 Day CNRR | Quarterly | 2.800% | Quarterly | 02/01/26 | CNY | 47100000 | 40211 |  | 40211 |
|  Receive | 6M EURIBOR | Semi-Annually | 0.022% | Annually | 11/10/50 | EUR | 3820000 | 2016104 | 27768 | 1988336 |
|  Receive | 6M EURIBOR | Semi-Annually | 0.122% | Annually | 09/30/50 | EUR | 3800000 | 1923830 |  | 1923830 |
|  Receive | 6M BBR | Semi-Annually | 4.355% | Annually | 11/14/32 | AUD | 2940000 | 29252 | 26555 | 2697 |
|  Receive | 7 Day CNRR | Quarterly | 2.595% | Quarterly | 11/02/25 | CNY | 40400000 | (2612) | (3363) | 751 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1936749) | $50870 | $(1987619) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread<br>at December 31,<br>2022 <sup>(b)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  CDX.NA.HY.39.V1 | (5.000%) | Quarterly | 12/20/27 | 2.766% | USD | 6280000 | $(36679) | $238503 | $(275182) |
|  ITRX.EUR.XOVER 38.V1 . | (5.000%) | Quarterly | 12/20/27 | 4.742% | EUR | 1580000 | (16882) | 16169 | (33051) |
|  South Africa Government International Bond<br>5.875%, due 09/16/25 | (1.000%) | Quarterly | 12/20/27 | 2.478% | USD | 1990000 | 125892 | 146337 | (20445) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $72331 | $401009 | $(328678) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread<br>at December 31,<br>2022 <sup>(b)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Brazil Government International Bond<br>4.250%, due 01/07/25 | 1.000% | Quarterly | 12/20/27 | 2.505% | USD | 710000 | $(45831) | $(51279) | $5448 |
|  CDX.EM.38.V1 | 1.000% | Quarterly | 12/20/27 | 2.388% | USD | 1270000 | (74236) | (84973) | 10737 |
|  China Government International Bond<br>7.500%, due 10/28/27 | 1.000% | Quarterly | 12/20/27 | 0.743% | USD | 990000 | 11337 | 8789 | 2548 |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 12/20/27 | 2.715% | USD | 880000 | (64121) | (74088) | 9967 |
|  Indonesia Government International Bond<br>4.125%, due 01/15/25 | 1.000% | Quarterly | 12/20/27 | 0.999% | USD | 1340000 | 67 | (6484) | 6551 |
|  Mexico Government International Bond<br>4.150%, due 03/28/27 | 1.000% | Quarterly | 12/20/27 | 1.305% | USD | 650000 | (8751) | (11613) | 2862 |
|  Turkey Government International Bond<br>11.875%, due 01/15/30 | 1.000% | Quarterly | 12/20/27 | 5.068% | USD | 1560000 | (248851) | (294947) | 46096 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(430386) | $(514595) | $84209 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Implied Credit<br>Spread<br>at December 31,<br>2022 <sup>(b)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  CMBX.NA.BBB-.6 | 3.000% | Monthly | 05/11/63 | CGM | 127.147% | USD | 600011 | $(147142) | $(48591) | $(98551) |
|  CMBX.NA.BBB-.6 | 3.000% | Monthly | 05/11/63 | CGM | 127.147% | USD | 900334 | (220790) | (72545) | (148245) |
|  CMBX.NA.BBB-.6 | 3.000% | Monthly | 05/11/63 | CGM | 127.147% | USD | 1798767 | (441114) | (149158) | (291956) |
|  CMBX.NA.BBB-.6 | 3.000% | Monthly | 05/11/63 | GSI | 127.147% | USD | 600011 | (147142) | (48358) | (98784) |
|  CMBX.NA.BBB-.6 | 3.000% | Monthly | 05/11/63 | JPMC | 127.147% | USD | 859062 | (210669) | (84923) | (125746) |
|  CMBX.NA.BBB-.6 | 3.000% | Monthly | 05/11/63 | JPMC | 127.147% | USD | 300322 | (73648) | (24199) | (49449) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1240505) | $(427774) | $(812731) |

---

*See accompanying notes to financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

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

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

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

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

**Glossary of Abbreviations** 

Counterparties

------

---

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

---

Currencies

------

---

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

---

Index Abbreviations

------

---

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

---

Other Abbreviations

------

---

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

---

*See accompanying notes to financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Foreign Government\* | $— | $327174240 | $— | $327174240 |
|  Total Corporate Bonds & Notes\* |  | 157662350 |  | 157662350 |
|  Total U.S. Treasury & Government Agencies\* |  | 25584697 |  | 25584697 |
|  Total Mortgage-Backed Securities\* |  | 11609851 |  | 11609851 |
|  Total Asset-Backed Securities\* |  | 8011751 |  | 8011751 |
|  Total Short-Term Investment\* |  | 24657426 |  | 24657426 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 5800190 |  | 5800190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 1700000 |  |  | 1700000 |
|  Total Securities Lending Reinvestments | 1700000 | 5800190 |  | 7500190 |
|  Total Investments | $1700000 | $560500505 | $— | $562200505 |
|  Collateral for Securities Loaned (Liability) | $— | $(7500190) | $— | $(7500190) |
| Forward Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $5078806 | $— | $5078806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (15509255) |  | (15509255) |
|  Total Forward Contracts | $— | $(10430449) | $— | $(10430449) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $679280 | $— | $— | $679280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (485524) |  |  | (485524) |
|  Total Futures Contracts | $193756 | $— | $— | $193756 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | $— | $4071062 | $— | $4071062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) |  | (6303150) |  | (6303150) |
|  Total Centrally Cleared Swap Contracts | $— | $(2232088) | $— | $(2232088) |
| OTC Swap Contracts | OTC Swap Contracts | OTC Swap Contracts | OTC Swap Contracts | OTC Swap Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) | $— | $(1240505) | $— | $(1240505) |
|  Total OTC Swap Contracts | $— | $(1240505) | $— | $(1240505) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Statement of Assets and Liabilities** 

------

---

| | |
|:---|:---|
| **December 31, 2022** | **December 31, 2022** |
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $562200505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 17265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 299715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (d) | 6323568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 5078806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal paydowns | 31851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 7008465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on OTC swap contracts | 2879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 580967249 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value (e) | 1240505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for OTC swap contracts | 272000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 15509255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 7500190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1566315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 109545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 224404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 184913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 247766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 39411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 245076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 27141512 |
|  **Net Assets** | $553825737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $708482189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (154656452) |
|  **Net Assets** | $553825737 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $543876626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 9949111 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 70654988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 1299116 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $7.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 7.66 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $645,657,281.

(b) Includes securities loaned at value of $13,040,237.

(c) Identified cost of cash denominated in foreign currencies was $300,822.

(d) Includes collateral of $965,674 for futures contracts, $3,250,094 for centrally cleared swap contracts and $2,107,800 for OTC swap contracts.

(e) Net premium received on OTC swap contracts was $427,774.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (a) | $24952164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 27345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 24979509 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 3328806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 48308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 219636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 25791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 90401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 23727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 5731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 22376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3819431 |
|  **Net Investment Income** | 21160078 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (108820847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (306336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (10783447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 104076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 3602572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2285451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 42716599 |
|  Net realized gain (loss) | (71201932) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (56406751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (332068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (1313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 445378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 52030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (15065951) |
|  Net change in unrealized appreciation (depreciation) | (71308675) |
|  Net realized and unrealized gain (loss) | (142510607) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(121350529) |

---

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

*See accompanying notes to financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $21160078 | $23387777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (71201932) | 32834435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (71308675) | (74523424) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (121350529) | (18301212) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (72760060) | (4602621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (1244995) | (37985) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (74005055) | (4640606) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (73068062) | (164139323) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (268423646) | (187081141) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 822249383 | 1009330524 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $553825737 | $822249383 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 10565 | $100418 | 1950098 | $20642694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 9364229 | 72760060 | 438345 | 4602621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (16718026) | (147727164) | (18578603) | (194740802) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (7343232) | $(74866686) | (16190160) | $(169495487) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 202358 | $1809023 | 576879 | $6025614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 160852 | 1244995 | 3628 | 37985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (147622) | (1255394) | (68013) | (707435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 215588 | $1798624 | 512494 | $5356164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(73068062) |  | $(164139323) |

---

*See accompanying notes to financial statements.* 

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Financial Highlights** 

**Selected per share data** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019<sup>(a)</sup>** |
|  **Net Asset Value, Beginning of Period** | $10.40 | $10.65 | $10.49 | $10.00 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (b) | 0.28 | 0.27 | 0.26 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.87) | (0.47) | 0.21 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.59) | (0.20) | 0.47 | 0.49 |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (1.02) | (0.01) | (0.23) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.09) | (0.04) | (0.08) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.11) | (0.05) | (0.31) | 0.00 |
|  **Net Asset Value, End of Period** | $7.70 | $10.40 | $10.65 | $10.49 |
|  **Total Return (%)** (c) | (15.47) | (1.83) | 4.71 | 4.90 (d) |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.59 | 0.58 | 0.57 | 0.59 (e) |
|  Net ratio of expenses to average net assets (%) (f) | 0.59 | 0.58 | 0.57 | 0.59 (e) |
|  Ratio of net investment income (loss) to average net assets (%) | 3.28 | 2.58 | 2.56 | 2.69 (e) |
|  Portfolio turnover rate (%) | 122 | 98 | 106 | 68 (d) |
|  Net assets, end of period (in millions) | $543.9 | $811.0 | $1003.3 | $1007.9 |
|  | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019<sup>(a)</sup>** |
|  **Net Asset Value, Beginning of Period** | $10.35 | $10.62 | $10.49 | $10.00 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (b) | 0.26 | 0.25 | 0.23 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.86) | (0.48) | 0.21 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.60) | (0.23) | 0.44 | 0.49 |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (1.00) | (0.00) (g) | (0.23) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.09) | (0.04) | (0.08) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.09) | (0.04) | (0.31) | 0.00 |
|  **Net Asset Value, End of Period** | $7.66 | $10.35 | $10.62 | $10.49 |
|  **Total Return (%)** (c) | (15.64) | (2.12) | 4.39 | 4.90 (d) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.84 | 0.83 | 0.82 | 0.84 (e) |
|  Net ratio of expenses to average net assets (%) (f) | 0.84 | 0.83 | 0.82 | 0.84 (e) |
|  Ratio of net investment income (loss) to average net assets (%) | 3.08 | 2.38 | 2.29 | 2.55 (e) |
|  Portfolio turnover rate (%) | 122 | 98 | 106 | 68 (d) |
|  Net assets, end of period (in millions) | $9.9 | $11.2 | $6.1 | $1.7 |

---

(a) Commencement of operations was April 29, 2019.

(b) Per share amounts based on average shares outstanding during the period.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(d) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(g) Distributions from net investment income were less than $0.01.

*See accompanying notes to financial statements.* 

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

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

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

**2. Significant Accounting Policies** 

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

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

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

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

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

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

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

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

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

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

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

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

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

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

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

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

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

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

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

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

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

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

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

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

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

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

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than<br>90 days** | **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $(2870282) | $— | $— | $— | $(2870282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government | (3873216) |  |  |  | (3873216) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury & Government Agencies | (756692) |  |  |  | (756692) |
|  **Total Borrowings** | $**(7500190)** | $**—** | $**—** | $**—** | $**(7500190)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(7500190) |

---

**3. Investments in Derivative Instruments** 

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

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

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

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

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

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

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

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

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

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

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

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

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

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives**  | **Asset Derivatives**  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) (b) | $3986853 | Unrealized depreciation on centrally cleared swap contracts (a) (b) | $5974472 |
|  | Unrealized appreciation on futures contracts (b) (c) | 679280 | Unrealized depreciation on futures contracts (b) (c) | 485524 |
|  Credit |  |  | OTC swap contracts at market value (d) | 1240505 |
|  | Unrealized appreciation on centrally cleared swap contracts (a) (b) | 84209 | Unrealized depreciation on centrally cleared swap contracts (a) (b) | 328678 |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 5078806 | Unrealized depreciation on forward foreign currency exchange contracts | 15509255 |
| Total |  | $9829148 |  | $23538434 |

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(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

(d) Excludes OTC swap interest receivable of $2,879.

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

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Australia & New Zealand Banking Corp. | $50964 | $— | $– $| 50964 |
|  Bank of America N.A. | 683980 | (683980) | – |  |
|  Barclays Bank plc | 101791 | (78547) | – | 23244 |
|  BNP Paribas S.A. | 277786 | (277786) | – |  |
|  Citibank N.A. | 138492 | (138492) | – |  |
|  Credit Suisse International | 50515 | (37199) | – | 13316 |
|  Goldman Sachs International | 1919 | (1919) | – |  |
|  HSBC Bank USA | 456891 | (131507) | – | 325384 |
|  JPMorgan Chase Bank N.A. | 679284 | (623862) | – | 55422 |
|  Morgan Stanley Capital Services LLC | 886468 | (886468) | – |  |
|  NatWest Markets plc | 179006 | (89306) | – | 89700 |
|  Standard Chartered Bank | 675060 | (675060) | – |  |
|  State Street Bank and Trust | 99120 | (99120) | – |  |
|  UBS AG | 797530 | (797530) | – |  |
|  | $5078806 | $(4520776) | $– $| 558030 |

---

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  Bank of America N.A. | $3295955 | $(683980) | $— | $2611975 |
|  Barclays Bank plc | 78547 | (78547) |  |  |
|  BNP Paribas S.A. | 856182 | (277786) |  | 578396 |
|  Citibank N.A. | 7130715 | (138492) | (747000) | 6245223 |
|  Citigroup Global Markets, Inc. | 809046 |  | (809046) |  |
|  Credit Suisse International | 37199 | (37199) |  |  |
|  Goldman Sachs International | 363008 | (1919) | (239900) | 121189 |
|  HSBC Bank USA | 131507 | (131507) |  |  |
|  JPMorgan Chase Bank N.A. | 623862 | (623862) |  |  |
|  Morgan Stanley Capital Services LLC | 890682 | (886468) |  | 4214 |
|  NatWest Markets plc | 89306 | (89306) |  |  |
|  Standard Chartered Bank | 722133 | (675060) |  | 47073 |
|  State Street Bank and Trust | 605043 | (99120) |  | 505923 |
|  UBS AG | 1116575 | (797530) |  | 319045 |
|  | $16749760 | $(4520776) | $(1795946) | $10433038 |

---

---

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

---

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net<br>Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Foreign<br>Exchange** | **Total** |
|  Purchased options | $— | $(306336) | $— | $(306336) |
|  Forward foreign currency transactions |  |  | 42716599 | 42716599 |
|  Swap contracts | 576039 | 3026533 |  | 3602572 |
|  Futures contracts | (10783447) |  |  | (10783447) |
|  Written options | (99902) | 203978 |  | 104076 |
|  | $(10307310) | $2924175 | $42716599 | $35333464 |
| **Statement of Operations Location—Net<br>Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $— | $(15065951) | $(15065951) |
|  Swap contracts | (2144144) | 2589522 |  | 445378 |
|  Futures contracts | (332068) |  |  | (332068) |
|  Written options | (1313) |  |  | (1313) |
|  | $(2477525) | $2589522 | $(15065951) | $(14953954) |

---

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

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Purchased options | $29156000 |
|  Forward foreign currency transactions | 564133291 |
|  Futures contracts long | 74255649 |
|  Futures contracts short | (34730762) |
|  Swap contracts | 159070699 |
|  Written options | (33581000) |

---

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

**4. Certain Risks** 

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

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

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

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

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

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

**5. Investment Transactions** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $136633954 | $609086948 | $133648313 | $687244269 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

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

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $3328806 | 0.520% | First $500 million |
|  | 0.500% | Over $500 million |

---

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

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

---

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

---

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

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

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

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

**BHFTI-38** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

**7. Contractual Obligations** 

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

**8. Income Tax Information** 

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

---

| | |
|:---|:---|
|  Cost basis of investments | $655575314 |
|  Gross unrealized appreciation | 5445494 |
|  Gross unrealized (depreciation) | (101009605) |
|  Net unrealized appreciation (depreciation) | $(95564111) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $68471529 | $4640606 | $5533526 | $— | $74005055 | $4640606 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Accumulated<br>Capital Losses** | **Total** |
| $28292952 | $– $(95507330) | $(87402662) | $(154617040) |

---

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

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

**9. Recent Accounting Pronouncement** 

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

**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

**BHFTI-40** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements and Financial Highlights** 

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

**Basis for Opinion** 

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

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

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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

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

**BHFTI-41** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

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

**Trustees and Officers** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-42** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

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

---

**Officers** 

---

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

---

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

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

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

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

**BHFTI-43** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

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

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

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

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

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

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

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

**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

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

**BHFTI-45** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

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

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

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

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

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

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

\* \* \* \*

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

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

**BHFTI-46** 

------

**Brighthouse Funds Trust I** 

**AB International Bond Portfolio** 

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

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

**BHFTI-47** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Managed By Allspring Global Investments, LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

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

**MARKET ENVIRONMENT / CONDITIONS** 

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

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

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

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

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

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

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

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

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Managed By Allspring Global Investments, LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

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

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

**James Tringas** 

**Bryant VanCronkhite** 

Portfolio Managers

*Allspring Global Investments, LLC* 

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

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

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX**![LOGO](g382964g91z55.jpg)

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

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

---

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

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

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

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

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**Top Sectors** 

---

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

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**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

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

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Allspring Mid Cap Value Portfolio** <br>|  | **Annualized<br>Expense**<br>**Ratio** | **Beginning<br>Account Value<br>July 1,**<br>**2022** | **Ending<br>Account Value<br>December 31,**<br>**2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,**<br>**2022** |
|  Class A (a) | Actual | 0.72% | $1000.00 | $1087.60 | $3.79 |
|  | Hypothetical\* | 0.72% | $1000.00 | $1021.58 | $3.67 |
|  Class B (a) | Actual | 0.96% | $1000.00 | $1085.90 | $5.05 |
|  | Hypothetical\* | 0.96% | $1000.00 | $1020.37 | $4.89 |

---

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

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

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

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—96.8% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Auto Components—1.9%** | | |
|  Aptiv plc (a) | 41508 | $3865640 |
|  Lear Corp. | 28488 | 3533082 |
|  |  | 7398722 |
| **Banks—3.3%** |  |  |
|  Fifth Third Bancorp (b) | 177237 | 5815146 |
|  PacWest Bancorp (b) | 54180 | 1243431 |
|  Regions Financial Corp. (b) | 218316 | 4706893 |
|  Zions Bancorp N.A. (b) | 29723 | 1461183 |
|  |  | 13226653 |
| **Beverages—2.5%** |  |  |
|  Keurig Dr Pepper, Inc. (b) | 274789 | 9798976 |
| **Building Products—3.5%** |  |  |
|  Builders FirstSource, Inc. (a) (b) | 58762 | 3812478 |
|  Carlisle Cos., Inc. | 42769 | 10078515 |
|  |  | 13890993 |
| **Chemicals—0.3%** |  |  |
|  Huntsman Corp. | 44152 | 1213297 |
| **Commercial Services & Supplies—3.2%** |  |  |
|  Republic Services, Inc. | 97437 | 12568399 |
| **Communications Equipment—0.3%** |  |  |
|  Juniper Networks, Inc. | 40761 | 1302722 |
| **Construction & Engineering—2.9%** |  |  |
|  API Group Corp. (a) (b) | 165811 | 3118905 |
|  MasTec, Inc. (a) (b) | 98702 | 8422242 |
|  |  | 11541147 |
| **Construction Materials—2.8%** |  |  |
|  Vulcan Materials Co. | 64107 | 11225777 |
| **Consumer Finance—1.3%** |  |  |
|  Discover Financial Services | 52420 | 5128249 |
| **Containers & Packaging—0.8%** |  |  |
|  AptarGroup, Inc. (b) | 27949 | 3073831 |
| **Distributors—3.3%** |  |  |
|  LKQ Corp. | 243255 | 12992250 |
| **Electric Utilities—5.1%** |  |  |
|  American Electric Power Co., Inc. | 110567 | 10498337 |
|  FirstEnergy Corp. | 234217 | 9823061 |
|  |  | 20321398 |
| **Energy Equipment & Services—1.9%** |  |  |
|  Baker Hughes Co. | 131866 | 3894003 |
|  NOV, Inc. (b) | 168979 | 3529971 |
|  |  | 7423974 |
| **Equity Real Estate Investment Trusts—3.3%** |  |  |
|  Boston Properties, Inc. (b) | 81336 | 5496687 |
|  Gaming and Leisure Properties, Inc. (b) | 142351 | 7415063 |
|  |  | 12911750 |
| **Health Care Equipment & Supplies—5.4%** |  |  |
|  Alcon, Inc. | 134918 | 9248629 |
|  Teleflex, Inc. (b) | 20735 | 5176078 |
|  Zimmer Biomet Holdings, Inc. | 54651 | 6968002 |
|  |  | 21392709 |
| **Health Care Providers & Services—0.9%** |  |  |
|  Humana, Inc. | 4572 | 2341732 |
|  Universal Health Services, Inc. - Class B | 8393 | 1182490 |
|  |  | 3524222 |
| **Hotels, Restaurants & Leisure—2.2%** |  |  |
|  Wendy's Co. (The) (b) | 135544 | 3067361 |
|  Yum China Holdings, Inc. | 106625 | 5827056 |
|  |  | 8894417 |
| **Household Durables—3.2%** |  |  |
|  DR Horton, Inc. (b) | 128457 | 11450657 |
|  Helen of Troy, Ltd. (a) (b) | 12540 | 1390811 |
|  |  | 12841468 |
| **Household Products—5.3%** |  |  |
|  Church & Dwight Co., Inc. | 121919 | 9827890 |
|  Reynolds Consumer Products, Inc. (b) | 367503 | 11017740 |
|  |  | 20845630 |
| **Insurance—10.0%** |  |  |
|  Allstate Corp. (The) | 67535 | 9157746 |
|  Arch Capital Group, Ltd. (a) | 211995 | 13309046 |
|  Axis Capital Holdings, Ltd. (b) | 30616 | 1658469 |
|  Brown & Brown, Inc. | 168312 | 9588734 |
|  Loews Corp. | 96409 | 5623537 |
|  |  | 39337532 |
| **Interactive Media & Services—0.7%** |  |  |
|  Match Group, Inc. (a) | 63642 | 2640507 |
| **IT Services—5.1%** |  |  |
|  Amdocs, Ltd. | 138347 | 12575742 |
|  Euronet Worldwide, Inc. (a) (b) | 78600 | 7418268 |
|  |  | 19994010 |
| **Life Sciences Tools & Services—1.8%** |  |  |
|  Charles River Laboratories International, Inc. (a) (b) | 32618 | 7107462 |
| **Machinery—2.6%** |  |  |
|  Donaldson Co., Inc. | 112781 | 6639417 |
|  Gates Industrial Corp. plc (a) | 313809 | 3580561 |
|  |  | 10219978 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** |
| **Metals & Mining—1.6%** | | |
|  Freeport-McMoRan, Inc. | 163656 | $6218928 |
| **Mortgage Real Estate Investment Trusts—2.2%** |  |  |
|  Annaly Capital Management, Inc. (b) | 404912 | 8535545 |
| **Oil, Gas & Consumable Fuels—4.6%** |  |  |
|  Devon Energy Corp. | 75609 | 4650709 |
|  EOG Resources, Inc. | 57955 | 7506332 |
|  Valero Energy Corp. | 48044 | 6094862 |
|  |  | 18251903 |
| **Professional Services—3.9%** |  |  |
|  Dun & Bradstreet Holdings, Inc. | 320168 | 3925260 |
|  Jacobs Solutions, Inc. | 96375 | 11571746 |
|  |  | 15497006 |
| **Real Estate Management & Development—2.7%** |  |  |
|  CBRE Group, Inc. - Class A (a) (b) | 139747 | 10754929 |
| **Semiconductors & Semiconductor Equipment—0.6%** |  |  |
|  ON Semiconductor Corp. (a) | 40373 | 2518064 |
| **Software—2.2%** |  |  |
|  NCR Corp. (a) | 170257 | 3985716 |
|  Synopsys, Inc. (a) | 14873 | 4748800 |
|  |  | 8734516 |
| **Trading Companies & Distributors—3.4%** |  |  |
|  AerCap Holdings NV (a) | 229518 | 13385490 |
| **Water Utilities—2.0%** |  |  |
|  American Water Works Co., Inc. | 51445 | 7841247 |
|  Total Common Stocks <br>(Cost $315,146,780) |  | 382553701 |
| **Warrants—0.0%** |  |  |
| **Special Purpose Acquisition Companies—0.0%** |  |  |
|  Pershing Square Holdings, Ltd., Expires 07/24/27 (a) (c) (d)<br>(Cost $175,712) | 30257 | 0 |
| **Escrow Shares—0.0%** |  |  |
| **Special Purpose Acquisition Companies—0.0%** |  |  |
|  Pershing Square Tontine Holdings, Ltd. (a) (c) (d) <br>(Cost $0) | 277348 | 0 |
| **Short-Term Investment—3.2%** | **Short-Term Investment—3.2%** | **Short-Term Investment—3.2%** |
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreement—3.2%** |  |  |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $12,676,120; collateralized by U.S. Treasury Bonds with rates ranging from 3.000% - 3.375%, maturity dates ranging from 08/15/48 - 11/15/48, and an aggregate market of $12,927,128. | 12673585 | $12673585 |
|  Total Short-Term Investments <br>(Cost $12,673,585) |  | 12673585 |
| **Securities Lending Reinvestments (e)—15.0%** | **Securities Lending Reinvestments (e)—15.0%** | **Securities Lending Reinvestments (e)—15.0%** |
| **Certificates of Deposit—2.5%** |  |  |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (f) | 1000000 | 1001351 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (f) | 1000000 | 1000071 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (f) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (f) | 2000000 | 2000418 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (f) | 2000000 | 2000789 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (f) | 1000000 | 1001518 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (f) | 1000000 | 1000000 |
|  |  | 10004147 |
| **Commercial Paper—1.0%** |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (f) | 1000000 | 1000253 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (f) | 1000000 | 1001362 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (f) | 2000000 | 2000000 |
|  |  | 4001615 |
| **Repurchase Agreements—8.2%** |  |  |
|  Citigroup Global Markets, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000. | 2000000 | 2000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $12,867,672; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $13,130,166. | 12861527 | 12861527 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (e)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $4,999,399; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $5,116,275. | 4997000 | $4997000 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $1,901,596; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $1,942,519. | 1900000 | 1900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $2,001,731; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $2,177,657. | 2000000 | 2000000 |
|  Royal Bank of Canada Toronto <br>Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $1,004,521; collateralized by various Common Stock with an aggregate market value of $1,111,255. | 1000000 | 1000000 |
| Societe Generale | Societe Generale | Societe Generale |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $100,047; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $102,181. | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $3,001,463; collateralized by various Common Stock with an aggregate market value of $3,338,541. | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $2,000,980; collateralized by various Common Stock with an aggregate market value of $2,226,384. | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $1,401,203; collateralized by various Common Stock with an aggregate market value of $1,558,469. | 1400000 | 1400000 |
|  TD Prime Services LLC <br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $1,000,204; collateralized by various Common Stock with an aggregate market value of $1,119,367. | 999715 | 999715 |
|  |  | 32258242 |
| **Time Deposit—0.3%** |  |  |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (f) | 1000000 | 1000000 |
| **Mutual Funds—3.0%** |  |  |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (g) | 5000000 | 5000000 |
|  HSBC U.S. Government Money Market Fund, Class I 4.130% (g) | 2000000 | 2000000 |
|  Western Asset Institutional Government Reserves Fund,<br>Institutional Class 4.220% (g) | 5000000 | 5000000 |
|  |  | 12000000 |
|  Total Securities Lending Reinvestments <br>(Cost $59,258,265) |  | 59264004 |
|  Total Investments— 115.0% <br>(Cost $387,254,342) |  | 454491290 |
|  Other assets and liabilities (net)—(15.0)% |  | (59159931) |
| **Net Assets—100.0%** |  | $395331359 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $57,547,133 and the collateral received consisted of cash in the amount of $59,258,269. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.0% of net assets.

(e) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(f) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(g) The rate shown represents the annualized seven-day yield as of December 31, 2022.

**Glossary of Abbreviations** 

Index Abbreviations

------

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

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Common Stocks\* | $382553701 | $— | $— | $382553701 |
|  Total Warrants\* |  |  | 0 | 0 |
|  Total Escrow Shares\* |  |  | 0 | 0 |
|  Total Short-Term Investment\* |  | 12673585 |  | 12673585 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 10004147 |  | 10004147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 4001615 |  | 4001615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 32258242 |  | 32258242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit |  | 1000000 |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 12000000 |  |  | 12000000 |
|  Total Securities Lending Reinvestments | 12000000 | 47264004 |  | 59264004 |
|  Total Investments | $394553701 | $59937589 | $0 | $454491290 |
|  Collateral for Securities Loaned (Liability) | $— | $(59258269) | $— | $(59258269) |

---

\* See Schedule of Investments for additional detailed categorizations.

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

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

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $454491290.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 66965.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 732541.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1592.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 455292388.0 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 59258269.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 204777.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 224539.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 29431.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163276.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 80737.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 59961029.0 |
|  **Net Assets** | $395331359.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $274975986.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 120355373.0 |
|  **Net Assets** | $395331359.0 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $258546093.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 136785266.0 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 21472651.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 11385586.0 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $12.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 12.01 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $387,254,342.

(b) Includes securities loaned at value of $57,547,133.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $8120496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 69034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 120589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 8310119 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 3123159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 30686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 33536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 351670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 30349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3685239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (278918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (13797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3392524 |
|  **Net Investment Income** | 4917595 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 49360122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (79594094) |
|  Net realized and unrealized gain (loss) | (30233972) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(25316377) |

---

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

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4917595 | $3224748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 49360122 | 84925510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (79594094) | 48262004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (25316377) | 136412262 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (54446952) | (3045474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (25821472) | (1018640) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (80268424) | (4064114) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (20177224) | (135294853) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (125762025) | (2946705) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 521093384 | 524040089 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $395331359 | $521093384 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 702 | $8948 | 7437 | $107444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 4922871 | 54446952 | 208880 | 3045474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (6034756) | (81357842) | (7605519) | (108249795) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (1111183) | $(26901942) | (7389202) | $(105096877) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 722429 | $8926789 | 477122 | $6834478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 2336785 | 25821472 | 69962 | 1018640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (2091881) | (28023543) | (2703214) | (38051094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 967333 | $6724718 | (2156130) | $(30197976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(20177224) |  | $(135294853) |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Financial Highlights** 

---

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

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

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

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

**2. Significant Accounting Policies** 

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

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

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

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

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

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

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

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

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

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

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

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

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

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

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

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

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

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

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

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

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

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

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

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

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

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

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

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

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

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

**3. Certain Risks** 

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

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

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

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

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

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

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

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

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

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

**4. Investment Transactions** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $96723442 | $0 | $196421294 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

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

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $3123159 | 0.750% | First $200 million |
|  | 0.700% | Over $200 million |

---

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

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

---

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

---

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

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

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

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

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

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

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

**6. Contractual Obligations** 

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

**7. Income Tax Information** 

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

---

| | |
|:---|:---|
|  Cost basis of investments | $387999631 |
|  Gross unrealized appreciation | 79858098 |
|  Gross unrealized (depreciation) | (13366439) |
|  Net unrealized appreciation (depreciation) | $66491659 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $20089268 | $4064114 | $60179156 | $— | $80268424 | $4064114 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $6027307 | $47999684 | $66491659 | $– $| 120518650 |

---

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

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

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

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

**8. Recent Accounting Pronouncement** 

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

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements and Financial Highlights** 

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

**Basis for Opinion** 

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

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

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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

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

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

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

**Trustees and Officers** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |  |  |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |  |  |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

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

---

**Officers** 

---

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

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

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

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

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

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

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

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

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

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

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

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

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

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

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

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

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

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

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

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

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Allspring Mid Cap Value Portfolio** 

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

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

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

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

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

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

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

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

\* \* \* \*

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

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

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

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

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

**MARKET ENVIRONMENT/ CONDITIONS** 

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

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

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

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

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

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

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

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

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

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

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

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

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

**Investment Committee** 

*Brighthouse Investment Advisers, LLC* 

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

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

**BHFTI-2** 

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**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g394295g10l63.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**American Funds Balanced Allocation Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –16.53 | 4.61 | 7.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class C** | –16.76 | 4.29 | 6.85 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | –14.97 | 3.26 | 5.66 |

---

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

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

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

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

---

**Asset Allocation** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Large Cap Equities** | **48.3** |
| **Investment Grade Fixed Income** | **24.0** |
| **International Developed Market Equities** | **15.7** |
| **High Yield Fixed Income** | **4.1** |
| **Global Equities** | **3.0** |
| **Global Fixed Income** | **3.0** |
| **Emerging Market Equities** | **2.0** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

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

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds Balanced Allocation Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class B (a) | Actual | 0.66% | $1000.00 | $1015.80 | $3.35 |
|  | Hypothetical\* | 0.66% | $1000.00 | $1021.88 | $3.36 |
|  Class C (a) | Actual | 0.96% | $1000.00 | $1014.70 | $4.88 |
|  | Hypothetical\* | 0.96% | $1000.00 | $1020.37 | $4.89 |

---

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

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

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

**BHFTI-4** 

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**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mutual Funds—100.1% of Net Assets** 

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Investment Company Securities—100.1%** | **Investment Company Securities—100.1%** | **Investment Company Securities—100.1%** |
|  American Funds AMCAP Fund (Class R-6) | 9819058 | $302328801 |
|  American Funds American Mutual Fund (Class R-6) | 5666847 | 274502076 |
|  American Funds Capital World Bond Fund (Class 1) (a) | 12294282 | 117410389 |
|  American Funds Fundamental Investors Fund (Class R-6) | 5201820 | 313409633 |
|  American Funds Growth Fund (Class 1) | 4092806 | 312240193 |
|  American Funds Growth-Income Fund (Class 1) | 7033952 | 353174746 |
|  American Funds High-Income Trust Fund (Class R-6) (a) | 17277517 | 156534304 |
|  American Funds International Fund (Class 1) (a) | 17223978 | 263699102 |
|  American Funds International Growth & Income Fund (Class R-6) (a) | 10778793 | 343412351 |
|  American Funds New World Fund (Class 1) | 3519324 | 78480928 |
|  American Funds SMALLCAP World Fund (Class R-6) | 1974105 | 114952116 |
|  American Funds The Bond Fund of America (Class 1) (a) | 53670798 | 505042213 |
| **Investment Company Securities—(Continued)** | **Investment Company Securities—(Continued)** | **Investment Company Securities—(Continued)** |
|  American Funds U.S. Government Securities Fund (Class R-6) | 34889828 | 427749296 |
|  American Funds Washington Mutual Investors Fund<br>(Class 1) (a) | 24737511 | 313919011 |
|  Total Mutual Funds<br>(Cost $4,175,848,868) |  | 3876855159 |
|  Total Investments— 100.1%<br>(Cost $4,175,848,868) |  | 3876855159 |
|  Other assets and liabilities (net) — (0.1)% |  | (2272691) |
| **Net Assets—100.0%** |  | $3874582468 |

---

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

**Fair Value Hierarchy** 

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

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company Securities | $3876855159 | $— | $— | $3876855159 |
|  Total Investments | $3876855159 | $— | $— | $3876855159 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

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**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

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| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) | $2176837789.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (b) | 1700017370.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 709252.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments sold | 623244.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 35574.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2074907.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 15646.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3880313782.0 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1206459.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments purchased | 869930.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1366589.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 199349.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 1839426.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 86286.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 5731314.0 |
|  **Net Assets** | $3874582468.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $3794729798.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 79852670.0 |
|  **Net Assets** | $3874582468.0 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $11914242.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 3862668226.0 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 1424006.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 466069518.0 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $8.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.29 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $2,216,988,953.

(b) Identified cost of affiliated investments was $1,958,859,915.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Underlying Portfolios | $35850487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Affiliated Underlying Portfolios | 51255478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 87105965 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2496383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 30250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 26982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 31337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class C | 23266270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 32944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 57910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 35932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 31544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 26064207 |
|  **Net Investment Income** | 61041758 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on : |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 47399324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 10882667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from Underlying Portfolios | 133580504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated investments | 128583291 |
|  Net realized gain (loss) | 320445786 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (746134076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (476537368) |
|  Net change in unrealized appreciation (depreciation) | (1222671444) |
|  Net realized and unrealized gain (loss) | (902225658) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(841183900) |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $61041758 | $41834739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 320445786 | 583402434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1222671444) | (44798736) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (841183900) | 580438437 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (1853881) | (658673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (622920967) | (227356181) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (624774848) | (228014854) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 257576441 | (192045230) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (1208382307) | 160378353 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5082964775 | 4922586422 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3874582468 | $5082964775 |
| <br> **Other Information:** |  |  |
| **Capital Shares**<br>|  |  |

---

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 73197 | $685655 | 92661 | $1062347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 224441 | 1853881 | 58084 | 658673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (105908) | (1008020) | (89663) | (1019669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 191730 | $1531516 | 61082 | $701351 |
|  **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 8259904 | $79350584 | 12474207 | $142894912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 76058726 | 622920967 | 20191490 | 227356181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (48338903) | (446226626) | (49102569) | (562997674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 35979727 | $256044925 | (16436872) | $(192746581) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $257576441 |  | $(192045230) |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.89 | $11.09 | $10.39 | $9.54 | $10.67 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.17 | 0.13 | 0.13 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.16) | 1.23 | 1.37 | 1.63 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.99) | 1.36 | 1.50 | 1.81 | (0.37) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.18) | (0.17) | (0.21) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.35) | (0.39) | (0.59) | (0.74) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.53) | (0.56) | (0.80) | (0.96) | (0.76) |
|  **Net Asset Value, End of Period** | $8.37 | $11.89 | $11.09 | $10.39 | $9.54 |
|  **Total Return (%)** (b) | (16.53) | 12.55 | 15.84 | 19.88 | (3.95) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (c) | 0.32 | 0.31 | 0.32 | 0.32 | 0.31 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 1.76 | 1.16 | 1.26 | 1.84 | 1.64 |
|  Portfolio turnover rate (%) | 9 | 21 | 20 | 6 | 7 |
|  Net assets, end of period (in millions) | $11.9 | $14.7 | $13.0 | $10.7 | $8.9 |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.78 | $11.00 | $10.30 | $9.46 | $10.59 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.13 | 0.10 | 0.09 | 0.15 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.13) | 1.21 | 1.38 | 1.62 | (0.54) |
|  **Total income (loss) from investment operations** | (2.00) | 1.31 | 1.47 | 1.77 | (0.40) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.14) | (0.14) | (0.18) | (0.19) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.35) | (0.39) | (0.59) | (0.74) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.49) | (0.53) | (0.77) | (0.93) | (0.73) |
|  **Net Asset Value, End of Period** | $8.29 | $11.78 | $11.00 | $10.30 | $9.46 |
|  **Total Return (%)** (b) | (16.76) | 12.14 | 15.57 | 19.53 | (4.31) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (c) | 0.62 | 0.61 | 0.62 | 0.62 | 0.61 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 1.44 | 0.83 | 0.91 | 1.49 | 1.36 |
|  Portfolio turnover rate (%) | 9 | 21 | 20 | 6 | 7 |
|  Net assets, end of period (in millions) | $3862.7 | $5068.3 | $4909.6 | $4645.7 | $4279.2 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

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

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

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

**2. Significant Accounting Policies** 

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

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

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

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

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

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

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

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

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

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

**3. Certain Risks** 

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

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

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

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

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

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

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

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

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

**4. Investment Transactions** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $385189231 | $0 | $429740075 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

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

---

| | | |
|:---|:---|:---|
| **Management**<br> **Fees earned by<br>Brighthouse Investment Advisers**<br> **for the year ended**<br> **December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $2496383 | 0.100% | First $500 million |
|  | 0.075% | $500 million to $1 billion |
|  | 0.050% | Over $1 billion |

---

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

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

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

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

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

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

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

**6. Transactions in Securities of Affiliated Issuers** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** | **Change in**<br>**Unrealized<br>Appreciation/**<br>**(Depreciation)** | **Ending Value**<br>**as of<br>December 31, 2022** |
|  American Funds Capital World Bond Fund (Class 1) | $149086125 | $2525581 | $(6043342) | $(1338981) | $(26818994) | $117410389 |
|  American Funds High-Income Trust Fund (Class R-6) | 203424714 | 9771028 | (29348130) | 1985041 | (29298349) | 156534304 |
|  American Funds International Fund (Class 1) | 320245669 | 54906337 | (2048954) | (304726) | (109099224) | 263699102 |
|  American Funds International Growth & Income Fund (Class R-6) | 434774579 | 15956313 | (26487473) | (5068488) | (75762580) | 343412351 |
|  American Funds The Bond Fund of America (Class 1) | 640756604 | 23665080 | (58881528) | (5245152) | (95252791) | 505042213 |
|  American Funds Washington Mutual Investors Fund (Class 1) | 426051486 | 85418175 | (78100193) | 20854973 | (140305430) | 313919011 |
|  | $2174339177 | $192242514 | $(200909620) | $10882667 | $(476537368) | $1700017370 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain**<br>**Distributions from**<br>**Affiliated Investments** | **Income earned**<br>**from affiliates<br>during the period** | **Number of**<br>**shares held at<br>December 31, 2022** |
|  American Funds Capital World Bond Fund (Class 1) | $2039000 | $373232 | 12294282 |
|  American Funds High-Income Trust Fund (Class R-6) |  | 9769384 | 17277517 |
|  American Funds International Fund (Class 1) | 37707462 | 5545540 | 17223978 |
|  American Funds International Growth & Income Fund (Class R-6) | 3976202 | 11378838 | 10778793 |
|  American Funds The Bond Fund of America (Class 1) | 6485269 | 17146249 | 53670798 |
|  American Funds Washington Mutual Investors Fund (Class 1) | 78375358 | 7042235 | 24737511 |
|  | $128583291 | $51255478 |  |

---

**7. Contractual Obligations** 

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

**8. Income Tax Information** 

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

---

| | |
|:---|:---|
|  Cost basis of investments | $4182476537 |
|  Gross unrealized appreciation | 112481251 |
|  Gross unrealized (depreciation) | (418102629) |
|  Net unrealized appreciation (depreciation) | $(305621378) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $60138997 | $59715955 | $564635851 | $168298899 | $624774848 | $228014854 |

---

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $90357248 | $295280076 | $(305621377) | $– $| 80015947 |

---

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

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

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements and Financial Highlights** 

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

**Basis for Opinion** 

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

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

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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

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

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

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

**Trustees and Officers** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

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

---

**Officers** 

---

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

---

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

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

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

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

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements** 

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

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

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

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

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

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

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

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements—(Continued)** 

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

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

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

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

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

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

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

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

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**American Funds Balanced Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements—(Continued)** 

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

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

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

\* \* \* \* \*

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

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

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

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

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

**MARKET ENVIRONMENT/ CONDITIONS** 

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

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

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

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

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

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

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

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

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

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

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

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

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

**Investment Committee** 

*Brighthouse Investment Advisers, LLC* 

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

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

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY AGGRESSIVE PORTFOLIO INDEX**![LOGO](g394295g54m35.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**American Funds Growth Allocation Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –18.37 | 5.46 | 8.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class C** | –18.52 | 5.17 | 8.43 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderately Aggressive Portfolio Index** | –15.59 | 4.58 | 7.40 |

---

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

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

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **American Funds AMCAP Fund (Class R-6)** | **11.4** |
| **American Funds Fundamental Investors Fund (Class R-6)** | **11.1** |
| **American Funds International Growth & Income Fund (Class R-6)** | **11.1** |
| **American Funds Growth Fund (Class 1)** | **10.1** |
| **American Funds Growth-Income Fund (Class 1)** | **10.1** |
| **American Funds Washington Mutual Investors Fund (Class 1)** | **10.1** |
| **American Funds American Mutual Fund (Class R-6)** | **9.1** |
| **American Funds International Fund (Class 1)** | **9.1** |
| **American Funds SMALLCAP World Fund (Class R-6)** | **5.0** |
| **American Funds The Bond Fund of America (Class 1)** | **4.4**  |

---

**Asset Allocation** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Large Cap Equities** | **62.0** |
| **International Developed Market Equities**  | **20.2** |
| **Investment Grade Fixed Income** | **5.9** |
| **Global Equities** | **5.0** |
| **Emerging Market Equities** | **3.0** |
| **High Yield Fixed Income** | **2.5** |
| **Global Fixed Income** | **1.5** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

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

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds Growth Allocation Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class B (a) | Actual | 0.69% | $1000.00 | $1028.20 | $3.53 |
|  | Hypothetical\* | 0.69% | $1000.00 | $1021.73 | $3.52 |
|  Class C (a) | Actual | 0.99% | $1000.00 | $1027.20 | $5.06 |
|  | Hypothetical\* | 0.99% | $1000.00 | $1020.22 | $5.04 |

---

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

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

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

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mutual Funds—100.1% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Investment Company Securities—100.1%** | **Investment Company Securities—100.1%** | **Investment Company Securities—100.1%** |
|  American Funds AMCAP Fund (Class R-6) | 9622432 | $296274668 |
|  American Funds American Mutual Fund (Class R-6) | 4883966 | 236579327 |
|  American Funds Capital World Bond Fund (Class 1) (a) | 4084871 | 39010514 |
|  American Funds Fundamental Investors Fund (Class R-6) | 4800282 | 289216999 |
|  American Funds Growth Fund (Class 1) | 3452429 | 263385804 |
|  American Funds Growth-Income Fund (Class 1) | 5239812 | 263090956 |
|  American Funds High-Income Trust Fund (Class R-6) | 7153870 | 64814063 |
|  American Funds International Fund (Class 1) (a) | 15391674 | 235646530 |
|  American Funds International Growth & Income Fund (Class R-6) (a) | 9063926 | 288776669 |
|  American Funds New World Fund (Class 1) | 3531360 | 78749325 |
|  American Funds SMALLCAP World Fund (Class R-6) | 2226821 | 129667789 |
|  American Funds The Bond Fund of America (Class 1) | 12281514 | 115569045 |
| **Investment Company Securities—(Continued)** | **Investment Company Securities—(Continued)** | **Investment Company Securities—(Continued)** |
|  American Funds U.S. Government Securities Fund (Class R-6) | 3126606 | 38332188 |
|  American Funds Washington Mutual Investors Fund (Class 1) | 20726031 | 263013328 |
|  Total Mutual Funds <br>(Cost $2,735,067,876) |  | 2602127205 |
|  Total Investments—100.1% <br>(Cost $2,735,067,876) |  | 2602127205 |
|  Other assets and liabilities (net)—(0.1)% |  | (1603719) |
| **Net Assets—100.0%** |  | $2600523486 |

---

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

**Fair Value Hierarchy** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company Securities | $2602127205 | $— | $— | $2602127205 |
|  Total Investments | $2602127205 | $— | $— | $2602127205 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) | $2038693492.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (b) | 563433713.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 516528.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments sold | 210553.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4775.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 466195.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 10371.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2603335627.0 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 466351.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 731699.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 144496.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 1231154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 75166.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2812141.0 |
|  **Net Assets** | $2600523486.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $2405646825.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 194876661.0 |
|  **Net Assets** | $2600523486.0 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $30764647.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2569758839.0 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 3833613.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 324591216.0 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $8.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 7.92 |

---

\* The Portfolio is authorized to issue an unlimited number of shares..

(a) Identified cost of investments was $2,050,122,701.

(b) Identified cost of affiliated investments was $684,945,175.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Underlying Portfolios | $34569343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Affiliated Underlying Portfolios | 14829020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 49398363 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1806083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 30250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 26982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 80391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class C | 15565052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 32944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 41301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 24780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17686196 |
|  **Net Investment Income** | 31712167 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on : |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 87955495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (9122182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from Underlying Portfolios | 183146028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated investments | 38351636 |
|  Net realized gain (loss) | 300330977 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (690058373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (286032988) |
|  Net change in unrealized appreciation (depreciation) | (976091361) |
|  Net realized and unrealized gain (loss) | (675760384) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(644048217) |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $31712167 | $24646068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 300330977 | 450874023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (976091361) | 35674580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (644048217) | 511194671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (5335155) | (1525732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (469077477) | (137455786) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (474412632) | (138981518) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 177612374 | (159937543) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (940848475) | 212275610 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3541371961 | 3329096351 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2600523486 | $3541371961 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 152144 | $1402922 | 181480 | $2066344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 679638 | 5335155 | 135140 | 1525732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (181447) | (1731326) | (194866) | (2251526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 650335 | $5006751 | 121754 | $1340550 |
|  **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 6781922 | $63298923 | 12695194 | $143377457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 60448128 | 469077477 | 12305800 | 137455786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (39462129) | (359770777) | (39073986) | (442111336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 27767921 | $172605623 | (14072992) | $(161278093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $177612374 |  | $(159937543) |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.95 | $10.73 | $10.12 | $9.10 | $10.36 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.13 | 0.12 | 0.11 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.36) | 1.59 | 1.43 | 1.92 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.23) | 1.71 | 1.54 | 2.07 | (0.50) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.15) | (0.12) | (0.19) | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.55) | (0.37) | (0.74) | (0.85) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.70) | (0.49) | (0.93) | (1.05) | (0.76) |
|  **Net Asset Value, End of Period** | $8.02 | $11.95 | $10.73 | $10.12 | $9.10 |
|  **Total Return (%)** (b) | (18.37) | 16.21 | 17.34 | 24.05 | (5.52) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (c) | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 1.44 | 1.03 | 1.15 | 1.59 | 1.50 |
|  Portfolio turnover rate (%) | 11 | 25 | 9 | 7 | 8 |
|  Net assets, end of period (in millions) | $30.8 | $38 | $32.8 | $27.4 | $22.9 |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.80 | $10.60 | $10.01 | $9.01 | $10.26 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.10 | 0.08 | 0.08 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.32) | 1.58 | 1.40 | 1.90 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.22) | 1.66 | 1.48 | 2.02 | (0.52) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.11) | (0.09) | (0.15) | (0.17) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.55) | (0.37) | (0.74) | (0.85) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.66) | (0.46) | (0.89) | (1.02) | (0.73) |
|  **Net Asset Value, End of Period** | $7.92 | $11.80 | $10.60 | $10.01 | $9.01 |
|  **Total Return (%)** (b) | (18.52) | 15.91 | 16.93 | 23.64 | (5.77) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (c) | 0.62 | 0.62 | 0.62 | 0.62 | 0.62 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 1.10 | 0.70 | 0.83 | 1.25 | 1.14 |
|  Portfolio turnover rate (%) | 11 | 25 | 9 | 7 | 8 |
|  Net assets, end of period (in millions) | $2569.8 | $3503.3 | $3296.3 | $3075 | $2753.4 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life
insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the
Portfolio invests.

(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the
Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

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

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

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

**2. Significant Accounting Policies** 

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

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

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

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

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

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

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

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

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

**3. Certain Risks** 

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

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

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

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

*Credit and Counterparty Risk:* The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser's assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

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

Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

**4. Investment Transactions** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $314954028 | $0 | $358985666 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

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

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $1806083 | 0.100% | First $500 million |
|  | 0.075% | $500 million to $1 billion |
|  | 0.050% | Over $1 billion |

---

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

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

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

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

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

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

**6. Transactions in Securities of Affiliated Issuers** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** | **Change in**<br>**Unrealized<br>Appreciation/**<br>**(Depreciation)** | **Ending Value**<br>**as of<br>December 31, 2022** |
|  American Funds Capital World Bond Fund (Class 1) | $68343980 | $871598 | $(18163241) | $(2720761) | $(9321062) | $39010514 |
|  American Funds International Fund (Class 1) | 293046416 | 45784304 | (3249478) | (256975) | (99677737) | 235646530 |
|  American Funds International Growth & Income Fund (Class R-6) | 377902392 | 14520181 | (34002506) | (6144446) | (63498952) | 288776669 |
|  American Funds Washington Mutual Investor Fund (Class 1) \* | 369569731 | 72255441 | (76575396) | 20952394 | (123188842) | 263013328 |
|  | $1108862519 | $133431524 | $(131990621) | $11830212 | $(295686593) | $826447041 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain Distributions<br>from Affiliated Investments** | **Income earned from<br>affiliates during the period** | **Number of shares held<br>December 31, 2022** |
|  American Funds Capital World Bond Fund (Class 1) | $701331 | $128377 | 4084871 |
|  American Funds International Fund (Class 1) | 34314168 | 4996955 | 15391674 |
|  American Funds International Growth & Income Fund (Class R-6) | 3336137 | 9703688 | 9063926 |
|  American Funds Washington Mutual Investor Fund (Class 1) \* | 66325598 | 5926616 | 20726031 |
|  | $104677234 | $20755636 |  |

---

\* not an affiliated issuer as of December 31, 2022.

**7. Contractual Obligations** 

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

**8. Income Tax Information** 

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

---

| | |
|:---|:---|
|  Cost basis of investments | $2740153395 |
|  Gross unrealized appreciation | 99378796 |
|  Gross unrealized (depreciation) | (237404986) |
|  Net unrealized appreciation (depreciation) | $(138026190) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $30691310 | $28175291 | $443721322 | $110806227 | $474412632 | $138981518 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term**<br>**Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $55408058 | $277658071 | $(138026191) | $– $| 195039938 |

---

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

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

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements and Financial Highlights** 

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

**Basis for Opinion** 

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

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

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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

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

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

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

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

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**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (the "<u>Advisory Agreements</u>" or "<u>Agreements</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the "<u>Asset Allocation Portfolios</u>") and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the "<u>American Funds of Funds</u>"). The Board considered the Adviser's services as investment manager to the Portfolios, including with respect to investment programs and personnel, succession management of key personnel, oversight of transition management (as applicable), actions taken with respect to regulatory developments, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements—(Continued)** 

activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic reviews and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the Asset Allocation Portfolios, the Board noted that the Adviser employs at its own expense an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and investments in other Portfolios of the Trusts (the "Underlying Portfolios"). Additionally, the Board considered that a committee, consisting of investment professionals from the Adviser, meets regularly to review the management of the Asset Allocation Portfolios and the American Funds of Funds, including asset allocations and performance metrics.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected, and (ii) the selection of the peer groups.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each of the Portfolios, which included comparisons of the Portfolio's contractual management fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>") and a narrower group of peer funds ("<u>Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser's analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements—(Continued)** 

Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

\* \* \* \* \*

*American Funds Growth Allocation Portfolio.* The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board noted that the Portfolio underperformed the Brighthouse Growth AA Narrow Index for the one-year period ended October 31, 2022 and outperformed the same index for the three- and five-year periods ended October 31, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderately Aggressive Portfolio Index, for the one-year period ended October 31, 2022 and outperformed the same benchmark for the three- and five-year periods ended October 31, 2022.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class B and C shares of the American Funds Moderate Allocation Portfolio returned -14.41% and -14.63%, respectively. The Portfolio's benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

**MARKET ENVIRONMENT/ CONDITIONS** 

There was no disguising the woeful performance in 2022. Investors braced against stark price declines in equity and bond markets for most of the year before a fourth quarter rally finally offered some relief. Early in the period, markets treaded cautiously as the Russia-Ukraine conflict and mounting inflationary pressures spurred economic uncertainty and volatility. U.S. Federal Reserve (the "Fed") concern over elevated price levels prompted the Fed to raise the Fed Funds rate in March for the first time in more than three years.

Market conditions continued to worsen in the second quarter. Consumer Price Index ("CPI") data pointed to persistently high prices and emboldened the Fed to implement progressive rate increases in May and June in an effort to curb the inflationary threat. Under a monetary tightening environment, the yield on the 10-year U.S. Treasury rose by 1.50% in the first half of year and upended fixed income markets. Equities were no safe haven for investors and slid further as recessionary fears emerged in the period. Economic growth retreated as the real growth domestic product ("GDP") rate contracted during the first and second quarters by 1.4% and 0.6%, respectively on an annualized basis.

A tumultuous market carried on into the third quarter. Despite a deceleration in the rate of price increases for headline CPI, the Fed pressed forward with 0.75% rate hikes in July and September. Concern of a prolonged policy tightening cycle and a slowdown in economic growth appeared to support the prospect the worst may not be over and extended bond and equity market losses through the first nine months of the year.

Overall, markets rebounded to close out the final quarter of 2022. Declines in year-over-year CPI levels signaled a potential easing of inflation and bolstered investor expectations the Fed may begin to scale back on future rate hikes. While equities and bonds saw positive results during the quarter, the damage for the year had already been solidified.

In 2022, the S&P 500 Index returned -18.11%. International equities and emerging market equities, as measured by the MSCI EAFE Index and MSCI Emerging Markets Index, returned -14.45% and -20.09%, respectively. Within U.S. fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01% for the year ended December 31, 2022.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The American Funds Moderate Allocation Portfolio invested all its assets in funds of the American Funds Insurance Series ("AFIS") and American Funds retail mutual funds to maintain a broad asset allocation of approximately 50% to fixed income and 50% to equities.

Over the twelve-month period, the Portfolio outperformed the Dow Jones Moderate Portfolio Index. Performance strength within the underlying fixed income and domestic equity funds offset weakness in the underlying international equity funds.

The domestic equity funds were additive to performance for the year. The American Funds American Mutual Fund was a strong relative performer in the period and outperformed its benchmark by 13.9%. The fund's underweight to Consumer Discretionary, Information Technology ("IT"), and Communication Services sectors was beneficial in an environment where a growth orientation was challenged for the year. An overweight to Energy further aided results. The AFIS Washington Mutual Investors Growth Fund outpaced its benchmark by 9.8%. Results were positively impacted from an underweight to the Consumer Discretionary, IT, and Communication Services sectors and from an overweight to Energy and Health Care. Favorable security selection across Industrials, Consumer Discretionary, and IT contributed on a relative basis. The AFIS Growth-Income Fund bested its benchmark by 1.8%. Within IT, both security selection and an underweight to the sector helped drive positive results. Additionally, positioning and selection in Industrials and an allocation to cash aided performance. Conversely, the AFIS Growth Fund lost 11.6% versus its benchmark. Negative selection and underweight positions in the Communication Services and Consumer Discretionary sectors were leading detractors. Results were further pressured by weak selection in IT and Financials.

The international equity funds detracted from relative performance. During the period the AFIS International Fund underperformed it benchmark by 4.6%. Fund performance struggled primarily from weak security selection in the majority of sectors with IT, Communication Services, and Financials among the worst relative performers. Regionally, selection in Pacific ex-Japan, the U.S. and Japan fared the worst. The American Funds SMALLCAP World Fund was another detractor and underperformed its benchmark by 11.0%. Negative security selection in IT, Industrials, Consumer Discretionary, and Financials were primarily responsible for weak relative results. At the country level, selection in the U.S. drove underperformance. The AFIS New World Fund lagged its benchmark by 3.5%. Selection across the Health Care, IT, and Communication Services sectors was the main driver of underperformance. On a regional basis, security selection within emerging markets, the U.S., and Pacific ex-Japan were meaningful detractors. On the positive

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

side, the American Funds International Growth and Income Fund outperformed its benchmark by 0.8%. Security selection in the Consumer Discretionary, Health Care, Materials, IT, and Consumer Staples sectors offset weakness in other sectors. An allocation to cash proved beneficial during the market selloff over the period. On a country basis, notable contributors to security selection were the U.S., France, and Hong Kong.

Fixed income funds were positive contributors during the period. The American Funds High-Income Trust Fund outperformed its benchmark by 2.3%. Security selection within the energy, communications, and consumer non-cyclical bond sectors were the largest contributors to relative returns. An allocation to cash further aided performance. The American Funds U.S. Government Securities Fund gained 1.4% over its benchmark. Positive contributions to relative performance were attributable to interest rate strategies, and positioning along the yield curve. The AFIS The Bond Fund of America Fund outpaced its benchmark by 0.8%. The fund's lower sensitivity to rising interest rates over the period was the primary driver of outperformance. Conversely, the AFIS Capital World Bond Fund fell 1.2% versus its benchmark. Allocations to both Russian and Ukrainian bonds held back relative results.

**Investment Committee** 

*Brighthouse Investment Advisers, LLC* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor's desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index's downside risk over the past 36 months.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**<br>A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g394295g64d47.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**American Funds Moderate Allocation Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –14.41 | 3.79 | 5.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class C** | –14.63 | 3.48 | 5.54 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | –14.97 | 3.26 | 5.66 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class B shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **American Funds U.S. Government Securities Fund (Class R-6)** | **20.1** |
| **American Funds The Bond Fund of America (Class 1)** | **19.0** |
| **American Funds Washington Mutual Investors Fund (Class 1)** | **8.1** |
| **American Funds Growth-Income Fund (Class 1)** | **8.1** |
| **American Funds American Mutual Fund (Class R-6)** | **8.1** |
| **American Funds International Growth & Income Fund (Class R-6)** | **6.5** |
| **American Funds International Fund (Class 1)** | **5.5** |
| **American Funds High-Income Trust Fund (Class R-6)** | **5.0** |
| **American Funds Fundamental Investors Fund (Class R-6)** | **5.0** |
| **American Funds AMCAP Fund (Class R-6)** | **4.9** |

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**Asset Allocation** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Large Cap Equities** | **38.9** |
| **Investment Grade Fixed Income** | **39.1** |
| **International Developed Market Equities** | **12.0** |
| **High Yield Fixed Income** | **5.0** |
| **Global Fixed Income** | **3.0** |
| **Emerging Market Equities** | **1.0** |
| **Global Equities** | **1.0** |

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**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds Moderate Allocation Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class B (a) | Actual | 0.63% | $1000.00 | $1006.10 | $3.19 |
|  | Hypothetical\* | 0.63% | $1000.00 | $1022.03 | $3.21 |
|  Class C (a) | Actual | 0.93% | $1000.00 | $1004.90 | $4.70 |
|  | Hypothetical\* | 0.93% | $1000.00 | $1020.52 | $4.74 |

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\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it
invests.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mutual Funds — 100.1% of Net Assets** 

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Investment Company Securities—100.1%** | **Investment Company Securities—100.1%** | **Investment Company Securities—100.1%** |
|  American Funds AMCAP Fund (Class R-6) | 3259033 | $100345618 |
|  American Funds American Mutual Fund (Class R-6) | 3391921 | 164304656 |
|  American Funds Capital World Bond Fund (Class 1) (a) | 6437942 | 61482348 |
|  American Funds Fundamental Investors Fund (Class R-6) | 1702855 | 102597006 |
|  American Funds Growth Fund (Class 1) | 1278919 | 97568701 |
|  American Funds Growth-Income Fund (Class 1) | 3276555 | 164515802 |
|  American Funds High-Income Trust Fund (Class R-6) | 11339449 | 102735409 |
|  American Funds International Fund (Class 1) | 7347685 | 112493051 |
|  American Funds International Growth & Income Fund<br>(Class R-6) | 4186304 | 133375659 |
|  American Funds New World Fund (Class 1) | 920103 | 20518303 |
|  American Funds SMALLCAP World Fund (Class R-6) | 349036 | 20324356 |
|  American Funds The Bond Fund of America (Class 1) (a) | 41220780 | 387887544 |
| **Investment Company Securities—(Continued)** | **Investment Company Securities—(Continued)** | **Investment Company Securities—(Continued)** |
|  American Funds U.S. Government Securities Fund (Class R-6) | 33373349 | 409157258 |
|  American Funds Washington Mutual Investors Fund (Class 1) | 12970263 | 164592636 |
|  Total Mutual Funds <br>(Cost $2,224,037,192) |  | 2041898347 |
|  Total Investments—100.1% <br>(Cost $2,224,037,192) |  | 2041898347 |
|  Other assets and liabilities (net)—(0.1)% |  | (1319100) |
| **Net Assets—100.0%** |  | $2040579247 |

---

(a) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

**FAIR VALUE HIERARCHY** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Mutual Funds<br>Investment Company Securities | $2041898347 | $— | $— | $2041898347 |
|  Total Investments | $2041898347 | $— | $— | $2041898347 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) | $1592528455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (b) | 449369892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 300724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments sold | 28601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 91458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1722257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2044049608 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1722276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 420764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 120047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 967489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 76510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3470361 |
|  **Net Assets** | $2040579247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $2055422511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (14843264) |
|  **Net Assets** | $2040579247 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $10400543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2030178704 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 1264716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 248365048 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $8.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.17 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,693,427,770.

(b) Identified cost of affiliated investments was $530,609,422.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Underlying Portfolios | $39444985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Affiliated Underlying Portfolios | 13361401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 52806386 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1495874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 30250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 26982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 29874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class C | 12263892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 32944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 42638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 19009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 20455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 14016573 |
|  **Net Investment Income** | 38789813 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on : |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 20080462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (3975025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from Underlying Portfolios | 108088304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated investments | 6020646 |
|  Net realized gain (loss) | 130214387 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (460325315) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (88306473) |
|  Net change in unrealized appreciation (depreciation) | (548631788) |
|  Net realized and unrealized gain (loss) | (418417401) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(379627588) |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $38789813 | $26007102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 130214387 | 247128965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (548631788) | (25375119) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (379627588) | 247760948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (1364400) | (730083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (271549609) | (131059383) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (272914009) | (131789466) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 44337402 | (148798633) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (608204195) | (32827151) |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2648783442 | 2681610593 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2040579247 | $2648783442 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 79135 | $696002 | 78111 | $845417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 167206 | 1364400 | 68876 | 730083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (328833) | (3110949) | (262870) | (2861223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (82492) | $(1050547) | (115883) | $(1285723) |
|  **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 5252312 | $48771762 | 4788223 | $51514506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 33400936 | 271549609 | 12422690 | 131059383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (30501408) | (274933422) | (30625561) | (330086799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 8151840 | $45387949 | (13414648) | $(147512910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $44337402 |  | $(148798633) |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.03 | $10.57 | $10.02 | $9.33 | $10.33 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.18 | 0.14 | 0.13 | 0.20 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.78) | 0.89 | 1.10 | 1.29 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.60) | 1.03 | 1.23 | 1.49 | (0.30) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.20) | (0.20) | (0.22) | (0.23) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.01) | (0.37) | (0.46) | (0.57) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.21) | (0.57) | (0.68) | (0.80) | (0.70) |
|  **Net Asset Value, End of Period** | $8.22 | $11.03 | $10.57 | $10.02 | $9.33 |
|  **Total Return** (%)(b) | (14.41) | 9.98 | 13.30 | 16.59 | (3.14) |
|  Ratios/Supplemental Data |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (c) | 0.33 | 0.32 | 0.33 | 0.33 | 0.32 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 1.95 | 1.27 | 1.36 | 2.04 | 1.93 |
|  Portfolio turnover rate (%) | 8 | 15 | 31 | 5 | 5 |
|  Net assets, end of period (in millions) | $10.4 | $14.9 | $15.5 | $13.2 | $11.8 |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $10.96 | $10.51 | $9.96 | $9.28 | $10.27 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.16 | 0.10 | 0.10 | 0.16 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.77) | 0.89 | 1.10 | 1.29 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.61) | 0.99 | 1.20 | 1.45 | (0.32) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.17) | (0.17) | (0.19) | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.01) | (0.37) | (0.46) | (0.57) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.18) | (0.54) | (0.65) | (0.77) | (0.67) |
|  **Net Asset Value, End of Period** | $8.17 | $10.96 | $10.51 | $9.96 | $9.28 |
|  **Total Return** (%) (b) | (14.63) | 9.64 | 12.99 | 16.16 | (3.41) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%)(c) | 0.63 | 0.62 | 0.63 | 0.63 | 0.62 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 1.73 | 0.97 | 1.01 | 1.69 | 1.54 |
|  Portfolio turnover rate (%) | 8 | 15 | 31 | 5 | 5 |
|  Net assets, end of period (in millions) | $2030.2 | $2633.9 | $2666.1 | $2587 | $2479.5 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is American Funds Moderate Allocation Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B and C shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Portfolio will invest substantially all of its assets in certain funds of the American Funds Insurance Series ("AFIS") and other funds within the American Funds family not part of AFIS ("Underlying Portfolios"). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company, an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV. The NAV of the Portfolio is calculated based on the NAVs of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

**Investment Transactions and Related Investment Income -** The Portfolio's security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**3. Certain Risks** 

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser's assessment, and (iii) requiring collateral from the counterparty for

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio and in the Underlying Portfolios in which it invests.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, excluding the short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $189093285 | $0 | $265077797 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers**<br> **for the year ended**<br> **December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $1495874 | 0.100% | First $500 million |
|  | 0.075% | $500 million to $1 billion |
|  | 0.050% | Over $1 billion |

---

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Transactions in Securities of Affiliated Issuers** 

Issuers in which the Portfolio owns 5% or more of the outstanding shares are considered affiliates of the Portfolio.

A summary of the Portfolio's transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending Value<br>as of<br>December 31, 2022** |
|  American Funds Capital World Bond Fund (Class 1) | $78223857 | $1359580 | $(3299307) | $(795346) | $(14006436) | $61482348 |
|  American Funds The Bond Fund of America (Class 1) | 499473959 | 18139454 | (52246153) | (3179679) | (74300037) | 387887544 |
|  | $577697816 | $19499034 | $(55545460) | $(3975025) | $(88306473) | $449369892 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain<br>Distributions from<br>Affiliated Investments** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held at<br>December 31, 2022** |
|  American Funds Capital World Bond Fund (Class 1) | $1071889 | $196206 | 6437942 |
|  American Funds The Bond Fund of America (Class 1) | 4948757 | 13165195 | 41220780 |
|  | $6020646 | $13361401 |  |

---

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $2228441025 |
|  Gross unrealized appreciation | 49068553 |
|  Gross unrealized (depreciation) | (235611231) |
|  Net unrealized appreciation (depreciation) | $(186542678) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $38852587 | $42091710 | $234061422 | $89697756 | $272914009 | $131789466 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $52349730 | $119512962 | $(186542679) | $– $| (14679987) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the American Funds Moderate Allocation Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the American Funds Moderate Allocation Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the American Funds Moderate Allocation Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (the "<u>Advisory Agreements</u>" or "<u>Agreements</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the "<u>Asset Allocation Portfolios</u>") and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the "<u>American Funds of Funds</u>"). The Board considered the Adviser's services as investment manager to the Portfolios, including with respect to investment programs and personnel, succession management of key personnel, oversight of transition management (as applicable), actions taken with respect to regulatory developments, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements—(Continued)** 

activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic reviews and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the Asset Allocation Portfolios, the Board noted that the Adviser employs at its own expense an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and investments in other Portfolios of the Trusts (the "Underlying Portfolios"). Additionally, the Board considered that a committee, consisting of investment professionals from the Adviser, meets regularly to review the management of the Asset Allocation Portfolios and the American Funds of Funds, including asset allocations and performance metrics.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected, and (ii) the selection of the peer groups.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each of the Portfolios, which included comparisons of the Portfolio's contractual management fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>") and a narrower group of peer funds ("<u>Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser's analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**American Funds Moderate Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements—(Continued)** 

Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

\* \* \* \* \*

*American Funds Moderate Allocation Portfolio.* The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the median of its Performance Universe and average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board noted that the Portfolio outperformed the Brighthouse Moderate AA Narrow Index for the one-, three-, and five-year periods ended October 31, 2022. The Board further noted that the Portfolio outperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median and the Expense Universe median. The Board also noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Managed By BlackRock Financial Management, Inc.** 

**Portfolio Manager Annual Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class B shares of the BlackRock Global Tactical Strategies Portfolio returned -18.89%. The Portfolio's benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

**MARKET ENVIRONMENT / CONDITIONS** 

This year's macro performance was driven by stubborn inflation and a global wave of central bank tightening, a simultaneous drag on both stock and bond returns. The perceived "transitory" inflation gave way to more persistent price increases. In fact, U.S. inflation remained at multi-decade highs for longer than policymakers expected, with pressures widespread across both goods and services. To combat inflation, the Federal Reserve (the "Fed") increased its benchmark interest rate seven times to 4.5%, the highest level in 15 years.

2022 also saw signs of transatlantic divergence in financial conditions. In addition to inflationary pressures, Europe struggled with euro depreciation, particularly over the first half of the year, and continued upside risks to energy prices as supplies to Europe were disrupted by Russia's invasion of Ukraine. Volatility in both the euro and energy prices were exacerbated by geopolitical risks stemming from Russia's ongoing invasion of Ukraine. The Bank of Japan (the "BoJ") stood nearly alone amongst developed market central banks, having not adjusted their policy rates, and was, in fact, still engaged in their yield curve control policy despite multi-decade high inflation before tweaking its yield curve control policy in the last weeks of December.

Stock-bond correlations rose substantially throughout 2022, as financial conditions tightened globally, and Consumer Price Index readings failed to mark a definitive peak in inflation. Global stocks fell -18.36% as measured by the MSCI All Country World Index and Global bonds dropped -18.26% as measured by the FTSE World Government Bond Index in 2022. As U.S. stocks suffered their worst year since the global financial crisis, the U.S. dollar strengthened vis-á-vis most foreign currencies in 2022. Emerging market ("EM") equities also declined, with considerable performance variability among the EM countries. Bonds declined sharply in 2022, with shorter-term bonds outperforming longer-duration bonds. Commodities posted positive returns due primarily to significant gains in oil and other energy-related commodities following the coordinated policy of banning Russian oil imports amongst much of the European Union.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

For the 12 months ended December 31, 2022, the Portfolio's assets were allocated across a diversified mix of asset classes. The volatility of the Portfolio is generally managed by rotating out of risky assets and into cash or other less risky assets during periods of market turbulence. During the twelve-month period ended December 31, 2022, the Portfolio de-risked multiple times which negatively affected performance by -1.36%. At period end, the Portfolio was de-risked.

The Portfolio underperformed the Dow Jones Moderate Portfolio Index (the "Index") over the twelve-month period ended December 31, 2022. Performance relative to the Index was supported by strategic exposure to international equities while strategic exposure to commodities and real estate detracted from performance. Tactical asset allocation was additive over the period.

We started the year with a view of strong global growth expressed through a directional overweight to equities with a preference towards European and Japanese equities, underweight U.S. duration and overweight the euro.

Within fixed income, we held an underweight of both U.S. 30-year and 5-year bonds through most of the period. Both positions were additive as domestic interest rates continued to move higher with increasingly hawkish rhetoric from the Fed. As interest rates climbed up steadily over the year, the mispricing previously seen has diminished and, as such, we saw an attractive opportunity to take profits by reducing the size of the 30-year underweight and removing the 5-year underweight at the end of the third quarter of 2022.

We maintained a modest equity overweight primarily through a long position in Japanese equities before transitioning that to an overweight in U.S. equities. As we moved into the fourth quarter of 2022, global real interest rates had moved materially higher while Japanese inflation firmed, increasing the risk of shifts in the BoJ's policy framework. Considering these developments and Japanese equity outperformance, we felt it was appropriate to rotate into U.S. equities as they had underperformed amidst rising real interest rates and a relatively hawkish Fed.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Managed By BlackRock Financial Management, Inc.** 

**Portfolio Manager Annual Commentary\*—(Continued)** 

Our long exposure to the euro detracted from performance before we took off the position in March 2022. Ongoing geopolitical tensions in the region drove a weakness in the euro. We ended the period with no active currency positions in the Portfolio. All derivatives performed as expected over the period.

**Philip Green** 

**Michael Pensky** 

Portfolio Managers

*BlackRock Financial Management, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor's desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index's downside risk over the past 36 months.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g382964g60h07.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**BlackRock Global Tactical Strategies Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -18.89 | 0.79 | 3.69 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | -14.97 | 3.26 | 5.66 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **iShares Core MSCI EAFE ETF** | **25.0** |
| **Vanguard Total Bond Market ETF** | **21.2** |
| **iShares Core U.S. Aggregate Bond ETF** | **14.1** |
| **iShares Core S&P 500 ETF** | **11.9** |
| **Technology Select Sector SPDR Fund** | **3.8** |
| **Health Care Select Sector SPDR Fund** | **2.3** |
| **iShares U.S. Real Estate ETF** | **2.0** |
| **Financial Select Sector SPDR Fund** | **1.7** |
| **Consumer Discretionary Select Sector SPDR Fund** | **1.4** |
| **Industrial Select Sector SPDR Fund** | **1.3** |

---

**Exposure by Asset Class** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Investment Grade Fixed Income** | **34.3** |
| **U.S. Large Cap Equities** | **27.9** |
| **International Developed Market Equities** | **25.6** |
| **Commodities** | **4.1** |
| **Real Estate Equities** | **2.4** |
| **U.S. Small Cap Equities** | **1.9** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BlackRock Global Tactical Strategies Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending <br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class B (a) (b) | Actual | 0.88% | $1000.00 | $976.20 | $4.38 |
|  | Hypothetical\* | 0.88% | $1000.00 | $1020.77 | $4.48 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to
Consolidated Financial Statements.

(b) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Mutual Funds—89.0% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Investment Company Securities—89.0%** | | |
|  Communication Services Select Sector SPDR Fund (a) | 967169 | 46414440 |
|  Consumer Discretionary Select Sector SPDR Fund (a) | 478469 | 61799056 |
|  Consumer Staples Select Sector SPDR Fund (a) | 604239 | 45046017 |
|  Energy Select Sector SPDR Fund (a) | 377939 | 33058324 |
|  Financial Select Sector SPDR Fund (a) | 2137458 | 73101064 |
|  Health Care Select Sector SPDR Fund (a) | 731895 | 99427936 |
|  Industrial Select Sector SPDR Fund (a) | 555469 | 54552611 |
|  iShares Core MSCI EAFE ETF (a) (b) | 17301112 | 1066440544 |
|  iShares Core S&P 500 ETF (a) (b) | 1315299 | 505351029 |
|  iShares Core U.S. Aggregate Bond ETF (a) (b) | 6206388 | 601957572 |
|  iShares U.S. Real Estate ETF (a) (b) | 1028134 | 86558601 |
|  Materials Select Sector SPDR Fund (a) | 216812 | 16841956 |
|  Real Estate Select Sector SPDR Fund (a) | 458065 | 16916340 |
|  Technology Select Sector SPDR Fund (a) | 1303456 | 162202065 |
|  Utilities Select Sector SPDR Fund (a) | 281299 | 19831580 |
|  Vanguard Total Bond Market ETF (a) | 12566979 | 902811771 |
|  Total Mutual Funds<br>(Cost $3,629,074,945) |  | 3792310906 |
| **Short-Term Investments—7.5%** | **Short-Term Investments—7.5%** | **Short-Term Investments—7.5%** |
| **Mutual Funds—6.6%** | **Mutual Funds—6.6%** | **Mutual Funds—6.6%** |
|  SSGA USD Liquidity Fund, D Shares, 4.360% (c) | 279717638 | 279717638 |
| **Repurchase Agreement—0.9%** | **Repurchase Agreement—0.9%** | **Repurchase Agreement—0.9%** |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $38,941,295; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $39,712,205. | 38933508 | 38933508 |
|  Total Short-Term Investments<br>(Cost $318,651,146) |  | 318651146 |
| **Securities Lending Reinvestments (d)—17.8%** | **Securities Lending Reinvestments (d)—17.8%** | **Securities Lending Reinvestments (d)—17.8%** |
| **Certificates of Deposit—6.4%** | **Certificates of Deposit—6.4%** | **Certificates of Deposit—6.4%** |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e) | 15000000 | 15000000 |
|  Bank of Nova Scotia<br>4.550%, SOFR + 0.250%, 02/17/23 (e) | 8000000 | 7999638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (e) | 10000000 | 10004202 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.550%, SOFR + 0.250%, 02/03/23 (e) | 8000000 | 8000529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, SOFR + 0.500%, 03/03/23 (e) | 27000000 | 27010335 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (e) | 8000000 | 8000568 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (e) | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (e) | 10000000 | 10002090 |
|  Credit Agricole S.A.<br>4.700%, 02/03/23 | 5000000 | 5001250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 02/22/23 | 8000000 | 8002880 |
|  Credit Industriel et Commercial (NY)<br>4.710%, FEDEFF PRV + 0.380%, 01/09/23 (e) | 10000000 | 10000290 |
|  Mitsubishi UFJ Trust and Banking Corp. (London)<br>Zero Coupon, 01/17/23 | 5000000 | 4989050 |
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
|  Mizuho Bank, Ltd.<br>4.750%, SOFR + 0.450%, 02/06/23 (e) | 5000000 | 5001538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 01/26/23 (e) | 5000000 | 5001502 |
|  MUFG Bank Ltd. (NY)<br>4.900%, SOFR + 0.600%, 01/25/23 (e) | 9000000 | 9001890 |
|  Natixis S.A.<br>4.750%, SOFR + 0.450%, 06/21/23 (e) | 11000000 | 11003563 |
|  Nordea Bank Abp (NY)<br>4.760%, SOFR + 0.460%, 02/13/23 (e) | 17000000 | 17002907 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (e) | 25000000 | 24999600 |
|  State Street Bank and Trust Co.<br>4.980%, SOFR + 0.680%, 07/14/23 (e) | 10000000 | 10011770 |
|  Sumitomo Mitsui Banking Corp.<br>5.050%, SOFR + 0.750%, 04/21/23 (e) | 16000000 | 16021664 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.850%, SOFR + 0.550%, 03/07/23 (e) | 10000000 | 10002780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890%, SOFR + 0.590%, 02/01/23 (e) | 10000000 | 10003920 |
|  Toronto-Dominion Bank (The)<br>4.550%, SOFR + 0.250%, 02/09/23 (e) | 10000000 | 9999562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.660%, SOFR + 0.360%, 03/21/23 (e) | 10000000 | 10000000 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (e) | 5000000 | 4999450 |
|  |  | 272060978 |
| **Commercial Paper—0.7%** | **Commercial Paper—0.7%** | **Commercial Paper—0.7%** |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (e) | 10000000 | 10002530 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (e) | 15000000 | 15004050 |
|  Skandinaviska Enskilda Banken AB<br>4.980%, SOFR + 0.680%, 05/03/23 (e) | 5000000 | 5004940 |
|  |  | 30011520 |
| **Master Demand Notes—0.2%** | **Master Demand Notes—0.2%** | **Master Demand Notes—0.2%** |
|  Bank of America N.A.<br>4.880%, SOFR + 0.580%, 05/15/23 (e) | 5000000 | 4999944 |
|  Natixis Financial Products LLC<br>4.550%, OBFR + 0.230%, 01/03/23 (e) | 3000000 | 3000000 |
|  |  | 7999944 |
| **Repurchase Agreements—7.9%** | **Repurchase Agreements—7.9%** | **Repurchase Agreements—7.9%** |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $18,080,850; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $18,360,001. | 18000000 | 18000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $30,750,792; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $30,600,004. | 30000000 | 30000000 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (d)—(Continued)** 

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| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
|  HSBC Bank plc<br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $63,967,599; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $65,272,505. | 63937052 | $63937052 |
|  National Bank Financial, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $10,905,232; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $11,160,175. | 10900000 | 10900000 |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $105,090,854; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $114,326,995. | 105000000 | 105000000 |
|  Royal Bank of Canada Toronto<br>Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $20,090,417; collateralized by various Common Stock with an aggregate market value of $22,225,093. | 20000000 | 20000000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $5,002,439; collateralized by various Common Stock with an aggregate market value of $5,564,235. | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $7,053,455; collateralized by various Common Stock with an aggregate market value of $7,845,572. | 7050000 | 7050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $30,815,834; collateralized by various Common Stock with an aggregate market value of $34,287,137. | 30800742 | 30800742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $20,017,189; collateralized by various Common Stock with an aggregate market value of $22,263,838. | 20000000 | 20000000 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $15,007,333; collateralized by various Common Stock with an aggregate market value of $16,641,419. | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $10,105,223; collateralized by various Common Stock with an aggregate market value of $11,309,147. | 10100285 | 10100285 |
|  |  | 335788079 |
| **Time Deposits—0.9%** | **Time Deposits—0.9%** | **Time Deposits—0.9%** |
|  Credit Agricole Corp. & Investment Bank (NY)<br>4.290%, 01/03/23 | 10000000 | 10000000 |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (e) | 30000000 | 30000000 |
|  |  | 40000000 |
| **Mutual Funds—1.7%** | **Mutual Funds—1.7%** | **Mutual Funds—1.7%** |
|  AB Government Money Market Portfolio, Institutional Class 4.110% (c) | 10000000 | 10000000 |
|  Fidelity Investments Money Market Government Portfolio, Class I 4.060% (c) | 10000000 | 10000000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (c) | 5835093 | 5835093 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (c) | 25000000 | 25000000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (c) | 12400000 | 12400000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (c) | 10000000 | 10000000 |
|  |  | 73235093 |
|  Total Securities Lending Reinvestments<br>(Cost $759,014,688) |  | 759095614 |
|  Total Investments—114.3%<br>(Cost $4,706,740,779) |  | 4870057666 |
|  Other assets and liabilities (net)—(14.3)% |  | (607772485) |
| **Net Assets—100.0%** |  | $4262285181 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $739,284,393 and the collateral received consisted of cash in the amount of $758,964,140. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments.

(b) Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)

(c) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(d) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| AUD | 6550000 | UBSA | 03/15/23 | USD | 4471856 | $(302) |
| EUR | 1106875 | JPMC | 03/15/23 | USD | 1173971 | (16566) |
| GBP | 4314000 | UBSA | 03/15/23 | USD | 5313196 | 88714 |
| JPY | 1141377801 | UBSA | 03/15/23 | USD | 8587948 | (190463) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(118617) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  MSCI EAFE Index Mini Futures | 03/17/23 | 271 | USD | 26414370 | $(36462) |
|  Russell 2000 Index E-Mini Futures | 03/17/23 | 915 | USD | 81018675 | (2887273) |
|  S&P 500 Index E-Mini Futures | 03/17/23 | 376 | USD | 72586800 | 91334 |
| **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** |  |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | (319) | USD | (42845688) | (2179) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(2834580) |

---

**Swap Agreements** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating<br>Rate Index** | **Payment<br>Frequency** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 12M SOFR | Annually | 2.590% | Annually | 08/05/32 | USD | 559000000 | $(42160188) | $8361 | $(42168549) |
|  Pay | 12M SOFR | Annually | 3.160% | Annually | 06/17/32 | USD | 516975743 | (15158308) | (322838) | (14835470) |
|  Pay | 12M SOFR | Annually | 3.590% | Annually | 11/16/32 | USD | 55000000 | 307369 | 873 | 306496 |
|  Pay | 12M SOFR | Annually | 3.805% | Annually | 11/04/32 | USD | 215000000 | 4991064 | (25625) | 5016689 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(52020063) | $(339229) | $(51680834) |

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating<br>Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Underlying Reference<br>Instrument** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront Premium<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
|  Pay | 3M UST | Quarterly | 05/31/23 | JPMC | S&P GSCI Commodity Index | USD | 175964856 | $(2428090) | $– $| (2428090) |

---

(1) There was no upfront premium paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Glossary of Abbreviations** 

Counterparties

------

(JPMC)— JPMorgan Chase Bank N.A. <br> (UBSA)— UBS AG

Currencies

------

---

| | |
|:---|:---|
| (AUD)— | Australian Dollar |
| (EUR)— | Euro |
| (GBP)— | British Pound |
| (JPY)— | Japanese Yen |
| (USD)— | United States Dollar |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |
| (UST)— | U.S. Treasury Bill Rate |

---

Other Abbreviations

------

(ETF)— Exchange-Traded Fund

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company Securities | $3792310906 | $— | $— | $3792310906 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 279717638 |  |  | 279717638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 38933508 |  | 38933508 |
|  Total Short-Term Investments | 279717638 | 38933508 |  | 318651146 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 272060978 |  | 272060978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 30011520 |  | 30011520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Demand Notes |  | 7999944 |  | 7999944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 335788079 |  | 335788079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 40000000 |  | 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 73235093 |  |  | 73235093 |
|  Total Securities Lending Reinvestments | 73235093 | 685860521 |  | 759095614 |
|  Total Investments | $4145263637 | $724794029 | $— | $4870057666 |
|  Collateral for Securities Loaned (Liability) | $— | $(758964140) | $— | $(758964140) |
| Forward Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $88714 | $— | $88714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (207331) |  | (207331) |
|  Total Forward Contracts | $— | $(118617) | $— | $(118617) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $91334 | $— | $— | $91334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (2925914) |  |  | (2925914) |
|  Total Futures Contracts | $(2834580) | $— | $— | $(2834580) |
| Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | $— | $5323185 | $— | $5323185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) |  | (57004019) |  | (57004019) |
|  Total Centrally Cleared Swap Contracts | $— | $(51680834) | $— | $(51680834) |
| OTC Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) | $— | $(2428090) | $— | $(2428090) |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Consolidated§ Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $2609749920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (c) (d) | 2260307746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (e) | 19106359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (f) | 83691573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 88714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments sold | 47473374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 902585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 674624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 1488528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 17804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 5030291227 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value | 2428090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 207331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 758964140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2047779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on OTC swap contracts | 642296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2266795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 926804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 149475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 373336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 768006046 |
|  **Net Assets** | $4262285181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $4542338060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (280052879) |
|  **Net Assets** | $4262285181 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $4262285181 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 519450342 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $8.21 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $2,563,398,810.

(b) Includes securities loaned at value of $508,940,516.

(c) Identified cost of affiliated investments was $2,143,341,969.

(d) Includes securities loaned at value of $230,343,877.

(e) Identified cost of cash denominated in foreign currencies was $19,080,083.

(f) Includes collateral of $10,439,000 for futures contracts, $6,200,573 for OTC swap contracts and $67,052,000 for centrally cleared swap contracts.

**Consolidated§ Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Underlying ETFs | $35643800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 55652852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6792936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 2338371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 100427959 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 32258603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 212081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 265078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 12176386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 69211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 51082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 109541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 42580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 39052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 45233188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (2750854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 42482334 |
|  **Net Investment Income** | 57945625 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 74117752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (57662039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (37321266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (156680934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (11203252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 4381907 |
|  Net realized gain (loss) | (184367832) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (414250418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (455919116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8740427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (72853724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (836751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (1590912) |
|  Net change in unrealized appreciation (depreciation) | (954191348) |
|  Net realized and unrealized gain (loss) | (1138559180) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(1080613555) |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $57945625 | $57199663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (184367832) | 242484966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (954191348) | 264351046 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (1080613555) | 564035675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (293170924) | (315055031) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (293170924) | (315055031) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (302248787) | (462204968) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (1676033266) | (213224324) |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5938318447 | 6151542771 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4262285181 | $5938318447 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1000167 | $8665951 | 1123743 | $11990234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 35194589 | 293170924 | 30293753 | 315055031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (67284810) | (604085662) | (74544536) | (789250233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (31090054) | $(302248787) | (43127040) | $(462204968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(302248787) |  | $(462204968) |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Consolidated§ Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $10.79 | $10.36 | $11.10 | $9.22 | $10.84 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.11 | 0.10 | 0.09 | 0.18 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.12) | 0.90 | 0.25 | 1.72 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.01) | 1.00 | 0.34 | 1.90 | (0.71) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.22) | (0.15) | (0.17) | (0.02) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.35) | (0.42) | (0.91) | 0.00 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.57) | (0.57) | (1.08) | (0.02) | (0.91) |
|  **Net Asset Value, End of Period** | $8.21 | $10.79 | $10.36 | $11.10 | $9.22 |
|  **Total Return (%)** (b) | (18.79)(c) | 9.79 | 4.31 | 20.63 | (7.18) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) (d) | 0.93 | 0.93 | 0.93 | 0.92 | 0.92 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 0.87 | 0.86 | 0.88 | 0.88 | 0.87 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.19 | 0.94 | 0.90 | 1.71 | 1.08 |
|  Portfolio turnover rate (%) | 11 | 11 | 42 | 36 | 40 |
|  Net assets, end of period (in millions) | $4262.3 | $5938.3 | $6151.5 | $6647 | $6256.1 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder
transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

(e) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock Global Tactical Strategies Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio allocates its assets in a broad range of asset classes, primarily through other investment companies known as exchange traded funds ("Underlying ETFs"), involving primarily series of the iShares<sup>®</sup> Trust and iShares<sup>®</sup>, Inc., but the Portfolio also has the ability to invest in series sponsored by other companies.

**2. Consolidation of Subsidiary—BlackRock Global Tactical Strategies Portfolio, Ltd.** 

The Portfolio may invest up to 6% of its total assets in the BlackRock Global Tactical Strategies Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the "Subsidiary"). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio's annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio's business of investing in stock, securities or currencies.

The Subsidiary invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio's transactions in derivatives. In addition, the Portfolio and the Subsidiary will be subject to the Portfolio's fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by BlackRock Financial Management, Inc. (the "Subadviser"), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio's prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $290,587,059 in the Subsidiary, representing 5.8% of the Portfolio's total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

**3. Significant Accounting Policies** 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Investments in unregistered open-end management investment companies are reported at NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy provided the NAV is observable, calculated daily and are the value at which both purchases and sales will be conducted.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded over-the-counter ("OTC") are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to controlled foreign corporation adjustments. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $38,933,508. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $335,788,079. The combined value of all repurchase agreements is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**Securities Lending** - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 3. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Mutual Funds in the Portfolio's Consolidated Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**4. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio's investment in equity futures, treasury and other interest rate futures were used for both hedging and investment exposure purposes. Futures

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Interest Rate Swaps:* The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

*Total Return Swaps*: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When the Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when the Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated**<br> **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Consolidated**<br> **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) (b) | $5323185 | Unrealized depreciation on centrally cleared swap contracts (a) (b) | $57004019 |
|  |  |  | Unrealized depreciation on futures contracts (b) (c) | 2179 |
|  Equity | Unrealized appreciation on futures contracts (b) (c) | 91334 | Unrealized depreciation on futures contracts (b) (c) | 2923735 |
|  Commodity |  |  | OTC swap contracts at market value (d) | 2428090 |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 88714 | Unrealized depreciation on forward foreign currency exchange contracts | 207331 |
| Total |  | $5503233 |  | $62565354 |

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(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets
and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of
Assets and Liabilities.

(d) Excludes OTC swap interest payable of $642,296.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its consolidated financial position for recognized assets and liabilities.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  UBS AG | $88714 | $(88714) | $– $|  |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  JPMorgan Chase Bank N.A. | $2444656 | $— | $(2444656) | $— |
|  UBS AG | 190765 | (88714) |  | 102051 |
|  | $2635421 | $(88714) | $(2444656) | $102051 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net<br>Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $— | $— | $4381907 | $4381907 |
|  Swap contracts | (234968629) |  | 78287695 |  | (156680934) |
|  Futures contracts | 52406767 | (89728033) |  |  | (37321266) |
|  | $(182561862) | $(89728033) | $78287695 | $4381907 | $(189620293) |
| **Consolidated Statement of Operations Location—Net<br>Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $— | $— | $(1590912) | $(1590912) |
|  Swap contracts | (52767234) |  | (20086490) |  | (72853724) |
|  Futures contracts | 2185369 | (10925796) |  |  | (8740427) |
|  | $(50581865) | $(10925796) | $(20086490) | $(1590912) | $(83185063) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Forward foreign currency transactions | 333980220 |
|  Futures contracts long | 355770272 |
|  Futures contracts short | (362701400) |
|  Swap contracts | 1703873226 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**5. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Commodities Risk:* Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**6. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $446390785 | $0 | $885240391 |

---

**7. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $32258603 | 0.800% | First $100 million |
|  | 0.750% | $100 million to $300 million |
|  | 0.700% | $300 million to $600 million |
|  | 0.675% | $600 million to $1 billion |
|  | 0.650% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.180% | First $100 million |
| 0.130% | $100 million to $300 million |
| 0.080% | $300 million to $600 million |
| 0.055% | $600 million to $1 billion |
| 0.030% | $1 billion to $2.5 billion |
| 0.050% | $2.5 billion to $4.5 billion |
| 0.100% | $4.5 billion to $6.5 billion |
| 0.130% | Over $6.5 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Consolidated Statement of Operations.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Consolidated Statement of Assets and Liabilities.

**8. Transactions in Securities of Affiliated Issuers** 

The Portfolio does not invest in the Underlying ETFs for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying ETFs' net assets. Transactions in the Underlying ETFs for the year ended December 31, 2022 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending Value as of<br>December 31, 2022** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held at<br>December 31, 2022** |
|  iShares Core MSCI EAFE ETF | $1291355000 | $— | $— | $— | $(224914456) | $1066440544 | $28832459 | 17301112 |
|  iShares Core S&P 500 ETF | 627384470 |  |  |  | (122033441) | 505351029 | 8409109 | 1315299 |
|  iShares Core U.S. Aggregate Bond ETF | 931739730 | 377632779 | (574112377) | (76159928) | (57142632) | 601957572 | 16217786 | 6206388 |
|  iShares U.S. Real Estate ETF | 130903020 | 68758006 | (79771727) | 18497889 | (51828587) | 86558601 | 2193498 | 1028134 |
|  | $2981382220 | $446390785 | $(653884104) | $(57662039) | $(455919116) | $2260307746 | $55652852 |  |

---

**9. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**10. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $4992493470 |
|  Gross unrealized appreciation | 587850532 |
|  Gross unrealized (depreciation) | (764395260) |
|  Net unrealized appreciation (depreciation) | $(176544728) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $113451823 | $264690994 | $179719101 | $50364037 | $293170924 | $315055031 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary <br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net <br>Unrealized <br>Appreciation <br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $136392034 | $– $| (176523568) | $(239771867) | $(279903401) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $239,771,867.

**11. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the BlackRock Global Tactical Strategies Portfolio and subsidiary:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the BlackRock Global Tactical Strategies Portfolio and subsidiary (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the BlackRock Global Tactical Strategies Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

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**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*BlackRock Global Tactical Strategies Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and BlackRock Financial Management, Inc. regarding the Portfolio:

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests.

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2022 and underperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2022. The Board considered that the Portfolio underperformed the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, and its blended index for the one-, three-, and

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**BlackRock Global Tactical Strategies Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Managed by BlackRock Financial Management, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the BlackRock High Yield Portfolio returned -10.17% and -10.33%, respectively. The Portfolio's benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index¹, returned -11.18%.

**MARKET ENVIRONMENT / CONDITIONS** 

After a tough year for High Yield ("HY") amid broader market weakness, the asset class ended 2022 on a relatively high note. Risk assets rallied starting in mid-October on optimism surrounding inflation and U.S. Federal Reserve (the "Fed") policy, punctuated by a better-than-expected Consumer Price Index print in December. That said, a decidedly hawkish tone from the Fed after their 0.50% Fed funds target rate hike in December dampened that rally a bit heading into year end. HY generated returns of 4.17% in the fourth quarter, outpacing Investment Grade ("IG") and loans, but lagged the equity markets as measured by the S&P 500 Index by -3.37% on a total return basis. Single B rated bonds posted the best fourth quarter of any HY ratings segment at 4.94% (-10.19% for the full year) followed by BB rated bonds at 4.30% (-10.67% for the full year) and CCC rated bonds at 0.51% (-16.29% for the full year). Excess returns favored B rated bonds in the fourth quarter as well, with gains of 4.93%. BB rated bonds gained 4.31%, and CCC rated bonds gained 0.52% through this lens. BB rated bonds experienced losses of -2.24%, B rated bonds at -3.75%, and CCC rated bonds at -10.51% on an excess return basis in 2022. Nearly every sector ended the year lower with the exceptions of oil field equipment & services and refining, seeing gains of 4.12% and 2.67% respectively. Meanwhile, pharmaceuticals suffered the most at -24.39%. The difference between the best and worst performing sectors speaks to the significant sectoral dispersion we saw over the course of the year.

2022 was drastically quieter for HY new issuance as borrowing costs increased and issuers had less reason to raise capital after the refinancing activity in 2020 and 2021. We saw the primary market reopen for selective issuers in the fourth quarter but still at a very dampened level, with only $16.3 billion of gross issuance. As such, 2022's issuance was notably muted at only $103 billion, after $431 billion of issuance in 2020 and $457 billion in 2021.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio's asset allocation proved an important driver of relative returns in 2022. Bank Loan allocation was a strong contributor this year as the floating rate nature and lack of duration in the asset class helped achieve strong outperformance relative to other risk assets. Allocation to IG bonds also contributed as we took advantage of compelling opportunities in the lower-rated end of the IG market compared to higher quality HY.

Sector allocation was also a positive driver for the Portfolio's performance for the period. Underweights to retailers and media & entertainment were notable through this lens. Underweights to some of the sectors that faced the most pressure this year such as health care and pharmaceuticals also boosted performance. On the other hand, an overweight to wirelines and an underweight to gaming detracted from performance.

Relative performance between ratings buckets notably fluctuated widely throughout this particularly volatile year. Our overall ratings positioning was a contributor this year, with our BB rated bond underweight serving as the largest contributor. Our Single B rated bond overweight was also a contributor this year, while our CCC rated bond overweight detracted from performance.

The Portfolio's broad themes remained generally consistent throughout the year. We have maintained a relatively consistent underweight to BB rated bonds versus the benchmark Index while maintaining overweight allocations to B rated bonds and CCC rated bonds. As always, we contextualize this CCC rated bond overweight from a yield perspective. At period end, relative to the benchmark Index, we maintain an underweight to the 14%+ yield bucket where the largest concentration of stressed issuers trade today. We continue to assess companies facing headwinds and will address each situation as such. The Portfolio also ended the period maintaining a consistent underweight to BB rated bonds. We have increased exposure to BBB rated bonds that we believe were attractive relative value opportunities.

At the end of the period, the Portfolio continued to maintain a tactical position to liquid high yield index securities like the credit default swap index (CDX) or exchange-traded funds as an efficient means of portfolio management. All derivatives performed as expected during the period.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Managed by BlackRock Financial Management, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

At period end, the Portfolio's top sector overweights were to the information technology, cable & satellite, and wirelines sectors and sub-sectors. The Portfolio's largest sub-sector underweights included media & entertainment, retailers, and automotive.

**James Keenan** 

**Mitch Garfin** 

**David Delbos** 

**Derek Schoenhofen** 

Portfolio Managers

*BlackRock Financial Management, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is composed of fixed rate non-investment grade debt with at least one year remaining to maturity that are dollar-denominated, nonconvertible and have an outstanding par value of at least $150 million. It limits issue exposure to a 2% maximum.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. CORPORATE HIGH YIELD 2% ISSUER CAPPED INDEX**![LOGO](g394295g48z68.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**BlackRock High Yield Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –10.17 | 2.75 | 4.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –10.33 | 2.49 | 4.18 |
| &nbsp;&nbsp;&nbsp;**Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index** | –11.18 | 2.30 | 4.03 |

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Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Sectors** 

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| | |
|:---|:---|
|  | **% of**<br>**Net Assets** |
| **Corporate Bonds & Notes** | **85.4** |
| **Floating Rate Loans** | **10.7** |
| **Convertible Bonds** | **0.5** |
| **Common Stocks** | **0.5** |
| **Purchased Options** | **0.1** |

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**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BlackRock High Yield Portfolio** |  | **Annualized**<br>**Expense**<br>**Ratio** | **Beginning**<br>**Account Value**<br>**July 1,**<br>**2022** | **Ending**<br>**Account Value**<br>**December 31,<br>2022** | **Expenses Paid**<br>**During Period\*\***<br>**July 1, 2022**<br>**to<br>December 31,**<br>**2022** |
|  Class A (a)  | Actual | 0.65% | $1000.00 | $1034.60 | $3.33 |
|  | Hypothetical\* | 0.65% | $1000.00 | $1021.93 | $3.31 |
|  Class B(a)  | Actual | 0.90% | $1000.00 | $1033.70 | $4.61 |
|  | Hypothetical\* | 0.90% | $1000.00 | $1020.67 | $4.58 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—85.4% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Advertising—1.3%** | **Advertising—1.3%** | **Advertising—1.3%** |
|  Clear Channel International B.V.<br>6.625%, 08/01/25 (144A) (a) | 809000 | $771951 |
|  Clear Channel Outdoor Holdings, Inc.<br>5.125%, 08/15/27 (144A) | 3386000 | 2933969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/01/29 (144A) (a) | 3215000 | 2360678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 04/15/28 (144A) (a) | 2235000 | 1631571 |
|  CMG Media Corp.<br>8.875%, 12/15/27 (144A) | 1228000 | 924316 |
|  Lamar Media Corp.<br>3.750%, 02/15/28 | 107000 | 95776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/30 (a) | 132000 | 115368 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp.<br>4.250%, 01/15/29 (144A) | 517000 | 428970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/30 (144A) | 214000 | 177047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/27 (144A) (a) | 834000 | 750806 |
|  Stagwell Global LLC<br>5.625%, 08/15/29 (144A) | 275000 | 226759 |
|  Summer BC Holdco B Sarl<br>5.750%, 10/31/26 (EUR) | 100000 | 90052 |
|  |  | 10507263 |
| **Aerospace/Defense—3.8%** | **Aerospace/Defense—3.8%** | **Aerospace/Defense—3.8%** |
|  Boeing Co. (The)<br>3.625%, 02/01/31 (a) | 254000 | 222546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/01/30 (a) | 2561000 | 2498612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/50 | 873000 | 809425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 05/01/60 | 870000 | 792521 |
|  Bombardier, Inc.<br>6.000%, 02/15/28 (144A) | 1515000 | 1400951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 06/15/26 (144A) | 1681000 | 1630930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.450%, 05/01/34 (144A) | 374000 | 374000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/15/25 (144A) | 60000 | 59419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/27 (144A) (a) | 1417000 | 1374456 |
|  F-Brasile S.p.A. / F-Brasile U.S. LLC<br>7.375%, 08/15/26 (144A) (a) | 664000 | 542820 |
|  Howmet Aerospace, Inc.<br>5.125%, 10/01/24 (a) | 31000 | 30654 |
|  Rolls-Royce plc<br>5.750%, 10/15/27 (144A) (a) | 2764000 | 2632710 |
|  Spirit AeroSystems, Inc.<br>7.500%, 04/15/25 (144A) | 88000 | 86958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 11/30/29 | 1205000 | 1268504 |
|  TransDigm, Inc.<br>4.625%, 01/15/29 (a) | 1579000 | 1388367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/29 | 775000 | 675994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/26 (144A) | 11442000 | 11283986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/15/26 | 96000 | 93404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/15/27 | 277000 | 274066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 12/15/25 (144A) | 1955000 | 1983914 |
|  Triumph Group, Inc.<br>8.875%, 06/01/24 (144A) | 2031000 | 2066542 |
|  |  | 31490779 |
| **Agriculture—0.1%** | **Agriculture—0.1%** | **Agriculture—0.1%** |
|  Darling Ingredients, Inc.<br>6.000%, 06/15/30 (144A) | 1166000 | 1139765 |
| **Airlines—1.9%** | **Airlines—1.9%** | **Airlines—1.9%** |
|  Air Canada<br>3.875%, 08/15/26 (144A) | 968000 | $857389 |
|  Air France-KLM<br>3.875%, 07/01/26 (EUR) | 100000 | 95780 |
|  Allegiant Travel Co.<br>7.250%, 08/15/27 (144A) | 303000 | 288202 |
|  American Airlines, Inc.<br>11.750%, 07/15/25 (144A) (a) | 2016000 | 2162360 |
|  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.<br>5.500%, 04/20/26 (144A) (a) | 395747 | 380569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/20/29 (144A) | 2941460 | 2688365 |
|  Delta Air Lines, Inc.<br>7.000%, 05/01/25 (144A) (a) | 248000 | 253441 |
|  Delta Air Lines, Inc. / SkyMiles IP, Ltd.<br>4.750%, 10/20/28 (144A) | 298958 | 281013 |
|  Deutsche Lufthansa AG<br>2.000%, 07/14/24 (EUR) | 100000 | 102457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/14/29 (EUR) | 100000 | 90584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/11/28 (EUR) | 100000 | 95002 |
|  Finnair Oyj<br>4.250%, 05/19/25 (EUR) | 100000 | 78349 |
|  Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty, Ltd.<br>5.750%, 01/20/26 (144A) (a) | 939000 | 849795 |
|  International Consolidated Airlines Group S.A.<br>3.750%, 03/25/29 (EUR) | 100000 | 81889 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets, Ltd.<br>6.500%, 06/20/27 (144A) | 1780650 | 1770326 |
|  Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.<br>8.000%, 09/20/25 (144A) (a) | 542401 | 545013 |
|  United Airlines Pass-Through Trust<br>4.875%, 01/15/26 | 95250 | 90619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/27 | 1534134 | 1512573 |
|  United Airlines, Inc.<br>4.375%, 04/15/26 (144A) | 1514000 | 1403366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/29 (144A) | 1856000 | 1616011 |
|  |  | 15243103 |
| **Apparel—0.1%** | **Apparel—0.1%** | **Apparel—0.1%** |
|  Crocs, Inc.<br>4.125%, 08/15/31 (144A) | 898000 | 731825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/15/29 (144A) | 45000 | 38120 |
|  Kontoor Brands, Inc.<br>4.125%, 11/15/29 (144A) | 269000 | 219534 |
|  Levi Strauss & Co.<br>3.500%, 03/01/31 (144A) | 302000 | 239694 |
|  |  | 1229173 |
| **Auto Manufacturers—1.3%** | **Auto Manufacturers—1.3%** | **Auto Manufacturers—1.3%** |
|  Ford Motor Co.<br>3.250%, 02/12/32 (a) | 1094000 | 820436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.346%, 12/08/26 (a) | 128000 | 121388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 08/19/32 (a) | 481000 | 444135 |
|  Ford Motor Credit Co. LLC<br>2.700%, 08/10/26 | 800000 | 694720 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** |
|  Ford Motor Credit Co. LLC<br>2.900%, 02/16/28 | 733000 | $605399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 02/10/29 (a) | 200000 | 159752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/13/25 | 206000 | 186227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 06/17/31 | 1063000 | 835048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%, 01/09/24 | 987000 | 959885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/13/30 (a) | 620000 | 508921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/17/27 | 400000 | 358000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.134%, 08/04/25 | 217000 | 203110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%, 01/09/27 | 210000 | 189940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.389%, 01/08/26 | 200000 | 186292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.687%, 06/09/25 | 200000 | 190293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/28/27 | 692000 | 645567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/16/25 | 928000 | 892125 |
|  General Motors Co.<br>5.200%, 04/01/45 | 375000 | 304789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/15/29 | 427000 | 407485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 04/01/48 | 301000 | 246014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/32 | 254000 | 235965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/01/49 (a) | 299000 | 260583 |
|  General Motors Financial Co., Inc.<br>5.700%, 5Y H15 + 4.997%, 09/30/30 (b) | 270000 | 228521 |
|  Jaguar Land Rover Automotive plc<br>4.500%, 07/15/28 (EUR) | 100000 | 80837 |
|  RCI Banque S.A.<br>2.625%, 5Y EUR Swap + 2.850%, 02/18/30 (EUR) (b) | 200000 | 190232 |
|  Renault S.A.<br>2.375%, 05/25/26 (EUR) | 100000 | 96156 |
|  Wabash National Corp.<br>4.500%, 10/15/28 (144A) | 546000 | 464966 |
|  |  | 10516786 |
| **Auto Parts & Equipment—1.3%** |  |  |
|  Adient Global Holdings, Ltd.<br>3.500%, 08/15/24 (EUR) | 100000 | 102139 |
|  Clarios Global L.P.<br>6.750%, 05/15/25 (144A) | 1142000 | 1144640 |
|  Clarios Global L.P. / Clarios U.S. Finance Co.<br>6.250%, 05/15/26 (144A) | 1220000 | 1192552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 05/15/27 (144A) (a) | 6580000 | 6425347 |
|  Dealer Tire LLC / DT Issuer LLC<br>8.000%, 02/01/28 (144A) (a) | 392000 | 344910 |
|  Faurecia SE<br>2.750%, 02/15/27 (EUR) | 100000 | 90068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 06/15/28 (EUR) | 100000 | 90774 |
|  Goodyear Tire & Rubber Co. (The)<br>5.000%, 07/15/29 (a) | 234000 | 195191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/30/33 | 12000 | 9796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 05/31/25 | 444000 | 456211 |
|  Grupo Antolin-Irausa S.A.<br>3.375%, 04/30/26 (EUR) | 122000 | 105782 |
|  IHO Verwaltungs GmbH<br>3.875%, 4.625% PIK, 05/15/27 (EUR) (c) | 101000 | 90952 |
|  Titan International, Inc.<br>7.000%, 04/30/28 | 150000 | 141618 |
|  ZF Finance GmbH<br>2.000%, 05/06/27 (EUR) | 100000 | 87263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/21/25 (EUR) | 100000 | 98349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/21/28 (EUR) | 100000 | 89732 |
|  |  | 10665324 |
| **Banks—1.5%** |  |  |
| AIB Group plc<br>5.250%, 5Y EUR Swap + 5.702%, 10/09/24 (EUR) (b) | 200000 | $196338 |
| Banco BPM S.p.A.<br>2.875%, 5Y EUR Swap + 3.170%, 06/29/31 (EUR) (b) | 200000 | 177164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5Y EUR Swap + 5.419%, 09/14/30 (EUR) (b) | 100000 | 103483 |
| Banco Espirito Santo S.A.<br>2.625%, 05/08/17 (EUR)(d) | 400000 | 51382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/18 (EUR)(d) | 1000000 | 128454 |
| Bank of America Corp.<br>6.204%, SOFR + 1.990%, 11/10/28 (b) | 1020000 | 1053121 |
| Bank of Cyprus Pcl<br>2.500%, 1Y EUR Swap + 2.785%, 06/24/27 (EUR) (b) | 100000 | 87657 |
| Barclays plc<br>8.000%, 5Y H15 + 5.431%, 03/15/29 (b) | 495000 | 462825 |
| BNP Paribas S.A.<br>6.875%, 5Y EUR Swap + 4.645%, 12/06/29 (EUR) (b) | 200000 | 211414 |
| Citigroup, Inc.<br>4.000%, 5Y H15 + 3.597%, 12/10/25 (b) | 370000 | 322314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 5Y H15 + 3.000%, 11/15/26 (b) | 10000 | 8164 |
| Credit Suisse Group AG<br>6.250%, 5Y USD Swap + 3.455%, 12/18/24 (144A) (b) | 231000 | 180533 |
| Deutsche Bank AG<br>4.000%, 5Y EURIBOR ICE Swap + 3.300%, 06/24/32<br>(EUR) (b) | 100000 | 94707 |
| First-Citizens Bank & Trust Co.<br>6.000%, 04/01/36 | 1604000 | 1542220 |
| Goldman Sachs Group, Inc. (The)<br>4.950%, 5Y H15 + 3.224%, 02/10/25 (a)(b) | 1490000 | 1355877 |
| HSBC Holdings plc<br>7.390%, SOFR + 3.350%, 11/03/28 (b) | 690000 | 725156 |
| Intesa Sanpaolo S.p.A.<br>4.198%, 1Y H15 + 2.600%, 06/01/32 (144A) (b) | 415000 | 304904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1Y H15 + 2.750%, 06/01/42 (144A) (b) | 305000 | 195855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.148%, 06/10/30 (GBP) | 100000 | 98364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710%, 01/15/26 (144A) (a) | 300000 | 288300 |
| JPMorgan Chase & Co.<br>4.600%, SOFR + 3.125%, 02/01/25 (b) | 539000 | 474994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, SOFR + 3.380%, 08/01/24 (b) | 1401000 | 1281818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717%, SOFR + 2.580%, 09/14/33 (b) | 516000 | 503644 |
| PNC Financial Services Group, Inc. (The)<br>6.200%, 5Y H15 + 3.238%, 09/15/27 (b) | 780000 | 762255 |
| Toronto-Dominion Bank (The)<br>8.125%, 10/31/82 | 804000 | 836160 |
| Wells Fargo & Co.<br>3.900%, 5Y H15 + 3.453%, 03/15/26 (b) | 890000 | 778986 |
|  |  | 12226089 |
| **Biotechnology—0.0%** |  |  |
| Cidron Aida Finco S.a.r.l<br>5.000%, 04/01/28 (EUR) | 100000 | 91256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/28 (GBP) | 100000 | 97925 |
|  |  | 189181 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Building Materials—0.8%** | | |
|  Camelot Return Merger Sub, Inc.<br>8.750%, 08/01/28 (144A) | 555000 | $509285 |
|  HT Troplast GmbH<br>9.250%, 07/15/25 (EUR) | 100000 | 97079 |
|  JELD-WEN, Inc.<br>6.250%, 05/15/25 (144A) | 326000 | 304922 |
| Masonite International Corp.<br>3.500%, 02/15/30 (144A) (a) | 574000 | 464324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/28 (144A) | 180000 | 166430 |
| New Enterprise Stone & Lime Co., Inc.<br>5.250%, 07/15/28 (144A) (a) | 222000 | 197129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 07/15/28 (144A) | 284000 | 262399 |
| PCF GmbH<br>4.750%, 04/15/26 (EUR) | 100000 | 88419 |
|  Smyrna Ready Mix Concrete LLC<br>6.000%, 11/01/28 (144A) | 2052000 | 1835924 |
|  Standard Industries, Inc.<br>2.250%, 11/21/26 (EUR) | 100000 | 90989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 01/15/31 (144A) | 633000 | 476335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/15/30 (144A) | 1529000 | 1246020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/28 (144A) | 77000 | 69291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/27 (144A) | 93000 | 85814 |
|  Summit Materials LLC / Summit Materials Finance Corp.<br>5.250%, 01/15/29 (144A) | 382000 | 355652 |
|  |  | 6250012 |
| **Chemicals—2.1%** |  |  |
|  Ashland LLC<br>3.375%, 09/01/31 (144A) | 788000 | 629825 |
|  Avient Corp.<br>7.125%, 08/01/30 (144A) (a) | 438000 | 428159 |
|  Axalta Coating Systems Dutch Holding B.V.<br>3.750%, 01/15/25 (EUR) | 200000 | 204632 |
|  Axalta Coating Systems LLC<br>3.375%, 02/15/29 (144A) (a) | 900000 | 742649 |
|  Axalta Coating Systems LLC / Axalta Coating Systems Dutch<br>Holding B BV<br>4.750%, 06/15/27 (144A) | 631000 | 583296 |
|  Celanese U.S. Holdings LLC<br>6.165%, 07/15/27 | 570000 | 562206 |
|  Chemours Co. (The)<br>5.750%, 11/15/28 (144A) (a) | 257000 | 230845 |
|  Diamond BC B.V.<br>4.625%, 10/01/29 (144A) | 1562000 | 1253505 |
|  Element Solutions, Inc.<br>3.875%, 09/01/28 (144A) | 4672000 | 3971200 |
|  FIS—Fabbrica Italiana Sintetici S.p.A.<br>5.625%, 08/01/27 (EUR) | 167000 | 141742 |
|  HB Fuller Co.<br>4.250%, 10/15/28 | 257000 | 227445 |
|  Herens Holdco Sarl<br>4.750%, 05/15/28 (144A) | 1553000 | 1160728 |
|  Herens Midco Sarl<br>5.250%, 05/15/29 (EUR) | 100000 | 73931 |
|  Illuminate Buyer LLC / Illuminate Holdings IV, Inc.<br>9.000%, 07/01/28 (144A) | 973000 | 814621 |
|  Ingevity Corp.<br>3.875%, 11/01/28 (144A) | 191000 | 164234 |
| **Chemicals—(Continued)** |  |  |
|  Kobe U.S. Midco 2, Inc.<br>9.250%, 10.000% PIK, 11/01/26 (144A) (c) | 720000 | 504000 |
|  LSF11 A5 HoldCo LLC<br>6.625%, 10/15/29 (144A) | 312000 | 257747 |
|  Minerals Technologies, Inc.<br>5.000%, 07/01/28 (144A) | 365000 | 325069 |
|  Monitchem HoldCo 3 S.A.<br>5.250%, 03/15/25 (EUR) | 100000 | 102619 |
|  NOVA Chemicals Corp.<br>4.875%, 06/01/24 (144A) | 161000 | 155767 |
|  SCIL IV LLC / SCIL USA Holdings LLC<br>5.375%, 11/01/26 (144A) | 662000 | 561045 |
|  SK Invictus Intermediate II S.a.r.l.<br>5.000%, 10/30/29 (144A) | 1524000 | 1249680 |
|  WR Grace Holdings LLC<br>4.875%, 06/15/27 (144A) | 333000 | 295081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/29 (144A) | 3107000 | 2508188 |
|  |  | 17148214 |
| **Commercial Services—4.9%** |  |  |
|  ADT Security Corp. (The)<br>4.125%, 08/01/29 (144A) | 75000 | 63784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/15/32 (144A) | 121000 | 102829 |
|  Albion Financing 1 Sarl / Aggreko Holdings, Inc.<br>6.125%, 10/15/26 (144A) | 481000 | 428961 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp.<br>6.000%, 06/01/29 (144A) (a) | 3818000 | 2770950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/15/26 (144A) | 2302000 | 2106330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 07/15/27 (144A) | 436000 | 379320 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl<br>4.625%, 06/01/28 (144A) (a) | 3828000 | 3136662 |
|  AMN Healthcare, Inc.<br>4.000%, 04/15/29 (144A) | 212000 | 181417 |
|  APi Group DE, Inc.<br>4.125%, 07/15/29 (144A) | 352000 | 291745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/29 (144A) | 276000 | 239252 |
|  APX Group, Inc.<br>5.750%, 07/15/29 (144A) | 718000 | 594638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/15/27 (144A) | 590000 | 567904 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc.<br>5.375%, 03/01/29 (144A) (a) | 90000 | 76989 |
|  BCP V Modular Services Finance II plc<br>4.750%, 11/30/28 (EUR) | 200000 | 178765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/30/28 (GBP) | 100000 | 100978 |
|  Block, Inc.<br>3.500%, 06/01/31 | 3617000 | 2886095 |
|  Brink's Co. (The)<br>5.500%, 07/15/25 (144A) | 100000 | 98183 |
|  CoreLogic, Inc.<br>4.500%, 05/01/28 (144A) | 1030000 | 790216 |
|  Garda World Security Corp.<br>4.625%, 02/15/27 (144A) | 296000 | 261362 |
|  Gartner, Inc.<br>3.625%, 06/15/29 (144A) | 266000 | 233740 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Commercial Services—(Continued)** | | |
|  Gartner, Inc. <br>3.750%, 10/01/30 (144A) (a) | 364000 | $313756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/28 (144A) | 186000 | 173413 |
|  Global Payments, Inc.<br>2.900%, 05/15/30 (a) | 544000 | 445736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 08/15/27 | 195000 | 189151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 08/15/32 (a) | 1137000 | 1082823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 08/15/52 | 1287000 | 1163655 |
|  Graham Holdings Co.<br>5.750%, 06/01/26 (144A) | 80000 | 78608 |
|  HealthEquity, Inc.<br>4.500%, 10/01/29 (144A) (a) | 1252000 | 1094123 |
|  Herc Holdings, Inc.<br>5.500%, 07/15/27 (144A) | 672000 | 626808 |
|  Hertz Corp. (The)<br>4.625%, 12/01/26 (144A) | 346000 | 289775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/29 (144A) | 271000 | 205581 |
|  La Financiere Atalian SASU<br>5.125%, 05/15/25 (EUR) | 200000 | 146211 |
|  Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc.<br>5.000%, 02/01/26 (144A) | 561000 | 499290 |
|  Loxam SAS<br>3.750%, 07/15/26 (EUR) | 100000 | 96203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/27 (EUR) | 101000 | 98481 |
|  Metis Merger Sub LLC<br>6.500%, 05/15/29 (144A) | 330000 | 277029 |
|  MPH Acquisition Holdings LLC<br>5.500%, 09/01/28 (144A) (a) | 590000 | 460259 |
|  Neptune Bidco US, Inc.<br>9.290%, 04/15/29 (144A) | 558000 | 525915 |
|  Nesco Holdings II, Inc.<br>5.500%, 04/15/29 (144A) | 593000 | 518875 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc.<br>5.750%, 04/15/26 (144A) | 348000 | 334950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/28 (144A) | 652000 | 593424 |
|  Rekeep S.p.A.<br>7.250%, 02/01/26 (EUR) | 100000 | 88979 |
|  Sabre GLBL, Inc.<br>7.375%, 09/01/25 (144A) (a) | 535000 | 514156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 04/15/25 (144A) | 650000 | 647483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, 12/15/27 (144A) | 233000 | 239926 |
|  Service Corp. International<br>4.000%, 05/15/31 | 1141000 | 960980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/01/29 (a) | 52000 | 48751 |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.<br>4.625%, 11/01/26 (144A) | 1272000 | 1201773 |
|  Sotheby's<br>7.375%, 10/15/27 (144A) (a) | 2221000 | 2082475 |
|  Sotheby's/Bidfair Holdings, Inc.<br>5.875%, 06/01/29 (144A) | 1022000 | 858174 |
|  Techem Verwaltungsgesellschaft 674 mbH<br>6.000%, 07/30/26 (EUR) | 87920 | 88267 |
|  Techem Verwaltungsgesellschaft 675 mbH<br>2.000%, 07/15/25 (EUR) | 100000 | 98080 |
|  United Rentals North America, Inc.<br>4.875%, 01/15/28 | 23000 | 21796 |
| **Commercial Services—(Continued)** |  |  |
|  United Rentals North America, Inc. <br>6.000%, 12/15/29 | 3925000 | 3900469 |
| Verisure Holding AB<br>3.250%, 02/15/27 (EUR) | 148000 | 136760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/15/26 (EUR) | 100000 | 96610 |
| Verscend Escrow Corp.<br>9.750%, 08/15/26 (144A) | 3419000 | 3349628 |
| Williams Scotsman International, Inc.<br>4.625%, 08/15/28 (144A) | 505000 | 455762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/25 (144A) | 645000 | 638550 |
|  |  | 40132805 |
| **Computers—0.9%** |  |  |
|  Ahead DB Holdings LLC<br>6.625%, 05/01/28 (144A) | 382000 | 307032 |
|  Booz Allen Hamilton, Inc.<br>3.875%, 09/01/28 (144A) | 519000 | 459815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/29 (144A) (a) | 1023000 | 900387 |
|  CA Magnum Holdings<br>5.375%, 10/31/26 (144A) | 1661000 | 1513550 |
|  Condor Merger Sub, Inc.<br>7.375%, 02/15/30 (144A) (a) | 2225000 | 1788969 |
|  KBR, Inc.<br>4.750%, 09/30/28 (144A) | 437000 | 386008 |
|  NCR Corp.<br>5.000%, 10/01/28 (144A) | 569000 | 485092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/15/29 (144A) | 359000 | 300240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/01/29 (144A) | 318000 | 297347 |
|  Science Applications International Corp.<br>4.875%, 04/01/28 (144A) | 344000 | 318199 |
|  Tempo Acquisition LLC / Tempo Acquisition Finance Corp.<br>5.750%, 06/01/25 (144A) (a) | 322000 | 322553 |
|  |  | 7079192 |
| **Cosmetics/Personal Care—0.0%** |  |  |
|  Coty, Inc.<br>3.875%, 04/15/26 (EUR) | 137000 | 136164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/29 (144A) | 45000 | 40725 |
|  |  | 176889 |
| **Distribution/Wholesale—0.1%** |  |  |
|  American Builders & Contractors Supply Co., Inc.<br>3.875%, 11/15/29 (144A) | 166000 | 135697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/28 (144A) | 100000 | 89220 |
|  BCPE Empire Holdings, Inc.<br>7.625%, 05/01/27 (144A) | 337000 | 302215 |
|  H&E Equipment Services, Inc.<br>3.875%, 12/15/28 (144A) | 98000 | 83475 |
|  Resideo Funding, Inc.<br>4.000%, 09/01/29 (144A) | 159000 | 128559 |
|  |  | 739166 |
| **Diversified Financial Services—2.4%** |  |  |
|  AG TTMT Escrow Issuer LLC<br>8.625%, 09/30/27 (144A) | 390000 | 391950 |
|  American Express Co.<br>3.550%, 5Y H15 + 2.854%, 09/15/26 (b) | 1985000 | 1630677 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Diversified Financial Services—(Continued)** | | |
|  Aretec Escrow Issuer, Inc.<br>7.500%, 04/01/29 (144A) | 285000 | $235191 |
|  Blackstone Holdings Finance Co. LLC<br>5.900%, 11/03/27 (a) | 750000 | 755616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 04/22/33 | 846000 | 852774 |
|  Charles Schwab Corp. (The)<br>4.000%, 10Y H15 + 3.079%, 12/01/30 (b) | 2010000 | 1602875 |
|  Discover Financial Services<br>6.700%, 11/29/32 | 215000 | 218542 |
|  doValue S.p.A.<br>3.375%, 07/31/26 (EUR) | 100000 | 93855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/04/25 (EUR) | 100000 | 102496 |
|  Enact Holdings, Inc.<br>6.500%, 08/15/25 (144A) | 989000 | 970565 |
|  Encore Capital Group, Inc.<br>4.875%, 10/15/25 (EUR) | 100000 | 100218 |
|  Garfunkelux Holdco 3 S.A.<br>7.750%, 11/01/25 (GBP) | 200000 | 187864 |
|  Global Aircraft Leasing Co., Ltd.<br>6.500%, 7.250% PIK, 09/15/24 (144A) (c) | 762226 | 647892 |
|  Home Point Capital, Inc.<br>5.000%, 02/01/26 (144A) (a) | 469000 | 324309 |
|  Intrum AB<br>3.500%, 07/15/26 (EUR) | 101000 | 90412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 03/15/28 (EUR) | 100000 | 105707 |
|  Jefferies Finance LLC / JFIN Co-Issuer Corp.<br>5.000%, 08/15/28 (144A) | 880000 | 717842 |
|  Kane Bidco, Ltd.<br>6.500%, 02/15/27 (GBP) | 100000 | 100343 |
|  Lehman Brothers Holdings, Inc.<br>Zero Coupon, 02/05/14 (EUR) (d) | 4500000 | 21677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/16/14 (EUR)(d) | 2140000 | 10308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/17/12 (EUR)(d) | 350000 | 1686 |
|  Nationstar Mortgage Holdings, Inc.<br>5.125%, 12/15/30 (144A) | 208000 | 160646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/15/31 (144A) | 315000 | 244913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/27 (144A) | 594000 | 531630 |
|  Navient Corp.<br>5.500%, 03/15/29 (a) | 573000 | 467568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/25/24 | 149000 | 144165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 09/25/23 | 131000 | 130893 |
|  NFP Corp.<br>4.875%, 08/15/28 (144A) | 1488000 | 1266728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 08/15/28 (144A) | 4611000 | 3800750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 10/01/30 (144A) | 283000 | 266129 |
|  OneMain Finance Corp.<br>3.500%, 01/15/27 (a) | 306000 | 253359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/15/30 | 303000 | 226080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/29 | 324000 | 265000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/28 | 474000 | 436473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 03/15/25 | 185000 | 177725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 03/15/26 | 547000 | 520131 |
|  Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.<br>2.875%, 10/15/26 (144A) | 1196000 | 1025166 |
|  SLM Corp.<br>3.125%, 11/02/26 | 481000 | 409066 |
| **Diversified Financial Services—(Continued)** |  |  |
|  VistaJet Malta Finance plc / XO Management Holding, Inc.<br>6.375%, 02/01/30 (144A) | 457000 | 366434 |
|  |  | 19855655 |
| **Electric—1.3%** |  |  |
|  Calpine Corp.<br>4.625%, 02/01/29 (144A) | 54000 | 46335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/31 (144A) | 52000 | 43623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/15/28 (144A) | 1323000 | 1180503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/26 (144A) | 27000 | 25718 |
|  Clearway Energy Operating LLC<br>3.750%, 01/15/32 (144A) | 709000 | 569912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/15/28 (144A) (a) | 541000 | 499314 |
|  Edison International<br>5.000%, 5Y H15 + 3.901%, 12/15/26 (b) | 480000 | 401256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5Y H15 + 4.698%, 03/15/26 (a) (b) | 1100000 | 900229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 11/15/29 | 250000 | 261070 |
|  EDP—Energias de Portugal S.A.<br>1.875%, 5Y EUR Swap + 2.380%, 08/02/81 (EUR) (b) | 100000 | 91256 |
| Electricite de France S.A. | Electricite de France S.A. | Electricite de France S.A. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5Y EUR Swap + 3.373%, 12/15/26 (EUR) (b) | 200000 | 174787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5Y EUR Swap + 3.198%, 09/03/27 (EUR) (b) | 200000 | 174580 |
|  FirstEnergy Corp.<br>2.250%, 09/01/30 | 51000 | 40479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 03/01/30 | 208000 | 169591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/01/50 | 2390000 | 1576922 |
|  FirstEnergy Transmission LLC<br>4.550%, 04/01/49 (144A) | 403000 | 326087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 07/15/44 (144A) | 1075000 | 999993 |
|  Naturgy Finance B.V.<br>2.374%, 5Y EUR Swap + 2.437%, 11/23/26 (EUR) (b) | 100000 | 92779 |
|  NextEra Energy Operating Partners L.P.<br>4.250%, 09/15/24 (144A) | 12000 | 11156 |
|  NRG Energy, Inc.<br>3.625%, 02/15/31 (144A) | 815000 | 619561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/32 (144A) | 387000 | 290656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/29 (144A) | 96000 | 84743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/28 | 168000 | 157697 |
|  Pattern Energy Operations L.P. / Pattern Energy Operations, Inc.<br>4.500%, 08/15/28 (144A) | 528000 | 473423 |
|  TransAlta Corp.<br>7.750%, 11/15/29 | 280000 | 285959 |
|  Vistra Corp.<br>7.000%, 5Y H15 + 5.740%, 12/15/26 (144A) (b) | 657000 | 597826 |
|  Vistra Operations Co. LLC<br>4.375%, 05/01/29 (144A) (a) | 171000 | 147336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/31/27 (144A) | 47000 | 43620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/26 (144A) | 47000 | 45281 |
|  |  | 10331692 |
| **Electrical Components & Equipment—0.2%** |  |  |
|  WESCO Distribution, Inc.<br>7.125%, 06/15/25 (144A) | 400000 | 405005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/28 (144A) | 1417000 | 1435384 |
|  |  | 1840389 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Electronics—0.7%** | | |
|  Coherent Corp.<br>5.000%, 12/15/29 (144A) (a) | 2269000 | $1956854 |
|  Imola Merger Corp.<br>4.750%, 05/15/29 (144A) | 786000 | 681944 |
|  Sensata Technologies B.V.<br>4.000%, 04/15/29 (144A) (a) | 680000 | 586500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/01/24 (144A) | 161000 | 159451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/01/30 (144A) | 639000 | 605596 |
|  Sensata Technologies, Inc.<br>3.750%, 02/15/31 (144A) | 181000 | 148898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/30 (144A) | 1629000 | 1418052 |
|  |  | 5557295 |
| **Energy-Alternate Sources—0.0%** |  |  |
|  Cullinan Holdco Scsp<br>4.625%, 10/15/26 (EUR) | 100000 | 93473 |
|  TerraForm Power Operating LLC<br>4.750%, 01/15/30 (144A) | 195000 | 169650 |
|  |  | 263123 |
| **Engineering & Construction—0.2%** |  |  |
|  Abertis Infraestructuras Finance B.V.<br>3.248%, 5Y EUR Swap + 3.694%, 11/24/25 (EUR) (b) | 100000 | 90346 |
|  Arcosa, Inc.<br>4.375%, 04/15/29 (144A) | 953000 | 826423 |
|  Dycom Industries, Inc.<br>4.500%, 04/15/29 (144A) (a) | 304000 | 264600 |
|  Heathrow Finance plc<br>4.125%, 09/01/29 (GBP) (e) | 100000 | 90067 |
|  MasTec, Inc.<br>4.500%, 08/15/28 (144A) | 377000 | 337675 |
|  Vantage Towers AG<br>Zero Coupon, 03/31/25 (EUR) | 100000 | 101928 |
|  |  | 1711039 |
| **Entertainment—3.6%** |  |  |
|  Boyne USA, Inc.<br>4.750%, 05/15/29 (144A) | 908000 | 803620 |
|  Caesars Entertainment, Inc.<br>4.625%, 10/15/29 (144A) (a) | 2638000 | 2146831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 07/01/25 (144A) | 2967000 | 2882961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 07/01/27 (144A) (a) | 1910000 | 1876670 |
|  Caesars Resort Collection LLC / CRC Finco, Inc.<br>5.750%, 07/01/25 (144A) (a) | 691000 | 676424 |
|  CCM Merger, Inc.<br>6.375%, 05/01/26 (144A) | 400000 | 376928 |
|  CDI Escrow Issuer, Inc.<br>5.750%, 04/01/30 (144A) | 2093000 | 1876226 |
|  Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp.<br>5.500%, 05/01/25 (144A) | 1257000 | 1243320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/28 | 122000 | 118035 |
|  Churchill Downs, Inc.<br>4.750%, 01/15/28 (144A) | 632000 | 565558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/27 (144A) | 384000 | 363861 |
| **Entertainment—(Continued)** |  |  |
|  Cirsa Finance International Sarl<br>4.500%, 03/15/27 (EUR) | 100000 | 92048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 12/20/23 (EUR) | 24133 | 25584 |
|  CPUK Finance, Ltd.<br>4.875%, 02/28/47 (GBP) | 100000 | 111194 |
|  Lions Gate Capital Holdings LLC<br>5.500%, 04/15/29 (144A) | 2139000 | 1240186 |
|  Live Nation Entertainment, Inc.<br>3.750%, 01/15/28 (144A) | 429000 | 365541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/27 (144A) (a) | 629000 | 560014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/01/24 (144A) | 76000 | 73587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/15/27 (144A) | 3361000 | 3288907 |
|  Lottomatica S.p.A.<br>6.250%, 07/15/25 (EUR) | 100000 | 104021 |
|  Merlin Entertainments, Ltd.<br>5.750%, 06/15/26 (144A) | 600000 | 561743 |
|  Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.<br>4.875%, 05/01/29 (144A) | 599000 | 509668 |
|  Motion Bondco DAC<br>6.625%, 11/15/27 (144A) | 297000 | 255286 |
|  Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.<br>5.625%, 09/01/29 (144A) | 307000 | 226382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/01/31 (144A) | 315000 | 222831 |
|  Raptor Acquisition Corp / Raptor Co-Issuer LLC<br>4.875%, 11/01/26 (144A) | 471000 | 418437 |
|  Scientific Games International, Inc.<br>7.000%, 05/15/28 (144A) | 296000 | 282357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 11/15/29 (144A) | 290000 | 278400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 07/01/25 (144A) | 435000 | 443788 |
|  Six Flags Theme Parks, Inc.<br>7.000%, 07/01/25 (144A) | 692000 | 696714 |
|  Vail Resorts, Inc.<br>6.250%, 05/15/25 (144A) | 333000 | 333000 |
|  Warnermedia Holdings, Inc.<br>5.141%, 03/15/52 (144A) | 3483000 | 2532024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.391%, 03/15/62 (144A) (a) | 1823000 | 1330815 |
|  WMG Acquisition Corp.<br>2.250%, 08/15/31 (EUR) | 100000 | 83617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/15/30 (144A) | 260000 | 223951 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<br>5.125%, 10/01/29 (144A) | 2009000 | 1721974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 04/15/25 (144A) | 452000 | 449494 |
|  |  | 29361997 |
| **Environmental Control—0.8%** |  |  |
|  Clean Harbors, Inc.<br>5.125%, 07/15/29 (144A) | 402000 | 372836 |
|  Covanta Holding Corp.<br>4.875%, 12/01/29 (144A) | 438000 | 358840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/30 | 257000 | 207537 |
|  GFL Environmental, Inc.<br>3.500%, 09/01/28 (144A) | 76000 | 66816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/01/25 (144A) | 156000 | 147420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/28 (144A) | 1378000 | 1178190 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Environmental Control—(Continued)** | | |
|  GFL Environmental, Inc.<br>4.250%, 06/01/25 (144A) | 233000 | $222561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/29 (144A) (a) | 526000 | 445759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/29 (144A) | 1247000 | 1091437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/26 (144A) (a) | 347000 | 331839 |
|  Madison IAQ LLC<br>5.875%, 06/30/29 (144A) | 800000 | 548319 |
|  Stericycle, Inc.<br>3.875%, 01/15/29 (144A) (a) | 344000 | 300140 |
|  Tervita Corp.<br>11.000%, 12/01/25 (144A) | 167000 | 179536 |
|  Waste Pro USA, Inc.<br>5.500%, 02/15/26 (144A) | 1392000 | 1229275 |
|  |  | 6680505 |
| **Food—2.0%** |  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC<br>3.250%, 03/15/26 (144A) | 769000 | 701370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/15/27 (144A) (a) | 855000 | 794184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/15/30 (144A) (a) | 722000 | 644356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/28 (144A) | 568000 | 539986 |
|  Bellis Acquisition Co. plc<br>3.250%, 02/16/26 (GBP) | 100000 | 98167 |
|  Casino Guichard Perrachon S.A.<br>3.992%, 5Y EURIBOR ICE Swap + 3.819%, 01/31/24 (EUR) (b) | 100000 | 18654 |
|  Chobani LLC / Chobani Finance Corp., Inc.<br>4.625%, 11/15/28 (144A) | 1963000 | 1709007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/15/25 (144A) (a) | 2261000 | 2201649 |
|  Darling Global Finance B.V.<br>3.625%, 05/15/26 (EUR) | 100000 | 103834 |
|  JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.<br>3.750%, 12/01/31 (144A) (a) | 815000 | 665774 |
|  Kraft Heinz Foods Co.<br>4.875%, 10/01/49 | 782000 | 678810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/50 | 1549000 | 1480374 |
|  Lamb Weston Holdings, Inc.<br>4.125%, 01/31/30 (144A) | 797000 | 703910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/31/32 (144A) | 1011000 | 883311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/15/28 (144A) (a) | 333000 | 315518 |
|  Ocado Group plc<br>3.875%, 10/08/26 (GBP) | 100000 | 93089 |
|  Performance Food Group, Inc.<br>4.250%, 08/01/29 (144A) | 1307000 | 1132672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/27 (144A) | 111000 | 104691 |
|  Picard Groupe SAS<br>3.875%, 07/01/26 (EUR) | 100000 | 91102 |
|  Pilgrim's Pride Corp.<br>3.500%, 03/01/32 (144A) | 479000 | 374817 |
|  Post Holdings, Inc.<br>4.500%, 09/15/31 (144A) | 118000 | 99198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/30 (144A) | 428000 | 369253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/01/27 (144A) | 2000 | 1934 |
|  Premier Foods Finance plc<br>3.500%, 10/15/26 (GBP) | 100000 | 105783 |
|  Simmons Foods, Inc.<br>4.625%, 03/01/29 (144A) | 838000 | 682176 |
| **Food—(Continued)** |  |  |
|  U.S. Foods, Inc.<br>4.625%, 06/01/30 (144A) | 108000 | 95106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/29 (144A) | 1051000 | 933204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/25 (144A) | 309000 | 305766 |
|  United Natural Foods, Inc.<br>6.750%, 10/15/28 (144A) | 203000 | 195047 |
|  |  | 16122742 |
| **Food Service—0.3%** |  |  |
|  Aramark International Finance Sarl<br>3.125%, 04/01/25 (EUR) | 223000 | 227968 |
|  Aramark Services, Inc.<br>5.000%, 04/01/25 (144A) | 404000 | 394218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/28 (144A) | 809000 | 754745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/01/25 (144A) | 782000 | 772389 |
|  |  | 2149320 |
| **Healthcare-Products—0.7%** |  |  |
|  Avantor Funding, Inc.<br>3.875%, 07/15/28 (EUR) | 100000 | 98321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/29 (144A) (a) | 785000 | 659204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/15/28 (144A) | 1025000 | 931356 |
|  Garden Spinco Corp.<br>8.625%, 07/20/30 (144A) | 536000 | 568160 |
|  Medline Borrower L.P.<br>3.875%, 04/01/29 (144A) | 1398000 | 1126732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/29 (144A) (a) | 2380000 | 1890363 |
|  Teleflex, Inc.<br>4.250%, 06/01/28 (144A) | 341000 | 311285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 58000 | 55279 |
|  |  | 5640700 |
| **Healthcare-Services—2.7%** |  |  |
|  Acadia Healthcare Co., Inc.<br>5.000%, 04/15/29 (144A) | 196000 | 180261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/28 (144A) | 246000 | 233331 |
|  AHP Health Partners, Inc.<br>5.750%, 07/15/29 (144A) | 863000 | 674219 |
|  Cano Health LLC<br>6.250%, 10/01/28 (144A) | 287000 | 173635 |
|  Catalent Pharma Solutions, Inc.<br>3.125%, 02/15/29 (144A) | 705000 | 561339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/30 (144A) (a) | 506000 | 399532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/27 (144A) | 82000 | 76302 |
|  Centene Corp.<br>2.450%, 07/15/28 | 1080000 | 911574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/31 | 4371000 | 3420190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 08/01/31 (a) | 1491000 | 1171628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/30 | 1208000 | 990257 |
|  Charles River Laboratories International, Inc.<br>3.750%, 03/15/29 (144A) | 88000 | 77827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/31 (144A) (a) | 155000 | 134075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/01/28 (144A) | 88000 | 81045 |
|  CHS/Community Health Systems, Inc.<br>4.750%, 02/15/31 (144A) | 226000 | 164080 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** | **Value** |
| **Healthcare-Services—(Continued)** | | | |
|  CHS/Community Health Systems, Inc.<br>5.250%, 05/15/30 (144A) | 994000 | $| 749513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/15/27 (144A) | 669000 |  | 573641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/29 (144A) | 1321000 |  | 1104990 |
|  Encompass Health Corp.<br>4.500%, 02/01/28 | 54000 |  | 49054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/01/31 | 504000 |  | 433196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/30 | 1385000 |  | 1216227 |
|  HCA, Inc.<br>4.625%, 03/15/52 (144A) (a) | 810000 |  | 630419 |
|  IQVIA, Inc.<br>1.750%, 03/15/26 (EUR) | 240000 |  | 234750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/26 (144A) | 299000 |  | 285500 |
|  Korian S.A.<br>4.125%, 03/15/24 (GBP) | 100000 |  | 91125 |
|  Legacy LifePoint Health LLC<br>4.375%, 02/15/27 (144A) | 95000 |  | 80353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/15/25 (144A) | 412000 |  | 387729 |
|  Molina Healthcare, Inc.<br>3.875%, 05/15/32 (144A) | 660000 |  | 548090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/15/28 (144A) | 403000 |  | 367774 |
|  Surgery Center Holdings, Inc.<br>6.750%, 07/01/25 (144A) (a) | 875000 |  | 862539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 04/15/27 (144A) | 474000 |  | 482295 |
|  Syneos Health, Inc.<br>3.625%, 01/15/29 (144A) | 431000 |  | 343225 |
|  Tenet Healthcare Corp.<br>4.250%, 06/01/29 (144A) | 116000 |  | 100491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/01/24 (144A) | 336000 |  | 326342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/28 (144A) | 152000 |  | 136001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/01/26 (144A) | 1391000 |  | 1315389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/01/27 (144A) | 926000 |  | 861402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/01/28 (144A) | 746000 |  | 667909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/30 (144A) | 963000 |  | 917546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 02/01/27 (144A) | 492000 |  | 472571 |
|  |  |  | 22487366 |
| **Home Builders—0.5%** |  |  |  |
|  Ashton Woods USA LLC / Ashton Woods Finance Co.<br>4.625%, 08/01/29 (144A) | 270000 |  | 216197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/01/30 (144A) | 397000 |  | 318636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/28 (144A) | 145000 |  | 127574 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp.<br>4.875%, 02/15/30 (144A) | 679000 |  | 529394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/29 (144A) | 548000 |  | 428191 |
|  Installed Building Products, Inc.<br>5.750%, 02/01/28 (144A) | 273000 |  | 245467 |
|  K Hovnanian Enterprises, Inc.<br>7.750%, 02/15/26 (144A) (a) | 540000 |  | 518400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 11/15/25 (144A) | 178000 |  | 183785 |
|  KB Home<br>7.250%, 07/15/30 | 178000 |  | 172961 |
|  Mattamy Group Corp.<br>4.625%, 03/01/30 (144A) | 368000 |  | 298251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/15/27 (144A) | 310000 |  | 274918 |
|  Meritage Homes Corp.<br>5.125%, 06/06/27 | 129000 |  | 121287 |
| **Home Builders—(Continued)** |  |  |  |
|  Taylor Morrison Communities, Inc.<br>5.125%, 08/01/30 (144A) | 88000 |  | 76229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/27 (144A) | 26000 |  | 24963 |
|  Tri Pointe Homes, Inc.<br>5.250%, 06/01/27 (a) | 174000 |  | 155335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 06/15/28 | 120000 |  | 108701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/24 | 107000 |  | 106477 |
|  |  |  | 3906766 |
| **Home Furnishings—0.1%** | **Home Furnishings—0.1%** | **Home Furnishings—0.1%** | **Home Furnishings—0.1%** |
|  Tempur Sealy International, Inc.<br>3.875%, 10/15/31 (144A) | 434000 |  | 340701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/15/29 (144A) | 528000 |  | 443604 |
|  |  |  | 784305 |
| **Household Products/Wares—0.1%** | **Household Products/Wares—0.1%** | **Household Products/Wares—0.1%** | **Household Products/Wares—0.1%** |
|  Central Garden & Pet Co.<br>4.125%, 10/15/30 | 389000 |  | 319526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/30/31 (144A) | 454000 |  | 375833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/01/28 | 130000 |  | 120936 |
|  Spectrum Brands, Inc.<br>5.000%, 10/01/29 (144A) | 118000 |  | 102120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/30 (144A) (a) | 113000 |  | 99726 |
|  |  |  | 1018141 |
| **Housewares—0.2%** | **Housewares—0.2%** | **Housewares—0.2%** | **Housewares—0.2%** |
|  CD&R Smokey Buyer, Inc.<br>6.750%, 07/15/25 (144A) | 877000 |  | 752571 |
|  Scotts Miracle-Gro Co. (The)<br>4.000%, 04/01/31 | 496000 |  | 378915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/01/32 | 72000 |  | 54266 |
|  SWF Escrow Issuer, Inc.<br>6.500%, 10/01/29 (144A) | 915000 |  | 530197 |
|  |  |  | 1715949 |
| **Insurance—2.1%** |  |  |  |
|  Acrisure LLC / Acrisure Finance, Inc.<br>6.000%, 08/01/29 (144A) | 616000 |  | 503414 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer<br>4.250%, 10/15/27 (144A) | 3260000 |  | 2919746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/01/29 (144A) | 3136000 |  | 2579046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/15/27 (144A) (a) | 6539000 |  | 5877646 |
|  AmWINS Group, Inc.<br>4.875%, 06/30/29 (144A) (a) | 760000 |  | 644592 |
|  Ardonagh Midco 2 plc<br>11.500%, 12.750% PIK, 01/15/27 (144A) (a)(c) | 256170 |  | 243361 |
|  Galaxy Bidco, Ltd.<br>6.500%, 07/31/26 (GBP) | 100000 |  | 102398 |
|  GTCR AP Finance, Inc.<br>8.000%, 05/15/27 (144A) | 584000 |  | 559402 |
|  HUB International, Ltd.<br>5.625%, 12/01/29 (144A) (a) | 144000 |  | 125767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 05/01/26 (144A) (a) | 2449000 |  | 2397547 |
|  Jones Deslauriers Insurance Management, Inc.<br>10.500%, 12/15/30 | 704000 |  | 693337 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Insurance—(Continued)** | | |
|  Liberty Mutual Group, Inc.<br>3.625%, 5Y EUR Swap + 3.700%, 05/23/59 (EUR) (b) | 140000 | $131879 |
|  MGIC Investment Corp.<br>5.250%, 08/15/28 | 332000 | 306132 |
|  Ryan Specialty Group LLC<br>4.375%, 02/01/30 (144A) | 377000 | 326443 |
|  |  | 17410710 |
| **Internet—1.7%** |  |  |
|  Acuris Finance U.S., Inc. / Acuris Finance Sarl<br>5.000%, 05/01/28 (144A) | 1260000 | 1004850 |
|  ANGI Group LLC<br>3.875%, 08/15/28 (144A) | 820000 | 608510 |
|  Arches Buyer, Inc.<br>4.250%, 06/01/28 (144A) | 241000 | 188486 |
|  Cablevision Lightpath LLC<br>3.875%, 09/15/27 (144A) | 359000 | 295868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/15/28 (144A) | 532000 | 395237 |
|  Gen Digital, Inc.<br>7.125%, 09/30/30 (144A) | 611000 | 600307 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc.<br>3.500%, 03/01/29 (144A) (a) | 532000 | 445386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/01/27 (144A) | 172000 | 162791 |
|  Iliad S.A.<br>2.375%, 06/17/26 (EUR) | 100000 | 96250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/14/27 (EUR) | 100000 | 106189 |
|  ION Trading Technologies Sarl<br>5.750%, 05/15/28 (144A) | 706000 | 588627 |
|  Match Group Holdings II LLC<br>3.625%, 10/01/31 (144A) | 981000 | 752294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/30 (144A) | 41000 | 33471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/28 (144A) | 9000 | 8023 |
|  Netflix, Inc.<br>4.625%, 05/15/29 (EUR) | 100000 | 104752 |
|  Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.<br>4.750%, 04/30/27 (144A) | 839000 | 738205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/28 (144A) (a) | 533000 | 412693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 06/01/28 (144A) | 199000 | 185045 |
|  Uber Technologies, Inc.<br>4.500%, 08/15/29 (144A) | 3752000 | 3268949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/28 (144A) (a) | 1427000 | 1369920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/15/25 (144A) | 1685000 | 1683773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/01/26 (144A) | 903000 | 906108 |
|  United Group B.V.<br>4.875%, 07/01/24 (EUR) | 100000 | 99369 |
|  |  | 14055103 |
| **Investment Companies—0.7%** |  |  |
|  Blackstone Private Credit Fund<br>3.250%, 03/15/27 | 196000 | 165025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050%, 09/29/25 (144A) | 205000 | 203375 |
|  Compass Group Diversified Holdings LLC<br>5.250%, 04/15/29 (144A) (a) | 534000 | 456992 |
|  Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.<br>4.375%, 02/01/29 | 1022000 | 864254 |
| **Investment Companies—(Continued)** |  |  |
|  Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.<br>4.750%, 09/15/24 | 301000 | 288584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/27 | 1252000 | 1146331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 05/15/26 | 199000 | 191218 |
|  Owl Rock Capital Corp.<br>3.400%, 07/15/26 | 167000 | 145817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 07/22/25 | 476000 | 439781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/15/26 | 45000 | 41311 |
|  Owl Rock Core Income Corp.<br>3.125%, 09/23/26 | 113000 | 96159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/21/25 | 471000 | 456589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 09/16/27 (144A) | 892000 | 889114 |
|  |  | 5384550 |
| **Iron/Steel—0.7%** |  |  |
|  ATI, Inc.<br>4.875%, 10/01/29 | 277000 | 244793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/31 | 746000 | 656927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/01/27 | 40000 | 38251 |
|  Big River Steel LLC / BRS Finance Corp.<br>6.625%, 01/31/29 (144A) | 3577000 | 3407900 |
|  Carpenter Technology Corp.<br>6.375%, 07/15/28 (a) | 617000 | 586786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 03/15/30 | 606000 | 607446 |
|  Commercial Metals Co.<br>4.125%, 01/15/30 | 197000 | 174317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/32 | 210000 | 182685 |
|  |  | 5899105 |
| **Leisure Time—1.8%** |  |  |
|  Carnival Corp.<br>4.000%, 08/01/28 (144A) | 1898000 | 1547648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/01/27 (144A) (a) | 2360000 | 1685135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/29 (144A) | 1022000 | 681042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 03/01/26 (144A) (a) | 200000 | 158519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 08/01/27 (144A) | 630000 | 595350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.125%, 02/01/26 (EUR) | 134000 | 141811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 02/01/26 (144A) | 696000 | 699313 |
|  Carnival Holdings Bermuda, Ltd.<br>10.375%, 05/01/28 (144A) | 2953000 | 3031579 |
|  Life Time, Inc.<br>5.750%, 01/15/26 (144A) | 666000 | 619713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 04/15/26 (144A) | 589000 | 530100 |
|  Lindblad Expeditions LLC<br>6.750%, 02/15/27 (144A) | 842000 | 763837 |
|  MajorDrive Holdings IV LLC<br>6.375%, 06/01/29 (144A) | 511000 | 381304 |
|  NCL Corp., Ltd.<br>5.875%, 03/15/26 (144A) | 749000 | 588317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 02/15/29 (144A) | 189000 | 142230 |
|  NCL Finance, Ltd.<br>6.125%, 03/15/28 (144A) | 367000 | 270927 |
|  Royal Caribbean Cruises, Ltd.<br>4.250%, 07/01/26 (144A) | 239000 | 193195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/15/27 (144A) | 451000 | 365175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/31/26 (144A) (a) | 248000 | 208630 |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Leisure Time—(Continued)** | | |
|  Royal Caribbean Cruises, Ltd.<br>5.500%, 04/01/28 (144A) | 156000 | $124495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 01/15/29 (144A) | 509000 | 511481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 01/15/29 (144A) | 927000 | 952585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 06/01/25 (144A) | 286000 | 306735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.625%, 08/15/27 (144A) | 472000 | 473997 |
|  Viking Ocean Cruises Ship VII, Ltd.<br>5.625%, 02/15/29 (144A) | 150000 | 120750 |
|  |  | 15093868 |
| **Lodging—0.6%** |  |  |
|  Boyd Gaming Corp.<br>4.750%, 12/01/27 | 386000 | 359513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/31 (144A) (a) | 978000 | 850860 |
|  Hilton Domestic Operating Co., Inc.<br>3.625%, 02/15/32 (144A) | 350000 | 280280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/01/29 (144A) | 394000 | 340810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/31 (144A) | 324000 | 271068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/15/30 | 805000 | 729499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/01/25 (144A) | 131000 | 129665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 05/01/28 (144A) | 133000 | 129010 |
|  Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.<br>4.875%, 04/01/27 | 361000 | 343610 |
|  MGM Resorts International<br>5.750%, 06/15/25 (a) | 61000 | 59284 |
|  Station Casinos LLC<br>4.500%, 02/15/28 (144A) | 422000 | 366879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/01/31 (144A) | 764000 | 612860 |
|  Wyndham Hotels & Resorts, Inc.<br>4.375%, 08/15/28 (144A) | 314000 | 281721 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.<br>5.250%, 05/15/27 (144A) | 426000 | 384453 |
|  |  | 5139512 |
| **Machinery-Construction & Mining—0.4%** |  |  |
|  BWX Technologies, Inc.<br>4.125%, 06/30/28 (144A) (a) | 597000 | 536554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/15/29 (144A) | 545000 | 476982 |
|  Terex Corp.<br>5.000%, 05/15/29 (144A) | 839000 | 754051 |
|  Vertiv Group Corp.<br>4.125%, 11/15/28 (144A) (a) | 1892000 | 1608200 |
|  |  | 3375787 |
| **Machinery-Diversified—1.1%** |  |  |
|  ATS Corp.<br>4.125%, 12/15/28 (144A) | 237000 | 204474 |
|  Chart Industries, Inc.<br>7.500%, 01/01/30 | 1574000 | 1582326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 01/01/31 | 242000 | 248198 |
|  GrafTech Finance, Inc.<br>4.625%, 12/15/28 (144A) | 736000 | 604420 |
|  Husky III Holding, Ltd.<br>13.000%, 13.750% PIK, 02/15/25 (144A) (c) | 720000 | 637200 |
|  Mueller Water Products, Inc.<br>4.000%, 06/15/29 (144A) | 271000 | 238141 |
| **Machinery-Diversified—(Continued)** |  |  |
|  OT Merger Corp.<br>7.875%, 10/15/29 (144A) | 317000 | 168010 |
|  Renk AG<br>5.750%, 07/15/25 (EUR) | 100000 | 99290 |
|  Stevens Holding Co., Inc.<br>6.125%, 10/01/26 (144A) | 365000 | 365913 |
|  Titan Acquisition, Ltd. / Titan Co-Borrower LLC<br>7.750%, 04/15/26 (144A) | 1796000 | 1617456 |
|  TK Elevator Holdco GmbH<br>6.625%, 07/15/28 (EUR) | 90000 | 79189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 07/15/28 (144A) (a) | 1313000 | 1072082 |
|  TK Elevator Midco GmbH<br>4.375%, 07/15/27 (EUR) | 385000 | 364605 |
|  TK Elevator U.S. Newco, Inc.<br>5.250%, 07/15/27 (144A) | 2343000 | 2079506 |
|  |  | 9360810 |
| **Media—5.5%** |  |  |
|  Altice Financing S.A.<br>2.250%, 01/15/25 (EUR) | 100000 | 97978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/28 (EUR) | 148000 | 124840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/28 (144A) | 958000 | 771190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/15/29 (144A) | 3319000 | 2610602 |
|  AMC Networks, Inc.<br>4.250%, 02/15/29 | 303000 | 188799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/01/25 | 508000 | 386080 |
|  Block Communications, Inc.<br>4.875%, 03/01/28 (144A) | 285000 | 248663 |
|  Cable One, Inc.<br>4.000%, 11/15/30 (144A) (a) | 1411000 | 1107234 |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>4.250%, 02/01/31 (144A) | 1053000 | 844627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/15/34 (144A) | 3144000 | 2320414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/30 (144A) | 1019000 | 841852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/33 (144A) | 798000 | 612250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/01/30 (144A) | 1160000 | 1000401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/32 (144A) | 2843000 | 2304820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/28 (144A) (a) | 506000 | 459443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/01/29 (144A) | 557000 | 503678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/01/29 (144A) | 1980000 | 1860685 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital Corp.<br>4.400%, 04/01/33 (a) | 398000 | 340552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/53 (a) | 987000 | 761809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/63 | 1191000 | 908150 |
|  CSC Holdings LLC<br>4.125%, 12/01/30 (144A) | 3228000 | 2278419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/31 (144A) (a) | 2361000 | 1638095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/24 | 109000 | 101481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/28 (144A) (a) | 223000 | 179794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/29 (144A) | 287000 | 234623 |
|  Directv Financing LLC / Directv Financing Co-Obligor, Inc.<br>5.875%, 08/15/27 (144A) (a) | 463000 | 414228 |
|  DISH DBS Corp.<br>5.125%, 06/01/29 | 1107000 | 714137 |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Media—(Continued)** | | |
|  DISH DBS Corp.<br>5.250%, 12/01/26 (144A) | 3011000 | $2536271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/01/28 (144A) | 2362000 | 1885171 |
|  DISH Network Corp.<br>11.750%, 11/15/27 (144A) (a) | 1210000 | 1246179 |
|  GCI LLC<br>4.750%, 10/15/28 (144A) | 286000 | 240263 |
|  LCPR Senior Secured Financing DAC<br>5.125%, 07/15/29 (144A) (a) | 593000 | 491246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/15/27 (144A) | 1573000 | 1470755 |
|  Midcontinent Communications / Midcontinent Finance Corp.<br>5.375%, 08/15/27 (144A) | 366000 | 331371 |
|  Radiate Holdco LLC / Radiate Finance, Inc.<br>4.500%, 09/15/26 (144A) | 1313000 | 964661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/15/28 (144A) | 3318000 | 1390292 |
|  RCS & RDS S.A.<br>2.500%, 02/05/25 (EUR) | 100000 | 97078 |
|  Sinclair Television Group, Inc.<br>4.125%, 12/01/30 (144A) | 2219000 | 1663554 |
|  Sirius XM Radio, Inc.<br>3.875%, 09/01/31 (144A) | 1326000 | 1034504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/15/28 (144A) | 781000 | 679704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/30 (144A) (a) | 144000 | 118830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/27 (144A) | 1772000 | 1637968 |
|  Summer BidCo B.V.<br>9.000%, 9.750% PIK, 11/15/25 (EUR) (c) | 109988 | 84701 |
|  Tele Columbus AG<br>3.875%, 05/02/25 (EUR) | 209000 | 167544 |
|  Telenet Finance Luxembourg Notes S.a.r.l.<br>5.500%, 03/01/28 (144A) | 800000 | 720000 |
|  Univision Communications, Inc.<br>5.125%, 02/15/25 (144A) (a) | 248000 | 236193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 06/01/27 (144A) | 461000 | 444777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 06/30/30 (144A) | 566000 | 540926 |
|  UPC Broadband Finco B.V.<br>4.875%, 07/15/31 (144A) | 1160000 | 964882 |
|  Videotron, Ltd.<br>3.625%, 06/15/29 (144A) (a) | 687000 | 578798 |
|  Virgin Media Vendor Financing Notes IV DAC<br>5.000%, 07/15/28 (144A) (a) | 1272000 | 1111865 |
|  VZ Secured Financing B.V.<br>3.500%, 01/15/32 (EUR) | 100000 | 83495 |
|  Ziggo B.V.<br>4.875%, 01/15/30 (144A) | 385000 | 322156 |
|  Ziggo Bond Co. B.V.<br>5.125%, 02/28/30 (144A) (a) | 248000 | 200260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/27 (144A) (a) | 351000 | 326577 |
|  |  | 45424865 |
| **Metal Fabricate/Hardware—0.3%** |  |  |
|  Advanced Drainage Systems, Inc.<br>5.000%, 09/30/27 (144A) | 474000 | 442005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/15/30 (144A) | 1340000 | 1302024 |
|  Roller Bearing Co. of America, Inc.<br>4.375%, 10/15/29 (144A) | 335000 | 289675 |
|  Vallourec S.A.<br>8.500%, 06/30/26 (EUR) | 69000 | 72412 |
|  |  | 2106116 |
| **Mining—1.7%** |  |  |
|  Arconic Corp.<br>6.000%, 05/15/25 (144A) (a) | 294000 | 289030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/15/28 (144A) | 885000 | 830365 |
|  Constellium SE<br>3.750%, 04/15/29 (144A) (a) | 4092000 | 3324494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/26 (EUR) | 279000 | 286261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/28 (144A) (a) | 762000 | 704256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/26 (144A) | 325000 | 313063 |
|  ERO Copper Corp.<br>6.500%, 02/15/30 (144A) | 553000 | 445970 |
|  Kaiser Aluminum Corp.<br>4.500%, 06/01/31 (144A) (a) | 1655000 | 1330206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/28 (144A) (a) | 469000 | 409261 |
|  New Gold, Inc.<br>7.500%, 07/15/27 (144A) (a) | 974000 | 854738 |
|  Novelis Corp.<br>3.250%, 11/15/26 (144A) (a) | 2167000 | 1942737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/31 (144A) | 2207000 | 1801778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/30/30 (144A) (a) | 1324000 | 1173812 |
|  Novelis Sheet Ingot GmbH<br>3.375%, 04/15/29 (EUR) | 422000 | 383690 |
|  Vedanta Resources Finance II plc<br>8.950%, 03/11/25 (144A) (a) | 287000 | 194801 |
|  |  | 14284462 |
| **Miscellaneous Manufacturing—0.2%** |  |  |
|  Amsted Industries, Inc.<br>5.625%, 07/01/27 (144A) | 339000 | 321596 |
|  EnPro Industries, Inc.<br>5.750%, 10/15/26 | 161000 | 156170 |
|  Gates Global LLC / Gates Corp.<br>6.250%, 01/15/26 (144A) | 887000 | 855955 |
|  |  | 1333721 |
| **Office/Business Equipment—0.1%** |  |  |
|  CDW LLC / CDW Finance Corp.<br>3.250%, 02/15/29 | 709000 | 603848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276%, 12/01/28 | 346000 | 296232 |
|  |  | 900080 |
| **Oil & Gas—6.1%** |  |  |
|  Aethon United BR L.P. / Aethon United Finance Corp.<br>8.250%, 02/15/26 (144A) | 1924000 | 1908504 |
|  Antero Resources Corp.<br>7.625%, 02/01/29 (144A) | 161000 | 161887 |
|  Apache Corp.<br>4.250%, 01/15/30 (a) | 569000 | 503512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 09/01/40 | 555000 | 459935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 07/01/49 | 371000 | 299730 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp.<br>5.875%, 06/30/29 (144A) | 1667000 | 1486347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 11/01/27 (144A) | 2017000 | 2480910 |
|  BP Capital Markets plc<br>4.250%, 5Y UKG + 4.170%, 03/22/27 (GBP) (b) | 100000 | 106108 |

---

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Oil & Gas—(Continued)** | | |
|  Callon Petroleum Co.<br>6.375%, 07/01/26 | 929000 | $865871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/15/30 (144A) | 1636000 | 1496940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 08/01/28 (144A) | 1597000 | 1522394 |
|  Chesapeake Energy Corp.<br>5.875%, 02/01/29 (144A) | 42000 | 39794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/15/29 (144A) | 1232000 | 1199475 |
|  CITGO Petroleum Corp.<br>6.375%, 06/15/26 (144A) | 581000 | 560012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/15/25 (144A) | 600000 | 585216 |
|  Civitas Resources, Inc.<br>5.000%, 10/15/26 (144A) | 243000 | 222164 |
|  CNX Resources Corp.<br>6.000%, 01/15/29 (144A) | 259000 | 238317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/31 (144A) | 545000 | 522377 |
|  Colgate Energy Partners III LLC<br>5.875%, 07/01/29 (144A) | 951000 | 816776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 02/15/26 (144A) | 929000 | 901167 |
|  Comstock Resources, Inc.<br>5.875%, 01/15/30 (144A) | 2639000 | 2268748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/01/29 (144A) | 1090000 | 983725 |
|  CrownRock L.P. / CrownRock Finance, Inc.<br>5.000%, 05/01/29 (144A) | 265000 | 238107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/15/25 (144A) | 2143000 | 2067995 |
|  Diamondback Energy, Inc.<br>4.250%, 03/15/52 | 1020000 | 746304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/33 | 1261000 | 1279872 |
|  Earthstone Energy Holdings LLC<br>8.000%, 04/15/27 (144A) | 954000 | 912644 |
|  Enerflex, Ltd.<br>9.000%, 10/15/27 | 682000 | 680121 |
|  EnQuest plc<br>11.625%, 11/01/27 | 200000 | 188051 |
|  Gulfport Energy Corp.<br>8.000%, 05/17/26 (144A) | 102000 | 99450 |
|  Harbour Energy plc<br>5.500%, 10/15/26 (144A) | 215000 | 192666 |
|  Hilcorp Energy I L.P. / Hilcorp Finance Co.<br>5.750%, 02/01/29 (144A) | 713000 | 634618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/15/30 (144A) | 73000 | 64917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/31 (144A) | 42000 | 36228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/01/28 (144A) | 394000 | 356570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/32 (144A) | 56000 | 48323 |
|  Independence Energy Finance LLC<br>7.250%, 05/01/26 (144A) | 1646000 | 1551092 |
|  Magnolia Oil & Gas Corp.<br>6.000%, 08/01/26 (144A) | 86000 | 82560 |
|  Matador Resources Co.<br>5.875%, 09/15/26 | 297000 | 285553 |
|  Murphy Oil Corp.<br>5.750%, 08/15/25 | 24000 | 23582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/01/27 | 160000 | 153966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/01/42 | 64000 | 49920 |
|  Nabors Industries, Inc.<br>5.750%, 02/01/25 | 1564000 | 1491446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 05/15/27 (144A) | 973000 | 942540 |
| **Oil & Gas—(Continued)** |  |  |
|  Nabors Industries, Ltd.<br>7.250%, 01/15/26 (144A) | 436000 | 410886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 01/15/28 (144A) | 677000 | 619385 |
|  Northern Oil and Gas, Inc.<br>8.125%, 03/01/28 (144A) | 3002000 | 2882502 |
|  Occidental Petroleum Corp.<br>5.875%, 09/01/25 | 325000 | 323823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 03/15/40 | 1361000 | 1331869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 09/15/36 | 732000 | 746640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 03/15/46 | 157000 | 161551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/01/30 (a) | 2210000 | 2283770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 07/01/24 (a) | 72000 | 73369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/01/31 | 408000 | 435936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 07/15/30 | 371000 | 418861 |
|  Ovintiv, Inc.<br>6.500%, 02/01/38 | 74000 | 73315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 08/15/37 | 242000 | 243391 |
|  Parkland Corp.<br>5.875%, 07/15/27 (144A) | 473000 | 449114 |
|  PDC Energy, Inc.<br>6.125%, 09/15/24 | 140000 | 139202 |
|  Permian Resources Operating LLC<br>6.875%, 04/01/27 (144A) | 1295000 | 1220198 |
|  Precision Drilling Corp.<br>6.875%, 01/15/29 (144A) | 32000 | 29792 |
|  Range Resources Corp.<br>4.750%, 02/15/30 (144A) | 45000 | 39650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/15/25 | 210000 | 199480 |
|  Repsol International Finance B.V.<br>3.750%, 5Y EUR Swap + 4.000%, 03/11/26 (EUR) (b) | 100000 | 98997 |
|  Rockcliff Energy II LLC<br>5.500%, 10/15/29 (144A) | 1038000 | 949718 |
|  SM Energy Co.<br>5.625%, 06/01/25 | 185000 | 177598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/28 | 231000 | 221476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/27 | 59000 | 56830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/15/26 | 409000 | 397078 |
|  Southwestern Energy Co.<br>4.750%, 02/01/32 | 441000 | 376874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/29 | 1075000 | 996590 |
|  Sunoco L.P. / Sunoco Finance Corp.<br>5.875%, 03/15/28 | 282000 | 267066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/15/27 (a) | 131000 | 128996 |
|  Tap Rock Resouces LLC<br>7.000%, 10/01/26 (144A) | 2124000 | 1975532 |
|  Transocean, Inc.<br>11.500%, 01/30/27 (144A) | 330000 | 330825 |
|  UGI International LLC<br>2.500%, 12/01/29 (EUR) | 100000 | 81657 |
|  Vermilion Energy, Inc.<br>6.875%, 05/01/30 (144A) | 438000 | 399711 |
|  |  | 50298116 |
| **Oil & Gas Services—0.5%** |  |  |
|  Archrock Partners L.P. / Archrock Partners Finance Corp.<br>6.250%, 04/01/28 (144A) | 842000 | 770440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/01/27 (144A) | 705000 | 673038 |

---

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Oil & Gas Services—(Continued)** | | |
|  U.S.A. Compression Partners L.P. / U.S.A. Compression Finance Corp.<br>6.875%, 04/01/26 (a) | 670000 | $642724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 09/01/27 (a) | 723000 | 676005 |
|  Weatherford International, Ltd.<br>6.500%, 09/15/28 (144A) | 569000 | 557791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/30/30 (144A) | 836000 | 802818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/01/24 (144A) | 22000 | 22441 |
|  |  | 4145257 |
| **Packaging & Containers—2.1%** |  |  |
|  ARD Finance S.A.<br>6.500%, 7.250% PIK, 06/30/27 (144A) (c) | 1433336 | 996932 |
|  Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance plc<br>3.000%, 09/01/29 (EUR) | 200000 | 156286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 09/01/28 (144A) | 200000 | 169889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/29 (144A) (a) | 5867000 | 4649758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/27 (144A) (a) | 1009000 | 987756 |
|  Ball Corp.<br>2.875%, 08/15/30 | 87000 | 69436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 09/15/31 (a) | 936000 | 751730 |
|  Canpack S.A. / Canpack U.S. LLC<br>3.125%, 11/01/25 (144A) | 249000 | 218169 |
|  Clydesdale Acquisition Holdings, Inc.<br>6.625%, 04/15/29 (144A) | 1529000 | 1453697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 04/15/30 (144A) | 1025000 | 877371 |
|  Crown Americas LLC / Crown Americas Capital Corp.<br>4.750%, 02/01/26 | 71000 | 68923 |
|  Crown Cork & Seal Co., Inc.<br>7.375%, 12/15/26 | 79000 | 81331 |
|  Fiber Bidco S.p.A.<br>11.000%, 10/25/27 (EUR) | 100000 | 113211 |
|  Graphic Packaging International LLC<br>2.625%, 02/01/29 (EUR) | 300000 | 281024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/15/28 (144A) | 472000 | 410787 |
|  Kleopatra Finco Sarl<br>4.250%, 03/01/26 (EUR) | 110000 | 91489 |
|  LABL, Inc.<br>5.875%, 11/01/28 (144A) | 773000 | 673492 |
|  Mauser Packaging Solutions Holding Co.<br>5.500%, 04/15/24 (144A) | 1054000 | 1024854 |
|  OI European Group B.V.<br>2.875%, 02/15/25 (EUR) | 100000 | 102763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/24 (EUR) | 100000 | 103576 |
|  Sealed Air Corp.<br>4.000%, 12/01/27 (144A) | 179000 | 162377 |
|  Silgan Holdings, Inc.<br>4.125%, 02/01/28 | 72000 | 66611 |
|  Trivium Packaging Finance B.V.<br>5.500%, 08/15/26 (144A) | 1247000 | 1143419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 08/15/27 (144A) (a) | 3030000 | 2780100 |
|  |  | 17434981 |
|  **Pharmaceuticals—0.8%** |  |  |
|  AdaptHealth LLC<br>5.125%, 03/01/30 (144A) | 72000 | 61293 |
| **Pharmaceuticals—(Continued)** |  |  |
|  AdaptHealth LLC<br>6.125%, 08/01/28 (144A) | 154000 | 141170 |
|  Cheplapharm Arzneimittel GmbH<br>3.500%, 02/11/27 (EUR) | 100000 | 93450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/28 (144A) | 388000 | 324446 |
|  Elanco Animal Health, Inc.<br>6.400%, 08/28/28 | 7000 | 6661 |
|  Embecta Corp.<br>6.750%, 02/15/30 (144A) | 211000 | 190427 |
|  Gruenenthal GmbH<br>4.125%, 05/15/28 (EUR) | 200000 | 192146 |
|  Jazz Securities DAC<br>4.375%, 01/15/29 (144A) | 200000 | 178230 |
|  Nidda Healthcare Holding GmbH<br>7.500%, 08/21/26 (EUR) | 183000 | 186343 |
|  Option Care Health, Inc.<br>4.375%, 10/31/29 (144A) | 676000 | 591304 |
|  Organon & Co. / Organon Foreign Debt Co-Issuer BV<br>2.875%, 04/30/28 (EUR) | 100000 | 93527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/30/28 (144A) | 848000 | 750819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/30/31 (144A) | 1010000 | 874539 |
|  PRA Health Sciences, Inc.<br>2.875%, 07/15/26 (144A) | 1042000 | 943065 |
|  Prestige Brands, Inc.<br>3.750%, 04/01/31 (144A) | 738000 | 608606 |
|  Rossini Sarl<br>6.750%, 10/30/25 (EUR) | 141000 | 149251 |
|  Teva Pharmaceutical Finance Netherlands II B.V.<br>6.000%, 01/31/25 (EUR) | 200000 | 210423 |
|  Teva Pharmaceutical Finance Netherlands III B.V.<br>4.750%, 05/09/27 | 400000 | 361560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 01/31/25 | 394000 | 391790 |
|  |  | 6349050 |
| **Pipelines—6.1%** |  |  |
|  Antero Midstream Partners L.P. / Antero Midstream Finance Corp. 5.375%, 06/15/29 (144A) | 546000 | 499175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/01/27 (144A) | 393000 | 371526 |
|  Buckeye Partners L.P.<br>4.125%, 03/01/25 (144A) (a) | 67000 | 63811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/44 | 215000 | 156994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/15/43 | 318000 | 236935 |
|  Cheniere Energy Partners L.P.<br>3.250%, 01/31/32 (a) | 2915000 | 2316570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/31 (a) | 2131000 | 1814248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/29 | 1649000 | 1482816 |
|  Cheniere Energy, Inc.<br>4.625%, 10/15/28 | 200000 | 180774 |
|  CNX Midstream Partners L.P.<br>4.750%, 04/15/30 (144A) | 287000 | 235531 |
|  CQP Holdco L.P. / BIP-V Chinook Holdco LLC<br>5.500%, 06/15/31 (144A) | 2938000 | 2566373 |
|  Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp.<br>5.625%, 05/01/27 (144A) | 144000 | 133920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/29 (144A) | 687000 | 630330 |

---

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Pipelines—(Continued)** | | |
|  Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp.<br>8.000%, 04/01/29 (144A) | 247000 | $245786 |
|  DCP Midstream Operating L.P.<br>5.625%, 07/15/27 | 131000 | 129947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 11/03/36 (144A) | 445000 | 436066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/15/37 (144A) | 742000 | 747927 |
|  DT Midstream, Inc.<br>4.125%, 06/15/29 (144A) (a) | 1019000 | 875433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/15/31 (144A) | 1297000 | 1088053 |
|  El Paso Natural Gas Co. LLC<br>3.500%, 02/15/32 (144A) | 370000 | 310214 |
|  Energy Transfer L.P.<br>5.000%, 05/15/50 | 1368000 | 1092937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 04/15/47 | 301000 | 250429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 02/15/28 | 400000 | 396772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 02/15/33 | 465000 | 454937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5Y H15 + 5.694%, 11/15/26 (b) | 1861000 | 1600460 |
|  EnLink Midstream LLC<br>5.375%, 06/01/29 | 1291000 | 1194534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/15/28 (144A) | 930000 | 885823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/30 (144A) (a) | 624000 | 617573 |
|  EnLink Midstream Partners L.P.<br>4.150%, 06/01/25 | 16000 | 15121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 07/15/26 | 55000 | 51702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 04/01/45 | 67000 | 50775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 06/01/47 | 169000 | 135749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 04/01/44 | 505000 | 416507 |
|  EQM Midstream Partners L.P.<br>4.125%, 12/01/26 | 103000 | 91613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/15/29 (144A) | 50000 | 41996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/31 (144A) | 678000 | 554265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/25 (144A) | 943000 | 909992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/27 (144A) | 783000 | 748352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/01/30 (144A) | 229000 | 220646 |
|  Genesis Energy L.P. / Genesis Energy Finance Corp.<br>6.500%, 10/01/25 | 282000 | 269510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 02/01/28 | 332000 | 305599 |
|  Harvest Midstream I L.P.<br>7.500%, 09/01/28 (144A) | 131000 | 125032 |
|  Hess Midstream Operations L.P.<br>4.250%, 02/15/30 (144A) (a) | 650000 | 555699 |
|  ITT Holdings LLC<br>6.500%, 08/01/29 (144A) | 917000 | 772242 |
|  Kinder Morgan, Inc.<br>4.800%, 02/01/33 | 254000 | 235487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 08/01/52 | 716000 | 642666 |
|  Kinetik Holdings L.P.<br>5.875%, 06/15/30 (144A) | 1510000 | 1416052 |
|  MPLX L.P.<br>4.950%, 03/14/52 | 1185000 | 967960 |
|  New Fortress Energy, Inc.<br>6.500%, 09/30/26 (144A) | 2578000 | 2394189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/15/25 (144A) | 2416000 | 2285053 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp.<br>7.500%, 02/01/26 (144A) | 420000 | 373964 |
|  NGPL PipeCo LLC<br>7.768%, 12/15/37 (144A) | 691000 | 718997 |
| **Pipelines—(Continued)** |  |  |
|  NuStar Logistics L.P.<br>5.750%, 10/01/25 | 302000 | 290323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/26 | 239000 | 230135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/01/30 | 53000 | 49007 |
|  ONEOK, Inc.<br>4.950%, 07/13/47 | 300000 | 241627 |
|  Plains All American Pipeline L.P. / PAA Finance Corp.<br>3.550%, 12/15/29 | 427000 | 370237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 06/01/42 | 605000 | 490363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 01/15/37 | 177000 | 174141 |
|  Rockies Express Pipeline LLC<br>4.950%, 07/15/29 (144A) (a) | 136000 | 122040 |
|  Sabine Pass Liquefaction LLC<br>5.900%, 09/15/37 | 220000 | 220152 |
|  Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp. 5.500%, 01/15/28 (144A) | 88000 | 78042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/27 (144A) | 115000 | 107366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/31/30 (144A) | 79000 | 68314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/31 (144A) | 361000 | 310382 |
|  Targa Resources Corp.<br>6.250%, 07/01/52 | 458000 | 432238 |
|  Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.<br>4.000%, 01/15/32 | 908000 | 763982 |
|  Venture Global Calcasieu Pass LLC<br>3.875%, 08/15/29 (144A) | 2471000 | 2162125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/33 (144A) (a) | 4528000 | 3698923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/31 (144A) | 2104000 | 1792598 |
|  Western Midstream Operating L.P.<br>4.750%, 08/15/28 | 84000 | 76716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 03/01/48 | 833000 | 684915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 04/01/44 | 826000 | 686175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/15/48 | 243000 | 201683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/50 | 1920000 | 1581696 |
|  |  | 50148242 |
| **Real Estate—0.4%** |  |  |
|  ADLER Group S.A.<br>2.750%, 11/13/26 (EUR) | 200000 | 84566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/05/25 (EUR) | 200000 | 86920 |
|  Aroundtown S.A.<br>3.375%, 5Y EUR Swap + 3.980%, 09/23/24 (EUR) (b) | 100000 | 49522 |
|  Cushman and Wakefield U.S. Borrower LLC<br>6.750%, 05/15/28 (144A) | 840000 | 801662 |
|  DEMIRE Deutsche Mittelstand Real Estate AG<br>1.875%, 10/15/24 (EUR) | 100000 | 72748 |
|  DIC Asset AG<br>2.250%, 09/22/26 (EUR) | 100000 | 61016 |
|  Fastighets AB Balder<br>2.873%, 5Y EUR Swap + 3.188%, 06/02/81 (EUR) (b) | 100000 | 72322 |
|  Heimstaden Bostad AB<br>2.625%, 5Y EUR Swap + 3.149%, 02/01/27 (EUR) (b) | 100000 | 55580 |
|  Howard Hughes Corp. (The)<br>4.125%, 02/01/29 (144A) | 382000 | 319925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/01/31 (144A) | 308000 | 249193 |

---

*See accompanying notes to financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Real Estate—(Continued)** | | |
|  Howard Hughes Corp. (The)<br>5.375%, 08/01/28 (144A) | 11000 | $9908 |
|  Realogy Group LLC / Realogy Co-Issuer Corp.<br>5.250%, 04/15/30 (144A) (a) | 377000 | 275025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/29 (144A) (a) | 679000 | 513589 |
|  Tropicana Entertainment LLC / Tropicana Finance Corp.<br>9.625%, 12/15/14 (d) (f) (g) | 70000 | 0 |
|  Unique Pub Finance Co. plc (The)<br>6.464%, 03/30/32 (GBP) | 400000 | 483605 |
|  |  | 3135581 |
| **Real Estate Investment Trusts—2.3%** |  |  |
|  American Tower Corp.<br>2.700%, 04/15/31 | 235000 | 191279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 03/15/32 (a) | 930000 | 829370 |
|  Brookfield Property REIT, Inc.<br>4.500%, 04/01/27 (144A) (a) | 490000 | 409550 |
|  Crown Castle, Inc.<br>4.300%, 02/15/29 | 554000 | 523164 |
|  Digital Realty Trust LP<br>5.550%, 01/15/28 | 290000 | 291917 |
|  Equinix, Inc.<br>3.200%, 11/18/29 | 554000 | 482213 |
|  Global Net Lease, Inc. / Global Net Lease Operating Partnership L.P.<br>3.750%, 12/15/27 (144A) | 330000 | 272883 |
|  GLP Capital L.P. / GLP Financing II, Inc.<br>3.250%, 01/15/32 (a) | 960000 | 767409 |
|  HAT Holdings I LLC / HAT Holdings II LLC<br>3.375%, 06/15/26 (144A) | 513000 | 445694 |
|  Iron Mountain Information Management Services, Inc.<br>5.000%, 07/15/32 (144A) (a) | 509000 | 422827 |
|  Iron Mountain UK plc<br>3.875%, 11/15/25 (GBP) | 100000 | 111566 |
|  Iron Mountain, Inc.<br>5.000%, 07/15/28 (144A) | 79000 | 70956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/15/32 (144A) | 380000 | 329314 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.<br>4.250%, 02/01/27 (144A) | 384000 | 322571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/29 (144A) | 178000 | 143710 |
|  MPT Operating Partnership L.P. / MPT Finance Corp.<br>3.500%, 03/15/31 | 3493000 | 2394394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/29 (a) | 1736000 | 1323847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 (a) | 99000 | 83213 |
|  RHP Hotel Properties L.P. / RHP Finance Corp.<br>4.500%, 02/15/29 (144A) | 297000 | 256190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/27 (a) | 1149000 | 1039858 |
|  RLJ Lodging Trust L.P.<br>3.750%, 07/01/26 (144A) (a) | 353000 | 314378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/15/29 (144A) | 268000 | 217258 |
|  SBA Communications Corp.<br>3.125%, 02/01/29 (a) | 1894000 | 1574842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/27 | 1475000 | 1332683 |
|  Starwood Property Trust, Inc.<br>4.375%, 01/15/27 (144A) | 215000 | 188141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/23 (144A) | 68000 | 67408 |
|  Uniti Group L.P. / Uniti Fiber Holdings, Inc. / CSL Capital LLC<br>4.750%, 04/15/28 (144A) (a) | 187000 | 149600 |
| **Real Estate Investment Trusts—(Continued)** |  |  |
|  VICI Properties L.P.<br>4.750%, 02/15/28 | 113000 | 107200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 02/15/30 | 568000 | 540689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/15/52 | 1024000 | 905800 |
|  VICI Properties L.P. / VICI Note Co., Inc.<br>3.500%, 02/15/25 (144A) | 289000 | 272478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/29 (144A) | 134000 | 117442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/30 (144A) | 624000 | 546103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/01/26 (144A) | 273000 | 254688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/26 (144A) | 21000 | 19763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/15/28 (144A) | 274000 | 251430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/25 (144A) | 123000 | 117926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/01/29 (144A) | 1248000 | 1135680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/01/24 (144A) (a) | 138000 | 136656 |
|  |  | 18962090 |
| **Retail—2.3%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc.<br>3.875%, 01/15/28 (144A) | 276000 | 246895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/30 (144A) | 401000 | 324734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/28 (144A) | 455000 | 407410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/15/25 (144A) | 296000 | 293691 |
|  Arko Corp.<br>5.125%, 11/15/29 (144A) | 502000 | 394170 |
|  Asbury Automotive Group, Inc.<br>4.500%, 03/01/28 | 282000 | 248273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/01/30 (a) | 57000 | 47672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/32 (144A) (a) | 437000 | 359520 |
|  Beacon Roofing Supply, Inc.<br>4.125%, 05/15/29 (144A) | 323000 | 268410 |
|  Constellation Automotive Financing plc<br>4.875%, 07/15/27 (GBP) | 100000 | 78788 |
|  eG Global Finance plc<br>6.750%, 02/07/25 (144A) | 688000 | 600645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 10/30/25 (144A) | 525000 | 489102 |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.<br>4.625%, 01/15/29 (144A) | 124000 | 104933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/30 (144A) (a) | 177000 | 142768 |
|  Foundation Building Materials, Inc.<br>6.000%, 03/01/29 (144A) | 267000 | 199904 |
|  Goldstory SASU<br>5.375%, 03/01/26 (EUR) | 100000 | 97697 |
|  Group 1 Automotive, Inc.<br>4.000%, 08/15/28 (144A) | 90000 | 76179 |
|  GYP Holdings III Corp.<br>4.625%, 05/01/29 (144A) | 609000 | 497229 |
|  IRB Holding Corp.<br>7.000%, 06/15/25 (144A) | 315000 | 314212 |
|  Ken Garff Automotive LLC<br>4.875%, 09/15/28 (144A) | 286000 | 239247 |
|  LBM Acquisition LLC<br>6.250%, 01/15/29 (144A) | 99000 | 62999 |
|  LCM Investments Holdings II LLC<br>4.875%, 05/01/29 (144A) | 761000 | 609400 |
|  Lithia Motors, Inc.<br>3.875%, 06/01/29 (144A) | 345000 | 283628 |

---

*See accompanying notes to financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Retail—(Continued)** | | |
|  Murphy Oil USA, Inc.<br>4.750%, 09/15/29 | 302000 | $276339 |
|  NMG Holding Co., Inc. / Neiman Marcus Group LLC<br>7.125%, 04/01/26 (144A) | 793000 | 743253 |
|  Penske Automotive Group, Inc.<br>3.500%, 09/01/25 | 423000 | 392569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 06/15/29 | 181000 | 146908 |
|  PetSmart, Inc. / PetSmart Finance Corp.<br>4.750%, 02/15/28 (144A) | 250000 | 226377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 02/15/29 (144A) | 2183000 | 2050257 |
|  Specialty Building Products Holdings LLC / SBP Finance Corp.<br>6.375%, 09/30/26 (144A) | 235000 | 189213 |
|  SRS Distribution, Inc.<br>4.625%, 07/01/28 (144A) | 1697000 | 1504340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/29 (144A) (a) | 1532000 | 1219247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/01/29 (144A) | 1330000 | 1075332 |
|  Staples, Inc.<br>7.500%, 04/15/26 (144A) | 963000 | 828835 |
|  Stonegate Pub Co. Financing plc<br>8.250%, 07/31/25 (GBP) | 100000 | 109047 |
|  Suburban Propane Partners L.P./Suburban Energy Finance Corp.<br>5.000%, 06/01/31 (144A) | 238000 | 202296 |
|  White Cap Buyer LLC<br>6.875%, 10/15/28 (144A) (a) | 3234000 | 2797438 |
|  White Cap Parent LLC<br>8.250%, 03/15/26 (144A) (a) (c) | 564000 | 487572 |
|  Yum! Brands, Inc.<br>4.750%, 01/15/30 (144A) | 32000 | 29360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 11/01/43 | 14000 | 11515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/01/32 | 290000 | 268612 |
|  |  | 18946016 |
| **Semiconductors—1.1%** |  |  |
|  ams-OSRAM AG<br>6.000%, 07/31/25 (EUR) | 100000 | 99814 |
|  Broadcom, Inc.<br>2.450%, 02/15/31 (144A) | 446000 | 351278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 02/15/33 (144A) | 566000 | 424838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36 (144A) | 303000 | 217641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 04/15/33 (144A) | 1088000 | 872258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 04/15/34 (144A) | 24000 | 19146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110%, 09/15/28 | 380000 | 353398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/15/30 | 226000 | 202530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 | 758000 | 668056 |
|  Entegris Escrow Corp.<br>4.750%, 04/15/29 (144A) (a) | 4106000 | 3744415 |
|  Entegris, Inc.<br>3.625%, 05/01/29 (144A) (a) | 430000 | 350128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/28 (144A) | 447000 | 395253 |
|  Marvell Technology, Inc.<br>2.950%, 04/15/31 | 570000 | 458473 |
|  Qorvo, Inc.<br>4.375%, 10/15/29 | 427000 | 377570 |
|  Synaptics, Inc.<br>4.000%, 06/15/29 (144A) (a) | 581000 | 489521 |
|  |  | 9024319 |
| **Shipbuilding—0.0%** |  |  |
|  Huntington Ingalls Industries, Inc.<br>4.200%, 05/01/30 | 127000 | 115269 |
| **Software—4.7%** |  |  |
|  ACI Worldwide, Inc.<br>5.750%, 08/15/26 (144A) | 954000 | 924187 |
|  AthenaHealth Group, Inc.<br>6.500%, 02/15/30 (144A) (a) | 3031000 | 2233641 |
|  Black Knight InfoServ LLC<br>3.625%, 09/01/28 (144A) | 815000 | 705382 |
|  Boxer Parent Co., Inc.<br>6.500%, 10/02/25 (EUR) | 200000 | 203272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 10/02/25 (144A) | 689000 | 670060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 03/01/26 (144A) | 1771000 | 1670788 |
|  Camelot Finance S.A.<br>4.500%, 11/01/26 (144A) | 162000 | 151835 |
|  Central Parent, Inc, / CDK Global, Inc.<br>7.250%, 06/15/29 (144A) (a) | 1515000 | 1481855 |
|  Clarivate Science Holdings Corp.<br>3.875%, 07/01/28 (144A) (a) | 2298000 | 1990978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/01/29 (144A) (a) | 1639000 | 1393724 |
|  Cloud Software Group Holdings, Inc.<br>6.500%, 03/31/29 (144A) (a) | 6453000 | 5435241 |
|  Consensus Cloud Solutions, Inc.<br>6.000%, 10/15/26 (144A) | 197000 | 184242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/15/28 (144A) | 179000 | 164639 |
|  Dun & Bradstreet Corp. (The)<br>5.000%, 12/15/29 (144A) (a) | 2302000 | 1969966 |
|  Elastic NV<br>4.125%, 07/15/29 (144A) | 1009000 | 814969 |
|  Fair Isaac Corp.<br>4.000%, 06/15/28 (144A) | 725000 | 657942 |
|  Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl<br>4.625%, 05/01/28 (144A) | 558000 | 424066 |
|  MicroStrategy, Inc.<br>6.125%, 06/15/28 (144A) | 1211000 | 865926 |
|  MSCI, Inc.<br>3.250%, 08/15/33 (144A) | 273000 | 210827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 09/01/30 (144A) | 383000 | 318369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 11/01/31 (144A) | 329000 | 272076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/31 (144A) | 139000 | 115568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/29 (144A) (a) | 68000 | 59230 |
|  Open Text Corp.<br>6.900%, 12/01/27 | 2095000 | 2095000 |
|  Oracle Corp.<br>2.875%, 03/25/31 | 935000 | 775234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/01/30 | 233000 | 198656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/01/50 | 1709000 | 1150613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/25/51 | 1878000 | 1337961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/09/29 | 340000 | 352908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/09/32 (a) | 1018000 | 1065460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 11/09/52 | 2035000 | 2177093 |
|  PTC, Inc.<br>4.000%, 02/15/28 (144A) | 228000 | 205208 |

---

*See accompanying notes to financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Software—(Continued)** | | |
|  SS&C Technologies, Inc.<br>5.500%, 09/30/27 (144A) (a) | 2495000 | $2336308 |
|  Twilio, Inc.<br>3.875%, 03/15/31 | 1343000 | 1065476 |
|  Veritas U.S. Inc. / Veritas Bermuda, Ltd.<br>7.500%, 09/01/25 (144A) (a) | 576000 | 396702 |
|  ZoomInfo Technologies LLC<br>3.875%, 02/01/29 (144A) | 2578000 | 2166506 |
|  |  | 38241908 |
| **Telecommunications—5.8%** |  |  |
|  Altice France Holding S.A.<br>10.500%, 05/15/27 (144A) | 1001000 | 763262 |
|  Altice France S.A.<br>2.500%, 01/15/25 (EUR) | 100000 | 95805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 01/15/29 (144A) | 331000 | 248883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/15/29 (144A) | 1695000 | 1270815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/29 (144A) | 1429000 | 1089655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/01/27 (EUR) | 200000 | 186228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 02/01/27 (144A) | 1676000 | 1526635 |
|  British Telecommunications plc<br>4.875%, 5Y H15 + 3.493%, 11/23/81 (144A) (b) | 200000 | 157339 |
|  Ciena Corp.<br>4.000%, 01/31/30 (144A) (a) | 290000 | 255232 |
|  CommScope Technologies LLC<br>6.000%, 06/15/25 (144A) (a) | 1594000 | 1450540 |
|  CommScope, Inc.<br>4.750%, 09/01/29 (144A) | 1084000 | 873921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/26 (144A) | 346000 | 319320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 07/01/28 (144A) (a) | 544000 | 388889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 03/01/27 (144A) (a) | 282000 | 218550 |
|  Connect Finco S.a.r.l. / Connect U.S. Finco LLC<br>6.750%, 10/01/26 (144A) | 4760000 | 4411375 |
|  Consolidated Communications, Inc.<br>6.500%, 10/01/28 (144A) (a) | 1804000 | 1401818 |
|  Frontier Communications Holdings LLC<br>5.000%, 05/01/28 (144A) | 2044000 | 1782409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/27 (144A) | 603000 | 559928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/30 (144A) (a) | 540000 | 424209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/01/29 (144A) | 1012000 | 837187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 05/15/30 (144A) | 816000 | 829668 |
|  Iliad Holding SASU<br>5.625%, 10/15/28 (EUR) | 100000 | 96819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/15/26 (144A) (a) | 2908000 | 2697036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/28 (144A) (a) | 1115000 | 1007726 |
|  Level 3 Financing, Inc.<br>3.400%, 03/01/27 (144A) | 1138000 | 961593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 01/15/29 (144A) | 519000 | 380033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 07/15/29 (144A) | 788000 | 566864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/29 (144A) | 103000 | 81281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/01/28 (144A) | 433000 | 341074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/15/27 (144A) | 360000 | 299700 |
|  Ligado Networks LLC<br>15.500%, 11/01/23 (144A) (c) | 668372 | 218598 |
| **Telecommunications—(Continued)** |  |  |
|  Lorca Telecom Bondco S.A.<br>4.000%, 09/18/27 (EUR) | 200000 | 191075 |
|  Lumen Technologies, Inc.<br>4.000%, 02/15/27 (144A) (a) | 2236000 | 1894904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/15/29 (144A) | 1187000 | 819281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/15/29 (144A) | 143000 | 102950 |
|  Nokia Oyj<br>6.625%, 05/15/39 | 397000 | 376817 |
|  Sable International Finance, Ltd.<br>5.750%, 09/07/27 (144A) | 273000 | 251842 |
|  SES S.A.<br>5.625%, 5Y EUR Swap + 5.401%, 01/29/24 (EUR) (b) | 100000 | 103913 |
|  SoftBank Group Corp.<br>2.125%, 07/06/24 (EUR) | 100000 | 100355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/20/25 (EUR) | 200000 | 201434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 07/30/25 (EUR) | 100000 | 100087 |
|  Sprint Capital Corp.<br>6.875%, 11/15/28 | 2577000 | 2674771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 03/15/32 | 3170000 | 3772617 |
|  Sprint LLC<br>7.625%, 03/01/26 | 1106000 | 1163850 |
|  Telecom Italia Capital S.A.<br>6.000%, 09/30/34 (a) | 1052000 | 794996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 11/15/33 | 539000 | 440950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 07/18/36 | 214000 | 173747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 06/04/38 | 204000 | 169320 |
|  Telecom Italia Finance S.A.<br>7.750%, 01/24/33 (EUR) | 42000 | 47297 |
|  Telecom Italia S.p.A.<br>1.625%, 01/18/29 (EUR) | 255000 | 207390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/11/24 (EUR) | 100000 | 104101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 05/30/24 (144A) | 271000 | 256756 |
|  Telefonica Europe B.V.<br>7.125%, 6Y EUR Swap + 4.322%, 08/23/28 (EUR) (b) | 100000 | 109186 |
|  ViaSat, Inc.<br>5.625%, 09/15/25 (144A) | 708000 | 656874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/28 (144A) | 545000 | 408871 |
|  Viavi Solutions, Inc.<br>3.750%, 10/01/29 (144A) | 974000 | 818603 |
|  Vmed O2 UK Financing I plc<br>4.000%, 01/31/29 (GBP) | 100000 | 93939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/31/31 (144A) | 213000 | 172427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/15/31 (GBP) | 134000 | 123136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 07/15/31 (144A) | 873000 | 709182 |
|  Vodafone Group plc<br>2.625%, 5Y EUR Swap + 3.002%, 08/27/80 (EUR)(b) | 100000 | 93842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5Y EUR Swap + 3.477%, 08/27/80 (EUR)(b) | 100000 | 85233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5Y EUR Swap + 2.669%, 01/03/79 (EUR)(b) | 200000 | 209273 |
|  Zayo Group Holdings, Inc.<br>4.000%, 03/01/27 (144A) | 2992000 | 2209801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/01/28 (144A) (a) | 4499000 | 2551287 |
|  |  | 47932499 |
| **Toys/Games/Hobbies—0.2%** |  |  |
|  Mattel, Inc.<br>3.750%, 04/01/29 (144A) | 186000 | 163368 |

---

*See accompanying notes to financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Toys/Games/Hobbies—(Continued)** | | |
|  Mattel, Inc.<br>5.450%, 11/01/41 | 834000 | $678869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 10/01/40 | 659000 | 568824 |
|  |  | 1411061 |
| **Transportation—0.1%** |  |  |
|  Poste Italiane S.p.A.<br>2.625%, 5Y EURIBOR ICE Swap + 2.677%, 03/24/29 (EUR) (b) | 150000 | 121630 |
|  Seaspan Corp.<br>5.500%, 08/01/29 (144A) | 874000 | 662317 |
|  XPO Escrow Sub LLC<br>7.500%, 11/15/27 | 279000 | 282326 |
|  |  | 1066273 |
| **Trucking & Leasing—0.1%** |  |  |
|  Fortress Transportation and Infrastructure Investors LLC<br>5.500%, 05/01/28 (144A) | 793000 | 676516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/25 (144A) | 126000 | 118466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 08/01/27 (144A) | 107000 | 107267 |
|  |  | 902249 |
| **Water—0.0%** |  |  |
|  Thames Water Kemble Finance plc<br>4.625%, 05/19/26 (GBP) | 168000 | 171228 |
|  Total Corporate Bonds & Notes<br>(Cost $789,009,998) |  | 702213553 |
| **Floating Rate Loans (h)—10.7%** |  |  |
| **Advertising—0.3%** |  |  |
|  Clear Channel Outdoor Holdings, Inc.<br>Term Loan B, 7.915%, 3M LIBOR + 3.500%, 08/21/26 | 2420459 | 2203980 |
| **Aerospace/Defense—0.1%** |  |  |
|  Cobham Ultra SeniorCo S.a.r.l<br>USD Term Loan B, 7.063%, 6M LIBOR + 3.750%, 08/03/29 | 215460 | 210074 |
|  Propulsion BC Newco LLC<br>Term Loan, 8.580%, 3M TSFR + 4.000%, 09/14/29 | 581000 | 565022 |
|  |  | 775096 |
| **Airlines—0.6%** |  |  |
|  Air Canada<br>Term Loan B, 8.130%, 3M LIBOR + 3.500%, 08/11/28 | 944255 | 935599 |
|  American Airlines, Inc.<br>Term Loan, 8.993%, 3M LIBOR + 4.750%, 04/20/28 | 1636484 | 1631370 |
|  Mileage Plus Holdings LLC<br>Term Loan B, 9.996%, 3M LIBOR + 5.250%, 06/21/27 | 449195 | 463044 |
|  United Airlines, Inc.<br>Term Loan B, 8.108%, 3M LIBOR + 3.750%, 04/21/28 | 1654530 | 1637295 |
|  |  | 4667308 |
| **Apparel—0.1%** |  |  |
|  Crocs, Inc.<br>Term Loan B, 7.800%, 1M TSFR + 3.500%, 02/19/29 | 812709 | 796963 |
| **Auto Parts & Equipment—0.0%** |  |  |
|  Clarios Global L.P.<br>USD Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/30/26 | 278800 | 274153 |
| **Beverages—0.0%** |  |  |
|  Naked Juice LLC<br>2nd Lien Term Loan, 10.680%, 3M TSFR + 6.000% 01/24/30 | 83000 | 67087 |
| **Building Materials—0.2%** |  |  |
|  Chamberlain Group, Inc.<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 11/03/28 | 951054 | 899737 |
|  Solis IV B.V.<br>USD Term Loan B1, 7.859%, 3M TSFR + 3.500%, 02/26/29 | 598990 | 530331 |
|  |  | 1430068 |
| **Chemicals—0.4%** |  |  |
|  Aruba Investments, Inc.<br>2020 2nd Lien Term Loan, 11/24/28 (i) | 237600 | 215028 |
|  Ascend Performance Materials Operations LLC<br>Term Loan B, 8.831%, 3M LIBOR + 4.750%, 08/27/26 | 878717 | 830827 |
|  Discovery Purchaser Corp.<br>Term Loan, 7.967%, 3M TSFR + 4.375%, 10/04/29 | 1381000 | 1264191 |
|  New Arclin U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 10/02/28 (j) | 66069 | 58657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.134%, 1M LIBOR + 3.750%, 09/30/28 | 448048 | 397782 |
|  W.R. Grace & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.500%, 3M LIBOR + 3.750%, 09/22/28 | 629521 | 619586 |
|  |  | 3386071 |
| **Commercial Services—0.9%** |  |  |
|  Amentum Government Services Holdings LLC<br>Term Loan B, 8.330%, 3M LIBOR + 4.000%, 01/29/27 | 140400 | 137504 |
|  AVSC Holding Corp.<br>2nd Lien Term Loan, 11.422%, 1M LIBOR + 7.250%, 09/01/25 | 328784 | 267548 |
|  CoreLogic, Inc.<br>2nd Lien Term Loan, 10.938%, 1M LIBOR + 6.500%, 06/04/29 | 524226 | 380938 |
|  Element Materials Technology Group U.S. Holdings, Inc.<br>Delayed Draw Term Loan, 8.930%, 3M TSFR + 4.250%, 07/06/29 | 84947 | 83213 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan, 8.930%, 3M TSFR + 4.250%, 07/06/29 | 184052 | 179451 |
|  Galaxy U.S. Opco, Inc.<br>Term Loan, 9.073%, 1M TSFR + 4.750%, 04/29/29 | 347000 | 314035 |
|  PECF USS Intermediate Holding III Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.634%, 1M LIBOR + 4.250%, 12/15/28 | 941123 | 788093 |
|  Sabre GLBL, Inc.<br>Term Loan B1, 7.884%, 1M LIBOR + 3.500%, 12/17/27 | 124836 | 113445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, 7.884%, 1M LIBOR + 3.500%, 12/17/27 | 199912 | 181670 |
|  Sotheby's<br>Term Loan B, 8.579%, 3M LIBOR + 4.500%, 01/15/27 | 154070 | 150731 |

---

*See accompanying notes to financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (h)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Commercial Services—(Continued)** | | |
|  TruGreen L.P.<br>2nd Lien Term Loan, 13.431%, 3M LIBOR + 8.500%, 11/02/28 | 378000 | $279720 |
|  Verscend Holding Corp.<br>2nd Lien Term Loan, 11.384%, 1M LIBOR + 7.000%, 04/02/29 | 2161960 | 2145745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.384%, 1M LIBOR + 4.000%, 08/27/25 | 2357917 | 2349075 |
|  |  | 7371168 |
| **Computers—1.1%** |  |  |
| Magenta Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD 1st Lien Term Loan, 9.170%, 3M LIBOR + 4.750%, 07/27/28† | 1663806 | 1432953 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD 2nd Lien Term Loan, 12.670%, 3M LIBOR + 8.250%, 07/27/29† | 1089000 | 860310 |
| McAfee LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 7.974%, 1M TSFR + 3.750%, 03/01/29 | 2601621 | 2432515 |
|  Peraton Corp.<br>2nd Lien Term Loan B1, 12.089%, 1M LIBOR + 7.750%, 02/01/29 | 1539177 | 1472318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.134%, 1M LIBOR + 3.750%, 02/01/28 | 2181417 | 2135453 |
| TierPoint LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.134%, 1M LIBOR + 3.750%, 05/05/26 | 310398 | 290527 |
|  |  | 8624076 |
| **Distribution/Wholesale—0.0%** |  |  |
| BCPE Empire Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Incremental Term Loan, 9.048%, 1M TSFR + 4.625%, 06/11/26 | 104213 | 102563 |
| **Diversified Financial Services—0.2%** |  |  |
|  AqGen Ascensus, Inc.<br>2021 2nd Lien Term Loan, 10.250%, 3M LIBOR + 6.500%, 08/02/29 | 485964 | 427648 |
| Deerfield Dakota Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD 2nd Lien Term Loan, 11.134%, 1M LIBOR + 6.750%, 04/07/28 | 558000 | 534634 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 8.073%, 1M TSFR + 3.750%, 04/09/27 | 428537 | 401084 |
|  |  | 1363366 |
| **Engineering & Construction—0.6%** |  |  |
| Brand Energy & Infrastructure Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.494%, 3M LIBOR + 4.250%, 06/21/24 | 4607638 | 4188342 |
|  Brown Group Holding LLC<br>2022 Incremental Term Loan B2, 7.925%, 1M TSFR + 3.750%, 07/02/29 | 499136 | 498290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan B2, 8.133%, 3M TSFR + 3.750%, 07/02/29 | 194127 | 193797 |
|  KKR Apple Bidco LLC<br>2nd Lien Term Loan, 10.134%, 1M LIBOR + 5.750%, 09/21/29 | 70000 | 67935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.134%, 1M LIBOR + 2.750%, 09/23/28 | 262938 | 259631 |
|  |  | 5207995 |
| **Entertainment—0.1%** |  |  |
| Formula One Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.791%, 3M TSFR + 3.250%, 01/15/30 | 340000 | 340354 |
| Great Canadian Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.753%, 3M LIBOR + 4.000%, 11/01/26 | 146265 | 144010 |
|  |  | 484364 |
| **Food—0.0%** |  |  |
| Chobani LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.884%, 1M LIBOR + 3.500%, 10/25/27 | 129628 | 127630 |
| **Healthcare-Services—0.2%** |  |  |
| Da Vinci Purchaser Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.384%, 3M LIBOR + 4.000%, 01/08/27 | 392925 | 360509 |
| Envision Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 12.605%, 3M TSFR + 7.875%, 03/31/27 | 138786 | 124213 |
| Icon Luxembourg S.a.r.l. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LUX Term Loan, 1M LIBOR, 07/03/28 | 5191 | 5181 |
| Quorum Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 12.034%, 3M LIBOR + 8.250%, 04/29/25† | 596183 | 421303 |
| RegionalCare Hospital Partners Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.165%, 3M LIBOR + 3.750%, 11/17/25 | 251646 | 237805 |
| Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.050%, 3M LIBOR + 3.750%, 08/31/26 | 423683 | 418811 |
|  |  | 1567822 |
| **Housewares—0.1%** |  |  |
| Springs Windows Fashions LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.753%, 3M LIBOR + 4.000%, 10/06/28 | 1152293 | 947184 |
| **Insurance—0.1%** |  |  |
|  Hub International Ltd.<br>2022 Term Loan B, 8.220%, 3M TSFR + 4.000%, 11/10/29 | 659000 | 652704 |
| Ryan Specialty Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.423%, 1M TSFR + 3.000%, 09/01/27 | 3 | 3 |
| Sedgwick Claims Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.634%, 1M LIBOR + 3.250%, 12/31/25 | 179453 | 174918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B3, 8.634%, 1M LIBOR + 4.250%, 09/03/26 | 174288 | 172926 |
|  |  | 1000551 |
| **Internet—0.4%** |  |  |
| I-Logic Technologies Bidco, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.730%, 3M TSFR + 4.000%, 02/16/28 | 242396 | 238507 |
| MH Sub I LLC<br>1st Lien Term Loan, 8.134%, 1M LIBOR + 3.750%, 09/13/24 | 365393 | 355528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, 10.649%, 3M TSFR + 6.250%, 02/23/29 | 129000 | 116866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incremental Term Loan, 8.134%, 1M LIBOR + 3.750%, 09/13/24 | 848476 | 825521 |
|  Proofpoint, Inc.<br>2nd Lien Term Loan, 10.985%, 3M LIBOR + 6.250%, 08/31/29 | 969225 | 935706 |
| PUG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.884%, 1M LIBOR + 3.500%, 02/12/27 | 372444 | 308663 |
|  |  | 2780791 |

---

*See accompanying notes to financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (h)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Leisure Time—0.0%** | | |
| Peloton Interactive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 11.757%, 1M TSFR + 6.500%, 05/25/27 | 281585 | $277784 |
| **Lodging—0.1%** |  |  |
| Fertitta Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.323%, TSFR + 4.000%, 01/27/29 | 1142437 | 1087457 |
| **Machinery-Diversified—0.4%** |  |  |
| SPX Flow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.923%, 1M TSFR + 4.500%, 04/05/29 | 873810 | 815374 |
| Titan Acquisition, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.151%, 6M LIBOR + 3.000%, 03/28/25 | 2244746 | 2104138 |
|  |  | 2919512 |
| **Media—0.3%** |  |  |
| Altice Financing S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 6.829%, 3M LIBOR + 2.750%, 07/15/25 | 79232 | 76954 |
| DirecTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 9.384%, 1M LIBOR + 5.000%, 08/02/27 | 2591310 | 2524705 |
| Radiate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.634%, 1M LIBOR + 3.250%, 09/25/26 | 130680 | 106912 |
|  |  | 2708571 |
| **Metal Fabricate/Hardware—0.0%** |  |  |
| Grinding Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.070%, 3M LIBOR + 4.000%, 10/12/28 | 257740 | 240987 |
| **Oil & Gas—0.8%** |  |  |
| Ascent Resources Utica Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed 2nd Lien Term Loan, 12.941%, 3M LIBOR + 9.000%, 11/01/25 | 6210612 | 6578075 |
| **Oil & Gas Services—0.0%** |  |  |
| Lealand Finance Company B.V. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Make Whole Term Loan, 7.384%, 1M LIBOR + 3.000%, 06/28/24 | 31220 | 19512 |
| **Packaging & Containers—0.1%** |  |  |
| BWAY Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.370%, 1M LIBOR + 3.250%, 04/03/24 | 824791 | 806749 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.598%, 1M TSFR + 4.175%, 04/13/29 | 269645 | 257602 |
|  |  | 1064351 |
| **Pharmaceuticals—0.2%** |  |  |
| Gainwell Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.730%, 3M LIBOR + 4.000%, 10/01/27 | 1633135 | 1549437 |
|  |  | 1549437 |
| **Pipelines—0.1%** |  |  |
| Freeport LNG Investments LLLP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.743%, 3M LIBOR + 3.500%, 12/21/28 | 707146 | 672894 |
| M6 ETX Holdings II Midco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 9.158%, 3M TSFR + 4.500%, 09/19/29 | 447878 | 448857 |
|  |  | 1121751 |
| **Retail—0.3%** |  |  |
| Foundation Building Materials Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.665%, 3M LIBOR + 3.250%, 01/31/28 | 250502 | $237351 |
|  IRB Holding Corp.<br>Term Loan B, 7.317%, 1M TSFR + 3.000%, 12/15/27 | 461135 | 447733 |
|  SRS Distribution, Inc.<br>Incremental Term Loan, 7.923%, 1M TSFR + 3.500%, 06/02/28 | 618644 | 592351 |
|  Staples, Inc.<br>7 Year Term Loan, 9.440%, 3M LIBOR + 5.000%, 04/16/26 | 188399 | 174652 |
|  White Cap Buyer LLC<br>Term Loan B, 8.073%, 1M TSFR + 3.750%, 10/19/27 | 924780 | 895944 |
|  |  | 2348031 |
| **Shipbuilding—0.1%** |  |  |
|  MHI Holdings LLC<br>Term Loan B, 9.384%, 1M LIBOR + 5.000%, 09/21/26 | 803676 | 794635 |
| **Software—2.3%** |  |  |
|  Ascend Learning LLC<br>2nd Lien Term Loan, 10.134%, 1M LIBOR + 5.750%, 12/10/29 | 345000 | 298252 |
|  Athenahealth, Inc.<br>Delayed Draw Term Loan, 4.580%, 1M TSFR+ 3.500%, 02/15/29 (j) | 1514543 | 1371293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.821%, 1M TSFR+ 3.500%, 02/15/29 | 3891691 | 3523604 |
|  Banff Merger Sub, Inc.<br>2021 USD Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/02/25 | 182233 | 174792 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD 2nd Lien Term Loan, 9.884%, 1M LIBOR + 5.500%, 02/27/26 | 1141000 | 1053048 |
|  CDK Global, Inc.<br>USD Term Loan B, 9.080%, 3M TSFR + 4.500%, 07/06/29 | 268000 | 266178 |
|  Cloudera, Inc.<br>2nd Lien Term Loan, 10.384%, 1M LIBOR + 6.000%, 10/08/29 | 941564 | 789737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/08/28 | 919618 | 874212 |
|  EP Purchaser LLC<br>Term Loan B, 8.230%, 3M LIBOR + 3.500%, 11/06/28 | 417542 | 413889 |
|  Epicor Software Corp.<br>2nd Lien Term Loan, 12.134%, 1M LIBOR + 7.750%, 07/31/28 | 210000 | 207900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.634%, 1M LIBOR + 3.250%, 07/30/27 | 270121 | 260330 |
|  Grab Holdings, Inc.<br>Term Loan B, 8.890%, 1M LIBOR + 4.500%, 01/29/26 | 283973 | 281252 |
|  Greeneden U.S. Holdings II LLC<br>USD Term Loan B4, 8.384%, 1M LIBOR + 4.000%, 12/01/27 | 440342 | 423719 |
|  Helios Software Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 8.480%, 3M TSFR + 3.750%, 03/11/28 | 302429 | 297665 |
|  Planview Parent, Inc.<br>2nd Lien Term Loan, 11.980%, 3M LIBOR + 7.250%, 12/18/28 | 370000 | 334850 |
|  Polaris Newco LLC<br>USD Term Loan B, 8.730%, 3M LIBOR + 4.000%, 06/02/28 | 326363 | 298622 |
|  Realpage, Inc.<br>2nd Lien Term Loan, 10.884%, 1M LIBOR + 6.500%, 04/23/29 | 1610154 | 1555811 |
|  Renaissance Holding Corp.<br>1st Lien Term Loan, 7.634%, 1M LIBOR + 3.250%,<br>05/30/25 | 12219 | 11700 |

---

*See accompanying notes to financial statements.* 

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (h)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\*** | **Value** |
| **Software—(Continued)** | | |
|  Severin Acquisition LLC<br>Term Loan B, 7.094%, 1M LIBOR + 3.000%, 08/01/25 | 199680 | $198349 |
|  Sophia L.P.<br>2nd Lien Term Loan, 12.730%, 3M LIBOR + 8.000%, 10/09/28 | 1828000 | 1823430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.230%, 3M LIBOR + 3.500%, 10/07/27 | 709618 | 686777 |
| Sovos Compliance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.884%, 1M LIBOR + 4.500%, 08/11/28 | 471895 | 435441 |
|  Tibco Software, Inc.<br>2022 USD Term Loan, 9.180%, 3M TSFR + 4.500%, 03/30/29 | 1642000 | 1469932 |
|  Ultimate Software Group, Inc.<br>2nd Lien Term Loan, 8.998%, 1M LIBOR + 5.250%, 05/03/27 | 1214500 | 1121894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.134%, 1M LIBOR + 3.750%, 05/04/26 | 229667 | 221731 |
| Veritas U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 9.730%, 3M LIBOR + 5.000%, 09/01/25 | 634726 | 454027 |
|  |  | 18848435 |
| **Telecommunications—0.6%** |  |  |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B13, 8.650%, 3M LIBOR + 4.000%, 08/14/26 | 286082 | 267725 |
| Delta TopCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.154%, 3M LIBOR + 3.750%, 12/01/27 | 460242 | 426107 |
| Digicel International Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan B, 7.634%, 1M LIBOR + 3.250%, 05/28/24 | 1529508 | 1291160 |
| Frontier Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DIP Term Loan B, 8.500%, 3M LIBOR + 3.750%, 05/01/28 | 691680 | 662283 |
| Intelsat Jackson Holdings S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan B, 7.445%, 3M TSFR + 4.250%, 02/01/29 | 1143508 | 1106916 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.384%, 1M LIBOR + 3.000%, 03/09/27 | 1579117 | 1284567 |
|  |  | 5038758 |
| **Transportation—0.0%** |  |  |
| AIT Worldwide Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.491%, 3M LIBOR + 4.750%, 04/06/28 | 294275 | 271224 |
|  Total Floating Rate Loans<br>(Cost $92,710,363) |  | 88046756 |
| **Convertible Bonds—0.5%** |  |  |
| **Airlines—0.0%** |  |  |
|  Air France-KLM<br>6.500%, 11/23/25 (EUR) | 100000 | 105004 |
| **Commercial Services—0.0%** |  |  |
| Nexi S.p.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/24/28 (EUR) | 100000 | 76547 |
| **Engineering & Construction—0.0%** |  |  |
|  Cellnex Telecom S.A.<br>0.750%, 11/20/31 (EUR) | 300000 | 231506 |
| **Internet—0.1%** |  |  |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/25 | 777000 | 654433 |
| **Lodging—0.0%** |  |  |
|  Accor S.A.<br>0.700%, 12/07/27 (EUR) | 80400 | 35294 |
| **Media—0.4%** |  |  |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/15/26 | 230000 | 180665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 03/15/28 (a) | 532000 | 395276 |
|  Liberty Broadband Corp.<br>1.250%, 09/30/50 (144A) (a) | 997000 | 962105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 09/30/50 (144A) | 1858000 | 1809602 |
|  |  | 3347648 |
|  Total Convertible Bonds<br>(Cost $5,128,526) |  | 4450432 |
| **Common Stocks—0.5%** |  |  |
| **Building Products—0.0%** |  |  |
| Azek Co., Inc. (The) (a) (k) | 452 | 9185 |
| **Chemicals—0.1%** |  |  |
| Diversey Holdings, Ltd. (a) (k) | 82488 | 351399 |
| Element Solutions, Inc. | 36277 | 659878 |
|  |  | 1011277 |
| **Containers & Packaging—0.1%** |  |  |
| Ardagh Metal Packaging S.A. | 75788 | 364540 |
| **IT Services—0.0%** |  |  |
| Block, Inc. (a) (k) | 2424 | 152324 |
| Twilio, Inc. - Class A (k) | 1208 | 59144 |
|  |  | 211468 |
| **Media—0.0%** |  |  |
| Clear Channel Outdoor Holdings, Inc. (k) | 37855 | 39748 |
| **Metals & Mining—0.1%** |  |  |
| Constellium SE (a) (k) | 71641 | 847513 |
| **Oil, Gas & Consumable Fuels—0.1%** |  |  |
| Cheniere Energy, Inc. | 2446 | 366802 |
| Chesapeake Energy Corp. | 6550 | 618124 |
|  |  | 984926 |
| **Road & Rail—0.0%** |  |  |
| Uber Technologies, Inc. (k) | 8003 | 197914 |

---

*See accompanying notes to financial statements.* 

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares/**<br> **Principal**<br> **Amount\*** | **Value** | **Value** |
| **Software—0.1%** | | | |
| Informatica, Inc. - Class A (a)(k) | 27646 | $450353 | $450353 |
| Total Common Stocks<br>(Cost $5,833,276) |  | 4116924 | 4116924 |
| **Escrow Shares—0.0%** |  |  |  |
| **Diversified Financial Services—0.0%** |  |  |  |
| Lehman Brothers Holdings, Inc. | 2229000 | 7802 | 7802 |
| Total Escrow Shares<br>(Cost $0) |  | 7802 | 7802 |
| **Short-Term Investment — 1.3%** |  |  |  |
| **Repurchase Agreement—1.3%** |  |  |  |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $10,447,793; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $10,654,686. | 10445704 |  | 10445704 |
| Total Short-Term Investments<br>(Cost $10,445,704) |  | 10445704 | 10445704 |
| **Securities Lending Reinvestments (l)—8.3%** |  |  |  |
| **Certificates of Deposit—1.5%** |  |  |  |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (b) | 1000000 |  | 1001351 |
|  Bank of Nova Scotia<br>4.710%, FEDEFF PRV + 0.380%, 01/06/23 (b) | 1000000 |  | 1000018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (b) | 1000000 |  | 1000420 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (b) | 1000000 |  | 1000071 |
|  Cooperatieve Rabobank UA<br>4.830%, SOFR + 0.530%, 02/01/23 (b) | 2000000 |  | 2000418 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (b) | 2000000 |  | 2000789 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (b) | 1000000 |  | 999984 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (b) | 2000000 |  | 2003036 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (b) | 1000000 |  | 1000000 |
|  |  |  | 12006087 |
| **Commercial Paper—0.7%** |  |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (b) | 1000000 |  | 1000253 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (b) | 1000000 |  | 1001362 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (b) | 2000000 |  | 2000540 |
| **Commercial Paper—(Continued)** |  |  |  |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (b) | 2000000 | $| 2000000 |
|  |  |  | 6002155 |
| **Repurchase Agreements—3.2%** |  |  |  |
| HSBC Bank plc<br>Repurchase Agreement dated 12/30/22 at 4.300%, due on<br>01/03/23 with a maturity value of $6,605,480; collateralized<br>by U.S. Treasury Obligations with rates ranging from 0.000% -<br>3.625%, maturity dates ranging from 01/26/23 - 08/15/52,<br>and an aggregate market value of $6,740,228. | 6602325 | 6602325 | 6602325 |
| National Bank Financial, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on<br>01/03/23 with a maturity value of $7,003,360; collateralized<br>by U.S. Treasury Obligations with rates ranging from 0.250% -<br>4.497%, maturity dates ranging from 11/30/23 - 03/31/27,<br>and an aggregate market value of $7,167,085. | 7000000 | 7000000 | 7000000 |
| Societe Generale |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $500,236; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $510,903. | 500000 |  | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $1,700,829; collateralized by various Common Stock with an aggregate market value of $1,891,840. | 1700000 |  | 1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $5,002,450; collateralized by various Common Stock with an aggregate market value of $5,564,235. | 5000000 |  | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $1,300,637; collateralized by various Common Stock with an aggregate market value of $1,447,149. | 1300000 |  | 1300000 |
| TD Prime Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $4,001,956; collateralized by various Common Stock with an aggregate market value of $4,458,228. | 4000000 |  | 4000000 |
|  |  |  | 26102325 |
| **Mutual Funds—2.9%** | **Mutual Funds—2.9%** | **Mutual Funds—2.9%** | **Mutual Funds—2.9%** |
|  Allspring Government Money Market Fund,<br>Select Class 4.090% (m) | 1000000 |  | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund,<br>Institutional Class 4.170% (m) | 1000000 |  | 1000000 |
|  Fidelity Investments Money Market Government Portfolio,<br>Class I 4.060% (m) | 1000000 |  | 1000000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (m) | 5000000 |  | 5000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares<br>4.150% (m) | 4000000 |  | 4000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (l)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** |
|  HSBC U.S. Government Money Market Fund,<br>Class I 4.130% (m) | 5000000 | $5000000 |
|  STIT-Government & Agency Portfolio,<br>Institutional Class 4.220% (m) | 6000000 | 6000000 |
|  Western Asset Institutional Government Reserves Fund,<br>Institutional Class 4.220% (m) | 1000000 | 1000000 |
|  |  | 24000000 |
| Total Securities Lending Reinvestments<br>(Cost $68,102,348) |  | 68110567 |
| Total Purchased Options—0.1% (n)<br>(Cost $421,223) |  | 431169 |
| Total Investments—106.8%<br>(Cost $971,651,438) |  | 877822907 |
| Unfunded Loan Commitments—(0.1)%<br>(Cost $(563261)) |  | (563261) |
| Net Investments—106.7%<br>(Cost $971,088,177) |  | 877259646 |
| Other assets and liabilities (net)—(6.7)% |  | (55576037) |
| **Net Assets—100.0%** |  | $821683609 |

---

---

| | |
|:---|:---|
| \* | Principal and notional amounts stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $2,714,566, which is 0.3% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $91,902,123 and the collateral received consisted of cash in the amount of $68,102,353 and non-cash collateral with a value of $27,374,506. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. |
| (b) | Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. |
| (c) | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
| (d) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (e) | Security is a "step-up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate. |
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets. |
| (g) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (h) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate. |
| (i) | This loan will settle after December 31, 2022, at which time the interest rate will be determined. |
| (j) | Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. |
| (k) | Non-income producing security. |
| (l) | Represents investment of cash collateral received from securities on loan as of December 31, 2022. |
| (m) | The rate shown represents the annualized seven-day yield as of December 31, 2022. |
| (n) | For a breakout of open positions, see details shown in the Purchased Options table that follows. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $528,964,400, which is 64.4% of net assets. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Principal<br>Amount** | **Cost** | **Value** |
|  Magenta Buyer LLC, 9.170%, 07/27/28 | 05/03/21-02/15/22 | $1663806 | $1655322 | $1432953 |
|  Magenta Buyer LLC, 12.670%, 07/27/29 | 05/03/21-07/28/21 | 1089000 | 1076185 | 860310 |
|  Quorum Health Corp., 12.034%, 04/29/25 | 07/07/20-11/30/22 | 596183 | 599863 | 421303 |
|  |  |  |  | $2714566 |

---

*See accompanying notes to financial statements.* 

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty** | **Settlement<br>Date** | **In Exchange**<br>**for** | **In Exchange**<br>**for** | **Unrealized**<br>**Appreciation/<br>(Depreciation)** |
| EUR | 13561000 | DBAG | 03/15/23 | USD | 14519410 | $(66581) |
| EUR | 782339 | SCB | 03/15/23 | USD | 837635 | (3835) |
| GBP | 2029000 | WBC | 03/15/23 | USD | 2481242 | 24016 |
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(46400) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Value** | **Notional Value** | **Value/**<br>**Unrealized**<br>**Appreciation** |
|  S&P 500 Index E-Mini Futures | 03/17/23 | (11) | USD | (2123550) | $90285 |
|  U.S. Treasury Long Bond Futures | 03/22/23 | (15) | USD | (1880156) | 12467 |
|  U.S. Treasury Note 10 Year Futures | 03/22/23 | (73) | USD | (8197672) | 24998 |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | (6) | USD | (647578) | 271 |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | (106) | USD | (14237125) | 12930 |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $140951 |

---

**Purchased Options** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Options** | **Exchange-Traded Options** | **Strike**<br>**Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Premiums**<br>**Paid** | **Market**<br>**Value** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  Put - Euro STOXX 50 Index Futures Contracts | EUR | 3725.000 | 01/20/23 | 5 | EUR | 50 | $3246 | $1943 | $(1303) |
|  Put - SPDR S&P 500 ETF Trust | USD | 380.000 | 01/20/23 | 713 | USD | 71300 | 417977 | 429226 | 11249 |
|  |  |  |  |  |  |  | $421223 | $431169 | $9946 |

---

**Written Options** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Options** | **Exchange-Traded Options** | **Strike**<br>**Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Premiums**<br>**Received** | **Market**<br>**Value** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  Put - Euro STOXX 50 Index Futures Contracts | EUR | 3550.000 | 01/20/23 | (5) | EUR | (50) | $(1706) | $(492) | $1214 |
|  Put - SPDR S&P 500 ETF Trust | USD | 360.000 | 01/20/23 | (713) | USD | (71300) | (160984) | (94829) | 66155 |
|  |  |  |  |  |  |  | $(162690) | $(95321) | $67369 |

---

**Swap Agreements** 

**Centrally Cleared Credit Default Swaps on Credit Indices—Buy Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal**<br>**(Pay) Rate** | **Payment**<br>**Frequency** | **Maturity**<br>**Date** | **Implied**<br>**Credit Spread**<br>**at**<br>**December 31,<br>2022<sup>(b)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Market<br>Value** | **Upfront**<br>**Premiums**<br>**Paid/**<br>**(Received)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  ITRX.FINSUB.38.V1 | (1.000%) | Quarterly | 12/20/27 | 1.729% | EUR | 92000 | $3184 | $7137 | $(3952) |

---

**Centrally Cleared Credit Default Swaps on Credit Indices—Sell Protection (d)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal**<br>**Receive Rate** | **Payment**<br>**Frequency** | **Maturity**<br>**Date** | **Implied**<br>**Credit Spread**<br>**at**<br>**December 31,<br>2022<sup>(b)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Market<br>Value** | **Upfront**<br>**Premiums**<br>**Paid/<br>(Received)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  CDX.NA.HY.39.V1 | 5.000% | Quarterly | 12/20/27 | 4.841% | USD | 3485860 | $21466 | $(68588) | $90055 |

---

*See accompanying notes to financial statements.* 

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**OTC Credit Default Swaps on Corporate Issues—Sell Protection (d)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal**<br>**Receive Rate** | **Payment**<br>**Frequency** | **Maturity**<br>**Date** | **Counterparty** | **Implied**<br>**Credit Spread**<br>**at**<br>**December 31,<br>2022<sup>(b)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Market**<br>**Value** | **Upfront**<br>**Premium**<br>**Paid/<br>(Received)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  ADLER Real Estate AG<br>2.125%, due 02/06/24 | 5.000% | Quarterly | 12/20/27 | BBP | 17.044% | EUR | 1762 | $(459) | $(409) | $(50) |
|  ADLER Real Estate AG<br>2.125%, due 02/06/24 | 5.000% | Quarterly | 12/20/27 | BBP | 17.044% | EUR | 4952 | (1289) | (1148) | (141) |
|  ADLER Real Estate AG<br>2.125%, due 02/06/24 | 5.000% | Quarterly | 12/20/27 | CBNA | 17.044% | EUR | 1437 | (374) | (343) | (31) |
|  ADLER Real Estate AG<br>2.125%, due 02/06/24 | 5.000% | Quarterly | 12/20/27 | JPMC | 17.044% | EUR | 1849 | (481) | (431) | (50) |
|  CMA CGM S.A<br>7.500%, due 01/15/26 | 5.000% | Quarterly | 06/20/27 | JPMC | 4.101% | EUR | 30000 | 1081 | 996 | 85 |
|  CMA CGM S.A<br>7.500%, due 01/15/26 | 5.000% | Quarterly | 06/20/27 | JPMC | 4.101% | EUR | 15000 | 540 | 498 | 42 |
|  CMA CGM S.A.<br>7.500%, due 01/15/26 | 5.000% | Quarterly | 06/20/27 | CSI | 4.101% | EUR | 110000 | 3963 | 4545 | (582) |
|  Casino Guichard Perrachon S.A.<br>4.048%, due 08/05/26 | 5.000% | Quarterly | 06/20/23 | JPMC | 16.119% | EUR | 50000 | (2668) | (2157) | (511) |
|  Century Link, Inc.<br>6.150%, due 09/15/19 | 1.000% | Quarterly | 12/20/23 | BBP | 2.227% | USD | 348000 | (4020) | (5171) | 1151 |
|  Intrum AB<br>3.125% due 07/15/24 | 5.000% | Quarterly | 12/20/26 | CSI | 7.153% | EUR | 100000 | (7059) | 6554 | (13613) |
|  Jaguar Land Rover Automotive plc<br>2.200%, due 01/15/24 | 5.000% | Quarterly | 12/20/26 | BBP | 9.968% | EUR | 25380 | (3893) | 894 | (4787) |
|  Jaguar Land Rover Automotive plc<br>2.200%, due 01/15/24 | 5.000% | Quarterly | 12/20/26 | CSI | 9.968% | EUR | 24671 | (3784) | 919 | (4703) |
|  K&S AG<br>3.250%, due 07/18/24 | 5.000% | Quarterly | 12/20/26 | JPMC | 2.531% | EUR | 60000 | 5607 | 4334 | 1273 |
|  Ladbrokes Group Finance plc<br>5.125%, due 09/08/23 | 1.000% | Quarterly | 06/20/27 | JPMC | 2.900% | EUR | 30000 | (2369) | (2995) | 626 |
|  Ladbrokes Group Finance plc<br>5.125%, due 09/16/22 | 1.000% | Quarterly | 06/20/27 | JPMC | 2.900% | EUR | 110000 | (8688) | (19461) | 10773 |
|  Novafives SAS<br>5.000%, due 06/15/25 | 5.000% | Quarterly | 06/20/23 | CBNA | 11.908% | EUR | 40000 | (1336) | (1378) | 42 |
|  Rolls Royce plc<br>2.125%, due 06/18/21 | 1.000% | Quarterly | 06/20/25 | CBNA | 2.486% | EUR | 10755 | (395) | (953) | 558 |
|  Saipem Finance International B.V.<br>3.750%, due 09/08/23 | 5.000% | Quarterly | 12/20/25 | JPMC | 6.057% | EUR | 100000 | (2851) | (1935) | (916) |
|  ThyssenKrupp AG<br>2.500%, due 02/25/25 | 5.000% | Quarterly | 12/20/23 | BBP | 3.235% | EUR | 50000 | 893 | 826 | 67 |
|  Virgin Media Finance plc<br>3.750%, due 7/15/30 | 5.000% | Quarterly | 12/20/25 | JPMC | 3.688% | EUR | 30000 | 1126 | 2518 | (1392) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(26456) | $(14297) | $(12159) |

---

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap
agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or
(ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap
agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a
particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit
soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or
obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit
default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit
default swap contracts entered into by the Portfolio for the same referenced debt obligation.

*See accompanying notes to financial statements.* 

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap
agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay
a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (BBP)— | Barclays Bank plc |
| (CBNA)— | Citibank N.A. |
| (CSI)— | Credit Suisse International |
| (DBAG)— | Deutsche Bank AG |
| (JPMC)— | JPMorgan Chase Bank N.A. |
| (SCB)— | Standard Chartered Bank |
| (WBC)— | Westpac Banking Corp. |

---

Currencies

------

---

| | |
|:---|:---|
| (EUR)— | Euro |
| (GBP)— | British Pound |
| (USD)— | United States Dollar |

---

Index Abbreviations

------

---

| | |
|:---|:---|
| (CDX.NA.HY)— | Markit North America High Yield CDS Index |
| (EURIBOR)— | Euro InterBank Offered Rate |
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (H15)— | U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index |
| (ITRX.FINSUB)— | Markit iTraxx Europe Subordinated Financial CDS Index |
| (LIBOR)— | London Interbank Offered Rate |
| (SOFR)— | Secured Overnight Financing Rate |
| (TSFR)— | Term Secured Financing Rate |
| (UKG)— | U.K. Government Bond |

---

Other Abbreviations

------

---

| | |
|:---|:---|
| (DAC)— | Designated Activity Company |
| (ETF)— | Exchange-Traded Fund |
| (ICE)— | IntercontinentalExchange, Inc. |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Advertising | $— | $10507263 | $— | $10507263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace/Defense |  | 31490779 |  | 31490779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture |  | 1139765 |  | 1139765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines |  | 15243103 |  | 15243103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apparel |  | 1229173 |  | 1229173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Manufacturers |  | 10516786 |  | 10516786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Parts & Equipment |  | 10665324 |  | 10665324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 12226089 |  | 12226089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology |  | 189181 |  | 189181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Materials |  | 6250012 |  | 6250012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 17148214 |  | 17148214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 40132805 |  | 40132805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computers |  | 7079192 |  | 7079192 |

---

*See accompanying notes to financial statements.* 

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmetics/Personal Care | $— | $176889 | $— | $176889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution/Wholesale |  | 739166 |  | 739166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 19855655 |  | 19855655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 10331692 |  | 10331692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Components & Equipment |  | 1840389 |  | 1840389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronics |  | 5557295 |  | 5557295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy-Alternate Sources |  | 263123 |  | 263123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction |  | 1711039 |  | 1711039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment |  | 29361997 |  | 29361997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Control |  | 6680505 |  | 6680505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food |  | 16122742 |  | 16122742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Service |  | 2149320 |  | 2149320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Products |  | 5640700 |  | 5640700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Services |  | 22487366 |  | 22487366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Builders |  | 3906766 |  | 3906766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Furnishings |  | 784305 |  | 784305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products/Wares |  | 1018141 |  | 1018141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housewares |  | 1715949 |  | 1715949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance |  | 17410710 |  | 17410710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet |  | 14055103 |  | 14055103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  | 5384550 |  | 5384550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron/Steel |  | 5899105 |  | 5899105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Time |  | 15093868 |  | 15093868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lodging |  | 5139512 |  | 5139512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery-Construction & Mining |  | 3375787 |  | 3375787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery-Diversified |  | 9360810 |  | 9360810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media |  | 45424865 |  | 45424865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metal Fabricate/Hardware |  | 2106116 |  | 2106116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mining |  | 14284462 |  | 14284462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Manufacturing |  | 1333721 |  | 1333721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office/Business Equipment |  | 900080 |  | 900080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 50298116 |  | 50298116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services |  | 4145257 |  | 4145257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging & Containers |  | 17434981 |  | 17434981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 6349050 |  | 6349050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 50148242 |  | 50148242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 3135581 | 0 | 3135581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts |  | 18962090 |  | 18962090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail |  | 18946016 |  | 18946016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors |  | 9024319 |  | 9024319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shipbuilding |  | 115269 |  | 115269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software |  | 38241908 |  | 38241908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications |  | 47932499 |  | 47932499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toys/Games/Hobbies |  | 1411061 |  | 1411061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 1066273 |  | 1066273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trucking & Leasing |  | 902249 |  | 902249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water |  | 171228 |  | 171228 |
|  Total Corporate Bonds & Notes |  | 702213553 | 0 | 702213553 |
|  Total Floating Rate Loans (Less Unfunded Loan Commitments of $563,261)\* |  | 87483495 |  | 87483495 |
|  Total Convertible Bonds\* |  | 4450432 |  | 4450432 |
|  Total Common Stocks\* | 4116924 |  |  | 4116924 |
|  Total Escrow Shares\* |  | 7802 |  | 7802 |
|  Total Short-Term Investment\* |  | 10445704 |  | 10445704 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 12006087 |  | 12006087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 6002155 |  | 6002155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 26102325 |  | 26102325 |

---

*See accompanying notes to financial statements.* 

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | $24000000 | $— | $— | $24000000 |
|  Total Securities Lending Reinvestments | 24000000 | 44110567 |  | 68110567 |
|  Total Purchased Options at Value | 431169 |  |  | 431169 |
|  Total Net Investments | $28548093 | $848711553 | $0 | $877259646 |
|  Collateral for Securities Loaned (Liability) | $— | $(68102353) | $— | $(68102353) |
| Forward Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $24016 | $— | $24016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (70416) |  | (70416) |
|  Total Forward Contracts | $— | $(46400) | $— | $(46400) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $140951 | $— | $— | $140951 |
|  Total Written Options at Value | $(95321) | $— | $— | $(95321) |
| Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | $— | $90055 | $— | $90055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) |  | (3952) |  | (3952) |
|  Total Centrally Cleared Swap Contracts | $— | $86103 | $— | $86103 |
| OTC Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Assets) | $— | $13210 | $— | $13210 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) |  | (39666) |  | (39666) |
|  Total OTC Swap Contracts | $— | $(26456) | $— | $(26456) |

---

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

*See accompanying notes to financial statements.* 

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) (c) | $877259646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1051826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (d) | 1524000 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value (e) | 13210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 24016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 678174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 19533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 12617310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 83179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on OTC swap contracts | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 32074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 893307744 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to custodian denominated in foreign currencies (f) | 105477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options at value (g) | 95321 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value (h) | 39666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 70416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 68102353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2126547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 119719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 415016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 115118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 270777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 71624135 |
|  **Net Assets** | $821683609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $916014689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (94331080) |
|  **Net Assets** | $821683609 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $296013574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 525670035 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 43080191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 77863585 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $6.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 6.75 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $971,088,177.

(b) Includes securities loaned at value of $91,902,123.

(c) Investments at value is net of unfunded loan commitments of $563,261.

(d) Includes collateral of $1,038,000 for futures contracts, $346,000 for centrally cleared swap contracts, $100,000 for exchange-traded options and $40,000 for OTC swap contracts.

(e) Net premium paid on OTC swap contracts was $13,717.

(f) Identified cost of cash due to custodian denominated in foreign currencies was $104,808.

(g) Premiums received on written options were $162,690.

(h) Net premium received on OTC swap contracts was $28,014.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $463377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 51045062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 303764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 51812203 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 5323390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 56906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 290144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 1392579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 85903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 43548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 6934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 18507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7272565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (193616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7078949 |
|  **Net Investment Income** | 44733254 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on : |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (32624766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 23108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1974160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 53362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 93073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 63732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 2285240 |
|  Net realized gain (loss) | (28132091) |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (119427526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 15502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 142301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 62585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 17360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 214089 |
|  Net change in unrealized appreciation (depreciation) | (118972441) |
|  Net realized and unrealized gain (loss) | (147104532) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(102371278) |

---

(a) Net of foreign withholding taxes of $8,185.

*See accompanying notes to financial statements.* 

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31,<br>2022** | **Year Ended**<br>**December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $44733254 | $39895606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (28132091) | 26187996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (118972441) | (17948143) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (102371278) | 48135459 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (17105840) | (16217597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (28103675) | (21336484) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (45209515) | (37554081) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (34907540) | 159950991 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (182488333) | 170532369 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1004171942 | 833639573 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $821683609 | $1004171942 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 922824 | $6778645 | 2566853 | $20670733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 2519270 | 17105840 | 2047676 | 16217597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (8891964) | (64467804) | (4336907) | (34825560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (5449870) | $(40583319) | 277622 | $2062770 |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 10842297 | $77478203 | 23484871 | $185875955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 4207137 | 28103675 | 2735447 | 21336484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (14260247) | (99906099) | (6250560) | (49324218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 789187 | $5675779 | 19969758 | $157888221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(34907540) |  | $159950991 |

---

*See accompanying notes to financial statements.* 

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $8.08 | $7.98 | $7.84 | $7.25 | $7.84 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.38 | 0.36 | 0.38 | 0.41 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.21) | 0.08 | 0.19 | 0.65 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.83) | 0.44 | 0.57 | 1.06 | (0.19) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.38) | (0.34) | (0.43) | (0.47) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.38) | (0.34) | (0.43) | (0.47) | (0.40) |
|  **Net Asset Value, End of Period** | $6.87 | $8.08 | $7.98 | $7.84 | $7.25 |
|  **Total Return (%)** (b) | (10.17) | 5.54 | 7.76 | 15.05 | (2.58) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.66 | 0.66 | 0.68 | 0.68 | 0.69 |
|  Gross ratio of expenses to average net assets excluding interest expense (%) | 0.66 | 0.66 | 0.68 | 0.68 | 0.68 |
|  Net ratio of expenses to average net assets (%) (c) | 0.64 | 0.64 | 0.66 | 0.68 | 0.69 |
|  Net ratio of expenses to average net assets excluding interest expense (%) (c) | 0.64 | 0.64 | 0.66 | 0.68 | 0.68 |
|  Ratio of net investment income (loss) to average net assets (%) | 5.18 | 4.42 | 5.09 | 5.31 | 5.43 |
|  Portfolio turnover rate (%) | 42 | 48 | 85 | 79 | 72 |
|  Net assets, end of period (in millions) | $296 | $392 | $385 | $384.5 | $385.5 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $7.94 | $7.86 | $7.73 | $7.15 | $7.74 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.35 | 0.33 | 0.36 | 0.38 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.17) | 0.07 | 0.18 | 0.66 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.82) | 0.40 | 0.54 | 1.04 | (0.21) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.37) | (0.32) | (0.41) | (0.46) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.37) | (0.32) | (0.41) | (0.46) | (0.38) |
|  **Net Asset Value, End of Period** | $6.75 | $7.94 | $7.86 | $7.73 | $7.15 |
|  **Total Return (%)** (b) | (10.33) | 5.18 | 7.51 | 14.85 | (2.87) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.91 | 0.91 | 0.93 | 0.93 | 0.94 |
|  Gross ratio of expenses to average net assets excluding interest expense (%) | 0.91 | 0.91 | 0.93 | 0.93 | 0.93 |
|  Net ratio of expenses to average net assets (%) (c) | 0.89 | 0.89 | 0.91 | 0.93 | 0.94 |
|  Net ratio of expenses to average net assets excluding interest expense (%) (c) | 0.89 | 0.89 | 0.91 | 0.93 | 0.93 |
|  Ratio of net investment income (loss) to average net assets (%) | 4.96 | 4.17 | 4.83 | 5.06 | 5.19 |
|  Portfolio turnover rate (%) | 42 | 48 | 85 | 79 | 72 |
|  Net assets, end of period (in millions) | $525.7 | $612.2 | $448.7 | $344.7 | $250.9 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts.
If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock High Yield Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**High-Yield Debt Securities -** The Portfolio may invest in high-yield debt securities, or "junk bonds," which are securities that are rated below "investment grade" or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio's subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

**Floating Rate Loans -** The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Unfunded Loan Commitments -** The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of December 31, 2022, the Portfolio had open unfunded loan commitments of $563,261. At December 31, 2022, the Portfolio had sufficient cash and/or securities to cover these commitments.

**BHFTI-38** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Collateralized Obligations -** The Portfolio may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Due to Custodian** - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio's assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $105,477 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at December 31, 2022. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio's average overdraft advances during the year ended December 31, 2022 were not significant.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in

**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $10,445,704. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $26,102,325. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** |
| | **Overnight and**<br> **Continuous** | **Up to**<br> **30 Days** | **31 - 90**<br> **Days** | **Greater than**<br> **90 days** | **Total** |
| Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $(636519) | $— | $— | $— | $(636519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds | (1375330) |  |  |  | (1375330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | (66090504) |  |  |  | (66090504) |
|  **Total Borrowings** | $**(68102353)** | $**—** | $**—** | $**—** | $**(68102353)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(68102353) |

---

**3. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign

**BHFTI-40** 

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**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Options Contracts -** An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tend to increase the Portfolio's exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio's exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio's investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing

**BHFTI-41** 

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**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

An Option on Exchange-Traded Futures Contract ("Futures Option") is an option contract in which the underlying instrument is a single futures contract.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Credit Default Swaps*: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not

**BHFTI-42** 

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**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity's weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

*Currency Swaps:* The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

**BHFTI-43** 

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**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on futures contracts (a) (b) | $50666 |  |  |
|  Credit | OTC swap contracts at market value (c) | 13210 | OTC swap contracts at market value (c) | $39666 |
|  | Unrealized appreciation on centrally cleared swap contracts (a) (d) | 90055 | Unrealized depreciation on centrally cleared swap contracts (a) (d) | 3952 |
|  Equity | Investments at market value (a) (e) | 431169 | Written options at value (a) | 95321 |
|  | Unrealized appreciation on futures contracts (a) (b) | 90285 |  |  |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 24016 | Unrealized depreciation on forward foreign currency exchange contracts | 70416 |
| Total |  | $699401 |  | $209355 |

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(a) Financial instrument not subject to a master netting agreement.

(b) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

(c) Excludes OTC swap interest receivable of $1,310.

(d) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

(e) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets**<br>**subject to an MNA**<br>**by Counterparty** | **Financial<br>Instruments**<br>**available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Barclays Bank plc | $893 | $(893) | $– $|  |
|  Credit Suisse International | 3963 | (3963) | – |  |
|  JPMorgan Chase Bank N.A. | 8354 | (8354) | – |  |
|  Westpac Banking Corp. | 24016 |  | – | 24016 |
|  | $37226 | $(13210) | $– $| 24016 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities**<br>**subject to an MNA**<br>**by Counterparty** | **Financial<br>Instruments**<br>**available for offset** | **Collateral**<br>**Pledged†** | **Net<br>Amount\*\*** |
|  Barclays Bank plc | $9661 | $(893) | $(8768) | $— |
|  Citibank N.A. | 2105 |  | (2105) |  |
|  Credit Suisse International | 10843 | (3963) |  | 6880 |
|  Deutsche Bank AG | 66581 |  |  | 66581 |
|  JPMorgan Chase Bank N.A. | 17057 | (8354) |  | 8703 |
|  Standard Chartered Bank | 3835 |  |  | 3835 |
|  | $110082 | $(13210) | $(10873) | $85999 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

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**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net<br>Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Equity** | **Foreign<br>Exchange** | **Total** |
|  Purchased options . . . . . . . . . . . . . . | $— | $(11011) | $34119 | $— | $23108 |
|  Forward foreign currency transactions . . . . . |  |  |  | 2285240 | 2285240 |
|  Swap contracts . . . . . . . . . . . . . . . . |  | 93073 |  |  | 93073 |
|  Futures contracts . . . . . . . . . . . . . . . | 2079522 |  | (105362) |  | 1974160 |
|  Written options . . . . . . . . . . . . . . . . |  | (8676) | 62038 |  | 53362 |
|  | $2079522 | $73386 | $(9205) | $2285240 | $4428943 |
| **Statement of Operations Location—Net<br>Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Equity** | **Foreign<br>Exchange** | **Total** |
|  Purchased options . . . . . . . . . . . . . . | $— | $— | $15502 | $— | $15502 |
|  Forward foreign currency transactions . . . . . |  |  |  | 214089 | 214089 |
|  Swap contracts . . . . . . . . . . . . . . . . |  | 3248 |  |  | 3248 |
|  Futures contracts . . . . . . . . . . . . . . . | 52016 |  | 90285 |  | 142301 |
|  Written options . . . . . . . . . . . . . . . . |  |  | 62585 |  | 62585 |
|  | $52016 | $3248 | $168372 | $214089 | $437725 |

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For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Purchased options . . . . . . . . . . . . . . . . | $269606 |
|  Forward foreign currency transactions . . | 24547450 |
|  Futures contracts long . . . . . . . . . . . . . | 4775094 |
|  Futures contracts short . . . . . . . . . . . . . | (13314644) |
|  Swap contracts . . . . . . . . . . . . . . . . . . | 3804121 |
|  Written options . . . . . . . . . . . . . . . . . | (129850) |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

**BHFTI-45** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant

**BHFTI-46** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**BHFTI-47** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $365665638 | $0 | $386895382 |

---

The Portfolio engaged in security transactions with other accounts managed by BlackRock Financial Management, Inc., the subadviser to the Portfolio, that amounted to $389,552 in sales of investments, which are included above, and resulted in net realized gains of $16,552.

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.600% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $5,323,390.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Financial Management, Inc. (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period effective April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.050% | Over $500 Million |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

The Subadviser has agreed to waive the subadvisory fee it receives in an amount equal to any advisory fee it receives as a result of any investment by the Portfolio in any investment company, unit investment trust or other collective investment fund, registered or nonregistered, for which the Subadviser or any of its affiliates serves as investment adviser. The Adviser has agreed to waive a portion of the management fee related to the Subadviser's waiving of its subadvisory fee on funds where the Subadviser or any of its affiliates serves as investment adviser. No fees were waived during the year ended December 31, 2022.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**BHFTI-48** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $975904532 |
|  Gross unrealized appreciation | 3554613 |
|  Gross unrealized (depreciation) | (102132041) |
|  Net unrealized appreciation (depreciation) | $(98577428) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $45209515 | $37554081 | $— | $— | $45209515 | $37554081 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary**<br> **Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $48029980 | $– $| (98565146) | $(43632637) | $(94167803) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $5,751,739 and accumulated long-term capital losses of $37,880,898.

**9. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end

**BHFTI-49** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-50** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the BlackRock High Yield Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock High Yield Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the BlackRock High Yield Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-51** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-52** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-53** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-54** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-55** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*BlackRock High Yield Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and BlackRock Financial Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median, equal to the Expense Universe median, and below the Sub-advised Expense Universe median. The Board also considered noted that the Portfolio's total expenses (exclusive of 12b-1 fees) were above the Expense Group median and below the Expense Universe median and the Sub-advised

**BHFTI-56** 

------

**Brighthouse Funds Trust I** 

**BlackRock High Yield Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-57** 

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**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Managed by Brighthouse Investment Advisers, LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse Asset Allocation 100 Portfolio returned -19.89% and -20.15%, respectively. The Portfolio's benchmark, the Dow Jones Aggressive Portfolio Index¹, returned -16.96%.

**MARKET ENVIRONMENT/CONDITIONS** 

There was no disguising the woeful performance in 2022. Investors braced against stark price declines in equity and bond markets for most of the year before a fourth quarter rally finally offered some relief. Early in the period, markets treaded cautiously as the Russia-Ukraine conflict and mounting inflationary pressures spurred economic uncertainty and volatility. U.S. Federal Reserve (the "Fed") concern over elevated price levels prompted the Fed to raise the Fed Funds rate in March for the first time in more than three years.

Market conditions continued to worsen in the second quarter. Consumer Price Index ("CPI") data pointed to persistently high prices and emboldened the Fed to implement progressive rate increases in May and June in an effort to curb the inflationary threat. Under a monetary tightening environment, the yield on the 10-year U.S. Treasury rose by 1.50% in the first half of year and upended fixed income markets. Equities were no safe haven for investors and slid further as recessionary fears emerged in the period. Economic growth retreated as the real growth domestic product ("GDP") rate contracted during the first and second quarters by 1.4% and 0.6%, respectively on an annualized basis.

A tumultuous market carried on into the third quarter. Despite a deceleration in the rate of price increases for headline CPI, the Fed pressed forward with 0.75% rate hikes in July and September. Concern of a prolonged policy tightening cycle and a slowdown in economic growth appeared to support the prospect the worst may not be over and extended bond and equity market losses through the first nine months of the year.

Overall, markets rebounded to close out the final quarter of 2022. Declines in year-over-year CPI levels signaled a potential easing of inflation and bolstered investor expectations the Fed may begin to scale back on future rate hikes. While equities and bonds saw positive results during the quarter, the damage for the year had already been solidified.

In 2022, the S&P 500 Index returned -18.11%. International equities and emerging market equities, as measured by the MSCI EAFE Index and MSCI Emerging Markets Index, returned -14.45% and -20.09%, respectively. Within U.S. fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01% for the year ended December 31, 2022.

**PORTFOLIO REVIEW / PERIOD-END POSITIONING** 

The Brighthouse Asset Allocation 100 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 100% to equities, although some residual cash is expected to be held by the underlying portfolios.

Over the twelve-month period, the Portfolio underperformed the Dow Jones Aggressive Portfolio Index. Performance weakness occurred within the underlying mid cap, small cap, and non-U.S. equity portfolios.

Performance from the underlying mid cap and small cap equity portfolios was a detractor for the period, while large cap equity outperformed over the year. Within large cap, the Invesco Comstock Portfolio was a primary contributor and outperformed its benchmark by 8.4%. Key performance drivers were an overweight to Energy and an underweight to the Communication Services sectors, and positive selection within Health Care. The T. Rowe Price Large Cap Value Portfolio exceeded its benchmark by 2.6%. An underweight to Communication Services and positive security selection across the Financials, Consumer Staples, Consumer Discretionary, and Information Technology ("IT") sectors benefited relative results. The T. Rowe Price Growth Portfolio, on the other hand, underperformed its benchmark by 11.3%. Leading relative detractors were weak security selection in the Consumer Discretionary, IT, and Communication Services sectors. An overweight to Communication Services and Consumer Discretionary, and an underweight to Consumer Staples, further detracted from results. In mid cap, the Morgan Stanley Discovery Portfolio underperformed its benchmark by 35.7%. The largest relative detractors were a result of weak security selection in the IT and Consumer Discretionary sectors and an overweight to Communication Services. The Frontier Mid Cap Growth Portfolio underperformed by 1.4% versus its benchmark. Negative security selection and an underweight to Energy were primary detractors over the period. Weak security selection in Financials and IT further pressured results. Within small cap equities, the Invesco Small Cap Growth Portfolio lagged its benchmark by 8.7%. Selection in the Health Care, Industrials, and Materials sectors were primarily responsible for the relative underperformance. The Neuberger Berman Genesis Portfolio underperformed by 4.7% versus its benchmark. Results were pressured by an underweight to the Energy sector and an overweight to the IT sector. The Loomis Sayles Small Cap Growth Portfolio outperformed its benchmark by 3.4%. Positive security selection in Health Care, Financials, and IT drove relative results.

The non-U.S. equity portfolios detracted from performance over the period. The Baillie Gifford International Stock Portfolio under-

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Managed by Brighthouse Investment Advisers, LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

performed its benchmark by 12.6%. At the sector level, weak security selection in Industrials, Consumer Discretionary, and Health Care were leading detractors. The Invesco Global Equity Portfolio lagged its benchmark by 13.3%. Returns were negatively impacted by a combination of weak security selection in Health Care, Communication Services, Industrials, and IT sectors, along with an overweight to Communication Services and IT, and a lack of exposure to Energy. The Harris Oakmark International Portfolio lagged its benchmark by 1.3%. Returns were negatively impacted by a lack of exposure to Energy, an overweight to Consumer Discretionary, and security selection in Financials. Within emerging market equities, the Brighthouse/abrdn Emerging Markets Equity Portfolio underperformed its benchmark by 5.5%. Negative security selection in the Energy and Consumer Discretionary sectors were the largest relative detractors over the period. At the country level, security selection in China and exposure to Russia were notable detractors.

**Investment Committee** 

*Brighthouse Investment Advisers, LLC* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Dow Jones Aggressive Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor's desired risk profile. The aggressive portfolio allocates 100% to equities.

**BHFTI-2** 

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**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**<br>A $10,000 INVESTMENT COMPARED TO THE DOW JONES AGGRESSIVE PORTFOLIO INDEX**![LOGO](g394295g99b00.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Brighthouse Asset Allocation 100 Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –19.89 | 5.44 | 8.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –20.15 | 5.16 | 8.67 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Aggressive Portfolio Index** | –16.96 | 5.62 | 9.02 |

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Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **MFS Value Portfolio(Class A)** | **6.5** |
| **Loomis Sayles Growth Portfolio(Class A)** | **6.1** |
| **Invesco Comstock Portfolio(Class A)** | **6.0** |
| **Harris Oakmark International Portfolio(Class A)** | **6.0** |
| **T. Rowe Price Large Cap Value Portfolio(Class A)** | **6.0** |
| **Brighthouse/Dimensional International Small Company Portfolio(Class A)** | **5.3** |
| **Brighthouse/Wellington Core Equity Opportunities Portfolio(Class A)** | **5.2** |
| **T. Rowe Price Large Cap Growth Portfolio(Class A)** | **5.1** |
| **Jennison Growth Portfolio(Class A)** | **4.9** |
| **Baillie Gifford International Stock Portfolio(Class A)** | **4.6** |

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**Asset Allocation** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Large Cap Equities** | **46.9** |
| **International Developed Market Equities** | **23.6** |
| **U.S. Small Cap Equities** | **12.6** |
| **Emerging Market Equities** | **5.0** |
| **U.S. Mid Cap Equities** | **4.5** |
| **Global Equities** | **4.4** |
| **Real Estate Equities** | **3.0** |

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**BHFTI-3** 

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**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Brighthouse Asset Allocation 100 Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.74% | $1000.00 | $1031.10 | $3.79 |
|  | Hypothetical\* | 0.74% | $1000.00 | $1021.48 | $3.77 |
|  Class B (a) | Actual | 0.99% | $1000.00 | $1029.20 | $5.06 |
|  | Hypothetical\* | 0.99% | $1000.00 | $1020.22 | $5.04 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it
invests.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mutual Funds—100.0% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Affiliated Investment Companies—100.0%** | **Affiliated Investment Companies—100.0%** | **Affiliated Investment Companies—100.0%** |
|  Allspring Mid Cap Value Portfolio (Class A) (a) | 1320828 | $15902773 |
|  Baillie Gifford International Stock Portfolio (Class A) (b) | 7791597 | 69656876 |
|  BlackRock Capital Appreciation Portfolio (Class A) (b) | 2086553 | 51516986 |
|  Brighthouse Small Cap Value Portfolio (Class A) (a) | 3422478 | 46545696 |
|  Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a) | 4994637 | 41855059 |
|  Brighthouse/Artisan International Portfolio (Class A) (a) | 7347709 | 67158064 |
|  Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 54416 | 11549758 |
|  Brighthouse/Dimensional International Small Company Portfolio (Class A) (b) | 8508578 | 79895546 |
|  Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b) | 2632558 | 79213673 |
|  Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a) | 4932717 | 57762118 |
|  CBRE Global Real Estate Portfolio (Class A) (a) | 4684479 | 44970997 |
|  Frontier Mid Cap Growth Portfolio (Class A) (b) | 703744 | 14975665 |
|  Harris Oakmark International Portfolio (Class A) (a) | 8057187 | 90482212 |
|  Invesco Comstock Portfolio (Class A) (a) | 6424527 | 90521589 |
|  Invesco Global Equity Portfolio (Class A) (a) | 1964070 | 37003087 |
|  Invesco Small Cap Growth Portfolio (Class A) (a) | 3645532 | 26612380 |
|  Jennison Growth Portfolio (Class A) (b) | 7900349 | 73868265 |
|  JPMorgan Small Cap Value Portfolio (Class A) (a) | 2838745 | 31368136 |
|  Loomis Sayles Growth Portfolio (Class A) (a) | 8570265 | 92473163 |
|  Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 4488483 | 42595706 |
| **Affiliated Investment Companies—(Continued)** | **Affiliated Investment Companies—(Continued)** | **Affiliated Investment Companies—(Continued)** |
|  MFS Research International Portfolio (Class A) (a) | 4651763 | 51634571 |
|  MFS Value Portfolio (Class A) (b) | 6646135 | 99093875 |
|  Morgan Stanley Discovery Portfolio (Class A) (a) | 1472873 | 5965136 |
|  Neuberger Berman Genesis Portfolio (Class A) (b) | 1004136 | 17582421 |
|  SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 3793121 | 33948437 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 5464289 | 77046469 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 3144518 | 90467772 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 1393664 | 11595283 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 1609231 | 26986804 |
|  VanEck Global Natural Resources Portfolio (Class A) (b) | 2379539 | 30243937 |
|  Victory Sycamore Mid Cap Value Portfolio (Class A) (a) | 391421 | 7898885 |
|  Total Mutual Funds<br>(Cost $1,777,411,617) |  | 1518391339 |
|  Total Investments—100.0%<br>(Cost $1,777,411,617) |  | 1518391339 |
|  Other assets and liabilities (net)—0.0% |  | (541912) |
| **Net Assets—100.0%** |  | $1517849427 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted. 

(a) A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions
in the securities of affiliated Underlying Portfolios.)

(b) A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions
in the securities of affiliated Underlying Portfolios.)

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investment Companies | $1518391339 | $— | $— | $1518391339 |
|  Total Investments | $1518391339 | $— | $— | $1518391339 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (a) | $1518391339.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments sold | 448675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 34697.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1518874711.0 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 483372.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 97597.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 193706.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 197138.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 53471.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1025284.0 |
|  **Net Assets** | $1517849427.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1498116195.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 19733232.0 |
|  **Net Assets** | $1517849427.0 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $624246664.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 893602763.0 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 60674475.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 87428806.0 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $10.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 10.22 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $1,777,411,617.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Affiliated Underlying Portfolios | $20474949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 20474949 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1204410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 30250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 26982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 2455598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 32944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3813187 |
|  **Net Investment Income** | 16661762 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 14274937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated investments | 251886261 |
|  Net realized gain (loss) | 266161198 |
|  Net change in unrealized depreciation on affiliated investments | (685134784) |
|  Net realized and unrealized gain (loss) | (418973586) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(402311824) |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16661762 | $14036470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 266161198 | 155320415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (685134784) | 159968118 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (402311824) | 329325003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (70016904) | (70294881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (99463437) | (101698683) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (169480341) | (171993564) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 55020631 | 6646047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (516771534) | 163977486 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2034620961 | 1870643475 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1517849427 | $2034620961 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 823128 | $9417989 | 953644 | $13497324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 6946121 | 70016904 | 5093832 | 70294881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (4385037) | (50427213) | (4425739) | (63139695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 3384212 | $29007680 | 1621737 | $20652510 |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 2603162 | $30696855 | 3864158 | $54690325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 9916594 | 99463437 | 7407042 | 101698683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (9130280) | (104147341) | (12053765) | (170395471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 3389476 | $26012951 | (782565) | $(14006463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $55020631 |  | $6646047 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.45 | $13.36 | $12.82 | $11.45 | $13.32 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.13 | 0.12 | 0.17 | 0.15 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.03) | 2.27 | 1.86 | 2.85 | (1.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.90) | 2.39 | 2.03 | 3.00 | (1.21) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.20) | (0.20) | (0.17) | (0.24) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.06) | (1.10) | (1.32) | (1.39) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.26) | (1.30) | (1.49) | (1.63) | (0.66) |
|  **Net Asset Value, End of Period** | $10.29 | $14.45 | $13.36 | $12.82 | $11.45 |
|  **Total Return (%)** (b) | (19.89) | 18.34 | 19.23 | 27.79 | (9.80) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Ratio of expenses to average net assets (%) (c) | 0.08 | 0.08 | 0.09 | 0.09 | 0.08 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 1.15 | 0.85 | 1.44 | 1.21 | 1.26 |
|  Portfolio turnover rate (%) | 10 | 9 | 13 | 13 | 12 |
|  Net assets, end of period (in millions) | $624.2 | $828.1 | $743.9 | $667.5 | $563 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.36 | $13.28 | $12.75 | $11.39 | $13.26 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.10 | 0.08 | 0.14 | 0.12 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.02) | 2.27 | 1.85 | 2.83 | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.92) | 2.35 | 1.99 | 2.95 | (1.24) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.16) | (0.17) | (0.14) | (0.20) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.06) | (1.10) | (1.32) | (1.39) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.22) | (1.27) | (1.46) | (1.59) | (0.63) |
|  **Net Asset Value, End of Period** | $10.22 | $14.36 | $13.28 | $12.75 | $11.39 |
|  **Total Return (%)** (b) | (20.15) | 18.13 | 18.91 | 27.48 | (10.06) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Ratio of expenses to average net assets (%) (c) | 0.33 | 0.33 | 0.34 | 0.34 | 0.33 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 0.90 | 0.60 | 1.22 | 0.96 | 1.01 |
|  Portfolio turnover rate (%) | 10 | 9 | 13 | 13 | 12 |
|  Net assets, end of period (in millions) | $893.6 | $1206.5 | $1126.8 | $1045.6 | $915.7 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

(d) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 100 Portfolio (the "Asset Allocation Portfolio"), which is diversified. The Asset Allocation Portfolio operates under a "fund of funds" structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an "Underlying Portfolio," and, collectively, the "Underlying Portfolios"). Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Asset Allocation Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Asset Allocation Portfolio. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Asset Allocation Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Asset Allocation Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

**Investment Transactions and Related Investment Income -** The Asset Allocation Portfolio's security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

**Dividends and Distributions to Shareholders -** The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus.

These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Asset Allocation Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio's federal tax

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**3. Certain Risks** 

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID- 19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

exposure to each individual counterparty based on the adviser's assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio's prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $326000931 | $0 | $172029872 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Asset Allocation Portfolio.The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Asset Allocation Portfolio. For providing investment management services to the Asset Allocation Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management**<br> **Fees earned by**<br> **Brighthouse<br>Investment Advisers<br>for the year ended**<br> **December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $1204410 | 0.100% | First $500 million |
|  | 0.075% | $500 million to $1 billion |
|  | 0.050% | Over $1 billion |

---

In addition to the above management fee paid to the Adviser, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers a management fee through its investments in the Underlying Portfolios.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Transactions in Securities of Affiliated Issuers** 

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios' net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized<br>Gain/<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending Value<br>as of<br>December 31, 2022** |
|  Allspring Mid Cap Value Portfolio (Class A) | $21173756 | $3239789 | $(4216756) | $(109442) | $(4184574) | $15902773 |
|  Baillie Gifford International Stock Portfolio (Class A) | 85123828 | 17066057 | (951346) | (30570) | (31551093) | 69656876 |
|  BlackRock Capital Appreciation Portfolio (Class A) | 77174468 | 19823052 | (17704) | (4468) | (45458362) | 51516986 |
|  Brighthouse Small Cap Value Portfolio (Class A) | 62686310 | 9287394 | (8450456) | 1218061 | (18195613) | 46545696 |
|  Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) | 50850238 | 11166318 | (160917) | (13807) | (19986773) | 41855059 |
|  Brighthouse/Artisan International Portfolio (Class A) | 85018597 | 13150147 | (2111122) | (171948) | (28727610) | 67158064 |
|  Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | 15683688 | 1968712 | (2285998) | 111934 | (3928578) | 11549758 |
|  Brighthouse/Dimensional International Small Company Portfolio (Class A) | 101620883 | 11359892 | (4155575) | (1614366) | (27315288) | 79895546 |
|  Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | 106750896 | 16666995 | (21773160) | 3822040 | (26253098) | 79213673 |
|  Brighthouse/Wellington Large Cap Research Portfolio (Class A) | 78720241 | 14190062 | (6395456) | 579134 | (29331863) | 57762118 |
|  CBRE Global Real Estate Portfolio (Class A) | 64277903 | 7468254 | (4805273) | 557692 | (22527579) | 44970997 |
|  Frontier Mid Cap Growth Portfolio (Class A) | 20141006 | 5267675 | (47113) | (22680) | (10363223) | 14975665 |
|  Harris Oakmark International Portfolio (Class A) | 109975614 | 8238051 | (3321425) | (1039944) | (23370084) | 90482212 |
|  Invesco Comstock Portfolio (Class A) | 120662022 | 15960333 | (30913063) | 5470999 | (20658702) | 90521589 |
|  Invesco Global Equity Portfolio (Class A) | 50966249 | 8100369 | (54152) | 13043 | (22022422) | 37003087 |
|  Invesco Small Cap Growth Portfolio (Class A) | 34845063 | 13423087 | (49062) | (60058) | (21546650) | 26612380 |
|  Jennison Growth Portfolio (Class A) | 110500792 | 28209383 | (50349) | (9603) | (64781958) | 73868265 |
|  JPMorgan Small Cap Value Portfolio (Class A) | 42264093 | 12182892 | (5548772) | (1034042) | (16496035) | 31368136 |
|  Loomis Sayles Growth Portfolio (Class A) | 128682806 | 9119155 | (603297) | 145467 | (44870968) | 92473163 |
|  Loomis Sayles Small Cap Growth Portfolio (Class A) | 55305269 | 12599145 | (2441966) | (1055935) | (21810807) | 42595706 |
|  MFS Research International Portfolio (Class A) | 66231647 | 4874893 | (3178628) | 154859 | (16448200) | 51634571 |
|  MFS Value Portfolio (Class A) | 131615032 | 17357162 | (24176712) | (1584836) | (24116771) | 99093875 |
|  Morgan Stanley Discovery Portfolio (Class A) | 8463431 | 7634740 | (114665) | (185743) | (9832627) | 5965136 |
|  Neuberger Berman Genesis Portfolio (Class A) | 24037798 | 3398167 | (1900191) | 405761 | (8359114) | 17582421 |
|  SSGA Emerging Markets Enhanced Index Portfolio (Class A) | 42670697 | 1143001 | (367050) | (338) | (9497873) | 33948437 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | 116752143 | 28201433 | (52636) | (21889) | (67832582) | 77046469 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | 120447192 | 13936583 | (24391296) | 3381640 | (22906347) | 90467772 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | 15544579 | 2135140 | (496057) | (174593) | (5413786) | 11595283 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | 35880346 | 5850208 | (1357180) | (322052) | (13064518) | 26986804 |
|  VanEck Global Natural Resources Portfolio (Class A) | 40703240 | 1830038 | (15314764) | 5508940 | (2483517) | 30243937 |
|  Victory Sycamore Mid Cap Value Portfolio (Class A) | 10510300 | 1152804 | (2327731) | 361681 | (1798169) | 7898885 |
|  | $2035280127 | $326000931 | $(172029872) | $14274937 | $(685134784) | $1518391339 |

---

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain<br>Distributions from<br>Affiliated Investments** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held<br>at December 31, 2022** |
|  Allspring Mid Cap Value Portfolio (Class A) | $3124083 | $115707 | 1320828 |
|  Baillie Gifford International Stock Portfolio (Class A) | 6337413 | 814715 | 7791597 |
|  BlackRock Capital Appreciation Portfolio (Class A) | 15999308 |  | 2086553 |
|  Brighthouse Small Cap Value Portfolio (Class A) | 8824656 | 462738 | 3422478 |
|  Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) | 6412853 | 457162 | 4994637 |
|  Brighthouse/Artisan International Portfolio (Class A) | 11975816 | 693017 | 7347709 |
|  Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | 1846481 | 122231 | 54416 |
|  Brighthouse/Dimensional International Small Company Portfolio (Class A) | 9101126 | 2219240 | 8508578 |
|  Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | 15414495 | 1252500 | 2632558 |
|  Brighthouse/Wellington Large Cap Research Portfolio (Class A) | 13720610 | 469452 | 4932717 |
|  CBRE Global Real Estate Portfolio (Class A) | 4712549 | 2165968 | 4684479 |
|  Frontier Mid Cap Growth Portfolio (Class A) | 4644600 |  | 703744 |
|  Harris Oakmark International Portfolio (Class A) | 5021459 | 2274292 | 8057187 |
|  Invesco Comstock Portfolio (Class A) | 13873121 | 2087212 | 6424527 |
|  Invesco Global Equity Portfolio (Class A) | 5738342 |  | 1964070 |
|  Invesco Small Cap Growth Portfolio (Class A) | 8717477 |  | 3645532 |
|  Jennison Growth Portfolio (Class A) | 20377118 |  | 7900349 |
|  JPMorgan Small Cap Value Portfolio (Class A) | 11768615 | 414277 | 2838745 |
|  Loomis Sayles Growth Portfolio (Class A) | 8967655 |  | 8570265 |
|  Loomis Sayles Small Cap Growth Portfolio (Class A) | 10021731 |  | 4488483 |
|  MFS Research International Portfolio (Class A) | 3731638 | 1142787 | 4651763 |
|  MFS Value Portfolio (Class A) | 15490402 | 1866760 | 6646135 |
|  Morgan Stanley Discovery Portfolio (Class A) | 3149641 |  | 1472873 |
|  Neuberger Berman Genesis Portfolio (Class A) | 3393791 |  | 1004136 |
|  SSGA Emerging Markets Enhanced Index Portfolio (Class A) |  | 932474 | 3793121 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | 18933060 |  | 5464289 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | 12114197 | 1822386 | 3144518 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | 2123609 |  | 1393664 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | 5357042 | 63293 | 1609231 |
|  VanEck Global Natural Resources Portfolio (Class A) |  | 939313 | 2379539 |
|  Victory Sycamore Mid Cap Value Portfolio (Class A) | 993373 | 159425 | 391421 |
|  | $251886261 | $20474949 |  |

---

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1782177629 |
|  Gross unrealized appreciation | 20289426 |
|  Gross unrealized (depreciation) | (284075716) |
|  Net unrealized appreciation (depreciation) | $(263786290) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $24096371 | $23909838 | $145383970 | $148083726 | $169480341 | $171993564 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $44868945 | $238847716 | $(263786290) | $– $| 19930371 |

---

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Asset Allocation Portfolio had no accumulated capital losses.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse Asset Allocation 100 Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Asset Allocation 100 Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse Asset Allocation 100 Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

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**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (the "<u>Advisory Agreements</u>" or "<u>Agreements</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the "<u>Asset Allocation Portfolios</u>") and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the "<u>American Funds of Funds</u>"). The Board considered the Adviser's services as investment manager to the Portfolios, including with respect to investment programs and personnel, succession management of key personnel, oversight of transition management (as applicable), actions taken with respect to regulatory developments, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements—(Continued)** 

activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic reviews and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the Asset Allocation Portfolios, the Board noted that the Adviser employs at its own expense an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and investments in other Portfolios of the Trusts (the "Underlying Portfolios"). Additionally, the Board considered that a committee, consisting of investment professionals from the Adviser, meets regularly to review the management of the Asset Allocation Portfolios and the American Funds of Funds, including asset allocations and performance metrics.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected, and (ii) the selection of the peer groups.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each of the Portfolios, which included comparisons of the Portfolio's contractual management fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>") and a narrower group of peer funds ("<u>Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser's analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Asset Allocation 100 Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements—(Continued)** 

Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

\* \* \* \* \*

*Brighthouse Asset Allocation 100 Portfolio.* The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed the Brighthouse AA 100 Narrow Index for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted that the Portfolio underperformed its benchmark, the Dow Jones Aggressive Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC and Pacific Investment Management Company LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class B shares of the Brighthouse Balanced Plus Portfolio returned -21.81%. The Portfolio's benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

**MARKET ENVIRONMENT / CONDITIONS** 

Geopolitics took center stage in 2022, as Russia invaded Ukraine at the beginning of the year. Most assets experienced elevated volatility over the year as Russia's invasion of Ukraine, and the subsequent imposition of financial sanctions, added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening yield curves.

Risk assets were challenged throughout the first half of the year, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence. Developed market central banks maintained their hawkish stance with their sights set on combating historic levels of inflation. Most notably, in the U.S., Consumer Price Index ("CPI") increased 8.6% year-on-year in May. This prompted the U.S. Federal Reserve (the "Fed") to hike interest rates by 0.75% in June, the first time for such a high increase since 1994, and acknowledge that credibly fighting inflation will come at the cost of lower growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Performance was challenged for both "safe-haven" and risk assets as global yields rose sharply through the summer months and sentiment waned, leading to increased recessionary risks and heightened volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities experienced sharp declines.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of the year. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 0.75% policy rate hike in November, the Fed adjusted its policy rate upward by 0.50% in December, while advancing its terminal rate projection to 5.1% by the end of 2023.

**TOTAL PORTFOLIO REVIEW/ PERIOD-END POSITIONING** 

The Brighthouse Balanced Plus Portfolio is composed of two sleeves. Approximately 70% of the Portfolio's assets were invested in a variety of underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to achieve and maintain a broad asset allocation of approximately 40% to fixed income and 30% to equities. These assets (the "Base Sleeve") were managed by the Investment Committee of Brighthouse Investment Advisers, LLC. The remaining 30% of the assets (the "Overlay Sleeve") were designed to keep the Portfolio's overall volatility level within the desired range by dynamically changing its total equity exposure in response to measures of implied equity market volatility. To gain and actively manage this equity exposure, the Overlay Sleeve's subadviser, Pacific Investment Management Company LLC ("PIMCO"), invested in equity index derivative instruments and various fixed income instruments that served as collateral for the equity derivative exposures. Since the Overlay Sleeve constitutes a substantial percent of the Portfolio's allocation, overlay sleeve performance may significantly impact total Portfolio return in any given period. The Portfolio ended the period with approximately 39% exposure to equities and 40% exposure to fixed income.

**BASE SLEEVE REVIEW** 

The Base Sleeve Portfolio underperformed its benchmark over the period. Performance weakness within the underlying mid cap equity, small cap equity, and non-U.S. equity portfolios offset strength within the underlying fixed income and large cap equity portfolios.

The underlying fixed income portfolios added to relative performance. In a rising interest rate environment over the period, the Brighthouse/Eaton Vance Floating Rate Portfolio was the top performing portfolio on an absolute basis. The largest relative contributor versus its benchmark was the Brighthouse/Templeton International Bond Portfolio, which outperformed by 17.7% for the year. The portfolio's underweight duration positioning in the euro area, the United Kingdom, and Japan benefited results along with currency management in the euro and Japanese yen. The BlackRock High Yield Portfolio outpaced its benchmark by 1.0%. An allocation to bank loans and investment grade bonds, an underweight to retailers and media & entertainment industries, and an underweight to BB-rated bonds all contributed to relative results. Conversely, the Western Asset Management Strategic Bond Opportunities Portfolio underperformed by 3.6% against its benchmark. The portfolio's tactical positioning in high yield bonds and bank loans, along with duration and yield curve management detracted from relative performance.

Performance from the underlying domestic equity portfolios was mixed for the period. Mid cap and small cap equities underperformed, while large cap equities were a positive contributor to relative performance. Within large cap, the Invesco Comstock Portfolio was a primary contributor and outperformed its benchmark by 8.4%. Key performance drivers were an overweight to the Energy sector and an underweight to the Communication Services sector, and positive selection within the Health Care sector. The T. Rowe Price Large Cap Value Portfolio exceeded its benchmark by 2.6%. An underweight to the Communication Services sector and positive security selection across the Financials, Consumer Staples, Consumer Discretionary, and Information Technology ("IT") sectors benefited relative results. The Jennison Growth Portfolio, on the other hand,

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC and Pacific Investment Management Company LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

underperformed its benchmark by 9.7%. Leading relative detractors were weak security selection in the IT and Communication Services sectors and an overweight to Consumer Discretionary. In mid cap, the Morgan Stanley Discovery Portfolio underperformed its benchmark by 35.7%. The largest relative detractors were a result of weak security selection in the IT and Consumer Discretionary sectors and an overweight to the Communication Services sector. The Frontier Mid Cap Growth Portfolio underperformed by 1.4% versus its benchmark. Negative security selection and an underweight to the Energy sector were primary detractors over the period. Weak security selection in Financials and IT further pressured results. Within small cap equities, the Invesco Small Cap Growth Portfolio lagged its benchmark by 8.7%. Selection in the Health Care, Industrials, and Materials sectors were primarily responsible for the relative underperformance. The Neuberger Berman Genesis Portfolio underperformed by 4.7% versus its benchmark. Results were pressured by an underweight to the Energy sector and an overweight to the IT sector. The T. Rowe Price Small Cap Growth Portfolio outperformed its benchmark by 4.1%. Positive security selection drove results with the Health Care, Industrials, IT, and Consumer Discretionary sectors among the leading contributors.

The non-U.S. equity portfolios detracted from performance over the period. The Baillie Gifford International Stock Portfolio underperformed its benchmark by 12.6%. At the sector level, weak security selection in the Industrials, Consumer Discretionary, and Health Care sectors were leading detractors. The Invesco Global Equity Portfolio lagged its benchmark by 13.3%. Returns were negatively impacted by a combination of weak security selection in the Health Care, Communication Services, Industrials, and IT sectors, along with an overweight to the Communication Services and IT sectors, and a lack of exposure to the Energy sector. The Harris Oakmark International Portfolio lagged its benchmark by 1.3%. Returns were negatively impacted by a lack of exposure to the Energy sector, an overweight to the Consumer Discretionary sector, and security selection in the Financials sector. Within emerging market equities, the Brighthouse/abrdn Emerging Markets Equity Portfolio underperformed its benchmark by 5.5%. Negative security selection in the Energy and Consumer Discretionary sectors were the largest relative detractors over the period. At the country level, security selection in China and exposure to Russia were notable detractors.

**OVERLAY SLEEVE PORTFOLIO REVIEW / PERIOD END POSITIONING** 

While the overlay sleeve portion of the Portfolio had negative absolute returns over the year ended December 31, 2022, the fixed income and equity allocations outperformed their respective benchmarks. The Portfolio dynamically adjusted its equity exposure in response to high volatility throughout 2022. The Portfolio entered the period near neutral equity exposure as volatility started to stabilize in late 2021. However, the Portfolio de-risked in late January in response to increased volatility driven by the anticipation of rising rates, high inflation, and geopolitical tension. The Portfolio remained de-risked throughout the rest of the year. Overall, the equity portion of the Portfolio outperformed relative to the S&P 500 Index driven by its underweight position to equities as equity markets experienced large drawdowns during 2022.

The Portfolio's fixed income allocations were positive relative to the custom blended fixed income benchmark. An underweight to the long-end of the U.S. yield curve contributed to performance as U.S. rates rose sharply over the year. Within a diversified set of spread sectors, an allocation to investment-grade corporate credit and exposure to Agency Mortgage-Backed Securities ("MBS") detracted from performance as corporate credit spreads widened over the year and Agency MBS underperformed similar duration treasuries.

The Portfolio ended the period underweight equity exposure. The Portfolio's fixed income exposure ended the period modestly underweight duration relative to the benchmark. Additionally, the fixed income portion of the Portfolio continued to have modest exposure to investment grade corporate credit as well as Agency MBS bonds to diversify and enhance the return potential.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC and Pacific Investment Management Company LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

Derivatives were used in the Portfolio and were instrumental in obtaining specific exposures in an effort to gain from anticipated market developments. The Portfolio's equity exposure was obtained via the use of S&P 500 e-Mini futures contracts. Currency exposure was in part implemented through the use of currency forwards. The derivatives performed as expected over the period.

The Base Sleeve is managed by:

**Investment Committee** 

*Brighthouse Investment Advisers, LLC* 

The Overlay Sleeve is managed by:

**Graham A. Rennison** 

**David L. Braun** 

**Paul-James White** 

Portfolio Managers

*Pacific Investment Management Company LLC* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor's desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index's downside risk over the past 36 months.

**BHFTI-3** 

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**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g394295g71o63.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Brighthouse Balanced Plus Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –21.81 | 1.61 | 5.26 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | –14.97 | 3.26 | 5.66 |

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Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

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| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Treasury Notes** | **14.1** |
| **U.S. Treasury Bonds** | **14.0** |
| **BlackRock Bond Income Portfolio (Class A)** | **7.5** |
| **TCW Core Fixed Income Portfolio (Class A)** | **6.0** |
| **PIMCO Total Return Portfolio (Class A)** | **5.6** |
| **JPMorgan Core Bond Portfolio (Class A)** | **4.4** |
| **Harris Oakmark International Portfolio (Class A)** | **4.0** |
| **Western Asset Management U.S. Government Portfolio (Class A)** | **3.6** |
| **Western Asset Management Strategic Bond Opportunities Portfolio (Class A)** | **3.4** |
| **Baillie Gifford International Stock Portfolio (Class A)** | **2.9** |

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**Exposure by Asset Class** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Investment Grade Fixed Income** | **64.1** |
| **International Developed Market Equities** | **13.2** |
| **U.S. Large Cap Equities** | **10.8** |
| **High Yield Fixed Income** | **5.9** |
| **U.S. Mid Cap Equities** | **5.5** |
| **U.S. Small Cap Equities** | **4.9** |
| **International Fixed Income** | **2.7** |
| **Global Equities** | **2.4** |
| **Emerging Market Equities** | **2.0** |
| **Real Estate Equities** | **0.9** |

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**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Brighthouse Balanced Plus Portfolio**  |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to**<br>**December 31,<br>2022** |
|  Class B (a) (b) | Actual | 0.96% | $1000.00 | $963.70 | $4.75 |
|  | Hypothetical\* | 0.96% | $1000.00 | $1020.37 | $4.89 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it
invests.

(b) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mutual Funds—71.5% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Affiliated Investment Companies—71.5%** | **Affiliated Investment Companies—71.5%** | **Affiliated Investment Companies—71.5%** |
|  AB International Bond Portfolio (Class A) (a) | 13445550 | $103530731 |
|  Allspring Mid Cap Value Portfolio (Class A) (a) | 10416550 | 125415261 |
|  Baillie Gifford International Stock Portfolio (Class A) (b) | 26065947 | 233029567 |
|  BlackRock Bond Income Portfolio (Class A) (b) | 6677692 | 600858722 |
|  BlackRock Capital Appreciation Portfolio (Class A) (b) | 679055 | 16765859 |
|  BlackRock High Yield Portfolio (Class A) (a) | 12007686 | 82492800 |
|  Brighthouse Small Cap Value Portfolio (Class A) (a) | 7384325 | 100426823 |
|  Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a) | 9928521 | 83201003 |
|  Brighthouse/Artisan International Portfolio (Class A) (a) | 18643673 | 170403168 |
|  Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 574617 | 121962478 |
|  Brighthouse/Dimensional International Small Company Portfolio (Class A) (b) | 12681720 | 119081348 |
|  Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 12999122 | 123101681 |
|  Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a) | 23928237 | 206261400 |
|  Brighthouse/Templeton International Bond Portfolio<br>(Class A) (a) (c) | 14645290 | 110864844 |
|  Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b) | 1082633 | 32576439 |
|  Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a) | 3120954 | 36546377 |
|  CBRE Global Real Estate Portfolio (Class A) (a) | 7699282 | 73913103 |
|  Frontier Mid Cap Growth Portfolio (Class A) (b) | 4929218 | 104893768 |
|  Harris Oakmark International Portfolio (Class A) (a) | 28977415 | 325416366 |
|  Invesco Comstock Portfolio (Class A) (a) | 650098 | 9159874 |
|  Invesco Global Equity Portfolio (Class A) (a) | 4366467 | 82264229 |
|  Invesco Small Cap Growth Portfolio (Class A) (a) | 9605330 | 70118909 |
|  Jennison Growth Portfolio (Class A) (b) | 2566539 | 23997137 |
|  JPMorgan Core Bond Portfolio (Class A) (a) | 39813475 | 351552981 |
|  JPMorgan Small Cap Value Portfolio (Class A) (a) | 6392541 | 70637573 |
|  Loomis Sayles Growth Portfolio (Class A) (a) | 1858023 | 20048063 |
|  MFS Research International Portfolio (Class A) (a) | 19687347 | 218529555 |
|  MFS Value Portfolio (Class A) (b) | 1790107 | 26690492 |
|  Morgan Stanley Discovery Portfolio (Class A) (a) | 8079541 | 32722140 |
|  Neuberger Berman Genesis Portfolio (Class A) (b) | 3226213 | 56490984 |
|  PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 17520586 | 164343101 |
|  PIMCO Total Return Portfolio (Class A) (a) | 47130407 | 454337127 |
|  SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 8385664 | 75051690 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 721737 | 20764367 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 7403882 | 61600298 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 5966673 | 100061100 |
|  TCW Core Fixed Income Portfolio (Class A) (a) | 55836357 | 484659582 |
|  VanEck Global Natural Resources Portfolio (Class A) (b) | 8848555 | 112465134 |
|  Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b) | 25324098 | 271727572 |
|  Western Asset Management U.S. Government Portfolio (Class A) (b) | 28044771 | 288580691 |
|  Total Mutual Funds<br>(Cost $6,634,820,583) |  | 5766544337 |
| **U.S. Treasury & Government Agencies—30.3%** | **U.S. Treasury & Government Agencies—30.3%** |  |
| **Agency Sponsored Mortgage—Backed—1.9%** |  |  |
|  Fannie Mae 30 Yr. Pool<br>4.000%, 08/01/47 | 24082 | 23000 |
|  Fannie Mae 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/48 | 101378 | 96663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/48 | 5918 | 5640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/49 | 1048998 | 999027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/49 | 119316 | 113159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/50 | 22366647 | 21201053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/50 | 4470183 | 4254827 |
|  Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920%, 03/01/35 | 2950000 | 2415145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.180%, 07/01/35 | 2523492 | 2207371 |
|  Freddie Mac 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/48 | 5295 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/50 | 98277 | 93708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/50 | 26574 | 25075 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.176%, 11/25/28 | 3178505 | 3075372 |
|  Ginnie Mae 30 Yr. Pool<br>4.000%, TBA (d) | 110000000 | 104070718 |
|  Uniform Mortgage-Backed Securities 30 Yr. Pool<br>4.000%, TBA (d) | 16000000 | 15002559 |
|  |  | 153588366 |
| **Federal Agencies—0.3%** | **Federal Agencies—0.3%** | **Federal Agencies—0.3%** |
|  Resolution Funding Corp. Principal Strip | Resolution Funding Corp. Principal Strip | Resolution Funding Corp. Principal Strip |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/30 | 19500000 | 14146829 |
|  Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 02/01/27 | 1700000 | 1609436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/15/65 | 10000000 | 8678600 |
|  |  | 24434865 |
| **U.S. Treasury—28.1%** | **U.S. Treasury—28.1%** | **U.S. Treasury—28.1%** |
|  U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 | 48000000 | 31205625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 08/15/50 (e) | 358500000 | 199205566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 144200000 | 85799000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/51 | 173000000 | 109949610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/15/51 | 57600000 | 37714500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 | 50000000 | 37587890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/42 | 196000000 | 157106250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/43 | 126000000 | 102842578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/46 | 114100000 | 91427082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/52 (f) | 56900000 | 45591125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 | 80000000 | 66025000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 02/15/43 | 89700000 | 76525312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 05/15/44 | 99895000 | 88083196 |
|  U.S. Treasury Notes<br>0.250%, 09/30/25 | 40000000 | 35915625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 | 50000000 | 44685547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 09/30/27 | 125000000 | 105380860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 02/28/26 (g) (h) (j) | 21100000 | 18801254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 05/31/26 | 300000000 | 267550782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/31/28 | 37900000 | 32713918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/24 (g) | 100000000 | 94625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/31/23 | 422000000 | 416642579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/31/27 | 29400000 | 27816305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 (f) | 55000000 | 54699219 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 (f) | 34900000 | $| 35028149 |
|  |  |  | 2262921972 |
|  Total U.S. Treasury & Government Agencies<br>(Cost $2,943,662,624) |  |  | 2440945203 |
| **Corporate Bonds & Notes—1.9%** | **Corporate Bonds & Notes—1.9%** | **Corporate Bonds & Notes—1.9%** | **Corporate Bonds & Notes—1.9%** |
| **Banks—1.8%** |  |  |  |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 3M LIBOR + 1.040%, 12/20/28 (i) | 20000000 |  | 18110587 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 3M LIBOR + 1.563%, 01/10/28 (i) | 20000000 |  | 18689358 |
|  Cooperative Rabobank UA<br>4.375%, 08/04/25 | 5000000 |  | 4880262 |
|  Goldman Sachs Group, Inc. (The)<br>3.691%, 3M LIBOR + 1.510%, 06/05/28 (i) | 10000000 |  | 9291309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/25/26 | 19500000 |  | 18769860 |
|  HSBC Holdings plc<br>4.300%, 03/08/26 | 20000000 |  | 19344833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/14/44 | 3000000 |  | 2526962 |
|  JPMorgan Chase & Co.<br>3.540%, 3M LIBOR + 1.380%, 05/01/28 (i) | 10000000 |  | 9202156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, SOFR + 2.745%, 04/01/25 (i) | 8000000 |  | 6850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3M LIBOR + 3.330%, 04/30/24 (i) | 3000000 |  | 2915210 |
|  Mitsubishi UFJ Financial Group, Inc.<br>2.852%, 1Y H15 + 1.100%, 01/19/33 (i) | 5100000 |  | 4059737 |
|  Mizuho Financial Group, Inc.<br>4.254%, 3M LIBOR + 1.270%, 09/11/29 (i) | 5000000 |  | 4610511 |
|  Morgan Stanley<br>3.591%, 3M LIBOR + 1.340%, 07/22/28 (i) | 20000000 |  | 18345013 |
|  UBS Group AG<br>3.179%, 1Y H15 + 1.100%, 02/11/43 (144A) (i) | 3000000 |  | 2060375 |
|  Wells Fargo & Co.<br>5.900%, 3M LIBOR + 3.110%, 06/15/24 (i) | 8600000 |  | 7702246 |
|  |  |  | 147358419 |
| **Diversified Financial Services—0.0%** |  |  |  |
|  Blackstone Holdings Finance Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 01/30/52 (144A) | 1300000 |  | 829347 |
| **Electric—0.0%** |  |  |  |
|  Israel Electric Corp., Ltd.<br>3.750%, 02/22/32 (144A) | 900000 |  | 787176 |
|  MidAmerican Energy Co.<br>2.700%, 08/01/52 | 800000 |  | 512204 |
|  |  |  | 1299380 |
| **Telecommunications—0.1%** |  |  |  |
|  AT&T, Inc.<br>3.500%, 09/15/53 | 2045000 |  | 1380245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/01/57 | 1556000 |  | 1073536 |
|  |  |  | 2453781 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Transportation—0.0%** | | |
|  Vessel Management Services, Inc.<br>3.432%, 08/15/36 | 2282000 | $2053207 |
|  Total Corporate Bonds & Notes<br>(Cost $171,370,506) |  | 153994134 |
| **Mortgage-Backed Securities—0.2%** |  |  |
| **Collateralized Mortgage Obligations—0.2%** |  |  |
|  Citigroup Mortgage Loan Trust<br>3.000%, 11/27/51 (144A) (i) | 20952852 | 17489911 |
|  Total Mortgage-Backed Securities<br>(Cost $20,838,267) |  | 17489911 |
| **Municipals—0.0%** |  |  |
|  Los Angeles Community College District, Build America Bond 6.750%, 08/01/49 | 400000 | 497260 |
|  Port Authority of New York & New Jersey<br>4.458%, 10/01/62 | 1845000 | 1600981 |
|  Total Municipals<br>(Cost $2,512,921) |  | 2098241 |
| **Short-Term Investment—0.1%** |  |  |
| **Repurchase Agreement—0.1%** |  |  |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $5,608,558; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $5,719,660. | 5607437 | 5607437 |
|  Total Short-Term Investments<br>(Cost $5,607,437) |  | 5607437 |
|  Total Investments—104.0%<br>(Cost $9,778,812,338) |  | 8386679263 |
|  Other assets and liabilities (net)—(4.0)% |  | (326261410) |
| **Net Assets—100.0%** |  | $8060417853 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) A Portfolio of Brighthouse Funds Trust I. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)

(b) A Portfolio of Brighthouse Funds Trust II. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)

(c) Non-income producing security.

(d) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(e) All or a portion of this security has been transferred in a secured-borrowing transaction.

(f) All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of December 31, 2022, the market value of securities pledged was $59,351,813.

(g) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $27,131,777.

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Schedule of Investments as of December 31, 2022** 

(h) All or a portion of the security was pledged as collateral against TBA securities. As of December 31, 2022, the value of securities pledged amounted to $1,738,448.

(i) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities
reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the
issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference
index and spread in their description above.

(j) All or a portion of the security was pledged as collateral against open secured borrowing transactions. As of December 31, 2022, the value of securities pledged amounted to $6,580,439.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31,
2022, the market value of 144A securities was $21,166,809, which is 0.3% of net assets.

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal Amount** | **Principal Amount** | **Net Closing<br>Amount** |
|  Deutsche Bank Securities, Inc. | 3.750% | 12/30/22 | 01/04/23 | USD | 30661625 | $30661625 |
|  Deutsche Bank Securities, Inc. | 4.450% | 12/19/22 | 01/09/23 | USD | 102250 | 102250 |
|  Deutsche Bank Securities, Inc. | 4.450% | 12/20/22 | 01/03/23 | USD | 2856000 | 2856000 |
|  Deutsche Bank Securities, Inc. | 4.450% | 12/21/22 | 01/04/23 | USD | 4176875 | 4176875 |
|  JPMorgan Securities LLC | 4.170% | 11/09/22 | 01/09/23 | USD | 21148000 | 21148000 |
|  Total | Total | Total | Total | Total | Total | $58944750 |

---

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments.

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Depreciation** |
| JPY | 20900000 | BOA | 01/10/23 | USD | 154251 | $(5107) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Notional Amount** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P 500 Index E-Mini Futures | 03/17/23 | 3551 | USD | 685520550 | $(25337750) |

---

**Glossary of Abbreviations** 

Counterparties

------

(BOA)— Bank of America N.A.

Currencies

------

(JPY)— Japanese Yen <br> (USD)— United States Dollar

Index Abbreviations

------

---

| | |
|:---|:---|
| (H15)— | U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index |
| (LIBOR)— | London Interbank Offered Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Mutual Funds\* | $5766544337 | $— | $— | $5766544337 |
|  Total U.S. Treasury & Government Agencies\* |  | 2440945203 |  | 2440945203 |
|  Total Corporate Bonds & Notes\* |  | 153994134 |  | 153994134 |
|  Total Mortgage-Backed Securities\* |  | 17489911 |  | 17489911 |
|  Total Municipals\* |  | 2098241 |  | 2098241 |
|  Total Short-Term Investment\* |  | 5607437 |  | 5607437 |
|  Total Investments | $5766544337 | $2620134926 | $— | $8386679263 |
|  Total Reverse Repurchase Agreements (Liability) | $— | $(58944750) | $— | $(58944750) |
|  Secured Borrowings (Liability) | $— | $(169640652) | $— | $(169640652) |
| Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | $— | $(5107) | $— | $(5107) |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | $(25337750) | $— | $— | $(25337750) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) | $2620134926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (b) | 5766544337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 376667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for futures contracts | 11915000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments sold | 2795247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 15470384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred dollar roll income | 43875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 8417293922 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Secured borrowings | 169640652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse repurchase agreements | 58944750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 5107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA securities purchased | 120846250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2799740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on reverse repurchase agreements | 146299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 762274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1616187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 1752047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 149473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 213290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 356876069 |
|  **Net Assets** | $8060417853 |
|  Net Assets Consist of: | Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $9676345344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (1615927491) |
|  **Net Assets** | $8060417853 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $8060417853 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 980993478 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $8.22 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $3,143,991,755.

(b) Identified cost of affiliated investments was $6,634,820,583.

(c) Identified cost of cash denominated in foreign currencies was $385,972.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | $164218376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 60146280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 224364656 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 21657662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 134119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 140135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 23156179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 2354309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 59584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 39585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 24298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 35940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 47656466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (309303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 47347163 |
|  **Net Investment Income** | 177017493 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on : |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (43292597) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (100685164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (498494606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 36368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated investments | 393865875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (248573283) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (669293060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (1635049976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (78015907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (25701) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (7424) |
|  Net change in unrealized appreciation (depreciation) | (2382392068) |
|  Net realized and unrealized gain (loss) | (2630965351) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(2453947858) |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $177017493 | $141729624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (248573283) | 985016563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2382392068) | (253574337) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (2453947858) | 873171850 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (1108303549) | (684632613) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (1108303549) | (684632613) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 100802 | (728555442) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (3562150605) | (540016205) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 11622568458 | 12162584663 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $8060417853 | $11622568458 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 4793973 | $41900650 | 4644051 | $55365519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 130388653 | 1108303549 | 58969218 | 684632613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (122050947) | (1150103397) | (123201703) | (1468553574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 13131679 | $100802 | (59588434) | $(728555442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $100802 |  | $(728555442) |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $12.01 | $11.84 | $12.01 | $9.92 | $11.91 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.18 | 0.14 | 0.25 | 0.24 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.76) | 0.73 | 1.06 | 2.08 | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.58) | 0.87 | 1.31 | 2.32 | (0.78) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.25) | (0.28) | (0.29) | (0.23) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.96) | (0.42) | (1.19) | 0.00 | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.21) | (0.70) | (1.48) | (0.23) | (1.21) |
|  **Net Asset Value, End of Period** | $8.22 | $12.01 | $11.84 | $12.01 | $9.92 |
|  **Total Return (%)** (b) | (21.81) | 7.54 | 12.52 | 23.57 | (7.36) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) (c) | 0.51 | 0.49 | 0.50 | 0.50 | 0.50 |
|  Gross ratio of expenses to average net assets excluding interest expense (%) (c) | 0.49 | 0.49 | 0.49 | 0.50 | 0.49 |
|  Net ratio of expenses to average net assets (%) (c) (d) | 0.51 | 0.49 | 0.49 | 0.49 | 0.49 |
|  Net ratio of expenses to average net assets excluding interest expense (%) (c) (d) | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
|  Ratio of net investment income (loss) to average net assets (%) (e) | 1.91 | 1.18 | 2.19 | 2.18 | 1.79 |
|  Portfolio turnover rate (%) | 26 (f) | 45 (f) | 76 (f) | 76 (f) | 54 (f) |
|  Net assets, end of period (in millions) | $8060.4 | $11622.6 | $12162.6 | $12014.5 | $10787 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(e) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 8%, 18%, 24%, 15%, and 24% for the years ended December 31, 2022, 2021, 2020, 2019 and
2018, respectively.

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Balanced Plus Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio invests approximately 70% of its assets (the "Base Portion") in other Portfolios of the Trust or of Brighthouse Funds Trust II ("Underlying Portfolios") and approximately 30% of its assets (the "Overlay Portion") in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses for such Underlying Portfolios.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded over-the-counter ("OTC") are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gains in the Statement of Operations. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Inflation-Indexed Bonds -** The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Mortgage Dollar Rolls -** The Portfolio may enter into mortgage "dollar rolls" in which a Portfolio sells to-be-announced ("TBA") mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

**TBA Purchase and Forward Sale Commitments -** The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $5,607,437, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Reverse Repurchase Agreements -** The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its Custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding reverse repurchase agreement balance for 276 days. The average amount of borrowings was $57,981,307 and the annualized weighted average interest rate was 3.582% during the 276 day period.

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Reverse<br>Repurchase<br>Agreements** | **Collateral**<br>**Pledged<sup>1</sup>** | **Net<br>Amount\*** |
|  Deutsche Bank Securities, Inc. | $(37796750) | $37557813 | $(238937) |
|  JPMorgan Securities LLC | (21148000) | 21148000 |  |
|  | $(58944750) | $58705813 | $(238937) |

---

<sup>1</sup> Collateral with a value of $59,351,813 has been pledged in connection with open reverse repurchase agreements. In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.

\* Net amount represents the net amount payable due to the counterparty in the event of default.

**Secured Borrowing Transactions -** The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2022, the Portfolio entered into secured borrowing transactions involving a U.S. Treasury security. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the "price drop," is included in net investment income. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may also receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The cost of the secured borrowing transaction is recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding secured borrowing transaction balance for 245 days. For the year ended December 31, 2022, the Portfolio's average amount of borrowings was $60,533,777 and the weighted average interest rate was 2.688% during the 245 day period.

At December 31, 2022, the amount of the Portfolio's outstanding borrowings was $169,640,652. Securities in the amount of $6,580,439 have been pledged as collateral under the terms of the Master Securities Forward Transaction Agreement ("MSFTA") as of December 31, 2022. The MSFTA is a master netting agreement which provides both parties with the rights to set-off in the event of default by either party. The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's secured borrowings by counterparty net of amounts available for offset under the MSFTA and net of the related collateral pledged or received by the Portfolio as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Secured<br>Borrowings** | **Payable for<br>Secured<br>Borrowings** | **Financial<br>Instruments<br>Available<br>for<br>Offset (a)** | **Collateral<br>Pledged (b)** | **Net<br>Amount (c)** |
|  UBS Securities LLC | ($| 169640652) | $161142578 | $6580439 | $(1917635) |

---

(a) Represents market value of borrowings as of December 31, 2022.

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

(b) Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.

(c) Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement
with the same legal entity.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than<br>90 days** | **Total** |
| Secured Borrowing Transactions |  |  |  |  |  |
| U.S. Treasury | $— | $(169640652) | $— | $— | $(169640652) |
| Reverse Repurchase Agreement |  |  |  |  |  |
|  U.S. Treasury |  | (58944750) |  |  | (58944750) |
|  **Total Borrowings** | $**—** | $**(228585402)** | $**—** | $**—** | $**(228585402)** |
|  Gross amount of recognized liabilities for secured borrowing transactions . | Gross amount of recognized liabilities for secured borrowing transactions . | Gross amount of recognized liabilities for secured borrowing transactions . | Gross amount of recognized liabilities for secured borrowing transactions . | Gross amount of recognized liabilities for secured borrowing transactions . | $(228585402) |

---

**3. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio's investment in equity derivative instruments, consisting primarily of stock index futures, was used to increase or decrease the Portfolio's overall equity exposure. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Equity | Unrealized depreciation on futures contracts (a)(b) | $25337750 |
|  Foreign Exchange | Unrealized depreciation on forward foreign currency exchange contracts | 5107 |
|  |  | $25342857 |

---

(a) Financial instrument not subject to a master netting agreement.

(b) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Net<br>Amount\*\*** |
|  Bank of America N.A. | $5107 | $– $– $| 5107 |

---

---

| | |
|:---|:---|
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net<br>Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $— | $36368 | $36368 |
|  Futures contracts | 355390 | (498849996) |  | (498494606) |
|  | $355390 | $(498849996) | $36368 | $(498458238) |
| **Statement of Operations Location—Net<br>Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $— | $(7424) | $(7424) |
|  Futures contracts |  | (78015907) |  | (78015907) |
|  | $— | $(78015907) | $(7424) | $(78023331) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Forward foreign currency transactions | $162061 |
|  Futures contracts long | 689874253 |
|  Futures contracts short | (390364108) |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $1782933377 | $685638192 | $2237017864 | $1254665306 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $1712795039 | $1715049316 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the "Management Agreement") for investment management services in connection with the investment management of the Portfolio. The Adviser is responsible for managing the Base Portion of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Pacific Investment Management Company LLC (the "Subadviser") for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio's average daily net assets of the Overlay Portion of the Portfolio.

Under the terms of the Portfolio's Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio's average daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers (Overlay<br>Portion managed by the Subadviser)<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets<br>of the Overlay Portion** |
| $17997378 | 0.725% | First $250 million |
|  | 0.700% | $250 million to $750 million |
|  | 0.675% | $750 million to $1 billion |
|  | 0.650% | Over $1 billion |

---

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers (Base<br>Portion managed by the Adviser)<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets<br>of the Base Portion** |
| $3660284 | 0.100% | First $500 million |
|  | 0.075% | $500 million to $1 billion |
|  | 0.050% | Over $1 billion |

---

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

In addition to the above management fees paid to the Adviser, the Portfolio indirectly pays Brighthouse Investment Advisers a management fee through its investment in the Underlying Portfolios.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Overlay Portion of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets of the Overlay Portion** |
| 0.050% | First $250 million |
| 0.025% | $250 million to $750 million |
| 0.025% | $2.5 billion to $5 billion |
| 0.050% | Over $5 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Transactions in Securities of Affiliated Issuers** 

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios' net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized**<br>**Gain/**<br>**(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending Value**<br>**as of<br>December 31, 2022** |
|  AB International Bond Portfolio (Class A) | $145178510 | $14217590 | $(20036332) | $(3400950) | $(32428087) | $103530731 |
|  Allspring Mid Cap Value Portfolio (Class A) | 177424035 | 26810791 | (43783179) | 3445658 | (38482044) | 125415261 |
|  Baillie Gifford International Stock Portfolio (Class A) | 310180929 | 46367826 | (9571577) | (158579) | (113789032) | 233029567 |
|  BlackRock Bond Income Portfolio (Class A) | 848194698 | 20925544 | (133822537) | (24441594) | (109997389) | 600858722 |
|  BlackRock Capital Appreciation Portfolio (Class A) | 25803664 | 6301654 | (142324) | (44790) | (15152345) | 16765859 |
|  BlackRock High Yield Portfolio (Class A) | 117423642 | 4945901 | (23627625) | (4733644) | (11515474) | 82492800 |
|  Brighthouse Small Cap Value Portfolio (Class A) | 144118288 | 20819276 | (26940580) | 4910630 | (42480791) | 100426823 |

---

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized**<br>**Gain/**<br>**(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending Value**<br>**as of<br>December 31, 2022** |
|  Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) | $107196416 | $20127128 | $(2517450) | $(80106) | $(41524985) | $83201003 |
|  Brighthouse/Artisan International Portfolio (Class A) | 238346188 | 34633238 | (22853716) | (735360) | (78987182) | 170403168 |
|  Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | 176757191 | 21807207 | (35124554) | 3095052 | (44572418) | 121962478 |
|  Brighthouse/Dimensional International Small Company Portfolio (Class A) | 163857026 | 17625302 | (16965772) | (5715446) | (39719762) | 119081348 |
|  Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | 174788432 | 5204836 | (49343285) | (4291818) | (3256484) | 123101681 |
|  Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | 291071298 | 7077520 | (72242060) | (10056739) | (9588619) | 206261400 |
|  Brighthouse/Templeton International Bond Portfolio (Class A) | 151419426 |  | (34461997) | (16209317) | 10116732 | 110864844 |
|  Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | 46085781 | 7256421 | (11142392) | 1843967 | (11467338) | 32576439 |
|  Brighthouse/Wellington Large Cap Research Portfolio (Class A) | 52537199 | 9340175 | (6587151) | 222058 | (18965904) | 36546377 |
|  CBRE Global Real Estate Portfolio (Class A) | 107275877 | 12160390 | (8982514) | 1762630 | (38303280) | 73913103 |
|  Frontier Mid Cap Growth Portfolio (Class A) | 147959387 | 40974564 | (8389352) | (3149624) | (72501207) | 104893768 |
|  Harris Oakmark International Portfolio (Class A) | 438138701 | 27707218 | (47771741) | 4090423 | (96748235) | 325416366 |
|  Invesco Comstock Portfolio (Class A) | 12971256 | 1676827 | (3946031) | 1337255 | (2879433) | 9159874 |
|  Invesco Global Equity Portfolio (Class A) | 117666438 | 17054397 | (1947720) | (158629) | (50350257) | 82264229 |
|  Invesco Small Cap Growth Portfolio (Class A) | 96151777 | 36810573 | (3410633) | (2061305) | (57371503) | 70118909 |
|  Jennison Growth Portfolio (Class A) | 36092301 | 9703510 | (598108) | (191120) | (21009446) | 23997137 |
|  JPMorgan Core Bond Portfolio (Class A) | 496091744 | 11105388 | (86043974) | (6764121) | (62836056) | 351552981 |
|  JPMorgan Small Cap Value Portfolio (Class A) | 101807324 | 28566225 | (19001058) | (3245910) | (37489008) | 70637573 |
|  Loomis Sayles Growth Portfolio (Class A) | 29140143 | 2003081 | (1136494) | (243239) | (9715428) | 20048063 |
|  MFS Research International Portfolio (Class A) | 305885419 | 21802139 | (35548739) | 4005705 | (77614969) | 218529555 |
|  MFS Value Portfolio (Class A) | 37775188 | 4896970 | (8804114) | 847944 | (8025496) | 26690492 |
|  Morgan Stanley Discovery Portfolio (Class A) | 47658617 | 44205871 | (3675235) | (7660733) | (47806380) | 32722140 |
|  Neuberger Berman Genesis Portfolio (Class A) | 82445101 | 11559860 | (10650784) | 1961008 | (28824201) | 56490984 |
|  PIMCO Inflation Protected Bond Portfolio (Class A) | 235485816 | 12122140 | (46696460) | (5248823) | (31319572) | 164343101 |
|  PIMCO Total Return Portfolio (Class A) | 640567387 | 16513620 | (99625071) | (23590946) | (79527863) | 454337127 |
|  SSGA Emerging Markets Enhanced Index Portfolio (Class A) | 98729077 | 2130760 | (4154362) | (67107) | (21586678) | 75051690 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | 29459914 | 3339698 | (7470100) | 124935 | (4690080) | 20764367 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | 88167666 | 12136856 | (7385948) | (2025767) | (29292509) | 61600298 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | 142503641 | 24878120 | (14766246) | (2627351) | (49927064) | 100061100 |
|  TCW Core Fixed Income Portfolio (Class A) | 684805244 | 8670673 | (109293172) | (8865837) | (90657326) | 484659582 |
|  VanEck Global Natural Resources Portfolio (Class A) | 159678291 | 12042043 | (72615136) | 24827828 | (11467892) | 112465134 |
|  Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | 385317565 | 18792480 | (53173193) | (5902247) | (73307033) | 271727572 |
|  Western Asset Management U.S. Government Portfolio (Class A) | 406589666 | 7674562 | (84206444) | (11489155) | (29987938) | 288580691 |
|  | $8098746263 | $651988374 | $(1248455160) | $(100685164) | $(1635049976) | $5766544337 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain<br>Distributions<br>from Affiliated<br>Investments** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held at<br>December 31, 2022** |
|  AB International Bond Portfolio (Class A) | $1097634 | $13119956 | 13445550 |
|  Allspring Mid Cap Value Portfolio (Class A) | 25853260 | 957528 | 10416550 |
|  Baillie Gifford International Stock Portfolio (Class A) | 22433941 | 2884026 | 26065947 |
|  BlackRock Bond Income Portfolio (Class A) | 823277 | 20102268 | 6677692 |
|  BlackRock Capital Appreciation Portfolio (Class A) | 5340556 |  | 679055 |
|  BlackRock High Yield Portfolio (Class A) |  | 4945901 | 12007686 |
|  Brighthouse Small Cap Value Portfolio (Class A) | 19781969 | 1037307 | 7384325 |
|  Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) | 13151874 | 937576 | 9928521 |
|  Brighthouse/Artisan International Portfolio (Class A) | 32738714 | 1894525 | 18643673 |
|  Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | 20453271 | 1353936 | 574617 |
|  Brighthouse/Dimensional International Small Company Portfolio (Class A) | 14170045 | 3455257 | 12681720 |
|  Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) |  | 5204836 | 12999122 |
|  Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) |  | 7077520 | 23928237 |
|  Brighthouse/Templeton International Bond Portfolio (Class A) |  |  | 14645290 |
|  Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | 6711111 | 545309 | 1082633 |
|  Brighthouse/Wellington Large Cap Research Portfolio (Class A) | 9031173 | 309002 | 3120954 |
|  CBRE Global Real Estate Portfolio (Class A) | 7969765 | 3663039 | 7699282 |
|  Frontier Mid Cap Growth Portfolio (Class A) | 34109861 |  | 4929218 |

---

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain<br>Distributions<br>from Affiliated<br>Investments** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held at<br>December 31, 2022** |
|  Harris Oakmark International Portfolio (Class A) | $19070092 | $8637127 | 28977415 |
|  Invesco Comstock Portfolio (Class A) | 1457540 | 219287 | 650098 |
|  Invesco Global Equity Portfolio (Class A) | 13144368 |  | 4366467 |
|  Invesco Small Cap Growth Portfolio (Class A) | 23939968 |  | 9605330 |
|  Jennison Growth Portfolio (Class A) | 6680772 |  | 2566539 |
|  JPMorgan Core Bond Portfolio (Class A) |  | 11105388 | 39813475 |
|  JPMorgan Small Cap Value Portfolio (Class A) | 27590765 | 971246 | 6392541 |
|  Loomis Sayles Growth Portfolio (Class A) | 1999253 |  | 1858023 |
|  MFS Research International Portfolio (Class A) | 16690727 | 5111412 | 19687347 |
|  MFS Value Portfolio (Class A) | 4370302 | 526668 | 1790107 |
|  Morgan Stanley Discovery Portfolio (Class A) | 17613681 |  | 8079541 |
|  Neuberger Berman Genesis Portfolio (Class A) | 11558061 |  | 3226213 |
|  PIMCO Inflation Protected Bond Portfolio (Class A) |  | 12122140 | 17520586 |
|  PIMCO Total Return Portfolio (Class A) |  | 16513620 | 47130407 |
|  SSGA Emerging Markets Enhanced Index Portfolio (Class A) |  | 2118261 | 8385664 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | 2902990 | 436708 | 721737 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | 11963348 |  | 7403882 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | 21217557 | 250685 | 5966673 |
|  TCW Core Fixed Income Portfolio (Class A) |  | 8670673 | 55836357 |
|  VanEck Global Natural Resources Portfolio (Class A) |  | 3580134 | 8848555 |
|  Western Asset Management Strategic Bond Opportunities Portfolio (Class A) |  | 18792480 | 25324098 |
|  Western Asset Management U.S. Government Portfolio (Class A) |  | 7674561 | 28044771 |
|  | $393865875 | $164218376 |  |

---

**8. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**9. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $9872052783 |
|  Gross unrealized appreciation | 72729231 |
|  Gross unrealized (depreciation) | (1558102751) |
|  Net unrealized appreciation (depreciation) | $(1485373520) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $423688986 | $333991017 | $684614563 | $350641596 | $1108303549 | $684632613 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $248690596 | $– $| (1485382824) | $(379085787) | $(1615778015) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $264,640,880 and accumulated long-term capital losses of $114,444,907.

**10. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse Balanced Plus Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Balanced Plus Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse Balanced Plus Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent, custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Brighthouse Balanced Plus Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio:

The Board considered the Adviser's provision of investment advisory services to a portion of the Portfolio (*i.e.*, investing in underlying Portfolios). The Board noted that a committee, consisting of investment professionals from the Adviser, meets periodically to review the asset allocations and discuss the performance of this Portfolio's investments in other Portfolios.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests. The Board also considered the Adviser's analysis of its profitability that was attributable to its management of the underlying Portfolios of the Trust in which the Portfolio invests.

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Balanced Plus Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one- and three-year periods ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the five-year period ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also took into account that the Portfolio underperformed the Balanced Plus Narrow Index for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median and the Expense Universe median and equal to the Sub-advised Expense Universe median. The Board also considered that the Portfolio's total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Managed By Allspring Global Investments, LLC and Delaware Investment Fund Advisers** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse Small Cap Value Portfolio returned -12.90% and -13.09%, respectively. The Portfolio's benchmark, the Russell 2000 Value Index¹, returned -14.48%.

**MARKET ENVIRONMENT / CONDITIONS** 

The Brighthouse Small Cap Value Portfolio is constructed in a multi-manager sleeve structure, with each of the two sleeves comprising roughly 50% of Portfolio Assets.

*The following commentary was provided by Allspring Global Invesments, LLC.* 

The year 2022 will be remembered as a "drawdown year," but the path was anything but linear. From the war in Ukraine to the elusive Federal Reserve (the "Fed') "pivot," equity markets experienced very sizeable rallies, pullbacks and leadership swings. Early in the year, equity markets pulled back from their December 2021 highs as investors started to digest the increasingly likely view that inflationary pressures would require a more aggressive monetary response. This resulted in expectations for a prolonged period of rising interest rates, negatively impacting valuations across most asset classes. Equity markets declined further following the invasion of Ukraine which prompted commodity prices to increase significantly, contributing further to inflationary pressures. The beginning of the third quarter was marked by a brief rally driven by hopes that inflation was peaking, and the Fed would "pivot" its course in interest rate hikes. As the Fed squashed any immediate plans to reverse course, equity markets again pulled back significantly in the last six weeks of the third quarter. This was followed by another strong rally in equity markets during the months of October and November as inflation data started to moderate and hopes emerged again that the Fed would lessen the pace of interest rate increases. The month of December saw stocks pull back slightly as Fed Chair Jerome Powell indicated that although it was time to slow the pace of coming interest rate hikes, he also signaled a protracted economic adjustment to a world where borrowing costs will remain high, and inflation comes down slowly as the U.S. remains chronically short of workers.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio outperformed the Russell 2000 Value Index over the trailing twelve-month period. Sector allocation differences drove the Portfolio's outperformance relative to the Index, while stock selection subtracted from performance. Underweights in Real Estate, Health Care and Communication Services as well as stock selection in the Health Care and Industrials sectors were the largest contributors to relative performance. Conversely, stock selection in Consumer Discretionary, Consumer Staples and Energy were the primary detractors during the period.

In the Health Care sector, Natus Medical, a medical device company focused on diagnosing and treating disorders of the central nervous and sensory systems was the largest contributor. We appreciated an under-utilized balance sheet and a capital-light business model with market-leading products that drives strong cash generation. It was announced in April that ArchiMed Group would acquire the business for $1.2 billion in cash, or a 29% premium to the prior closing price.

In the Industrials sector, Mueller Industries manufactures vital goods for important markets such as air, water, oil, and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East. Mueller benefited from strong financial results and is demonstrating to investors its unique ability to successfully navigate a higher-input cost environment through price increases and increased market share. The net-cash balance sheet should position Mueller very well to continue its strategy of consolidating smaller niche players in the industry. The stock price trades at an attractive multiple, offering investors a unique combination of safety and value within the industrials sector during this volatile economic environment.

Security selection in the Consumer Discretionary sector was the largest detractor from relative performance. Within the Consumer Discretionary sector, Holley manufactures and designs automotive aftermarket products. The company reported results throughout the period that were largely in line with expectations, but they pointed to supply chain and cost uncertainty ahead. We believe the market is failing to recognize the competitive advantages of the Holley business model, as well as the significant cash-generating ability of this asset-light business.

Also, within Consumer Discretionary, Helen of Troy Limited is a leading consumer products player with portfolios in three key areas: 1) housewares with leading brands like OXO and Hydro Flask, 2) health and home with leading brands like Braun, Pur and Honeywell, and 3) beauty with brands like Hot Tools and Drybar. The company has a strong track record of innovation, a strong e-commerce platform and a history of success in mergers and acquisitions. Helen of Troy underperformed during the period as it reduced its outlook reflecting a deteriorating environment for household durables and retailers that are actively reducing inventory leading to reduced reorders.

In the Consumer Staples sector, Spectrum Brands Holdings is a leading supplier of specialty pet supplies, lawn and garden and home pest control products, personal insect repellents, shaving and grooming products, personal care products, and small household appliances. Shares underperformed during the period as the Department of Justice filed a lawsuit to block the closing of the sale of its hardware & home improvement ("HHI") business to Assa Abloy. However, in the fourth quarter Assa Abloy announced alternative plans to divest a business of their own.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Managed By Allspring Global Investments, LLC and Delaware Investment Fund Advisers** 

**Portfolio Manager Commentary\*—(Continued)** 

During the period, the Portfolio increased its exposure and overweight to the Industrials sector primarily by adding to existing holdings. We reduced our exposure to the Consumer Discretionary and Consumer Staples sectors as reward/risk ratios dictated.

**James Tringas**

**Bryant VanCronkhite** 

Portfolio Managers

*Allspring Global Investments, LLC* 

*The following commentary was provided by Delaware Investment Fund Advisers.* 

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio outperformed, as it declined by less than the Russell 2000 Value Index during the review period. Stock selection and sector positioning contributed during the review period. The stock selection in the Health Care, Industrials, and Communication Services sectors were the largest contributors to relative outperformance. Stock selection detracted in the Energy and Materials sectors. The Portfolio's underweight positioning detracted in the Utilities sector as the sector's returns were positive for the year while most sectors declined.

Patterson-UTI Energy is one of the largest U.S. land drillers. During the review period, Patterson-UTI outperformed as the demand for the company's rigs from oil and gas producers remained strong. The company has favorable day rates and a strong backlog. Patterson-UTI has strong free cash flow which it has used to double its dividend and the company plans to supplement the quarterly dividend with share repurchases.

Flex Ltd. is an electronics manufacturing services company that designs and develops original design manufacturing ("ODM") products for the aerospace, auto, cloud, data communication, defense, digital health, energy, housing, and industrial lighting industries. Shares of Flex outperformed during the review period, driven by strength from most end markets, particularly auto, cloud, data communications, and industrial. When Flex reported its most-recent quarterly financial results, in October 2022, management noted that supply constraints had begun to ease. Flex increased sales expectations for its fiscal year and management is increasing the company's emphasis on business segments with higher margins.

FNB Corp. is a diversified financial services company operating in seven states and the District of Columbia. During the review period, the company outperformed its peers in the banks industry while maintaining a discounted valuation. FNB's loans and deposits increased during the review period, helping to drive earnings growth. FNB's credit quality was better than most peers during the great financial crisis as it operates in certain slower growth geographies. FNB has favorable asset quality and its shares trade at a discounted valuation relative to its bank industry peers.

Western Alliance Bancorp is a regional bank with branches in Arizona, Nevada, and California. The company also operates several national commercial lending businesses and a national residential mortgage business. Western Alliance's balance sheet growth has been higher than its peers in the banks industry, causing investors to have concerns about the company's credit underwriting during a recession. This concern caused shares of Western Alliance to underperform during the review period. We believe Western Alliance trades at an attractive valuation and the Portfolio continues to maintain a position in the company.

Wolverine Worldwide is a designer, manufacturer, and marketer of a broad line of footwear, including brands such as Keds, Merrell, Saucony, and Sperry Top-Sider. Shares of Wolverine detracted during the review period as the company's revenues and earnings were revised lower. Management attributed ongoing supply-chain disruptions and a heightened promotional retail environment to be among the company's challenges during the review period. Wolverine's leverage, inventory, and costs have increased during the review. Due to the deterioration of the company's fundamentals, we exited the Portfolio's position in Wolverine prior to the end of the review period.

In the Consumer Staples sector, shares of consumer and home products company, Spectrum Brands Holdings underperformed during the review period. On September 8, 2021, Spectrum Brands announced that it had signed an agreement to sell its HHI business to Assa Abloy AB for $4.3 billion in cash. We believed the transaction would be instrumental in transforming Spectrum Brands into a less cyclical company with a vastly improved balance sheet. In the third quarter of 2022, however, the U.S. Department of Justice announced that it would sue to block the purchase of Spectrum Brands' HHI business by Assa Abloy AB. Given the greatly enhanced odds that the deal does not close, we chose to exit the Portfolio's position in Spectrum Brands prior to the end of the review period.

The Portfolio ended the review period with overweights to sectors where we viewed valuations and free cash flow generation as more attractive. The Portfolio's relative overweights remained in the Materials, Industrials, and Information Technology sectors. Within Industrials, the Portfolio's relative overweight is in the electrical equipment, professional services, construction and engineering, and trading companies and distributors industries with a relative underweight in the aerospace and defense industry of the benchmark. The Portfolio's Information Technology sector holdings are in more sustainable industries including semiconductors, semiconductors equipment, electronic equipment instruments and components. The Portfolio remained underweight relative to the benchmark in the Health Care, Real Estate, and Communication Services, and Utilities sectors. The Portfolio does not hold any positions in companies in the biotechnology or pharmaceuticals industries of the Health Care sector, as the Portfolio is invested in profitable companies with earnings in the healthcare equipment and supplies industry. In the

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Managed By Allspring Global Investments, LLC and Delaware Investment Fund Advisers** 

**Portfolio Manager Commentary\*—(Continued)** 

Financials sector, the Portfolio had a small underweight relative to the benchmark as the Portfolio does not hold any positions in the Mortgage Real Estate Investment Trusts industry. The Portfolio also had relative overweights in the insurance and banks industries at period end.

**Kelley M. Carabasi** 

**Steven G. Catricks** 

**Michael Foley** 

**Kent P. Madden** 

Portfolio Managers

*Delaware Investment Fund Advisers* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

**BHFTI-3** 

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**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX**![LOGO](g382964g28x79.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Brighthouse Small Cap Value Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -12.90 | 4.71 | 9.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -13.09 | 4.44 | 8.79 |
| &nbsp;&nbsp;&nbsp;**Russell 2000 Value Index** | -14.48 | 4.13 | 8.48 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **J & J Snack Foods Corp.** | **2.2** |
| **Innospec, Inc.** | **1.8** |
| **Mueller Industries, Inc.** | **1.7** |
| **Hancock Whitney Corp.** | **1.7** |
| **Patterson-UTI Energy, Inc.** | **1.5** |
| **Eagle Materials, Inc.** | **1.5** |
| **Avient Corp.** | **1.5** |
| **Franklin Electric Co., Inc.** | **1.4** |
| **Magnolia Oil & Gas Corp.- Class A** | **1.4** |
| **Atkore, Inc.** | **1.4** |

---

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Industrials** | **23.9** |
| **Financials** | **22.5** |
| **Materials** | **12.3** |
| **Consumer Discretionary** | **7.2** |
| **Energy** | **7.1** |
| **Information Technology** | **6.9** |
| **Consumer Staples** | **6.2** |
| **Health Care** | **4.0** |
| **Real Estate** | **3.8** |
| **Utilities** | **2.3** |

---

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Brighthouse Small Cap Value Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.77% | $1000.00 | $1039.00 | $3.96 |
|  | Hypothetical\* | 0.77% | $1000.00 | $1021.32 | $3.92 |
|  Class B (a) | Actual | 1.02% | $1000.00 | $1037.90 | $5.24 |
|  | Hypothetical\* | 1.02% | $1000.00 | $1020.06 | $5.19 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—96.9% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Aerospace & Defense—0.4%** | | |
|  Leonardo DRS, Inc. (a) | 72900 | $931662 |
|  Parsons Corp. (a) (b) | 66483 | 3074839 |
|  |  | 4006501 |
| **Air Freight & Logistics—0.2%** |  |  |
|  GXO Logistics, Inc. (a) | 38160 | 1629050 |
| **Auto Components—0.6%** |  |  |
|  Adient plc (a) | 122900 | 4263401 |
|  Holley, Inc. (a) (b) | 561447 | 1190268 |
|  |  | 5453669 |
| **Banks—12.9%** |  |  |
|  Associated Banc-Corp. (b) | 180039 | 4157101 |
|  Bank of NT Butterfield & Son, Ltd. (The) | 86500 | 2578565 |
|  CVB Financial Corp. (b) | 52358 | 1348218 |
|  East West Bancorp, Inc. | 139200 | 9173280 |
|  First Financial Bancorp | 195300 | 4732119 |
|  First Hawaiian, Inc. (b) | 99107 | 2580746 |
|  First Interstate BancSystem, Inc. - Class A (b) | 108487 | 4193023 |
|  FNB Corp. | 698100 | 9110205 |
|  Hancock Whitney Corp. (b) | 319317 | 15451750 |
|  Hope Bancorp, Inc. (b) | 277040 | 3548882 |
|  Metropolitan Bank Holding Corp. (a) | 41493 | 2434394 |
|  Renasant Corp. (b) | 108893 | 4093288 |
|  Sandy Spring Bancorp, Inc. (b) | 66800 | 2353364 |
|  SouthState Corp. (b) | 63527 | 4850922 |
|  Synovus Financial Corp. | 155750 | 5848412 |
|  UMB Financial Corp. | 140182 | 11708001 |
|  Umpqua Holdings Corp. | 402450 | 7183732 |
|  Valley National Bancorp (b) | 586000 | 6627660 |
|  Webster Financial Corp. | 207602 | 9827879 |
|  Western Alliance Bancorp | 101200 | 6027472 |
|  |  | 117829013 |
| **Beverages—0.5%** |  |  |
|  Primo Water Corp. | 308867 | 4799793 |
| **Building Products—4.2%** |  |  |
|  CSW Industrials, Inc. (b) | 84184 | 9759451 |
|  Griffon Corp. | 140577 | 5031251 |
|  Janus International Group Inc. (a) (b) | 246361 | 2345356 |
|  JELD-WEN Holding, Inc. (a) (b) | 66426 | 641011 |
|  Quanex Building Products Corp. (b) | 266275 | 6305392 |
|  Simpson Manufacturing Co., Inc. (b) | 64439 | 5713162 |
|  UFP Industries, Inc. | 57227 | 4535240 |
|  Zurn Water Solutions Corp. | 178300 | 3771045 |
|  |  | 38101908 |
| **Capital Markets—1.5%** |  |  |
|  GlassBridge Enterprises, Inc. (a) | 572 | 17732 |
|  MidCap Financial Investment Corp. | 185536 | 2115110 |
|  New Mountain Finance Corp. | 255654 | 3162440 |
|  Stifel Financial Corp. (b) | 141150 | 8238926 |
| **Capital Markets—(Continued)** |  |  |
|  Westwood Holdings Group, Inc. | 62205 | 692572 |
|  |  | 14226780 |
| **Chemicals—6.9%** |  |  |
|  Ashland, Inc. | 32000 | 3440960 |
|  Avient Corp. (b) | 396040 | 13370310 |
|  Diversey Holdings, Ltd. (a) (b) | 193311 | 823505 |
|  Ecovyst, Inc. (a) | 376745 | 3337961 |
|  Element Solutions, Inc. | 49392 | 898441 |
|  HB Fuller Co. (b) | 65800 | 4712596 |
|  Huntsman Corp. (b) | 165200 | 4539696 |
|  Innospec, Inc. (b) | 162062 | 16669697 |
|  Mativ Holdings, Inc. (b) | 311742 | 6515408 |
|  Minerals Technologies, Inc. (b) | 22942 | 1393038 |
|  NewMarket Corp. | 23712 | 7377040 |
|  |  | 63078652 |
| **Commercial Services & Supplies—1.5%** |  |  |
|  ACCO Brands Corp. | 375817 | 2100817 |
|  Ennis, Inc. (b) | 125225 | 2774986 |
|  Harsco Corp. (a) (b) | 111787 | 703140 |
|  Matthews International Corp. - Class A (b) | 23128 | 704016 |
|  UniFirst Corp. (b) | 26500 | 5114235 |
|  Viad Corp. (a) (b) | 102376 | 2496951 |
|  |  | 13894145 |
| **Communications Equipment—0.7%** |  |  |
|  NetScout Systems, Inc. (a) (b) | 112290 | 3650548 |
|  Viavi Solutions, Inc. (a) | 265000 | 2785150 |
|  |  | 6435698 |
| **Construction & Engineering—1.8%** |  |  |
|  API Group Corp. (a) (b) | 323283 | 6080953 |
|  MasTec, Inc. (a) (b) | 120545 | 10286105 |
|  |  | 16367058 |
| **Construction Materials—1.8%** |  |  |
|  Eagle Materials, Inc. | 100737 | 13382911 |
|  Summit Materials, Inc. - Class A (a) (b) | 108754 | 3087524 |
|  |  | 16470435 |
| **Consumer Finance—0.3%** |  |  |
|  Bread Financial Holdings, Inc. | 68200 | 2568412 |
| **Containers & Packaging—2.6%** |  |  |
|  Berry Global Group, Inc. | 120003 | 7251781 |
|  Myers Industries, Inc. | 165161 | 3671529 |
|  Silgan Holdings, Inc. (b) | 143021 | 7414209 |
|  TriMas Corp. (b) | 203096 | 5633883 |
|  |  | 23971402 |
| **Diversified Consumer Services—0.3%** |  |  |
|  Service Corp. International | 45550 | 3149327 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Diversified Financial Services—0.5%** | | |
|  Jackson Financial, Inc. - Class A (b) | 122652 | $4267063 |
| **Diversified Telecommunication Services—0.1%** |  |  |
|  AST SpaceMobile, Inc. (a) (b) | 114588 | 552314 |
| **Electric Utilities—1.3%** |  |  |
|  ALLETE, Inc. | 69200 | 4464092 |
|  Hawaiian Electric Industries, Inc. | 88932 | 3721804 |
|  OGE Energy Corp. | 97000 | 3836350 |
|  |  | 12022246 |
| **Electrical Equipment—1.9%** |  |  |
|  Atkore, Inc. (a) (b) | 112807 | 12794570 |
|  Babcock & Wilcox Enterprises, Inc. (a) (b) | 153747 | 887120 |
|  Regal Rexnord Corp. (b) | 31806 | 3816084 |
|  |  | 17497774 |
| **Electronic Equipment, Instruments & Components—2.8%** | **Electronic Equipment, Instruments & Components—2.8%** |  |
|  Belden, Inc. | 115513 | 8305385 |
|  Flex, Ltd. (a) | 306837 | 6584722 |
|  TD SYNNEX Corp. | 40300 | 3816813 |
|  TTM Technologies, Inc. (a) (b) | 309376 | 4665390 |
|  Vishay Intertechnology, Inc. | 119900 | 2586243 |
|  |  | 25958553 |
| **Energy Equipment & Services—1.8%** |  |  |
|  Forum Energy Technologies, Inc. (a) (b) | 18776 | 553892 |
|  Liberty Oilfield Services, Inc. | 155006 | 2481646 |
|  Patterson-UTI Energy, Inc. (b) | 805853 | 13570564 |
|  |  | 16606102 |
| **Equity Real Estate Investment Trusts—3.6%** |  |  |
|  Elme Communities Trust (b) | 141483 | 2518397 |
|  Independence Realty Trust, Inc. (b) | 223610 | 3770065 |
|  Kite Realty Group Trust (b) | 179763 | 3784011 |
|  Life Storage, Inc. | 37650 | 3708525 |
|  LXP Industrial Trust | 371100 | 3718422 |
|  National Health Investors, Inc. | 61250 | 3198475 |
|  Outfront Media, Inc. | 230750 | 3825835 |
|  RPT Realty | 205900 | 2067236 |
|  Spirit Realty Capital, Inc. | 103550 | 4134752 |
|  Summit Hotel Properties, Inc. | 274800 | 1984056 |
|  |  | 32709774 |
| **Food & Staples Retailing—0.5%** |  |  |
|  Performance Food Group Co. (a) | 75681 | 4419013 |
| **Food Products—3.4%** |  |  |
|  Flowers Foods, Inc. | 115600 | 3322344 |
|  J & J Snack Foods Corp. (b) | 132631 | 19856187 |
|  Nomad Foods, Ltd. (a) | 323819 | 5582639 |
|  Tootsie Roll Industries, Inc. (b) | 54873 | 2335944 |
|  |  | 31097114 |
| **Gas Utilities—0.3%** |  |  |
|  Southwest Gas Holdings, Inc. (b) | 51900 | 3211572 |
| **Health Care Equipment & Supplies—2.1%** |  |  |
|  Avanos Medical, Inc. (a) | 89300 | 2416458 |
|  Enovis Corp. (a) | 35024 | 1874485 |
|  Integer Holdings Corp. (a) (b) | 53500 | 3662610 |
|  Integra LifeSciences Holdings Corp. (a) | 94300 | 5287401 |
|  NuVasive, Inc. (a) | 62800 | 2589872 |
|  Varex Imaging Corp. (a) (b) | 165684 | 3363385 |
|  |  | 19194211 |
| **Health Care Providers & Services—0.9%** |  |  |
|  Owens & Minor, Inc. (b) | 114657 | 2239251 |
|  Patterson Cos., Inc. (b) | 115859 | 3247528 |
|  Premier, Inc. - Class A | 66851 | 2338448 |
|  |  | 7825227 |
| **Hotels, Restaurants & Leisure—2.6%** |  |  |
|  Choice Hotels International, Inc. | 27100 | 3052544 |
|  Cracker Barrel Old Country Store, Inc. (b) | 28300 | 2681142 |
|  Denny's Corp. (a) (b) | 439677 | 4049425 |
|  Dine Brands Global, Inc. (b) | 89042 | 5752113 |
|  Jack in the Box, Inc. (b) | 70091 | 4782309 |
|  Texas Roadhouse, Inc. (b) | 41900 | 3810805 |
|  |  | 24128338 |
| **Household Durables—1.5%** |  |  |
|  Helen of Troy, Ltd. (a) (b) | 48973 | 5431595 |
|  KB Home | 99500 | 3169075 |
|  Meritage Homes Corp. (a) | 45500 | 4195100 |
|  Tupperware Brands Corp. (a) (b) | 126719 | 524617 |
|  |  | 13320387 |
| **Household Products—1.8%** |  |  |
|  Central Garden and Pet Co. (Non-Voting Shares) - Class A (a) (b) | 117711 | 4214054 |
|  Central Garden and Pet Co. (Voting Shares) (a) (b) | 90711 | 3397127 |
|  Spectrum Brands Holdings, Inc. (b) | 150512 | 9169191 |
|  |  | 16780372 |
| **Insurance—5.3%** |  |  |
|  American Equity Investment Life Holding Co. | 127800 | 5830236 |
|  Assurant, Inc. | 35300 | 4414618 |
|  Axis Capital Holdings, Ltd. | 45715 | 2476381 |
|  CNO Financial Group, Inc. | 20702 | 473041 |
|  Enstar Group, Ltd. (a) (b) | 30946 | 7149764 |
|  Hanover Insurance Group, Inc. (The) (b) | 83934 | 11342001 |
|  Kemper Corp. (b) | 6554 | 322457 |
|  National Western Life Group, Inc. - Class A (b) | 6768 | 1901808 |
|  ProAssurance Corp. | 123766 | 2162192 |
|  Selective Insurance Group, Inc. | 49590 | 4394170 |
|  Stewart Information Services Corp. | 195364 | 8347904 |
|  |  | 48814572 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **IT Services—1.5%** | | |
|  Concentrix Corp. | 41374 | $5509362 |
|  Euronet Worldwide, Inc. (a) (b) | 13941 | 1315752 |
|  Kyndryl Holdings, Inc. (a) (b) | 277766 | 3088758 |
|  Maximus, Inc. (b) | 55135 | 4043049 |
|  |  | 13956921 |
| **Leisure Products—0.3%** |  |  |
|  Acushnet Holdings Corp. (b) | 75500 | 3205730 |
| **Life Sciences Tools & Services—0.5%** |  |  |
|  Azenta, Inc. (a) (b) | 71494 | 4162381 |
| **Machinery—8.1%** |  |  |
|  Alamo Group, Inc. | 20556 | 2910730 |
|  Altra Industrial Motion Corp. | 120800 | 7217800 |
|  Barnes Group, Inc. (b) | 105400 | 4305590 |
|  Columbus McKinnon Corp. | 96337 | 3128062 |
|  Douglas Dynamics, Inc. | 183944 | 6651415 |
|  Franklin Electric Co., Inc. (b) | 164031 | 13081472 |
|  Hillenbrand, Inc. | 64401 | 2747991 |
|  Hillman Solutions Corp. (a) (b) | 569966 | 4109455 |
|  ITT, Inc. | 83830 | 6798613 |
|  Kadant, Inc. (b) | 30281 | 5378814 |
|  Mayville Engineering Co., Inc. (a) | 151562 | 1918775 |
|  Mueller Industries, Inc. (b) | 271671 | 16028589 |
|  NN, Inc. (a) | 89815 | 134722 |
|  |  | 74412028 |
| **Marine—0.3%** |  |  |
|  Kirby Corp. (a) | 46900 | 3018015 |
| **Media—0.6%** |  |  |
|  DallasNews Corp. (b) | 43318 | 166341 |
|  Nexstar Media Group, Inc. - Class A | 18400 | 3220552 |
|  Thryv Holdings, Inc. (a) (b) | 91260 | 1733940 |
|  |  | 5120833 |
| **Metals & Mining—0.3%** |  |  |
|  Arconic Corp. (a) | 143500 | 3036460 |
| **Mortgage Real Estate Investment Trusts—1.6%** |  |  |
|  AGNC Investment Corp. (b) | 399291 | 4132662 |
|  Apollo Commercial Real Estate Finance, Inc. (b) | 236845 | 2548452 |
|  New York Mortgage Trust, Inc. (b) | 1139597 | 2917368 |
|  Two Harbors Investment Corp. | 319969 | 5045911 |
|  |  | 14644393 |
| **Multi-Utilities—0.7%** |  |  |
|  Black Hills Corp. (b) | 85140 | 5988748 |
| **Multiline Retail—0.1%** |  |  |
|  Franchise Group, Inc. (b) | 44678 | 1064230 |
| **Oil, Gas & Consumable Fuels—5.3%** |  |  |
|  Alto Ingredients, Inc. (a) (b) | 195254 | 562332 |
|  Berry Corp. (b) | 210231 | 1681848 |
|  Callon Petroleum Co. (a) | 46064 | 1708514 |
|  Chord Energy Corp. (b) | 35477 | 4853608 |
|  CNX Resources Corp. (a) | 345650 | 5820746 |
|  Delek U.S. Holdings, Inc. (b) | 77700 | 2097900 |
|  Magnolia Oil & Gas Corp. - Class A (b) | 553662 | 12983374 |
|  Matador Resources Co. (b) | 72680 | 4160203 |
|  Murphy Oil Corp. | 120400 | 5178404 |
|  Nordic American Tankers, Ltd. (b) | 343855 | 1052196 |
|  Northern Oil and Gas, Inc. (b) | 87939 | 2710280 |
|  Southwestern Energy Co. (a) (b) | 950416 | 5559934 |
|  |  | 48369339 |
| **Paper & Forest Products—0.7%** |  |  |
|  Louisiana-Pacific Corp. | 103150 | 6106480 |
| **Pharmaceuticals—0.7%** |  |  |
|  Perrigo Co. plc | 51533 | 1756760 |
|  Prestige Consumer Healthcare, Inc. (a) (b) | 67473 | 4223810 |
|  |  | 5980570 |
| **Professional Services—2.2%** |  |  |
|  CACI International, Inc. - Class A (a) | 16000 | 4809440 |
|  CBIZ, Inc. (a) (b) | 113732 | 5328344 |
|  KBR, Inc. (b) | 89860 | 4744608 |
|  Korn Ferry (b) | 102569 | 5192043 |
|  |  | 20074435 |
| **Real Estate Management & Development—0.3%** |  |  |
|  Doma Holdings, Inc. (a) (b) | 88446 | 40057 |
|  Tricon Residential, Inc. | 301205 | 2322291 |
|  |  | 2362348 |
| **Road & Rail—1.1%** |  |  |
|  Saia, Inc. (a) (b) | 8300 | 1740344 |
|  Werner Enterprises, Inc. | 215187 | 8663429 |
|  |  | 10403773 |
| **Semiconductors & Semiconductor Equipment—1.4%** |  |  |
|  Cirrus Logic, Inc. (a) | 56200 | 4185776 |
|  Diodes, Inc. (a) | 54100 | 4119174 |
|  Power Integrations, Inc. | 60800 | 4360576 |
|  Tower Semiconductor, Ltd. (U.S. Listed<br>Shares) (a) | 11700 | 505440 |
|  |  | 13170966 |
| **Software—0.4%** |  |  |
|  E2open Parent Holdings, Inc. (a) (b) | 309575 | 1817205 |
|  NCR Corp. (a) (b) | 85284 | 1996498 |
|  Synchronoss Technologies, Inc. (a) (b) | 439304 | 271534 |
|  |  | 4085237 |
| **Specialty Retail—0.5%** |  |  |
|  Group 1 Automotive, Inc. (b) | 24200 | 4364954 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Specialty Retail—(Continued)** | | |
|  Urban Outfitters, Inc. (a) (b) | 9711 | $231607 |
|  |  | 4596561 |
| **Textiles, Apparel & Luxury Goods—1.2%** |  |  |
|  Columbia Sportswear Co. | 47300 | 4142534 |
|  Delta Apparel, Inc. (a) | 61202 | 649353 |
|  Levi Strauss & Co. - Class A (b) | 20708 | 321388 |
|  Steven Madden, Ltd. (b) | 174857 | 5588430 |
|  |  | 10701705 |
| **Thrifts & Mortgage Finance—0.4%** |  |  |
|  Essent Group, Ltd. | 92300 | 3588624 |
| **Trading Companies & Distributors—2.1%** |  |  |
|  Air Lease Corp. | 94859 | 3644483 |
|  Custom Truck One Source, Inc. (a) (b) | 490378 | 3099189 |
|  H&E Equipment Services, Inc. | 82000 | 3722800 |
|  WESCO International, Inc. (a) | 70200 | 8789040 |
|  |  | 19255512 |
|  Total Common Stocks<br>(Cost $748,513,761) |  | 887691764 |
| **Escrow Shares—0.0%** |  |  |
| **Special Purpose Acquisition Companies—0.0%** | **Special Purpose Acquisition Companies—0.0%** |  |
|  Pershing Square Tontine Holdings, Ltd. (a) (c) (d) <br>(Cost $0) | 140969 | 0 |
| **Short-Term Investment—3.1%** |  |  |
| **Repurchase Agreement—3.1%** |  |  |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $28,878,463; collateralized by U.S. Treasury Note at 0.125%, maturing 01/15/24, with a market value of $29,450,203. | 28872688 | 28872688 |
|  Total Short-Term Investments <br>(Cost $28,872,688) |  | 28872688 |
| **Securities Lending Reinvestments (e)—17.5%** | **Securities Lending Reinvestments (e)—17.5%** |  |
| **Certificates of Deposit—8.0%** |  |  |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (f) | 6000000 | 6000000 |
|  Bank of Nova Scotia<br>4.710%, FEDEFF PRV + 0.380%, 01/06/23 (f) | 6000000 | 6000107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770%, FEDEFF PRV + 0.440%, 01/09/23 (f) | 2000000 | 2000081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (f) | 6000000 | 6002521 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.550%, SOFR + 0.250%, 02/03/23 (f) | 3000000 | 3000199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, SOFR + 0.500%, 03/03/23 (f) | 3000000 | 3001148 |
| **Certificates of Deposit—(Continued)** |  |  |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (f) | 5000000 | 5000000 |
|  Mitsubishi UFJ Trust and Banking Corp.<br>4.860%, SOFR + 0.560%, 02/14/23 (f) | 3000000 | 3000900 |
|  Mizuho Bank, Ltd.<br>4.850%, SOFR + 0.550%, 01/26/23 (f) | 2000000 | 2000601 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (f) | 5000000 | 5001973 |
|  Nordea Bank Abp (NY)<br>4.760%, SOFR + 0.460%, 02/13/23 (f) | 2000000 | 2000342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, SOFR + 0.500%, 02/27/23 (f) | 3000000 | 3000831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 02/21/23 (f) | 3000000 | 3001005 |
|  Rabobank (London)<br>4.830%, SOFR + 0.530%, 05/16/23 (f) | 2000000 | 2000000 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (f) | 6000000 | 5999904 |
|  Standard Chartered Bank (NY)<br>4.860%, FEDEFF PRV + 0.530%, 01/17/23 (f) | 2000000 | 2000246 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.840%, SOFR + 0.540%, 01/10/23 (f) | 2000000 | 2000156 |
|  Svenska Handelsbanken AB<br>4.900%, SOFR + 0.600%, 04/12/23 (f) | 3000000 | 3002037 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (f) | 4000000 | 4000000 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (f) | 3000000 | 2999670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 02/22/23 (f) | 2000000 | 2000682 |
|  |  | 73012403 |
| **Commercial Paper—1.1%** |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (f) | 4000000 | 4001012 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (f) | 6000000 | 6000000 |
|  |  | 10001012 |
| **Repurchase Agreements—6.0%** |  |  |
|  Citigroup Global Markets, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $7,031,442; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $7,140,001. | 7000000 | 7000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $20,042,073; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $20,450,920. | 20032501 | 20032501 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $5,704,788; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $5,827,556. | 5700000 | 5700000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (e)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $15,012,979; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $16,332,428. | 15000000 | $15000000 |
|  Royal Bank of Canada Toronto <br>Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $3,013,563; collateralized by various Common Stock with an aggregate market value of $3,333,764. | 3000000 | 3000000 |
|  Societe Generale <br>Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $4,203,610; collateralized by various Common Stock with an aggregate market value of $4,675,406. | 4200000 | 4200000 |
|  |  | 54932501 |
| **Time Deposit—0.5%** |  |  |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (f) | 5000000 | 5000000 |
| **Mutual Funds—1.9%** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (g) | 2000000 | 2000000 |
|  Fidelity Investments Money Market Government Portfolio, Class I 4.060% (g) | 2000000 | 2000000 |
|  HSBC U.S. Government Money Market Fund, Class I<br>4.130% (g) | 1000000 | 1000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (g) | 4499921 | 4499921 |
|  STIT-Government & Agency Portfolio, Institutional Class<br>4.220% (g) | 5000000 | 5000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (g) | 3000000 | 3000000 |
|  |  | 17499921 |
|  Total Securities Lending Reinvestments <br>(Cost $160,432,512) |  | 160445837 |
|  Total Investments—117.5% <br>(Cost $937,818,961) |  | 1077010289 |
|  Other assets and liabilities (net)—(17.5)% |  | (160491850) |
| **Net Assets—100.0%** |  | $916518439 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $157,079,771 and the collateral received consisted of cash in the amount of $160,432,531 and non-cash collateral with a value of $1,273,214. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.0% of net assets.

(e) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(f) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(g) The rate shown represents the annualized seven-day yield as of December 31, 2022.

**Glossary of Abbreviations** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Common Stocks\* | $887691764 | $— | $— | $887691764 |
|  Total Escrow Shares\* |  |  | 0 | 0 |
|  Total Short-Term Investment\* |  | 28872688 |  | 28872688 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 73012403 |  | 73012403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 10001012 |  | 10001012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 54932501 |  | 54932501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit |  | 5000000 |  | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 17499921 |  |  | 17499921 |
|  Total Securities Lending Reinvestments | 17499921 | 142945916 |  | 160445837 |
|  Total Investments | $905191685 | $171818604 | $0 | $1077010289 |
|  Collateral for Securities Loaned (Liability) | $— | $(160432531) | $— | $(160432531) |

---

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended December 31, 2022 is not presented.

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1077010289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 674659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 113622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 1329426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1079131822 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 160432531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 919193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 298371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 585452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 74040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 140520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 162613383 |
|  **Net Assets** | $916518439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $695406373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 221112066 |
|  **Net Assets** | $916518439 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $575322320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 341196119 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 42297277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 25443398 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $13.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 13.41 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $937,818,961.

(b) Includes securities loaned at value of $157,079,771.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $19592748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 134903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 464979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 20192630 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 7694902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 51712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 84959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 934211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 48432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 52279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 9137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8945715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (147384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (4459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8793872 |
|  **Net Investment Income** | 11398758 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 77637280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2) |
|  Net realized gain (loss) | 77637278 |
|  Net change in unrealized depreciation on investments | (240157038) |
|  Net realized and unrealized gain (loss) | (162519760) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(151121002) |

---

(a) Net of foreign withholding taxes of $16,367.

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11398758 | $9078279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 77637278 | 177051359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (240157038) | 166542313 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (151121002) | 352671951 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (118357469) | (8369683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (67134158) | (3752616) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (185491627) | (12122299) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 17156314 | (328881475) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (319456315) | 11668177 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1235974754 | 1224306577 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $916518439 | $1235974754 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 319038 | $5610035 | 412739 | $7388422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 8799812 | 118357469 | 452415 | 8369683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (8335520) | (133572187) | (15634753) | (271732940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 783330 | $(9604683) | (14769599) | $(255974835) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1006597 | $15699382 | 1302332 | $23167006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 5055283 | 67134158 | 205173 | 3752616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (3593713) | (56072543) | (5715383) | (99826262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 2468167 | $26760997 | (4207878) | $(72906640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $17156314 |  | $(328881475) |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $19.25 | $14.72 | $15.76 | $13.54 | $17.01 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.19 | 0.14 | 0.17 | 0.23 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.70) | 4.58 | (0.46) | 3.50 | (2.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.51) | 4.72 | (0.29) | 3.73 | (2.33) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.16) | (0.18) | (0.20) | (0.18) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.98) | (0.01) | (0.55) | (1.33) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.14) | (0.19) | (0.75) | (1.51) | (1.14) |
|  **Net Asset Value, End of Period** | $13.60 | $19.25 | $14.72 | $15.76 | $13.54 |
|  **Total Return (%)** (b) | (12.90) | 32.12 (c) | (0.32) | 29.06 (c) | (14.97) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.78 | 0.77 | 0.79 | 0.79 | 0.78 |
|  Net ratio of expenses to average net assets (%) (d) | 0.76 | 0.75 | 0.78 | 0.78 | 0.77 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.19 | 0.81 | 1.37 | 1.54 | 1.23 |
|  Portfolio turnover rate (%) | 17 | 18 | 38 | 25 | 29 |
|  Net assets, end of period (in millions) | $575.3 | $799.1 | $828.7 | $567.7 | $475.3 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $19.01 | $14.55 | $15.58 | $13.39 | $16.84 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.15 | 0.10 | 0.13 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.66) | 4.52 | (0.44) | 3.47 | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.51) | 4.62 | (0.31) | 3.66 | (2.36) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.11) | (0.15) | (0.17) | (0.14) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.98) | (0.01) | (0.55) | (1.33) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.09) | (0.16) | (0.72) | (1.47) | (1.09) |
|  **Net Asset Value, End of Period** | $13.41 | $19.01 | $14.55 | $15.58 | $13.39 |
|  **Total Return (%)** (b) | (13.09) | 31.77 (c) | (0.57) | 28.78 (c) | (15.23) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 1.03 | 1.02 | 1.04 | 1.04 | 1.03 |
|  Net ratio of expenses to average net assets (%) (d) | 1.01 | 1.00 | 1.03 | 1.03 | 1.02 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.96 | 0.57 | 1.08 | 1.29 | 0.97 |
|  Portfolio turnover rate (%) | 17 | 18 | 38 | 25 | 29 |
|  Net assets, end of period (in millions) | $341.2 | $436.8 | $395.6 | $406.8 | $361.2 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes gains from settlement of security litigations; excluding these gains, the total return for Class A and Class B would have been 31.92% and 31.56% for the year ended December 31, 2021, and 28.49%
and 28.20% for the year ended December 31, 2019, respectively.

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Small Cap Value Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Special Purpose Acquisition Companies -** The Portfolio may invest in Special Purpose Acquisition Companies ("SPAC"). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an "IPO") for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a "Transaction"). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant. The shares of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio's ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC's management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $28,872,688. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $54,932,501. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**Directed Brokerage Agreement -** The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $169658799 | $0 | $343818736 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $7694902 | 0.750% | First $1 billion |
|  | 0.700% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing the Portfolio. Delaware Investments Fund Advisers and Allspring Global Investments, LLC are compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2022 to April 29, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.025% | $500 million to $1 billion |
| 0.050% | Over $1 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $942814073 |
|  Gross unrealized appreciation | 204938594 |
|  Gross unrealized (depreciation) | (70742378) |
|  Net unrealized appreciation (depreciation) | $134196216 |

---

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $48907816 | $12122299 | $136583811 | $— | $185491627 | $12122299 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $10340924 | $76738207 | $134196212 | $– $| 221275343 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**8. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse Small Cap Value Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Small Cap Value Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse Small Cap Value Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Brighthouse Small Cap Value Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Delaware Investments Fund Advisers and Allspring Global Investments, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one- and five-year periods ended June 30, 2022 and performed equal to the median of its Performance Universe for the three-year period ended June 30, 2022. The Board considered that the Portfolio outperformed the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Russell 2000 Value Index, for the one- and five-year periods ended October 31, 2022 and underperformed its benchmark for the three-year period ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**Brighthouse Small Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Managed By abrdn Investments Limited** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/abrdn Emerging Markets Equity Portfolio returned -25.58% and -25.81%, respectively. The Portfolio's benchmark, the MSCI Emerging Markets Index¹, returned -20.09%.

**MARKET ENVIRONMENT / CONDITIONS** 

Emerging market equities retreated in an extremely challenging year for the asset class, lagging developed market equities. Stocks maintained a broad downtrend for most of 2022 as major central banks tightened monetary policy to counter rising price pressures, which were exacerbated by Russia's invasion of Ukraine. The inflationary consequences of the war prompted central banks to act aggressively, triggering recession fears. Multiple interest rate hikes by the U.S. Federal Reserve (the "Fed") boosted the U.S. dollar, which further dented sentiment towards emerging markets. Compounding concerns were negative developments in China, including regulatory scrutiny across sectors, an ongoing property crisis, tensions with the U.S. and stringent lockdowns due to Beijing's zero-COVID policy.

Losses were pared towards year-end as emerging market equities staged an impressive comeback on hopes that the Fed may temper its pace of tightening. Markets also reacted positively to China's rapid reversal of its zero-COVID policy, strong policy support and signs of stabilization in the U.S.-China relationship.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio underperformed the MSCI Emerging Markets Index (the "Index") during the reporting period. The Portfolio's exposure to Russia and stock selection in China were among the key reasons for the underperformance. Revaluing the Portfolio's Russian holdings in Lukoil and Novatek to zero following Russia's invasion of Ukraine proved costly. We took that decision due to the implementation of stringent capital controls in Russia following stiff Western sanctions on Moscow, which made it impossible to realise any value from our investments. Not holding former Index heavyweight Gazprom was a positive for the Portfolio.

With Russia, the Portfolio also lost its exposure to Energy names at a time when oil prices hit record levels. Hence, not having exposure to Middle Eastern oil-exporting countries in subsequent months detracted from performance as they gained from higher energy prices. However, the energy trade lost some of its shine in the final quarter on recession worries and a weaker U.S. dollar. In December, we participated in the initial public offering ("IPO") of Americana Restaurants, the Middle East and North Africa-based franchisee of fast-food restaurants such as KFC and Pizza Hut.

China, which faced multiple headwinds over the year, weighed on relative performance, but that was partially offset by the Portfolio's off-benchmark position in Hong Kong. China Merchants Bank, which we divested over the year, sold off after its president was removed and investigated by China's anti-corruption watchdog, likely related to a prior tenure. That said, consumer names, including China Tourism Group Duty Free, rose in anticipation of the post-COVID reopening towards the period-end. In Hong Kong, our positions in insurer AIA and brewer Budweiser APAC proved favourable as Beijing's rapid pivot away from zero-COVID triggered sharp rallies in H-shares. We view these companies as high-quality exposures to China's growth.

Meanwhile, building recession fears fueled concerns over slowing demand for e-commerce, consumer electronics and semiconductor chips. Some of the Portfolio's internet and technology holdings were affected, including digital consumer names like Prosus and Sea; we exited both companies over the year to pursue better, high conviction opportunities elsewhere. The Portfolio's core semiconductor holdings in ASML Holding, ASM International, Samsung Electronics and Taiwan Semiconductor Manufacturing Co. also underperformed, but we believe they are best positioned to ride through the industry downcycle.

Elsewhere in Latin America, resource-rich Brazil and Mexico were initially buoyed by rising commodity prices, although they continued to fare well in the second half of the year even after commodity prices faltered, underpinned by strong fundamentals. However, gains in Brazil were pared following President Lula's election victory in the last quarter, as investor sentiment fell on concerns over his more aggressive fiscal approach towards policymaking. Among the Portfolio's holdings, Mexican lender Banorte and bottling company FEMSA advanced amid higher interest rates and domestic consumption strength. The market also reacted positively in October to Banorte's announcement that it was no longer in the running to take over Citigroup's Banamex unit. In addition, Brazilian stock exchange operator B3 and lender Banco contributed positively.

The Portfolio's position in Indonesia was another bright spot as the economy benefitted from the post-COVID reopening and higher commodity prices. Bank Central Asia and Bank Rakyat rose on rising interest rates. Elsewhere in South-East Asia, Thailand-based PTT Exploration & Production outperformed on resilient results and relatively elevated oil prices.

Over the review period, we took steps to reposition and refresh the Portfolio to keep up with shifting market trends, while staying true to our philosophy of investing in the highest quality companies across emerging markets. As such, we have refocused on companies that should be best placed to weather rising input costs and should have the pricing power to pass on costs, where our conviction remains high and is backed by solid fundamentals.

In China, we added four new holdings and participated in China Tourism Group Duty Free's Hong Kong IPO. Foshan Haitian Flavouring & Food is a leading food seasonings manufacturer with solid pricing power and good execution, while medical device maker Shenzhen Mindray Bio-Medical Electronics has a premium brand,

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Managed By abrdn Investments Limited** 

**Portfolio Manager Commentary\*—(Continued)** 

an established distribution network and solid commitment to research and development. In the e-commerce space, JD.com is an attractive consumption play with a strong established moat. Meituan is, in our view, uniquely placed to benefit from powerful secular tailwinds driving the growth of online local services.

Elsewhere in North Asia, we bought South Korean petrochemical engineering, procurement and construction company Samsung Engineering, which may benefit from a rising hydrocarbon investment cycle and from its efforts to develop and commercialize net zero technologies. We also participated in LG Energy Solution's IPO, although we divested our position following its significant price appreciation given our small allocation. Separately, in India, we initiated a position in Power Grid Corp. of India, the country's central transmission utility that we believe stands to gain from the government's investment in renewables and associated infrastructure.

Within South-East Asia, we introduced to the Portfolio Telkom Indonesia, the biggest and strongest player in the country's key telecommunications growth areas. We also established positions in Thailand-based Kasikornbank and PTT Exploration & Production. The former is an attractively valued banking franchise with strong digital offerings, while the latter is a major oil and gas exploration and production operator with one of the lowest cash costs.

Across Latin America, we added Banco Santander Chile, one of the largest banks in Chile in terms of total assets, loans and deposits. The lender has best-in-class operational metrics and a management team with a world-class environmental, social and governance agenda. Another addition was Raia Drogasil, a leading pharmaceutical retailer in Brazil with strong e-commerce growth prospects and a sound digitalisation strategy.

In South Africa, we bought Sanlam, a multi-line insurer with a skew to life insurance that has been gaining market share, and leading mobile communications company Vodacom Group, which we believe is in an attractive place to increase growth and returns given its incumbent position in a capital-intensive market. We also participated in Middle East and North Africa-based Americana Restaurants' IPO.

Finally, we established a position in TotalEnergies, a French oil and gas firm with attractive commodity leverage and a credible and balanced energy transition strategy embedded across its fossil, renewables and new molecule businesses. The company has a significant proportion of its assets in emerging market countries.

Against this, we exited Allegro, Bank of the Philippine Islands, China Conch Venture, China Merchants Bank, China Resources Gas, GDS Holdings, Hangzhou Tigermed Consulting, Kakao, Li Ning, Prosus, Samsung SDI, Sands China, Sea, Shenzhou International, Sungrow Power Supply, Vale and Yunnan Energy New Material to fund better opportunities elsewhere.

In terms of positioning, as bottom-up stock pickers, our country and sector allocations were driven by where we could find quality companies with attractive valuations. This style may lead to significant deviations from the Index. At the country level, we were overweight Hong Kong (which was not part of the benchmark) and Mexico. We like Hong Kong, as the territory offers high-quality attractive regional businesses that also benefit from higher growth potential in China and are relatively insulated from geopolitical tensions between the U.S. and China. Meanwhile, Mexico offers both well-run companies and relative value, and it is a beneficiary of U.S. companies looking to shorten their supply chains.

Conversely, at period end, we were underweight to Saudi Arabia, Taiwan and China. We did not have any exposure to Saudi Arabia due to difficulties finding stocks in the large-cap space that meet our quality and valuation criteria. Taiwan's export-oriented economy has a market that offers a relatively narrow selection of companies, most of which lack market leadership in terms of both technology and branding. That said, we did have holdings in high-quality companies with a clear technological edge. As for China, prior to its reopening pivot in December, we had turned cautious on the near-term impact of the country's zero-COVID policy and the ongoing property sector crisis on the economy. As such, we trimmed our exposure to direct China, but together with Hong Kong, our overall China position remained in line with the benchmark at period end.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Managed By abrdn Investments Limited** 

**Portfolio Manager Commentary\*—(Continued)** 

In terms of sectors, at period end, we were overweight Information Technology and Financials, and underweight companies in industries where government regulations restrict profitability, such as Communications Services and Energy.

**Devan Kaloo** 

**Joanne Irvine** 

**Kristy Fong** 

Portfolio Managers

*abrdn Investments Limited* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MSCI EMERGING MARKETS INDEX**![LOGO](g382964g88w68.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Brighthouse/abrdn Emerging Markets Equity Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -25.58 | -1.19 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -25.81 | -1.46 | 0.18 |
| &nbsp;&nbsp;&nbsp;**MSCI Emerging Markets Index** | -20.09 | -1.40 | 1.44 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Taiwan Semiconductor Manufacturing Co., Ltd.** | **7.3** |
| **Samsung Electronics Co., Ltd.** | **5.9** |
| **Tencent Holdings, Ltd.** | **5.8** |
| **Alibaba Group Holding, Ltd.** | **4.3** |
| **Housing Development Finance Corp., Ltd.** | **3.9** |
| **JD.com, Inc.- Class A** | **2.9** |
| **AIA Group, Ltd.** | **2.7** |
| **SBI Life Insurance Co., Ltd.** | **2.3** |
| **Budweiser Brewing Co. APAC, Ltd.** | **2.2** |
| **LG Chem, Ltd.** | **2.2** |

---

**Top Countries** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **China** | **30.5** |
| **India** | **15.3** |
| **Taiwan** | **10.2** |
| **South Korea** | **9.5** |
| **Brazil** | **6.6** |
| **Mexico** | **5.1** |
| **Indonesia** | **4.4** |
| **Hong Kong** | **4.0** |
| **South Africa** | **3.1** |
| **Thailand** | **2.4** |

---

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Brighthouse/abrdn Emerging Markets Equity Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.95% | $1000.00 | $976.70 | $4.73 |
|  | Hypothetical\* | 0.95% | $1000.00 | $1020.42 | $4.84 |
|  Class B (a) | Actual | 1.20% | $1000.00 | $975.30 | $5.97 |
|  | Hypothetical\* | 1.20% | $1000.00 | $1019.16 | $6.11 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—93.2% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Austria—1.1%** | **Austria—1.1%** | **Austria—1.1%** |
|  Mondi plc | 553603 | $9449840 |
| **Brazil—6.6%** | **Brazil—6.6%** | **Brazil—6.6%** |
|  B3 S.A. - Brasil Bolsa Balcao | 4920544 | 12304306 |
|  Banco Bradesco S.A. (ADR) (a) | 3793675 | 10925784 |
|  MercadoLibre, Inc. (b) | 9609 | 8131520 |
|  Raia Drogasil S.A. | 2082217 | 9361072 |
|  Rumo S.A. | 2553926 | 8993757 |
|  WEG S.A. | 1203139 | 8762858 |
|  |  | 58479297 |
| **Chile—0.9%** | **Chile—0.9%** | **Chile—0.9%** |
|  Banco Santander Chile (ADR) | 494050 | 7825752 |
| **China—30.5%** |  |  |
|  Alibaba Group Holding, Ltd. (b) | 3482300 | 38448647 |
|  Budweiser Brewing Co. APAC, Ltd. | 6229100 | 19595667 |
|  China Resources Land, Ltd. | 2046000 | 9292911 |
|  China Tourism Group Duty Free Corp., Ltd. - Class A | 291883 | 9076019 |
|  China Tourism Group Duty Free Corp., Ltd. - Class H (b) | 206000 | 6071277 |
|  Foshan Haitian Flavouring & Food Co., Ltd. - Class A | 1017844 | 11651973 |
|  JD.com, Inc. - Class A | 930869 | 26167048 |
|  Kweichow Moutai Co., Ltd. - Class A | 56166 | 13898577 |
|  LONGi Green Energy Technology Co., Ltd. - Class A | 1604312 | 9757290 |
|  Meituan - Class B (b) | 582100 | 12871034 |
|  Midea Group Co., Ltd. - Class A | 1973188 | 14656904 |
|  NARI Technology Co., Ltd. - Class A | 2403880 | 8407108 |
|  Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 302524 | 13731389 |
|  Tencent Holdings, Ltd. | 1221900 | 51933445 |
|  Wuxi Biologics Cayman, Inc. (b) | 1613500 | 12386946 |
|  Yonyou Network Technology Co., Ltd. - Class A | 1406136 | 4890670 |
|  Zhongsheng Group Holdings, Ltd. | 1629000 | 8303360 |
|  |  | 271140265 |
| **France—1.6%** | **France—1.6%** | **France—1.6%** |
|  TotalEnergies SE | 221859 | 13847364 |
| **Hong Kong—4.0%** |  |  |
|  AIA Group, Ltd. | 2188800 | 24114018 |
|  Hong Kong Exchanges & Clearing, Ltd. | 254690 | 11006465 |
|  |  | 35120483 |
| **India—15.3%** | **India—15.3%** | **India—15.3%** |
|  Hindustan Unilever, Ltd. | 515221 | 15927896 |
|  Housing Development Finance Corp., Ltd. | 1096215 | 34962662 |
|  Kotak Mahindra Bank, Ltd. | 775817 | 17057957 |
|  Maruti Suzuki India, Ltd. | 87279 | 8846610 |
|  Power Grid Corp. of India, Ltd. | 5581234 | 14384065 |
|  SBI Life Insurance Co., Ltd. | 1384229 | 20642993 |
|  Tata Consultancy Services, Ltd. | 367231 | 14450559 |
|  UltraTech Cement, Ltd. | 119204 | 10006061 |
|  |  | 136278803 |
| **Indonesia—4.4%** | **Indonesia—4.4%** | **Indonesia—4.4%** |
|  Bank Central Asia Tbk PT | 30281100 | 16601616 |
| **Indonesia—(Continued)** | **Indonesia—(Continued)** | **Indonesia—(Continued)** |
|  Bank Rakyat Indonesia Persero Tbk PT | 43089611 | 13659884 |
|  Telkom Indonesia Persero Tbk PT | 38233700 | 9210865 |
|  |  | 39472365 |
| **Mexico—5.1%** | **Mexico—5.1%** | **Mexico—5.1%** |
|  Fomento Economico Mexicano S.A.B. de C.V. (ADR) | 188632 | 14735932 |
|  Grupo Aeroportuario del Sureste S.A.B. de C.V. - Class B | 359605 | 8378327 |
|  Grupo Financiero Banorte S.A.B. de C.V. - Class O | 2437022 | 17538704 |
|  Grupo Mexico S.A.B. de C.V. - Series B | 1434161 | 5056160 |
|  |  | 45709123 |
| **Netherlands—1.6%** | **Netherlands—1.6%** | **Netherlands—1.6%** |
|  ASM International NV | 24008 | 6077884 |
|  ASML Holding NV | 14546 | 7873793 |
|  |  | 13951677 |
| **Peru—0.5%** | **Peru—0.5%** | **Peru—0.5%** |
|  Credicorp, Ltd. | 34022 | 4615424 |
| **Russia—0.0%** |  |  |
|  Lukoil PJSC (c) (d) | 255685 | 0 |
|  Novatek PJSC (c) (d) | 928138 | 0 |
|  Sberbank of Russia PJSC† (c) (d) | 1645424 | 0 |
|  |  | 0 |
| **South Africa—3.1%** | **South Africa—3.1%** | **South Africa—3.1%** |
|  Anglo American Platinum, Ltd. | 189964 | 15936684 |
|  Sanlam, Ltd. | 3078699 | 8820803 |
|  Vodacom Group, Ltd. | 448438 | 3216941 |
|  |  | 27974428 |
| **South Korea—3.6%** | **South Korea—3.6%** | **South Korea—3.6%** |
|  LG Chem, Ltd. | 39983 | 19126691 |
|  Samsung Engineering Co., Ltd. (b) | 734493 | 13007559 |
|  |  | 32134250 |
| **Taiwan—10.2%** | **Taiwan—10.2%** | **Taiwan—10.2%** |
|  Delta Electronics, Inc. | 1333000 | 12417963 |
|  Hon Hai Precision Industry Co., Ltd. | 4080000 | 13255429 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 4462000 | 65032082 |
|  |  | 90705474 |
| **Thailand—2.4%** | **Thailand—2.4%** | **Thailand—2.4%** |
|  Kasikornbank PCL | 2104500 | 8962430 |
|  PTT Exploration & Production PCL | 2370600 | 12080580 |
|  |  | 21043010 |
| **United Arab Emirates—1.1%** | **United Arab Emirates—1.1%** | **United Arab Emirates—1.1%** |
|  Americana Restaurants International plc (b) | 11558821 | 9347519 |
| **United States—0.7%** |  |  |
|  Globant S.A. (b) | 38989 | 6556390 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Zambia—0.5%** | | |
|  First Quantum Minerals, Ltd. | 214746 | $4486827 |
|  Total Common Stocks <br>(Cost $905,106,562) |  | 828138291 |
| **Preferred Stock—5.9%** | **Preferred Stock—5.9%** | **Preferred Stock—5.9%** |
| **South Korea—5.9%** | **South Korea—5.9%** | **South Korea—5.9%** |
|  Samsung Electronics Co., Ltd. <br>(Cost $51,214,851) | 1298445 | 52246644 |
| **Short-Term Investment—1.5%** | **Short-Term Investment—1.5%** | **Short-Term Investment—1.5%** |
| **Repurchase Agreement—1.5%** | **Repurchase Agreement—1.5%** | **Repurchase Agreement—1.5%** |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $13,053,755; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $13,312,198. | 13051145 | 13051145 |
|  Total Short-Term Investments <br>(Cost $13,051,145) |  | 13051145 |
| **Securities Lending Reinvestments (e)—0.4%** | **Securities Lending Reinvestments (e)—0.4%** | **Securities Lending Reinvestments (e)—0.4%** |
| **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $313,650; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $320,048. | 313500 | 313500 |
|  HSBC Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $800,378; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $816,385. | 800000 | 800000 |
|  National Bank of Canada <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $200,168; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $204,476. | 200000 | 200000 |
| Societe Generale | Societe Generale | Societe Generale |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $386,783; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $394,332. | 386600 | 386600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $400,196; collateralized by various Common Stock with an aggregate market value of $445,277. | 400000 | 400000 |
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
|  TD Prime Services LLC <br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $500,244; collateralized by various Common Stock with an aggregate market value of $554,714. | 500000 | 500000 |
|  |  | 2600100 |
| **Mutual Funds—0.1%** | **Mutual Funds—0.1%** | **Mutual Funds—0.1%** |
|  Allspring Government Money Market Fund, Select Class 4.090% (f) | 50000 | 50000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (f) | 50000 | 50000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (f) | 500000 | 500000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (f) | 100000 | 100000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (f) | 500000 | 500000 |
|  |  | 1200000 |
|  Total Securities Lending Reinvestments <br>(Cost $3,800,100) |  | 3800100 |
|  Total Investments—101.0% <br>(Cost $973,172,658) |  | 897236180 |
|  Other assets and liabilities (net)—(1.0)% |  | (8467372) |
| **Net Assets—100.0%** |  | $888768808 |

---

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $3,648,096 and the collateral received consisted of cash in the amount of $3,800,100. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. |
| (b) | Non-income producing security. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.0% of net assets. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, 2022. |
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2022. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Shares** | **Cost** | **Value** |
|  Sberbank of Russia PJSC | 04/12/19-10/13/21 | 1645424 | $5699395 | $0 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Schedule of Investments as of December 31, 2022** 

---

| | |
|:---|:---|
| **Ten Largest Industries as of<br>December 31, 2022 (Unaudited)** | **% of<br>Net Assets** |
|  Banks | 11.0 |
|  Semiconductors & Semiconductor Equipment | 10.0 |
|  Internet & Direct Marketing Retail | 9.6 |
|  Insurance | 6.0 |
|  Technology Hardware, Storage & Peripherals | 5.9 |
|  Interactive Media & Services | 5.9 |
|  Beverages | 5.4 |
|  Thrifts & Mortgage Finance | 3.9 |
|  Oil, Gas & Consumable Fuels | 2.9 |
|  Electronic Equipment, Instruments & Components | 2.9 |

---

**Glossary of Abbreviations** 

Other Abbreviations

------

(ADR)— American Depositary Receipt

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $9449840 | $— | $9449840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 19057304 | 39421993 |  | 58479297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 7825752 |  |  | 7825752 |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 271140265 |  | 271140265 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 13847364 |  | 13847364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 35120483 |  | 35120483 |
| &nbsp;&nbsp;&nbsp;&nbsp; India |  | 136278803 |  | 136278803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 39472365 |  | 39472365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 45709123 |  |  | 45709123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 13951677 |  | 13951677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 4615424 |  |  | 4615424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 27974428 |  | 27974428 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 32134250 |  | 32134250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 90705474 |  | 90705474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand | 21043010 |  |  | 21043010 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 9347519 |  |  | 9347519 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 6556390 |  |  | 6556390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zambia | 4486827 |  |  | 4486827 |
|  Total Common Stocks | 118641349 | 709496942 | 0 | 828138291 |
|  Total Preferred Stock\* |  | 52246644 |  | 52246644 |
|  Total Short-Term Investment\* |  | 13051145 |  | 13051145 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2600100 |  | 2600100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 1200000 |  |  | 1200000 |
|  Total Securities Lending Reinvestments | 1200000 | 2600100 |  | 3800100 |
|  Total Investments | $119841349 | $777394831 | $0 | $897236180 |
|  Collateral for Securities Loaned (Liability) | $— | $(3800100) | $— | $(3800100) |

---

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

During the year ended December 31, 2022, transfers into Level 3 in the amount of $55,151,777 were due to trading halts on the securities' respective exchanges which resulted in the lack of observable inputs.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $897236180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 544469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 46631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 10588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 405771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 898247004 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 3800100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 520911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 300757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes | 3575744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 649450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 83470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 384489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 9478196 |
|  **Net Assets** | $888768808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $994684801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) (d) | (105915993) |
|  **Net Assets** | $888768808 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $502019363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 386749445 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 59932095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 46641996 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 8.29 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $973,172,658.

(b) Includes securities loaned at value of $3,648,096.

(c) Identified cost of cash denominated in foreign currencies was $545,036.

(d) Includes foreign capital gains tax of $3,575,744.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $17331482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 109294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 103908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 17544684 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 8820949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 49716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 657748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 1032530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 54672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 58224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 8669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 38108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 10775271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (936828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9838443 |
|  **Net Investment Income** | 7706241 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (b) | (25760458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (504869) |
|  Net realized gain (loss) | (26265327) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (c) | (273007762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (10351) |
|  Net change in unrealized appreciation (depreciation) | (273018113) |
|  Net realized and unrealized gain (loss) | (299283440) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(291577199) |

---

(a) Net of foreign withholding taxes of $2,580,848.

(b) Net of foreign capital gains tax of $884,803.

(c) Includes change in foreign capital gains tax of $152,289.

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7706241 | $11103895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (26265327) | 140126741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (273018113) | (210394529) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (291577199) | (59163893) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (83525465) | (2571331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (63963236) | (924374) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (147488701) | (3495705) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 200578393 | 107702006 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (238487507) | 45042408 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1127256315 | 1082213907 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $888768808 | $1127256315 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 5171287 | $52464852 | 15397820 | $225357227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 9600628 | 83525465 | 175278 | 2571331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (1372111) | (12711570) | (4593261) | (68419613) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 13399804 | $123278747 | 10979837 | $159508945 |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 4836024 | $47946506 | 3349868 | $47233052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 7411731 | 63963236 | 63575 | 924374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (3693971) | (34610096) | (6879306) | (99964365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 8553784 | $77299646 | (3465863) | $(51806939) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $200578393 |  | $107702006 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.38 | $14.11 | $11.32 | $9.54 | $11.41 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.09 | 0.16 | 0.06 | 0.19 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.45) | (0.83) | 2.96 | 1.79 | (1.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.36) | (0.67) | 3.02 | 1.98 | (1.56) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.11) | (0.06) | (0.23) | (0.20) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.53) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.64) | (0.06) | (0.23) | (0.20) | (0.31) |
|  **Net Asset Value, End of Period** | $8.38 | $13.38 | $14.11 | $11.32 | $9.54 |
|  **Total Return (%)** (b) | (25.58) | (4.81) | 27.68 | 20.98 (c) | (13.92) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 1.04 | 1.00 | 1.04 | 1.01 | 0.99 |
|  Net ratio of expenses to average net assets (%) (d) | 0.94 | 0.90 | 0.94 | 0.93 | 0.94 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.93 | 1.11 | 0.57 | 1.84 | 1.12 |
|  Portfolio turnover rate (%) | 36 | 36 | 31 | 16 | 20 |
|  Net assets, end of period (in millions) | $502 | $622.6 | $501.5 | $456.8 | $782 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.25 | $13.98 | $11.22 | $9.45 | $11.30 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.06 | 0.12 | 0.03 | 0.21 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.41) | (0.83) | 2.94 | 1.74 | (1.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.35) | (0.71) | 2.97 | 1.95 | (1.57) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.08) | (0.02) | (0.21) | (0.18) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.53) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.61) | (0.02) | (0.21) | (0.18) | (0.28) |
|  **Net Asset Value, End of Period** | $8.29 | $13.25 | $13.98 | $11.22 | $9.45 |
|  **Total Return (%)** (b) | (25.81) | (5.07) | 27.30 | 20.75 (c) | (14.18) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 1.29 | 1.25 | 1.29 | 1.26 | 1.24 |
|  Net ratio of expenses to average net assets (%) (d) | 1.19 | 1.15 | 1.19 | 1.18 | 1.19 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.68 | 0.82 | 0.31 | 2.05 | 0.88 |
|  Portfolio turnover rate (%) | 36 | 36 | 31 | 16 | 20 |
|  Net assets, end of period (in millions) | $386.7 | $504.7 | $580.7 | $524.6 | $492.5 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes gains from settlement of security litigations; excluding these gains, the total return for Class A, and Class B would have been 20.77%, and 20.53%, respectively for the year ended December 31,
2019.

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/abrdn Emerging Markets Equity Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $13,051,145. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $2,600,100. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending** - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals,

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*China Investment Risk:* On June 2, 2021, an Executive Order (the "Order") was issued prohibiting investment activity by U.S. persons, which includes the Portfolio, in relation to certain companies determined by the U.S. Secretary of the Treasury and the U.S. Secretary of Defense to (i) be operating or have been previously operating in the defense and related material sector or the surveillance technology sector (collectively, "Defense Sectors") of the economy of China; or (ii) own or control, or to be owned or controlled by, directly or indirectly, a person or entity who operates or has operated in any of the Defense Sectors (each, a "Chinese Military Company, " and together, the "Chinese Military Companies"). Each Chinese Military Company is included on the Non-SDN Chinese Military-Industrial Complex Companies List ("Non-SDN CMIC List") administered by the Office of Foreign Assets Control within the U.S. Department of the Treasury. The Order supersedes similar executive orders previously issued on November 12, 2020 and January 13, 2021 related to investments in "Communist Chinese Military Companies." Beginning August 2, 2021 for Chinese Military Companies designated to the Non-SDN CMIC List in connection with the Order (or 60 days after an entity is newly-designated as a Chinese Military Company), all transactions in public securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any of the Chinese Military Companies (the "Sanctioned Securities") are prohibited. The Order contained a limited exception for transactions made solely for the purpose of divestment through June 3, 2022 for securities designated in connection with the Order, and 365 days after designation for other companies. The Portfolio's holdings in the Sanctioned Securities may adversely impact the Portfolio's performance. The extent of the impact will depend on future developments, including the Portfolio's ability to sell the Sanctioned Securities, uncertainties on valuation of the Sanctioned Securities, modifications to the Order and/or interpretations thereof (including which companies are considered Chinese Military Companies), and the duration of the Order, all of which are highly uncertain and cannot be predicted.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $391114137 | $0 | $329536153 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended**<br>**December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $8820949 | 1.050% | First $250 million |
|  | 1.000% | $250 million to $500 million |
|  | 0.850% | $500 million to $1 billion |
|  | 0.750% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. abrdn Asset Managers Limited is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver** - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.100% | All Assets |

---

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $991532114 |
|  Gross unrealized appreciation | 79538446 |
|  Gross unrealized (depreciation) | (173834380) |
|  Net unrealized appreciation (depreciation) | $(94295934) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $22512642 | $3495705 | $124976059 | $— | $147488701 | $3495705 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $10059727 | $– $| (97873988) | $(17938454) | $(105752715) |

---

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $17,938,454.

**8. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/abrdn Emerging Markets Equity Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/abrdn Emerging Markets Equity Portfolio (the "Fund") (formerly Brighthouse/Aberdeen Emerging Markets Equity Portfolio) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/abrdn Emerging Markets Equity Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Brighthouse/abrdn Emerging Markets Equity Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and abrdn Asset Managers Limited regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the MSCI Emerging Markets Index, for the one- and three-year periods ended October 31, 2022 and outperformed its benchmark for the five-year period ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/abrdn Emerging Markets Equity Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Managed By Artisan Partners Limited Partnership** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/Artisan International Portfolio returned -19.10% and -19.27%, respectively. The Portfolio's benchmark, the MSCI All Country World ex-U.S. Index¹, returned -16.00%.

**MARKET ENVIRONMENT / CONDITIONS** 

Non-U.S. equity markets fell sharply in 2022, challenged throughout the year by strong inflation and large interest rate hikes that weighed on valuations and increased economic pressure for companies. In one of the worst years for equity investors since 2008, trillions of dollars of market value were erased. Value stocks fared much better than growth stocks, capturing roughly one-fifth of the decline. By sector, only Energy produced positive returns, although Financials ended the year only marginally negative. Communications Services, Consumer Discretionary and Real Estate each saw drawdowns of more the 20%, while Information Technology shed close to 35% of its value within the benchmark index. Regionally, all major MSCI indexes fell, most by double digits. Within the Portfolio's benchmark, the Emerging Markets and Middle East regions performed the worst.

After Russia's invasion of Ukraine, Europe pivoted to a new energy strategy, one which greatly reduced the region's dependence on Russian oil and gas. Nevertheless, inflation rates, influenced by rising energy and food prices, rose quickly with prices increasing by more than 10% year-over-year on average by mid-year. Gross domestic product, which tends to be a lagging economic indicator, fell close to zero growth by year-end in many countries. In an attempt to limit the fallout caused by Russia's decisions, as well as to protect consumers during the winter, the European Union ("EU") instituted a dynamic price cap on natural gas. Referred to as a market-correction mechanism by the EU, the cap is designed to limit spikes in prices while still attracting supplies to the region. While the policy's immediate effect was the suppression of energy prices, the long-term implications for the market are less clear. Soon after, Russia announced that it would cease exporting gas or oil to any country supporting the price cap. The European labor market, like that of the U.S., stayed surprisingly resilient during the year despite the downturn.

While inflation was less of a concern for China, economic conditions were nevertheless challenging for the world's second largest economy. Given the government's zero-COVID restrictions, China's economy grew only 3% for the first nine months of the year. After protests by frustrated workers broke out over pay and continued COVID-19 restrictions at the world's biggest Apple iPhone factory, the government cast off or relaxed most of its COVID-19 restrictions in late November. Economic activity picked up, and by year-end the economy showed signs of recovery. However, many analysts now question whether the country is sufficiently prepared to manage the reopening after nearly three years of tight restrictions and lockdowns. The human fallout from this policy and the ramifications for businesses leave lingering questions for investors.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio underperformed the MSCI All Country World ex-U.S. Index (the "Index") over the trailing twelve-month period. The primary sources of relative weakness were in our Materials, Financials and Health Care sector holdings. Energy and Information Technology ("IT") sectors were sources of strength during the year.

In Materials and Financials, relative performance was weighed down by the Portfolio's holdings in two Russian stocks that became frozen assets: Sberbank (Russia) in the Financials sector and Norilsk Nickel (Russia) in the Materials sector. Trading of these stocks was suspended after Russia invaded Ukraine in February, which prompted sanctions from the West, including cutting Russia's access to U.S. financial markets. We chose to price both positions at zero, although we firmly believe both companies have value. These two holdings accounted for around 70% of the Portfolio's underperformance in 2022.

In addition, our stake in Royal DSM (Netherlands), a Dutch nutrition and biosciences company, added to the underperformance in Materials. DSM has transformed itself through acquisitions to become a leading supplier of additives for food and feed, such as vitamins. During the year, it has been in the process of acquiring Firmenich, the largest privately-owned fragrance and taste company worldwide. While we supported the merger, we sold the position in the fourth quarter due to ongoing margin pressures faced by the firm.

In the Health Care sector, our position in Icon (Ireland), a global company that provides outsourced clinical research services to the pharmaceutical, biotechnology and medical devices industries, underperformed. While the company reported solid results for the first half of the year, its stock price pulled back by autumn on lower revenue guidance. The stock benefits from increased innovation and clinical trials in biotech, which, in the U.S and Europe, lagged in 2022.

Lastly, Alphabet's share price slid on the ongoing deceleration in digital advertising driven by falling marketing budgets and strong competition. In addition, the tech giant faced strong currency headwinds and margin compression. While its closed-loop advertising model in Google search held up better than others, YouTube, its short video platform, saw weak traffic that was challenged by rival TikTok's popularity. YouTube also struggled with mobile device policy changes that prioritize user privacy over targeted advertising. Given its negatively skewed risk/reward profile due to the change in fundamentals, we sold the position before period end.

Alternatively, our holdings in Energy added to relative returns. Our position in SLB (formerly Schlumberger) was the largest outperformer in the sector and the largest contributor to returns in the Portfolio over the period. SLB's primary business is providing technology and information solutions that optimize reservoir performance to customers in the oil industry. It is the company's

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Managed By Artisan Partners Limited Partnership** 

**Portfolio Manager Commentary\*—(Continued)** 

technological leadership within the industry that has contributed to its consistently strong cash generation and attracted us to the long-term opportunity for value creation. The investment team also appreciates the fact that SLB's services industry has less exposure to inflationary pressures than do other parts of the sector and is less directly dependent on oil and gas commodity prices, which can be volatile at times.

In IT, the worst performing sector in 2022, our below-benchmark positioning more than compensated for the negative effects of stock selection in the sector. With the U.S. Federal Reserve resolute in its mission to curb inflation during the year, rate-sensitive technology shares sold off. With its sustainable growth-at-a-reasonable-price approach, our investment team continued to take a cautious approach to this often-volatile sector and avoided many of these more speculative stocks at a time when interest rates were rising, which paid off.

As of December 31, 2022, the Portfolio's largest sector overweights relative to the benchmark were Industrials, Energy and Health Care, and largest underweights were IT, Utilities and Consumer Staples. We continue to look for companies that benefit from secular tailwinds and are supported by our investment themes. Within these themes, we look for companies that have dominant market positions, offer an essential product or service, own unique assets and have talented management teams at their helm.

**Mark L. Yockey** 

**Charles-Henri Hamker** 

**Andrew Euretig** 

Portfolio Managers

*Artisan Partners Limited Partnership* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI All Country World ex-U.S. Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. The Index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD EX-U.S. INDEX**![LOGO](g382964g83j43.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**Brighthouse/Artisan International Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -19.10 | 1.99 | 2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -19.27 | 1.75 | 2.67 |
| &nbsp;&nbsp;&nbsp;**MSCI All Country World ex-U.S. Index** | -16.00 | 0.88 | 2.58 |

---

<sup>1</sup> Inception date of the Class A and Class B shares are 4/29/2014 and 11/12/2014, respectively. The since inception return of the index is based on the Class A inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Schlumberger, Ltd.** | **5.0** |
| **Linde plc** | **4.7** |
| **BNP Paribas S.A.** | **4.4** |
| **Deutsche Boerse AG** | **4.2** |
| **Deutsche Telekom AG** | **4.0** |
| **Shell plc** | **3.5** |
| **Air Liquide S.A.** | **3.5** |
| **Canadian Pacific Railway, Ltd.** | **3.4** |
| **Aon plc- Class A** | **3.1** |
| **Argenx SE(ADR)** | **3.1** |

---

**Top Countries** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **United Kingdom** | **16.5** |
| **France** | **14.3** |
| **Germany** | **12.4** |
| **Netherlands** | **10.0** |
| **United States** | **9.6** |
| **Switzerland** | **9.4** |
| **Canada** | **5.5** |
| **China** | **4.8** |
| **Denmark** | **4.3** |
| **Singapore** | **2.2** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Brighthouse/Artisan International Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.78% | $1000.00 | $1067.80 | $4.07 |
|  | Hypothetical\* | 0.78% | $1000.00 | $1021.27 | $3.97 |
|  Class B (a) | Actual | 1.03% | $1000.00 | $1067.80 | $5.37 |
|  | Hypothetical\* | 1.03% | $1000.00 | $1020.01 | $5.24 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—90.9% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** |
| **Belgium—1.9%** | **Belgium—1.9%** | **Belgium—1.9%** |
|  UCB S.A. | 218455 | $17206561 |
| **Canada—5.5%** | **Canada—5.5%** | **Canada—5.5%** |
|  Canadian National Railway Co. | 126890 | 15073107 |
|  Canadian Pacific Railway, Ltd. (a) | 423400 | 31567378 |
|  Kinaxis, Inc. (b) | 40500 | 4543837 |
|  |  | 51184322 |
| **China—4.8%** |  |  |
|  Alibaba Group Holding, Ltd. (ADR) (b) | 277338 | 24430704 |
|  ANTA Sports Products, Ltd. | 508400 | 6665445 |
|  Wuliangye Yibin Co., Ltd. - Class A | 501887 | 12995147 |
|  |  | 44091296 |
| **Denmark—4.3%** |  |  |
|  Ascendis Pharma A/S (ADR) (b) | 130004 | 15877388 |
|  Novo Nordisk A/S (ADR) | 34131 | 4619290 |
|  Novo Nordisk A/S - Class B | 145798 | 19741042 |
|  |  | 40237720 |
| **France—14.3%** |  |  |
|  Air Liquide S.A. | 227858 | 32410360 |
|  Airbus SE | 118248 | 14059956 |
|  BNP Paribas S.A. | 708581 | 40323450 |
|  Capgemini SE | 87665 | 14702635 |
|  EssilorLuxottica S.A. | 20977 | 3819830 |
|  LVMH Moet Hennessy Louis Vuitton SE | 21347 | 15507419 |
|  Pernod Ricard S.A. | 34993 | 6878209 |
|  Safran S.A. | 39898 | 4985782 |
|  |  | 132687641 |
| **Germany—10.1%** |  |  |
|  Allianz SE | 70365 | 15130319 |
|  Deutsche Boerse AG | 223415 | 38548195 |
|  Deutsche Post AG | 69734 | 2624916 |
|  Deutsche Telekom AG | 1869902 | 37297940 |
|  |  | 93601370 |
| **Hong Kong—0.2%** |  |  |
|  AIA Group, Ltd. | 181800 | 2002891 |
| **India—1.4%** |  |  |
|  Reliance Industries, Ltd. | 412465 | 12651838 |
| **Ireland—0.5%** |  |  |
|  ICON plc (b) | 21307 | 4138885 |
| **Italy—1.4%** |  |  |
|  Intesa Sanpaolo S.p.A. | 5883632 | 13126319 |
| **Netherlands—10.0%** |  |  |
|  Adyen NV (b) | 2849 | 3942493 |
|  Argenx SE (b) | 2445 | 921333 |
|  Argenx SE (ADR) (b) | 75076 | 28441041 |
| **Netherlands—(Continued)** |  |  |
|  ING Groep NV | 2137558 | 26079081 |
|  Shell plc | 1155185 | 32827722 |
|  |  | 92211670 |
| **Russia—0.0%** |  |  |
|  MMC Norilsk Nickel PJSC (ADR) (b) (c) (d) | 680186 | 0 |
|  Sberbank of Russia PJSC† (b) (c) (d) | 5306492 | 0 |
|  |  | 0 |
| **Singapore—2.2%** |  |  |
|  DBS Group Holdings, Ltd. | 385029 | 9747554 |
|  United Overseas Bank, Ltd. | 473442 | 10857769 |
|  |  | 20605323 |
| **Spain—1.1%** |  |  |
|  Ferrovial S.A. | 397621 | 10401507 |
| **Switzerland—9.4%** |  |  |
|  Alcon, Inc. | 252398 | 17335825 |
|  Barry Callebaut AG | 3509 | 6952186 |
|  Cie Financiere Richemont S.A. - Class A | 176160 | 22796097 |
|  Medacta Group S.A. | 57274 | 6405095 |
|  Nestle S.A. | 156859 | 18114937 |
|  UBS Group AG | 852018 | 15881261 |
|  |  | 87485401 |
| **Taiwan—0.1%** |  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 61000 | 889054 |
| **United Kingdom—14.1%** |  |  |
|  AstraZeneca plc | 57016 | 7737947 |
|  AstraZeneca plc (ADR) | 153967 | 10438963 |
|  BAE Systems plc | 915929 | 9466300 |
|  Barclays plc | 13305163 | 25580321 |
|  Diageo plc | 348912 | 15407705 |
|  International Consolidated Airlines Group S.A. (a) | 2514876 | 3743720 |
|  Linde plc (b) | 133987 | 43809875 |
|  Tesco plc | 1588680 | 4307333 |
|  Unilever plc | 205096 | 10346885 |
|  |  | 130839049 |
| **United States—9.6%** |  |  |
|  Amazon.com, Inc. (b) | 166342 | 13972728 |
|  Aon plc - Class A | 95049 | 28528007 |
|  Schlumberger, Ltd. | 866380 | 46316675 |
|  |  | 88817410 |
|  Total Common Stocks <br>(Cost $828,308,402) |  | 842178257 |
| **Equity-Linked Security—2.4%** | **Equity-Linked Security—2.4%** | **Equity-Linked Security—2.4%** |
| **United Kingdom—2.4%** |  |  |
|  Ryanair Holdings plc (HSBC Bank plc), Expires 10/31/23 (b) (e)<br>(Cost $18,844,960) | 1686945 | 22048688 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Preferred Stocks—2.3%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Germany—2.3%** | **Germany—2.3%** | **Germany—2.3%** |
|  Dr. Ing HC F Porsche AG (b) | 97128 | $9854241 |
|  Porsche Automobil Holding SE | 29539 | 1620554 |
|  Volkswagen AG | 75026 | 9351151 |
|  Total Preferred Stocks <br>(Cost $25,510,288) |  | 20825946 |
| **Short-Term Investment—3.8%** | **Short-Term Investment—3.8%** | **Short-Term Investment—3.8%** |
| **Repurchase Agreement—3.8%** | **Repurchase Agreement—3.8%** | **Repurchase Agreement—3.8%** |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $35,363,177; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $36,063,283. | 35356105 | 35356105 |
|  Total Short-Term Investments <br>(Cost $35,356,105) |  | 35356105 |
| **Securities Lending Reinvestments (f)—4.0%** | **Securities Lending Reinvestments (f)—4.0%** | **Securities Lending Reinvestments (f)—4.0%** |
| **Repurchase Agreements—1.5%** | **Repurchase Agreements—1.5%** | **Repurchase Agreements—1.5%** |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $6,244,030; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $6,371,405. | 6241048 | 6241048 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $500,240; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $511,935. | 500000 | 500000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $7,003,430; collateralized by various Common Stock with an aggregate market value of $7,792,343. | 7000000 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $25,888; collateralized by various Common Stock with an aggregate market value of $28,794. | 25866 | 25866 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $375,419; collateralized by various Common Stock with an aggregate market value of $419,120. | 375236 | 375236 |
|  |  | 14142150 |
| **Time Deposit—0.1%** |  |  |
|  Canadian Imperial Bank London<br>4.250%, 01/03/23 | 1000000 | 1000000 |
| **Mutual Funds—2.4%** |  |  |
|  Allspring Government Money Market Fund, Select Class<br>4.090% (g) | 5000000 | 5000000 |
| **Mutual Funds—(Continued)** |  |  |
|  BlackRock Liquidity Funds FedFund, Institutional Shares <br>4.020% (g) | 100000 | 100000 |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (g) | 100000 | 100000 |
|  Fidelity Investments Money Market Government Portfolio, Class I 4.060% (g) | 100000 | 100000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (g) | 5000000 | 5000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (g) | 5000000 | 5000000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (g) | 100000 | 100000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (g) | 100000 | 100000 |
|  STIT-Government & Agency Portfolio, Institutional Class<br>4.220% (g) | 5000000 | 5000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (g) | 2000000 | 2000000 |
|  |  | 22500000 |
|  Total Securities Lending Reinvestments <br>(Cost $37,642,150) |  | 37642150 |
|  Total Investments—103.4% <br>(Cost $945,661,905) |  | 958051146 |
|  Other assets and liabilities (net)—(3.4)% |  | (31412952) |
| **Net Assets—100.0%** |  | $926638194 |

---

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $34,301,991 and the collateral received consisted of cash in the amount of $37,642,150. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. |
| (b) | Non-income producing security. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets. |
| (e) | Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank plc) in addition to the market risk of the underlying security. |
| (f) | Represents investment of cash collateral received from securities on loan as of December 31, 2022. |
| (g) | The rate shown represents the annualized seven-day yield as of December 31, 2022. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Shares** | **Cost** | **Value** |
|  Sberbank of Russia PJSC | 09/16/21-02/11/22 | 5306492 | $22350736 | $0 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

---

| | |
|:---|:---|
| **Ten Largest Industries as of<br>December 31, 2022 (Unaudited)** | **% of<br>Net Assets** |
|  Banks | 15.9 |
|  Chemicals | 8.2 |
|  Pharmaceuticals | 6.5 |
|  Capital Markets | 5.9 |
|  Road & Rail | 5.0 |
|  Energy Equipment & Services | 5.0 |
|  Insurance | 4.9 |
|  Oil, Gas & Consumable Fuels | 4.9 |
|  Biotechnology | 4.9 |
|  Textiles, Apparel & Luxury Goods | 4.9 |

---

**Glossary of Abbreviations** 

Other Abbreviations

------

(ADR)— American Depositary Receipt

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | $— | $17206561 | $— | $17206561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 51184322 |  |  | 51184322 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 24430704 | 19660592 |  | 44091296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 20496678 | 19741042 |  | 40237720 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 132687641 |  | 132687641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 93601370 |  | 93601370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 2002891 |  | 2002891 |
| &nbsp;&nbsp;&nbsp;&nbsp; India |  | 12651838 |  | 12651838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 4138885 |  |  | 4138885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 13126319 |  | 13126319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 28441041 | 63770629 |  | 92211670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 20605323 |  | 20605323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 10401507 |  | 10401507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 87485401 |  | 87485401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 889054 |  | 889054 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 10438963 | 120400086 |  | 130839049 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 88817410 |  |  | 88817410 |
|  Total Common Stocks | 227948003 | 614230254 | 0 | 842178257 |
|  Total Equity-Linked Security\* |  | 22048688 |  | 22048688 |
|  Total Preferred Stocks\* |  | 20825946 |  | 20825946 |
|  Total Short-Term Investment\* |  | 35356105 |  | 35356105 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 14142150 |  | 14142150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit |  | 1000000 |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 22500000 |  |  | 22500000 |
|  Total Securities Lending Reinvestments | 22500000 | 15142150 |  | 37642150 |
|  Total Investments | $250448003 | $707603143 | $0 | $958051146 |
|  Collateral for Securities Loaned (Liability) | $— | $(37642150) | $— | $(37642150) |

---

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

During the year ended December 31, 2022, a transfer into Level 3 in the amount of $34,423,888 was due to trading halts on the security's respective exchange which resulted in the lack of observable inputs.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $958051146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 871559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 4147561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 3795841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 966869611 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 37642150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1157319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 532476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 594619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 120356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 184450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 40231417 |
|  **Net Assets** | $926638194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $934523880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (7885686) |
|  **Net Assets** | $926638194 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $926418855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 219339 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 101376168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 24036 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 9.13 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $945,661,905.

(b) Includes securities loaned at value of $34,301,991.

(c) Identified cost of cash denominated in foreign currencies was $868,856.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $23833001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 145304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 358758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 24337063 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 7419290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 50609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 191802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 53164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 27185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 8806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 34861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7840935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (119619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7721316 |
|  **Net Investment Income** | 16615747 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (b) | (35513954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (279979) |
|  Net realized gain (loss) | (35793933) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (c) | (214794718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (14746) |
|  Net change in unrealized appreciation (depreciation) | (214809464) |
|  Net realized and unrealized gain (loss) | (250603397) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(233987650) |

---

(a) Net of foreign withholding taxes of $2,955,951.

(b) Net of foreign capital gains tax of $(5,658).

(c) Includes change in foreign capital gains tax of $381,372.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16615747 | $10109524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (35793933) | 170881726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (214809464) | (77525926) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (233987650) | 103465324 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (181357491) | (13817540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (39383) | (2941) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (181396874) | (13820481) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 104978701 | (64944150) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (310405823) | 24700693 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1237044017 | 1212343324 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $926638194 | $1237044017 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 523962 | $4996200 | 1254006 | $17254964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 20893720 | 181357491 | 994068 | 13817540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (8336400) | (81401371) | (6939276) | (95954787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 13081282 | $104952320 | (4691202) | $(64882283) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 755 | $7288 | 429 | $5973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 4537 | 39383 | 212 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (1817) | (20290) | (5146) | (70781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 3475 | $26381 | (4505) | $(61867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $104978701 |  | $(64944150) |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.01 | $13.03 | $12.71 | $9.90 | $11.25 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.17 | 0.11 | 0.07 | 0.15 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.96) | 1.03 | 0.82 | 2.82 | (1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.79) | 1.14 | 0.89 | 2.97 | (1.18) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.11) | (0.08) | (0.16) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.97) | (0.08) | (0.41) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.08) | (0.16) | (0.57) | (0.16) | (0.17) |
|  **Net Asset Value, End of Period** | $9.14 | $14.01 | $13.03 | $12.71 | $9.90 |
|  **Total Return (%)** (b) | (19.10) | 8.70 | 7.91 | 30.22 | (10.68) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.79 | 0.80 | 0.80 | 0.80 | 0.80 |
|  Net ratio of expenses to average net assets (%) (c) | 0.78 | 0.78 | 0.79 | 0.79 | 0.80 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.68 | 0.82 | 0.64 | 1.30 | 1.48 |
|  Portfolio turnover rate (%) | 50 | 61 | 67 | 42 | 65 |
|  Net assets, end of period (in millions) | $926.4 | $1236.8 | $1212 | $1203.8 | $1082.3 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.97 | $13.00 | $12.67 | $9.87 | $11.21 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.14 | 0.08 | 0.04 | 0.12 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.94) | 1.02 | 0.83 | 2.82 | (1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.80) | 1.10 | 0.87 | 2.94 | (1.20) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.07) | (0.05) | (0.13) | (0.14) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.97) | (0.08) | (0.41) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.04) | (0.13) | (0.54) | (0.14) | (0.14) |
|  **Net Asset Value, End of Period** | $9.13 | $13.97 | $13.00 | $12.67 | $9.87 |
|  **Total Return (%)** (b) | (19.27) | 8.41 | 7.66 | 29.89 | (10.91) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 1.04 | 1.05 | 1.05 | 1.05 | 1.05 |
|  Net ratio of expenses to average net assets (%) (c) | 1.03 | 1.03 | 1.04 | 1.04 | 1.05 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.42 | 0.57 | 0.34 | 1.07 | 1.25 |
|  Portfolio turnover rate (%) | 50 | 61 | 67 | 42 | 65 |
|  Net assets, end of period (in millions) | $0.2 | $0.3 | $0.3 | $0.3 | $0.3 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Artisan International Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

amount of $23,066 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri- party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $35,356,105. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $14,142,150. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $487890795 | $0 | $585401318 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.750% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $7,419,290.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Artisan Partners Limited Partnership is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | | |
|:---|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** | **Average Daily Net Assets** |
| 0.050% | Over $| 750 million |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $947275535 |
|  Gross unrealized appreciation | 116729419 |
|  Gross unrealized (depreciation) | (105953808) |
|  Net unrealized appreciation (depreciation) | $10775611 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $50473353 | $6774380 | $130923521 | $7046101 | $181396874 | $13820481 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $15876678 | $– $| 10791891 | $(34433897) | $(7765328) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $34,433,897.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**8. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Artisan International Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Artisan International Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Artisan International Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-22** 

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**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-23** 

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**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Brighthouse/Artisan International Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Artisan Partners Limited Partnership regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2022, underperformed the median of its Performance Universe for the three-year period ended June 30, 2022, and performed equal to the median of its Performance Universe for the five-year period ended June 30, 2022. The Board considered that the Portfolio outperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. In addition, the Board considered that the Portfolio underperformed its benchmark, the MSCI All Country World ex U.S. Index, for the one- and three-year periods ended October 31, 2022 and outperformed its benchmark for the five-year period ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including

**BHFTI-24** 

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**Brighthouse Funds Trust I** 

**Brighthouse/Artisan International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees were equal to the Expense Group median and Sub-advised Expense Universe median and above the Expense Universe median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-25** 

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**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Managed by Eaton Vance Management** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/Eaton Vance Floating Rate Portfolio returned -1.36% and -1.60%, respectively. The Portfolio's benchmark, the Morningstar LSTA U.S. Leveraged Loan Index¹, returned -0.60%.

**MARKET ENVIRONMENT / CONDITIONS** 

Amid increasing global concerns about inflation and rising interest rates, compounded by the negative effects of Russia's invasion of Ukraine, Senior Loans displayed value as a diversifier by outperforming most U.S. fixed income asset classes during the 12-month period ended December 31, 2022.

Although returns for the Morningstar LSTA U.S. Leveraged Loan Index (the "Index"), a broad measure of the asset class, were negative during the period, Senior Loans outperformed Investment Grade ("IG") corporate bonds, High Yield ("HY") corporate bonds, Municipal bonds, U.S. Government bonds, and the U.S. equity market.

In February 2022, the economic impact of Russia's invasion of Ukraine became a tipping point for the loan market's performance. While the U.S. Federal Reserve's (the "Fed") projection of multiple interest rate increases in 2022 was generally viewed as a positive sign for floating-rate loans, investors began to worry about the negative effects of supply chain disruptions, higher commodity prices and labor expenses, rising debt service costs on loan issuers, and the potential for a recession in both the U.S. and global economies.

Manifesting investor concerns, higher quality loans began to outperform lower quality loans. Loan prices, which had risen earlier in the period, declined each month from February through June. After enjoying a brief summer rally in July and August on the hope that inflation and recession fears were subsiding, loan prices resumed their downward slide in September before recovering modestly in October. While mutual fund inflows for the asset class continued through April, flows turned negative in May and remained negative for the rest of the year. Collateralized Loan Obligation ("CLO") demand from institutional investors stayed positive throughout the period. By the end of 2022, loan prices had fallen to $92.44 from $98.64 at the start of the period.

Issuer fundamentals, however, remained a bright spot for the asset class. While the trailing 12-month default rate inched higher during the period, from 0.29% at the beginning of the year to 0.72% at year-end, it remained well below the long-term historical average of 2.7%.

For the full year, higher quality loans outperformed lower quality issues, with BBB, BB, B, CCC and D-rated (defaulted) loans within the Index returning 3.25%, 2.99%, -1.07%, -12.00%, and -52.04% respectively.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio's modest out-of-benchmark exposure to secured HY bonds detracted from relative performance during the period as HY bonds generally underperformed floating-rate loans. On an individual security basis, the largest detractor from returns relative to the Index was an overweight position in a struggling mattress manufacturing firm.

The Portfolio's underweight position in BBB-rated loans, the highest credit rating category in the Index and the best performing category during the period, hurt relative performance. The Portfolio has historically tended to underweight BBB-rated loans due to their lower yield and smaller return potential compared with lower-rated loans.

In contrast, contributors to relative performance versus the Index included the Portfolio's underweight position in CCC-rated loans, which underperformed the broader Index during the period. On an individual issuer basis, top contributors to relative returns included an overweight position in a rebounding coal producer. The Portfolio's avoidance of several defaulted loans in the Index contributed to relative performance as well.

The cornerstones of the Portfolio's investment philosophy are strong internal credit research and broad diversification. The Portfolio held 376 issuer positions across 55 industries as of December 31, 2022. We believe an optimal risk/return profile can be achieved predominately through interest income from investments in higher quality loans, rather than primarily seeking capital gains associated with distressed loans. At the end of the period, the Portfolio maintained an overweight position in BB-rated loans (26.3% vs. 25.1%) and an underweight exposure to the distressed CCC-rated loan category (3.4% vs. 5.3%).

**BHFTI-1** 

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**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Managed by Eaton Vance Management** 

**Portfolio Manager Commentary\*—(Continued)** 

Given the floating-rate nature of the asset class, the Portfolio is exposed to minimal interest rate risk as the loans in the Portfolio reset their coupons every 44 days on average as of December 31, 2022, resulting in Portfolio duration of approximately 0.25 years.

**Andrew N. Sveen** 

**Michael J. Turgel** 

Portfolio Managers

*Eaton Vance Management* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Morningstar LSTA U.S. Leveraged Loan Index is a total return index that uses mark-to-market pricing from LSTA/ Loan Pricing Corporation (LPC) to calculate market value change. The index reflects the market-weighted performance of institutional leveraged loans based upon real-time market weightings, spreads and interest payments.

**BHFTI-2** 

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**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MORNINGSTAR LSTA U.S. LEVERAGED LOAN INDEX**![LOGO](g394295g60n68.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Brighthouse/Eaton Vance Floating Rate Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –1.36 | 2.47 | 3.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –1.60 | 2.22 | 2.75 |
| &nbsp;&nbsp;&nbsp;**Morningstar LSTA U.S. Leveraged Loan Index** | –0.60 | 3.31 | 3.67 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Industries** 

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| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Software** | **15.2** |
| **Commercial Services** | **7.9** |
| **Media** | **5.0** |
| **Diversified Financial Services** | **4.2** |
| **Pharmaceuticals** | **3.9** |
| **Chemicals** | **3.7** |
| **Insurance** | **3.7** |
| **Computers** | **3.3** |
| **Retail** | **3.3** |
| **Internet** | **3.3** |

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**Top Sectors** 

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| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Floating Rate Loans** | **88.7** |
| **Corporate Bonds & Notes** | **3.3** |
| **Common Stocks** | **0.4** |
| **Preferred Stocks** | **0.1** |

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**BHFTI-3** 

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**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Brighthouse/Eaton Vance Floating Rate Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,**<br>**2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022**<br>**to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.69% | $1000.00 | $1036.10 | $3.54 |
|  | Hypothetical\* | 0.69% | $1000.00 | $1021.73 | $3.52 |
|  Class B (a) | Actual | 0.94% | $1000.00 | $1035.30 | $4.82 |
|  | Hypothetical\* | 0.94% | $1000.00 | $1020.47 | $4.79 |

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\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

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**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a) — 88.7% of Net Assets** 

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| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Aerospace/Defense — 2.0%** | | | |
|  AI Convoy (Luxembourg) S.a.r.l.<br>USD Term Loan B, 8.174%, 6M LIBOR + 3.500%, 01/18/27 | 606031 | $| 598758 |
|  Dynasty Acquisition Co., Inc.<br>Term Loan B1, 7.923%, 1M LIBOR + 3.500%, 04/06/26 | 2216759 |  | 2118923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, 7.923%, 1M LIBOR + 3.500%, 04/06/26 | 1191900 |  | 1139295 |
|  TransDigm, Inc.<br>2022 Term Loan H, 7.791%, 3M LIBOR + 3.250%, 02/22/27 | 1625549 |  | 1622375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan F, 6.980%, 3M LIBOR + 2.250%, 12/09/25 | 4780007 |  | 4727843 |
|  WP CPP Holdings LLC<br>Term Loan, 8.170%, 3M LIBOR + 3.750%, 04/30/25 | 2572028 |  | 2253740 |
|  |  |  | 12460934 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
|  Alltech, Inc.<br>Term Loan B, 8.384%, 1M LIBOR + 4.000%, 10/13/28 | 519750 |  | 489215 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
|  American Airlines, Inc.<br>Term Loan, 8.993%, 3M LIBOR + 4.750%, 04/20/28 | 1000000 |  | 996875 |
|  Mileage Plus Holdings LLC<br>Term Loan B, 9.996%, 3M LIBOR + 5.250%, 06/21/27 | 652500 |  | 672618 |
|  |  |  | 1669493 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
|  American Trailer World Corp.<br>Term Loan B, 8.173%, 1M TSFR + 3.750%, 03/03/28 | 709809 |  | 617313 |
| **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** |
|  Adient U.S. LLC<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/10/28 | 886500 |  | 877451 |
|  Autokiniton U.S. Holdings, Inc.<br>Term Loan B, 8.792%, 1M LIBOR + 4.500%, 04/06/28 | 1723750 |  | 1672037 |
|  Clarios Global L.P.<br>USD Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/30/26 | 3528743 |  | 3469929 |
|  DexKo Global, Inc.<br>2021 USD Term Loan B, 8.593%, 1M LIBOR + 3.750%, 10/04/28 | 893250 |  | 803786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Term Loan, 11.080%, 3M TSFR + 6.500%, 10/04/28 | 925000 |  | 864875 |
|  Garrett LX I S.a r.l.<br>USD Term Loan B, 7.670%, 3M LIBOR + 3.250%, 04/30/28 | 666563 |  | 651565 |
|  Truck Hero, Inc.<br>Term Loan B, 8.134%, 1M LIBOR + 3.750%, 01/31/28 | 1080750 |  | 932437 |
|  |  |  | 9272080 |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
|  Walker & Dunlop, Inc.<br>2022 Incremental Term Loan B, 12/17/29 (b) | 775000 |  | 767250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 6.673%, 1M TSFR + 2.250%, 12/16/28 | 1188000 |  | 1167210 |
|  |  |  | 1934460 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
|  Arterra Wines Canada, Inc.<br>Term Loan, 8.230%, 3M LIBOR + 3.500%, 11/24/27 | 906500 |  | 851638 |
|  City Brewing Co. LLC<br>Term Loan, 7.792%, 1M LIBOR + 3.500%, 04/05/28 | 665942 |  | 299674 |
|  Triton Water Holdings, Inc.<br>Term Loan, 8.230%, 3M LIBOR + 3.500%, 03/31/28 | 1280502 |  | 1195028 |
|  |  |  | 2346340 |
| **Building Materials — 2.4%** | **Building Materials — 2.4%** | **Building Materials — 2.4%** | **Building Materials — 2.4%** |
|  ACProducts, Inc.<br>Term Loan B, 8.980%, 3M LIBOR + 4.250%, 05/17/28 | 2834344 |  | 2132843 |
|  Chamberlain Group, Inc.<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 11/03/28 | 1707750 |  | 1615603 |
|  Cornerstone Building Brands, Inc.<br>Term Loan B, 7.568%, 1M LIBOR + 3.250%, 04/12/28 | 786000 |  | 709120 |
|  CPG International, Inc.<br>Term Loan B, 6.823%, 1M TSFR + 2.500%, 04/28/29 | 972563 |  | 948552 |
|  Icebox Holdco III, Inc.<br>1st Lien Term Loan, 7.980%, 3M LIBOR + 3.500%, 12/22/28 | 918855 |  | 851952 |
|  MI Windows & Doors LLC<br>Term Loan, 7.923%, 1M TSFR + 3.500%, 12/18/27 | 260023 |  | 257423 |
|  Oscar AcquisitionCo LLC<br>Term Loan B, 9.180%, 3M TSFR + 4.500%, 04/29/29 | 947625 |  | 898383 |
|  Quikrete Holdings, Inc.<br>1st Lien Term Loan, 7.009%, 1M LIBOR + 2.625%, 02/01/27 | 4181712 |  | 4145703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B1, 7.384%, 1M LIBOR + 3.000%, 06/11/28 | 2282750 |  | 2268008 |
|  Standard Industries, Inc.<br>Term Loan B, 6.425%, 3M LIBOR + 2.250%, 09/22/28 | 1213231 |  | 1199920 |
|  |  |  | 15027507 |
| **Chemicals — 3.8%** | **Chemicals — 3.8%** | **Chemicals — 3.8%** | **Chemicals — 3.8%** |
|  Aruba Investments, Inc.<br>USD Term Loan, 8.387%, 1M LIBOR + 3.750%, 11/24/27 | 663230 |  | 646097 |
|  Axalta Coating Systems Dutch Holding B B.V<br>USD Term Loan B, 7.506%, 3M TSFR + 3.000%, 12/20/29 | 1550000 |  | 1553148 |
|  CPC Acquisition Corp.<br>Term Loan, 8.480%, 3M LIBOR + 3.750%, 12/29/27 | 687750 |  | 502058 |
|  Flint Group GmbH<br>Term Loan C, 0.750%, 09/21/23 (i) | 91093 |  | 67256 |
|  Flint Group U.S. LLC<br>USD 1st Lien Term Loan B2, 8.575%, 3M LIBOR + 4.250%, 09/21/23 | 551035 |  | 406846 |
|  Illuminate Buyer LLC<br>Term Loan, 7.884%, 1M LIBOR + 3.500%, 06/30/27 | 699319 |  | 671491 |
|  INEOS Enterprises Holdings U.S. Finco LLC<br>USD Term Loan B, 8.235%, 3M LIBOR + 3.500%, 08/28/26 | 178904 |  | 173537 |
|  INEOS Styrolution U.S. Holding LLC<br>USD Term Loan B, 7.134%, 1M LIBOR + 2.750%, 01/29/26 | 2265500 |  | 2231518 |
|  INEOS U.S. Finance LLC<br>2022 USD Term Loan B, 8.173%, 1M TSFR + 3.750%, 11/08/27 | 2976563 |  | 2936563 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 6.923%, 1M LIBOR + 2.500%, 11/08/28 | 669938 |  | 646908 |
|  Kraton Corp.<br>USD Term Loan, 8.040%, 3M TSFR + 3.250%, 03/15/29 | 496250 |  | 493381 |
|  Lonza Group AG<br>USD Term Loan B, 8.730%, 3M LIBOR + 4.000%, 07/03/28 | 1800383 |  | 1661754 |
|  LSF11 Skyscraper Holdco S.a r.l.<br>USD Term Loan B, 8.230%, 3M LIBOR + 3.500%, 09/29/27 | 1940696 |  | 1901882 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a)—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
|  Messer Industries GmbH<br>USD Term Loan, 7.230%, 3M LIBOR + 2.500%, 03/02/26 | 1429810 | $| 1419421 |
|  Olympus Water U.S. Holding Corp.<br>Incremental Term Loan, 9.180%, 3M TSFR + 4.500%, 11/09/28 | 397000 |  | 385834 |
|  PQ Corp.<br>Term Loan B, 6.915%, 3M LIBOR + 2.500%, 06/09/28 | 2275350 |  | 2245486 |
|  Starfruit Finco B.V.<br>2018 USD Term Loan B, 7.165%, 3M LIBOR + 2.750%, 10/01/25 | 1806550 |  | 1785323 |
|  Trinseo Materials Operating S.C.A.<br>Term Loan B2, 6.884%, 1M LIBOR + 2.500%, 05/03/28 | 886500 |  | 828416 |
|  Tronox Finance LLC<br>Incremental Term Loan, 7.830%, 3M TSFR + 3.250%, 04/04/29 | 272938 |  | 270208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 6.634%, 1M LIBOR + 2.250%, 03/10/28 | 1353000 |  | 1314327 |
|  W.R. Grace & Co.<br>Term Loan B, 8.500%, 3M LIBOR + 3.750%, 09/22/28 | 1237500 |  | 1217971 |
|  |  |  | 23359425 |
| **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** |
|  American Consolidated Natural Resources, Inc.<br>Exit Term Loan, 17.327%, 1M LIBOR + 13.000%, 09/16/25 (i) | 36612 |  | 36887 |
|  Oxbow Carbon LLC<br>Term Loan B, 8.980%, 3M LIBOR + 4.250%, 10/17/25 | 288438 |  | 287356 |
|  |  |  | 324243 |
| **Commercial Services — 7.5%** | **Commercial Services — 7.5%** | **Commercial Services — 7.5%** | **Commercial Services — 7.5%** |
|  AEA International Holdings (Lux) S.a.r.l.<br>Term Loan B, 8.500%, 3M LIBOR + 3.750%, 09/07/28 | 3118500 |  | 3079519 |
|  Albion Financing 3 S.a.r.l.<br>USD Term Loan, 9.575%, 3M LIBOR + 5.250%, 08/17/26 | 2202750 |  | 2090778 |
|  Allied Universal Holdco LLC<br>USD Incremental Term Loan B, 8.173%, 1M LIBOR + 3.750%, 05/12/28 | 2803574 |  | 2666549 |
|  Amentum Government Services Holdings LLC<br>Term Loan, 8.528%, 3M TSFR + 4.000%, 02/15/29 | 820875 |  | 801379 |
|  American Residential Services LLC<br>Term Loan B, 8.230%, 3M LIBOR + 3.500%, 10/15/27 | 539000 |  | 526199 |
|  APFS Staffing Holdings, Inc.<br>Term Loan, 8.136%, 3M TSFR + 4.000%, 12/29/28 | 297750 |  | 285096 |
|  APi Group DE, Inc.<br>Incremental Term Loan B, 7.134%, 1M LIBOR + 2.750%, 01/03/29 | 887705 |  | 882342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 6.884%, 1M LIBOR + 2.500%, 10/01/26 | 1221217 |  | 1214194 |
|  Belron Finance U.S. LLC<br>USD Term Loan B, 7.063%, 3M LIBOR + 2.500%, 04/13/28 | 859688 |  | 854673 |
|  CCRR Parent, Inc.<br>Term Loan B, 8.140%, 1M LIBOR + 3.750%, 03/06/28 | 516183 |  | 493922 |
|  CHG Healthcare Services, Inc.<br>Term Loan, 7.634%, 1M LIBOR + 3.250%, 09/29/28 | 1185000 |  | 1161959 |
|  CoreLogic, Inc.<br>Term Loan, 7.938%, 1M LIBOR + 3.500%, 06/02/28 | 2898406 |  | 2426206 |
|  Corporation Service Co.<br>Term Loan B, 7.673%, 1M TSFR + 3.250%, 11/02/29 | 375000 |  | 372187 |
|  EAB Global, Inc.<br>Term Loan, 7.884%, 1M LIBOR + 3.500%, 08/16/28 | 1262250 |  | 1217395 |
| **Commercial Services —(Continued)** | **Commercial Services —(Continued)** | **Commercial Services —(Continued)** | **Commercial Services —(Continued)** |
|  Electro Rent Corp.<br>2022 Term Loan, 9.278%, 3M LIBOR + 5.500%, 11/01/24 | 1879870 |  | 1814075 |
|  Employbridge Holding Co.<br>2021 Term Loan B, 9.494%, 3M LIBOR + 4.750%,<br>07/19/28 | 1604688 |  | 1327879 |
|  Ensemble RCM LLC<br>Term Loan, 7.944%, 3M TSFR + 3.750%, 08/03/26 | 2223413 |  | 2202222 |
|  Foundational Education Group, Inc.<br>1st Lien Term Loan, 8.592%, 3M TSFR + 3.750%, 08/31/28 | 594000 |  | 534600 |
|  Garda World Security Corp.<br>Term Loan B, 8.930%, 3M LIBOR + 4.250%, 10/30/26 | 1803894 |  | 1759924 |
|  Hertz Corp. (The)<br>Term Loan B, 7.630%, 1M LIBOR + 3.250%, 06/30/28 | 1098163 |  | 1080318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, 7.630%, 1M LIBOR + 3.250%, 06/30/28 | 210113 |  | 206699 |
|  Indy U.S. Bidco LLC<br>USD Term Loan, 8.134%, 1M LIBOR + 3.750%, 03/05/28 | 663230 |  | 579773 |
|  KUEHG Corp.<br>Incremental Term Loan, 8.480%, 3M LIBOR + 3.750%, 02/21/25 | 1375214 |  | 1324289 |
|  Monitronics International, Inc.<br>Takeback Term Loan, 11.915%, 3M LIBOR + 6.500%, 03/29/24 | 1265596 |  | 852696 |
|  NAB Holdings LLC<br>Term Loan, 7.730%, 3M TSFR + 3.000%, 11/23/28 | 2006735 |  | 1959075 |
|  PECF USS Intermediate Holding III Corp.<br>Term Loan B, 8.634%, 1M LIBOR + 4.250%, 12/15/28 | 693000 |  | 580315 |
|  Prime Security Services Borrower LLC<br>Term Loan, 6.505%, 3M LIBOR + 2.750%, 09/23/26 | 2267014 |  | 2249109 |
|  Sabre GLBL, Inc.<br>Term Loan B1, 7.884%, 1M LIBOR + 3.500%, 12/17/27 | 303771 |  | 276052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, 7.884%, 1M LIBOR + 3.500%, 12/17/27 | 484229 |  | 440043 |
|  Sotheby's<br>Term Loan B, 8.579%, 3M LIBOR + 4.500%, 01/15/27 | 373657 |  | 365561 |
|  Spin Holdco, Inc.<br>Term Loan, 7.144%, 3M LIBOR + 4.000%, 03/04/28 | 3979125 |  | 3394691 |
|  Trans Union LLC<br>Term Loan B5, 6.134%, 1M LIBOR + 1.750%, 11/16/26 | 1988307 |  | 1964695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B6, 6.634%, 1M LIBOR + 2.250%, 12/01/28 | 1811927 |  | 1796356 |
|  TruGreen L.P.<br>Term Loan, 8.384%, 1M LIBOR + 4.000%, 11/02/27 | 539000 |  | 477015 |
|  TTF Holdings LLC<br>Term Loan, 8.384%, 1M LIBOR + 4.000%, 03/31/28 | 539106 |  | 533041 |
|  Vaco Holdings LLC<br>Term Loan, 9.730%, 3M TSFR + 5.000%, 01/21/29 | 297000 |  | 287162 |
|  Verscend Holding Corp.<br>Term Loan B, 8.384%, 1M LIBOR + 4.000%, 08/27/25 | 2033229 |  | 2025604 |
|  Wex, Inc.<br>Term Loan, 6.634%, 1M LIBOR + 2.250%, 03/31/28 | 442125 |  | 440225 |
|  |  |  | 46543817 |
| **Computers — 3.3%** | **Computers — 3.3%** | **Computers — 3.3%** | **Computers — 3.3%** |
|  Imprivata, Inc.<br>Incremental Term Loan, 8.573%, 1M TSFR + 4.250%, 12/01/27 | 248750 |  | 240588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.134%, 1M LIBOR + 3.750%, 12/01/27 | 1056188 |  | 1018957 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a)—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Computers —(Continued)** | **Computers —(Continued)** | **Computers —(Continued)** | **Computers —(Continued)** |
|  Magenta Buyer LLC<br>USD 1st Lien Term Loan, 9.170%, 3M LIBOR + 4.750%, 07/27/28 | 4504500 | $| 3879501 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD 2nd Lien Term Loan, 12.670%, 3M LIBOR + 8.250%, 07/27/29 | 1075000 |  | 849250 |
|  McAfee LLC<br>USD Term Loan B, 7.974%, 1M TSFR + 3.750%, 03/01/29 | 3034750 |  | 2837491 |
|  NCR Corp.<br>Term Loan, 6.920%, 3M LIBOR + 2.500%, 08/28/26 | 1369072 |  | 1333704 |
|  Panther Commercial Holdings L.P.<br>Term Loan, 8.665%, 3M LIBOR + 4.250%, 01/07/28 | 1899396 |  | 1718004 |
|  Redstone Holdco 2 L.P.<br>Term Loan, 9.108%, 3M LIBOR + 4.750%, 04/27/28 | 2370000 |  | 1657815 |
|  SITEL Worldwide Corp.<br>USD Term Loan, 8.140%, 1M LIBOR + 3.750%, 08/28/28 | 1999688 |  | 1979691 |
|  Tempo Acquisition LLC<br>Term Loan B, 7.323%, 1M TSFR + 3.000%, 08/31/28 | 1536635 |  | 1533434 |
|  Verifone Systems, Inc.<br>1st Lien Term Loan, 8.359%, 3M LIBOR + 4.000%, 08/20/25 | 2741296 |  | 2521992 |
|  Vision Solutions, Inc.<br>Incremental Term Loan, 8.358%, 3M LIBOR + 4.000%, 04/24/28 | 1358988 |  | 1130791 |
|  |  |  | 20701218 |
| **Cosmetics/Personal Care — 0.7%** | **Cosmetics/Personal Care — 0.7%** | **Cosmetics/Personal Care — 0.7%** | **Cosmetics/Personal Care — 0.7%** |
|  Conair Holdings LLC<br>Term Loan B, 8.480%, 3M LIBOR + 3.750%, 05/17/28 | 1580000 |  | 1335100 |
|  Journey Personal Care Corp.<br>Term Loan B, 8.980%, 3M LIBOR + 4.250%, 03/01/28 | 1557609 |  | 1146790 |
|  Sunshine Luxembourg ViII S.a.r.l<br>Term Loan B3, 8.480%, 3M LIBOR + 3.750%, 10/01/26 | 1915875 |  | 1839506 |
|  |  |  | 4321396 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
|  Core & Main L.P.<br>Term Loan B, 7.416%, 6M LIBOR + 2.500%, 07/27/28 | 1431875 |  | 1417198 |
|  Gloves Buyer, Inc.<br>Term Loan, 8.384%, 1M LIBOR + 4.000%, 12/29/27 | 566745 |  | 510071 |
|  |  |  | 1927269 |
| **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** |
|  Advisor Group, Inc.<br>Term Loan, 8.884%, 1M LIBOR + 4.500%, 07/31/26 | 1456216 |  | 1428001 |
|  Aretec Group, Inc.<br>Term Loan, 8.673%, 1M TSFR + 4.250%, 10/01/25 | 3588421 |  | 3516653 |
|  Astra Acquisition Corp.<br>1st Lien Term Loan, 9.634%, 1M LIBOR + 5.250%, 10/25/28 | 1187371 |  | 1056760 |
|  Avolon TLB Borrower 1 (U.S.) LLC<br>Term Loan B5, 6.603%, 1M LIBOR + 2.250%, 12/01/27 | 1666000 |  | 1664569 |
|  Deerfield Dakota Holding LLC<br>USD Term Loan B, 8.073%, 1M TSFR + 3.750%, 04/09/27 | 1852500 |  | 1733825 |
|  Ditech Holding Corp.<br>Term Loan, 3M LIBOR, 06/30/23 (c) | 1824660 |  | 200712 |
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
|  Edelman Financial Center LLC<br>Term Loan B, 7.884%, 1M LIBOR + 3.500%, 04/07/28 | 1723750 |  | 1617555 |
|  Fiserv Investment Solutions, Inc.<br>Term Loan B, 8.325%, 1M LIBOR + 4.000%, 02/18/27 | 487500 |  | 464039 |
|  Focus Financial Partners LLC<br>2022 Term Loan B5, 7.573%, 1M TSFR + 3.250%, 06/30/28 | 349125 |  | 345721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B4, 6.823%, 1M LIBOR + 2.500%, 06/30/28 | 1010099 |  | 995369 |
|  Franklin Square Holdings L.P.<br>Term Loan B, 6.688%, 1M LIBOR + 2.250%, 08/01/25 | 478748 |  | 476354 |
|  Guggenheim Partners LLC<br>2022 Term Loan B, 7.573%, 3M TSFR + 3.250%, 12/12/29 | 5013975 |  | 4970103 |
|  Hudson River Trading LLC<br>Term Loan, 7.438%, 1M TSFR + 3.000%, 03/20/28 | 2311288 |  | 2189326 |
|  LHS Borrower LLC 2022<br>Term Loan B, 9.050%, 1M TSFR + 4.750%, 02/16/29 | 1516530 |  | 1241659 |
|  LPL Holdings, Inc.<br>Term Loan B1, 5.870%, 1M LIBOR + 1.750%, 11/12/26 | 1261000 |  | 1256114 |
|  NFP Corp.<br>Term Loan, 7.634%, 1M LIBOR + 3.250%, 02/15/27 | 1104578 |  | 1059566 |
|  Victory Capital Holdings, Inc.<br>Incremental Term Loan B, 5.962%, 3M TSFR + 2.250%, 12/29/28 | 482673 |  | 477545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 5.962%, 3M TSFR + 2.250%, 07/01/26 | 768058 |  | 764538 |
|  |  |  | 25458409 |
| **Electric — 0.5%** |  |  |  |
|  Calpine Construction Finance Co. L.P.<br>Term Loan B, 6.384%, 1M LIBOR + 2.000%, 01/15/25 | 1198730 |  | 1197512 |
|  Calpine Corp.<br>Term Loan B5, 6.890%, 1M LIBOR + 2.500%, 12/16/27 | 1993968 |  | 1978044 |
|  Longview Power LLC<br>Exit Term Loan, 13.674%, 3M LIBOR + 13.674%, 07/30/25 | 76615 |  | 75465 |
|  |  |  | 3251021 |
| **Electrical Components & Equipment — 0.3%** |  |  |  |
|  Creation Technologies, Inc.<br>Term Loan, 9.248%, 3M LIBOR + 5.500%, 10/05/28 | 1094500 |  | 881073 |
|  Energizer Holdings, Inc.<br>Term Loan, 6.625%, 1M LIBOR + 2.250%, 12/22/27 | 955521 |  | 939994 |
|  |  |  | 1821067 |
| **Electronics — 0.3%** |  |  |  |
|  II-VI, Inc.<br>Term Loan B, 7.134%, 3M LIBOR + 2.750%, 07/02/29 | 1102098 |  | 1094659 |
|  Mirion Technologies, Inc.<br>Term Loan, 7.901%, 6M LIBOR + 2.750%, 10/20/28 | 767250 |  | 755182 |
|  |  |  | 1849841 |
| **Engineering & Construction — 0.6%** |  |  |  |
|  Aegion Corp.<br>Term Loan, 9.134%, 1M LIBOR + 4.750%, 05/17/28 | 469062 |  | 439452 |
|  Brown Group Holding LLC<br>2022 Incremental Term Loan B2, 7.925%, 3M TSFR + 3.750%, 07/02/29 | 249375 |  | 248952 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a)—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Engineering & Construction—(Continued)** | | | |
|  Brown Group Holding, LLC<br>Term Loan B, 6.884%, 1M LIBOR + 2.500%, 06/07/28 | 1329867 | $| 1308495 |
|  Centuri Group, Inc.<br>Term Loan B, 6.884%, 1M LIBOR + 2.500%, 08/27/28 | 812455 |  | 800776 |
|  KKR Apple Bidco LLC<br>Term Loan, 7.134%, 1M LIBOR + 2.750%, 09/23/28 | 173250 |  | 171071 |
|  Rockwood Service Corp.<br>Term Loan, 8.634%, 1M LIBOR + 4.250%, 01/23/27 | 526097 |  | 520507 |
|  USIC Holdings, Inc.<br>Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/12/28 | 167734 |  | 160570 |
|  |  |  | 3649823 |
| **Entertainment — 1.8%** |  |  |  |
|  AMC Entertainment Holdings, Inc.<br>Term Loan B, 7.274%, 1M LIBOR + 3.000%, 04/22/26 | 1564063 |  | 851856 |
|  Crown Finance U.S., Inc.<br>2022 DIP Term Loan, 14.281%, 1M TSFR + 10.000%,<br>09/07/23 | 1441742 |  | 1421558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incremental Term Loan, 09/30/26 (c) | 1267476 |  | 233592 |
|  Great Canadian Gaming Corp.<br>Term Loan, 8.753%, 3M LIBOR + 4.000%, 11/01/26 | 572125 |  | 563304 |
|  SeaWorld Parks & Entertainment, Inc.<br>Term Loan B, 7.438%, 1M LIBOR + 3.000%, 08/25/28 | 987500 |  | 972585 |
|  SMG U.S. Midco 2, Inc.<br>Term Loan, 6.915%, 1M LIBOR + 2.500%, 01/23/25 | 214431 |  | 209874 |
|  Stars Group Holdings B.V. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Term Loan B, 8.092%, 3M TSFR + 3.250%,<br>07/22/28 | 1496250 |  | 1491387 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Incremental Term Loan, 6.980%, 3M LIBOR + 2.250%, 07/21/26 | 2394688 |  | 2367582 |
|  Twin River Worldwide Holdings, Inc.<br>Term Loan B, 7.542%, 3M LIBOR + 3.250%, 10/02/28 | 1262250 |  | 1175997 |
|  UFC Holdings LLC<br>Term Loan B, 7.110%, 3M LIBOR + 2.750%, 04/29/26 | 2034670 |  | 2012256 |
|  |  |  | 11299991 |
| **Environmental Control — 1.5%** | **Environmental Control — 1.5%** | **Environmental Control — 1.5%** | **Environmental Control — 1.5%** |
|  Covanta Holding Corp.<br>Term Loan B, 6.823%, 1M TSFR + 2.500%, 11/30/28 | 438585 |  | 435935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, 6.823%, 1M TSFR + 2.500%, 11/30/28 | 33101 |  | 32901 |
|  EnergySolutions LLC<br>Term Loan B, 8.480%, 3M LIBOR + 3.750%, 05/09/25 | 993024 |  | 927856 |
|  EWT Holdings III Corp.<br>Term Loan, 6.688%, 1M LIBOR + 2.250%, 04/01/28 | 960375 |  | 950371 |
|  Filtration Group Corp.<br>1st Lien Term Loan, 7.384%, 1M LIBOR + 3.000%,<br>03/29/25 | 701518 |  | 695764 |
|  GFL Environmental, Inc.<br>Term Loan, 7.415%, 3M LIBOR + 3.000%, 05/30/25 | 1325979 |  | 1327636 |
|  Harsco Corp.<br>Term Loan, 6.688%, 1M LIBOR + 2.250%, 03/10/28 | 394000 |  | 369211 |
|  Madison IAQ LLC<br>Term Loan, 7.988%, 3M LIBOR + 3.250%, 06/21/28 | 3010669 |  | 2804941 |
|  Northstar Group Services, Inc.<br>Term Loan B, 9.938%, 1M LIBOR + 5.500%, 11/12/26 | 1357711 |  | 1339891 |
| **Environmental Control —(Continued)** | **Environmental Control —(Continued)** | **Environmental Control —(Continued)** | **Environmental Control —(Continued)** |
|  Robertshaw U.S. Holding Corp.<br>1st Lien Term Loan, 7.889%, 1M LIBOR + 3.500%, 02/28/25 | 1051349 |  | 722802 |
|  |  |  | 9607308 |
| **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** |
|  CHG PPC Parent LLC<br>Term Loan, 7.438%, 1M LIBOR + 3.000%, 12/08/28 | 521063 |  | 505431 |
|  Del Monte Foods, Inc.<br>Term Loan, 8.671%, 1M TSFR + 4.250%, 05/16/29 | 205000 |  | 199362 |
|  Froneri International, Ltd.<br>USD Term Loan, 6.634%, 1M LIBOR + 2.250%, 01/29/27 | 1828125 |  | 1781590 |
|  Monogram Food Solutions LLC<br>Term Loan B, 8.438%, 1M LIBOR + 4.000%, 08/28/28 | 594000 |  | 574695 |
|  Nomad Foods Europe Midco Ltd.<br>2022 Term Loan B, 8.225%, 3M TSFR + 3.750%, 11/12/29 | 1296551 |  | 1295471 |
|  Sovos Brands Intermediate, Inc.<br>Term Loan, 7.915%, 3M LIBOR + 3.500%, 06/08/28 | 538828 |  | 527153 |
|  U.S. Foods, Inc.<br>Term Loan B, 6.384%, 1M LIBOR + 2.000%, 09/13/26 | 1230396 |  | 1220678 |
|  |  |  | 6104380 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
|  Aramark Services, Inc.<br>Term Loan B3, 6.134%, 1M LIBOR + 1.750%, 03/11/25 | 816080 |  | 810979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B4, 6.134%, 1M LIBOR + 1.750%, 01/15/27 | 932500 |  | 919911 |
|  |  |  | 1730890 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
|  Asplundh Tree Expert LLC<br>Term Loan B, 6.134%, 1M LIBOR + 1.750%, 09/07/27 | 1075250 |  | 1071778 |
| **Hand/Machine Tools — 0.4%** |  |  |  |
|  Alliance Laundry Systems LLC<br>Term Loan B, 7.409%, 3M LIBOR + 3.500%, 10/08/27 | 1017750 |  | 998667 |
|  Apex Tool Group LLC<br>Term Loan, 9.667%, 1M TSFR + 5.250%, 02/08/29 | 1667253 |  | 1447906 |
|  |  |  | 2446573 |
| **Healthcare-Products — 0.6%** |  |  |  |
|  Avantor Funding, Inc.<br>Term Loan B5, 6.634%, 1M LIBOR + 2.250%, 11/08/27 | 1181852 |  | 1178158 |
|  CryoLife, Inc.<br>Term Loan B, 8.224%, 3M TSFR + 3.500%, 06/01/27 | 451250 |  | 419663 |
|  Curia Global, Inc.<br>Term Loan, 8.165%, 3M LIBOR + 3.750%, 08/30/26 | 1350414 |  | 1115216 |
|  ICU Medical, Inc.<br>Term Loan B, 7.194%, 3M TSFR + 2.500%, 01/08/29 | 645125 |  | 625166 |
|  Sotera Health Holdings LLC<br>Term Loan, 7.165%, 3M LIBOR + 2.750%, 12/11/26 | 575000 |  | 534391 |
|  |  |  | 3872594 |
| **Healthcare-Services — 3.2%** |  |  |  |
|  BW NHHC Holdco, Inc.<br>2018 1st Lien Term Loan, 9.738%, 3M LIBOR + 5.000%, 05/15/25 | 885687 |  | 575697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Super Priority Term Loan, 12.008%, 3M TSFR + 7.500%, 01/15/26 | 182877 |  | 173734 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Healthcare-Services—(Continued)** | | |
|  Cambrex Corp.<br>Term Loan, 7.923%, 1M TSFR + 3.500%, 12/04/26 | 265046 | $258213 |
|  Cano Health LLC<br>Term Loan, 8.423%, 1M TSFR + 4.000%, 11/23/27 | 2815412 | 2262887 |
|  Catalent Pharma Solutions, Inc.<br>Term Loan B3, 6.375%, 1M LIBOR + 2.000%, 02/22/28 | 822660 | 811862 |
|  Electron BidCo, Inc.<br>Term Loan, 7.384%, 1M LIBOR + 3.000%, 11/01/28 | 868438 | 846726 |
|  Envision Healthcare Corp.<br>First Out Term Loan, 12.605%, 3M TSFR + 7.875%, 03/31/27 | 476161 | 426164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 8.830%, 3M TSFR + 4.250%, 03/31/27 | 3369104 | 1094959 |
|  eResearchTechnology, Inc.<br>1st Lien Term Loan, 8.884%, 1M LIBOR + 4.500%,<br>02/04/27 | 294710 | 261801 |
|  Icon Luxembourg S.a.r.l.<br>Term Loan, 7.000%, 1M LIBOR, 07/03/28 | 243935 | 243478 |
|  Loire Finco Luxembourg S.a.r.l.<br>Term Loan, 7.384%, 1M LIBOR + 3.000%, 04/21/27 | 292584 | 275394 |
|  MedAssets Software Intermediate Holdings, Inc.<br>2nd Lien Term Loan 2, 11.134%, 1M LIBOR + 6.750%, 12/17/29 | 775000 | 597477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.384%, 1M LIBOR + 4.000%, 12/18/28 | 1215813 | 1031921 |
|  Midwest Physician Administrative Services LLC<br>Term Loan, 7.980%, 3M LIBOR + 3.250%, 03/12/28 | 466688 | 430324 |
|  National Mentor Holdings, Inc.<br>Term Loan, 8.480%, 3M LIBOR + 3.750%, 03/02/28 | 2116521 | 1486856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, 8.480%, 3M LIBOR + 3.750%, 03/02/28 | 59767 | 41986 |
|  Pacific Dental Services LLC<br>Term Loan, 7.854%, 1M LIBOR + 3.500%, 05/05/28 | 517125 | 504951 |
|  Pediatric Associates Holding Co. LLC<br>Delayed Draw Term Loan, 7.634%, 1M LIBOR + 3.250%, 12/29/28 (d) | 78652 | 74817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.634%, 1M LIBOR + 3.250%, 12/29/28 | 517145 | 491934 |
|  Phoenix Guarantor, Inc.<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 03/05/26 | 1592497 | 1497943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B3, 7.884%, 1M LIBOR + 3.500%, 03/05/26 | 1325024 | 1246351 |
|  Radiology Partners, Inc.<br>1st Lien Term Loan B, 8.639%, 1M LIBOR + 4.250%, 07/09/25 | 428497 | 361009 |
|  Radnet Management, Inc.<br>Term Loan, 7.735%, 3M LIBOR + 3.000%, 04/21/28 | 1058875 | 1030418 |
|  Select Medical Corp.<br>Term Loan B, 6.890%, 1M LIBOR + 2.500%, 03/06/25 | 2457947 | 2418389 |
|  Sound Inpatient Physicians<br>1st Lien Term Loan, 7.384%, 1M LIBOR + 3.000%, 06/27/25 | 405875 | 331803 |
|  Surgery Center Holdings, Inc.<br>Term Loan, 8.050%, 3M LIBOR + 3.750%, 08/31/26 | 1236556 | 1222335 |
|  |  | 19999429 |
| **Holding Companies-Diversified — 0.2%** |  |  |
|  Belfor Holdings Inc.<br>Term Loan B, 8.384%, 1M LIBOR + 4.000%, 04/06/26 | 1519681 | 1510817 |
| **Home Furnishings — 0.4%** |  |  |
|  AI Aqua Merger Sub, Inc.<br>1st Lien Term Loan B, 7.967%, 1M TSFR + 3.750%, 07/31/28 | 746250 | 703341 |
|  Mattress Firm, Inc.<br>Term Loan B, 8.976%, 3M LIBOR + 4.250%, 09/25/28 | 2260907 | 1935902 |
|  |  | 2639243 |
| **Household Durables — 0.1%** |  |  |
|  Libbey Glass Inc.<br>2022 Term Loan, 12.951%, 3M TSFR + 8.500%, 11/22/27 | 531548 | 496997 |
| **Household Products/Wares — 0.2%** |  |  |
|  Kronos Acquisition Holdings, Inc.<br>1st Lien Term Loan, 10.509%, 3M TSFR + 6.000%, 12/22/26 | 445500 | 433249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.485%, 3M LIBOR + 3.750%, 12/22/26 | 1151500 | 1099250 |
|  |  | 1532499 |
| **Housewares — 0.1%** |  |  |
|  Solis IV B.V.<br>USD Term Loan B1, 7.859%, 3M TSFR + 3.500%, 02/26/29 | 398997 | 353262 |
| **Insurance — 3.7%** |  |  |
|  Alliant Holdings Intermediate LLC<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 05/09/25 | 2619735 | 2589329 |
|  AmWINS Group, Inc.<br>Term Loan B, 6.634%, 1M LIBOR + 2.250%, 02/19/28 | 3871034 | 3804259 |
|  AssuredPartners, Inc.<br>2021 Term Loan B, 7.884%, 1M LIBOR + 3.500%, 02/12/27 | 169750 | 165294 |
|  Asurion LLC<br>2nd Lien Term Loan B3, 9.634%, 1M LIBOR + 5.250%,<br>01/31/28 | 1160000 | 910020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B10, 8.680%, 3M TSFR + 4.000%, 08/19/28 | 1010344 | 907415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B8, 7.634%, 1M LIBOR + 3.250%, 12/23/26 | 5292000 | 4724057 |
|  HUB International, Ltd.<br>Term Loan B, 7.327%, 3M LIBOR + 3.000%, 04/25/25 | 4369125 | 4329073 |
|  Ryan Specialty Group LLC<br>Term Loan, 7.423%, 1M TSFR + 3.000%, 09/01/27 | 1637313 | 1629809 |
|  Sedgwick Claims Management Services, Inc.<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 12/31/25 | 1056000 | 1029317 |
|  USI, Inc.<br>2022 Incremental Term Loan, 8.330%, 1M TSFR + 3.750%, 11/22/29 | 1566310 | 1553388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incremental Term Loan B, 7.980%, 3M LIBOR + 3.250%, 12/02/26 | 1188290 | 1181309 |
|  |  | 22823270 |
| **Internet — 3.3%** |  |  |
|  Adevinta ASA USD<br>Term Loan B, 7.480%, 3M LIBOR + 2.750%, 06/26/28 | 1258344 | 1247726 |
|  Buzz Finco LLC<br>Term Loan B, 7.134%, 1M LIBOR + 2.750%, 01/29/27 | 486250 | 480172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.634%, 1M LIBOR + 3.250%, 01/29/27 | 53545 | 53278 |
|  CNT Holdings I Corp.<br>Term Loan, 7.239%, 3M TSFR + 3.500%, 11/08/27 | 638625 | 619466 |
|  Endure Digital, Inc.<br>Term Loan, 7.717%, 1M LIBOR + 3.500%, 02/10/28 | 2807250 | 2533543 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Internet—(Continued)** | | |
|  Getty Images, Inc.<br>2019 USD Term Loan B, 8.938%, 1M LIBOR + 4.500%, 02/19/26 | 1812316 | 1805294 |
|  Go Daddy Operating Co. LLC<br>Term Loan B4, 6.384%, 1M LIBOR + 2.000%, 08/10/27 | 1048125 | 1040919 |
|  Hoya Midco LLC<br>Term Loan, 7.573%, 1M TSFR + 3.250%, 02/03/29 | 514239 | 509096 |
|  Imperva, Inc.<br>1st Lien Term Loan, 8.592%, 3M LIBOR + 4.000%,<br>01/12/26 | 537468 | 441396 |
|  Magnite, Inc.<br>Term Loan, 9.328%, 1M LIBOR + 5.000%, 04/28/28 | 664875 | 628307 |
|  Match Group, Inc.<br>Term Loan B, 6.488%, 3M LIBOR + 1.750%, 02/13/27 | 675000 | 663609 |
|  MH Sub I LLC<br>Incremental Term Loan, 8.134%, 1M LIBOR + 3.750%, 09/13/24 | 419620 | 408268 |
|  NortonLifeLock, Inc.<br>2022 Term Loan B, 6.423%, 1M TSFR + 2.000%, 09/12/29 | 975000 | 960679 |
|  Proofpoint, Inc.<br>1st Lien Term Loan, 7.985%, 3M LIBOR + 3.250%,<br>08/31/28 | 2623500 | 2527989 |
|  Uber Technologies, Inc.<br>1st Lien Term Loan B, 8.235%, 3M LIBOR + 3.500%, 04/04/25 | 1360875 | 1361725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.235%, 3M LIBOR + 3.500%, 02/25/27 | 5185688 | 5182447 |
|  |  | 20463914 |
| **Investment Companies — 0.4%** |  |  |
|  EIG Management Co. LLC<br>Term Loan B, 8.134%, 1M LIBOR + 3.750%, 02/22/25 | 238750 | 233378 |
|  FinCo I LLC<br>Term Loan B, 6.884%, 1M LIBOR + 2.500%, 06/27/25 | 1092573 | 1090524 |
|  Mariner Wealth Advisors LLC<br>Term Loan B, 8.078%, 3M TSFR + 3.250%, 08/18/28 | 841080 | 806385 |
|  |  | 2130287 |
| **Iron/Steel — 0.1%** |  |  |
|  Phoenix Services International LLC<br>2022 DIP PIK Roll Up Term Loan, 16.323%, 1M TSFR + 12.000%, 09/29/23 | 203227 | 196113 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIP New Money Term Loan, 11.935%, 1M TSFR + 12.000%, 03/28/23 | 146909 | 146909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 9.750%, PRIME + 2.750%, 03/01/25 (c) | 1097156 | 132001 |
|  |  | 475023 |
| **Leisure Time — 1.9%** | **Leisure Time — 1.9%** | **Leisure Time — 1.9%** |
|  Bombardier Recreational Products, Inc.<br>Term Loan, 6.384%, 1M LIBOR + 2.000%, 05/24/27 | 2079904 | 2014258 |
|  Carnival Corp.<br>Incremental Term Loan B, 7.634%, 6M LIBOR + 3.250%, 10/18/28 | 2945250 | 2763625 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 7.384%, 1M LIBOR + 3.000%, 06/30/25 | 1611697 | 1547229 |
|  City Football Group, Ltd.<br>Term Loan, 7.361%, 1M LIBOR + 3.000%, 07/21/28 | 1435500 | 1349370 |
| **Leisure Time —(Continued)** | **Leisure Time —(Continued)** | **Leisure Time —(Continued)** |
|  ClubCorp Holdings, Inc.<br>Term Loan B, 7.480%, 3M LIBOR + 2.750%, 09/18/24 | 1610750 | 1458736 |
|  Fender Musical Instruments Corp.<br>Term Loan B, 8.417%, 3M TSFR + 4.000%, 12/01/28 | 346719 | 280842 |
|  Hayward Industries, Inc.<br>Term Loan, 6.884%, 1M LIBOR + 2.500%, 05/30/28 | 788000 | 760091 |
|  MajorDrive Holdings LLC<br>Term Loan B, 8.813%, 3M LIBOR + 4.000%, 06/01/28 | 615625 | 580804 |
|  SRAM LLC<br>Term Loan B, 7.134%, 1M LIBOR + 2.750%, 05/18/28 | 219545 | 214331 |
|  Travel Leaders Group LLC<br>Term Loan B, 8.384%, 1M LIBOR + 4.000%, 01/25/24 | 1227420 | 1132295 |
|  |  | 12101581 |
| **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |
|  Fertitta Entertainment LLC<br>Term Loan B, 8.323%, 1M TSFR + 4.000%, 01/27/29 | 1945327 | 1851708 |
|  Four Seasons Hotels Ltd.<br>2022 Term Loan B, 7.437%, 1M TSFR + 3.250%, 11/30/29 | 835634 | 836621 |
|  Hilton Grand Vacations Borrower LLC<br>Term Loan B, 7.384%, 1M LIBOR + 3.000%, 08/02/28 | 938125 | 933317 |
|  Playa Resorts Holding B.V.<br>2022 Term Loan B, 8.576%, 3M TSFR + 4.250%, 01/05/29 | 1400000 | 1366750 |
|  Wyndham Hotels & Resorts, Inc.<br>Term Loan B, 6.134%, 1M LIBOR + 1.750%, 05/30/25 | 858000 | 858268 |
|  |  | 5846664 |
| **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** |
| Brookfield WEC Holdings, Inc.<br>Term Loan, 7.134%, 1M LIBOR + 2.750%, 08/01/25 | 3942454 | 3890954 |
| **Machinery-Diversified — 1.7%** | **Machinery-Diversified — 1.7%** | **Machinery-Diversified — 1.7%** |
| Ali Group North America Corp.<br>Term Loan B, 6.438%, 1M LIBOR + 2.000%, 07/30/29 | 1525667 | 1516131 |
| Clark Equipment Co.<br>Term Loan B, 7.180%, 3M TSFR + 2.500%, 04/20/29 | 818813 | 808782 |
| CPM Holdings, Inc.<br>1st Lien Term Loan, 7.620%, 1M LIBOR + 3.500%,<br>11/17/25 | 1757377 | 1731895 |
| DXP Enterprises, Inc.<br>Term Loan, 9.955%, 6M LIBOR + 5.250%, 12/16/27 | 813300 | 780768 |
| Engineered Machinery Holdings, Inc.<br>USD Incremental Term Loan, 7.730%, 3M LIBOR + 3.500%,<br>05/19/28 | 1684068 | 1633546 |
| Granite Holdings U.S. Acquisition Co.<br>Term Loan B, 8.750%, 3M LIBOR + 4.000%, 09/30/26 | 1252458 | 1253632 |
| SPX Flow, Inc.<br>Term Loan, 8.923%, 1M TSFR + 4.500%, 04/05/29 | 1446375 | 1349649 |
| Titan Acquisition, Ltd.<br>Term Loan B, 8.149%, 6M LIBOR + 3.000%, 03/28/25 | 1650993 | 1547577 |
|  |  | 10621980 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Media — 4.7%** | | |
| Charter Communications Operating LLC<br>Term Loan B2, 6.140%, 1M LIBOR + 1.750%, 02/01/27 | 1826271 | $1786464 |
|  CSC Holdings LLC<br>Term Loan B1, 6.568%, 1M LIBOR + 2.250%, 07/17/25 | 832168 | 789173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B5, 6.818%, 1M LIBOR + 2.500%, 04/15/27 | 1152413 | 1031409 |
|  Diamond Sports Group LLC<br>2nd Lien Term Loan, 7.567%, 1M TSFR + 3.250%,<br>08/24/26 | 2588664 | 336526 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Priority Term Loan, 12.317%, 1M TSFR + 8.100%,<br>05/25/26 | 528248 | 496553 |
|  GEE Holdings 2 LLC<br>2nd Lien Takeback Term Loan, 6.229%, 3M LIBOR + 1.500%, 03/23/26 (i) | 343523 | 258787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan, 12.729%, 3M LIBOR + 8.000%, 03/24/25 | 158328 | 158921 |
|  Gray Television, Inc.<br>Term Loan B, 6.884%, 1M LIBOR + 2.500%, 02/07/24 | 728863 | 729034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, 6.620%, 1M LIBOR + 2.500%, 01/02/26 | 552268 | 539151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan D, 7.120%, 1M LIBOR + 3.000%, 12/01/28 | 1064250 | 1035174 |
|  Hubbard Radio LLC<br>Term Loan B, 8.640%, 1M LIBOR + 4.250%, 03/28/25 | 435076 | 386130 |
|  iHeartCommunications, Inc.<br>Incremental Term Loan, 7.634%, 1M LIBOR + 3.250%, 05/01/26 | 334350 | 309796 |
|  LCPR Loan Financing LLC<br>Term Loan B, 8.068%, 1M LIBOR + 3.750%, 10/16/28 | 250000 | 248203 |
|  Mission Broadcasting, Inc.<br>Term Loan B, 6.620%, 1M LIBOR + 2.500%, 06/02/28 | 395000 | 392581 |
|  MJH Healthcare Holdings LLC<br>Term Loan B, 7.800%, 1M TSFR + 3.500%, 01/28/29 | 297750 | 287329 |
|  Nexstar Broadcasting, Inc.<br>Term Loan B4, 6.884%, 1M LIBOR + 2.500%, 09/18/26 | 229229 | 227760 |
|  Recorded Books, Inc.<br>Term Loan, 8.323%, 1M TSFR + 4.000%, 08/29/25 | 235231 | 230673 |
|  Sinclair Television Group, Inc.<br>Term Loan B2B, 6.890%, 1M LIBOR + 2.500%, 09/30/26 | 532125 | 508844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B3, 7.390%, 1M LIBOR + 3.000%, 04/01/28 | 1716999 | 1639734 |
|  Telenet Financing USD LLC<br>USD Term Loan AR, 6.318%, 1M LIBOR + 2.000%, 04/30/28 | 3500000 | 3411873 |
|  Univision Communications, Inc.<br>First Lien Term Loan B, 7.634%, 1M LIBOR + 3.250%, 03/15/26 | 1453199 | 1433218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C5, 7.134%, 1M LIBOR + 2.750%, 03/15/24 | 361585 | 361962 |
|  UPC Financing Partnership<br>USD Term Loan AX, 7.243%, 1M LIBOR + 2.925%, 01/31/29 | 3100000 | 3040260 |
|  Virgin Media Bristol LLC<br>Term Loan N, 6.818%, 1M LIBOR + 2.500%, 01/31/28 | 5850000 | 5760425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan Q, 7.568%, 1M LIBOR + 3.250%, 01/31/29 | 1125000 | 1115332 |
|  Ziggo Financing Partnership<br>Term Loan I, 6.818%, 1M LIBOR + 2.500%, 04/30/28 | 2975000 | 2906736 |
|  |  | 29422048 |
| **Metal Fabricate/Hardware — 1.0%** |  |  |
|  Ameriforge Group, Inc.<br>Exit Term Loan, 12.730%, 3M LIBOR + 8.000%,<br>02/01/26 (i) | 855796 | 424689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 17.384%, 1M LIBOR + 13.000%,<br>02/01/26 (d) (e) | 108223 | 53706 |
| **Metal Fabricate/Hardware —(Continued)** |  |  |
| Dynacast International LLC<br>First Out Term Loan, 9.199%, 3M LIBOR + 4.500%, 07/22/25 | 1351526 | $1178080 |
|  WireCo WorldGroup, Inc.<br>Term Loan, 8.938%, 3M LIBOR + 4.250%, 11/13/28 | 520412 | 507890 |
| Zekelman Industries, Inc.<br>Term Loan, 6.729%, 3M LIBOR + 2.000%, 01/24/27 | 4086253 | 3999056 |
|  |  | 6163421 |
| **Miscellaneous Manufacturing — 1.6%** |  |  |
|  Delachaux Group SA<br>USD Term Loan B2, 8.915%, 3M LIBOR + 4.500%, 04/16/26 | 374000 | 338470 |
|  Gates Global LLC<br>Term Loan B3, 6.884%, 1M LIBOR + 2.500%, 03/31/27 | 3615298 | 3546383 |
|  Gemini HDPE LLC<br>Term Loan B, 7.420%, 3M LIBOR + 3.000%, 12/31/27 | 648455 | 640998 |
|  Groupe Solmax, Inc.<br>Term Loan, 9.480%, 3M LIBOR + 4.750%, 05/29/28 | 1059430 | 884625 |
|  LTI Holdings, Inc.<br>1st Lien Term Loan, 7.884%, 1M LIBOR + 3.500%, 09/06/25 | 1198795 | 1150469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 9.134%, 1M LIBOR + 4.750%, 07/24/26 | 1183443 | 1134132 |
|  Momentive Performance Materials, Inc.<br>Term Loan B, 7.640%, 1M LIBOR + 3.250%, 05/15/24 | 2316000 | 2310210 |
|  |  | 10005287 |
| **Oil & Gas — 0.1%** |  |  |
|  QuarterNorth Energy Holding, Inc.<br>Exit 2nd Lien Term Loan, 12.384%, 1M LIBOR + 8.000%, 08/27/26 | 360142 | 359354 |
| **Oil & Gas Services — 0.0%** |  |  |
|  Lealand Finance Company B.V.<br>Take Back Term Loan, 5.384%, 1M LIBOR + 1.000%, 06/30/25 (i) | 284358 | 154975 |
| **Packaging & Containers — 2.5%** |  |  |
|  Berlin Packaging LLC<br>Term Loan B5, 8.480%, 3M LIBOR + 3.750%, 03/11/28 | 1357813 | 1309440 |
|  BWAY Holding Co.<br>Term Loan B, 7.370%, 1M LIBOR + 3.250%, 04/03/24 | 1842750 | 1802440 |
|  Charter NEX U.S., Inc.<br>Term Loan, 8.134%, 1M LIBOR + 3.750%, 12/01/27 | 417563 | 406080 |
|  Clydesdale Acquisition Holdings, Inc.<br>Term Loan B, 8.598%, 1M TSFR + 4.175%, 04/13/29 | 2611875 | 2495221 |
|  LABL, Inc.<br>USD 1st Lien Term Loan, 9.384%, 1M LIBOR + 5.000%, 10/29/28 | 1782000 | 1697911 |
|  Pregis TopCo Corp.<br>1st Lien Term Loan, 8.188%, 1M LIBOR + 3.750%, 07/31/26 | 557750 | 543876 |
|  Pretium PKG Holdings, Inc.<br>1st Lien Term Loan, 7.743%, 3M LIBOR + 4.000%, 10/02/28 | 668250 | 534361 |
|  Proampac PG Borrower LLC<br>Term Loan, 10.250%, 3M LIBOR + 2.750%, 11/03/25 | 934669 | 897477 |
|  Reynolds Group Holdings, Inc.<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 09/24/28 | 1061563 | 1050449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, 7.634%, 1M LIBOR + 3.250%, 02/05/26 | 1298500 | 1286814 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Packaging & Containers —(Continued)** | | |
| TricorBraun Holdings, Inc.<br>Term Loan, 7.634%, 1M LIBOR + 3.250%, 03/03/28 | 665542 | $636802 |
| Trident TPI Holdings, Inc.<br>Delayed Draw Term Loan, 8.387%, 1M LIBOR + 4.000%,<br>09/15/28 | 104726 | 100817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incremental Term Loan, 8.726%, 3M LIBOR + 4.000%, 09/15/28 | 735105 | 707670 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B1, 7.980%, 3M LIBOR + 3.250%, 10/17/24 | 1830298 | 1812280 |
|  |  | 15281638 |
| **Pharmaceuticals — 3.9%** |  |  |
|  Akorn, Inc.<br>Take Back Term Loan, 11.243%, 3M LIBOR + 7.500%, 10/01/25 (e) (f) | 238683 | 120105 |
|  Alkermes, Inc.<br>Term Loan B, 6.820%, 1M LIBOR + 2.500%, 03/12/26 | 340345 | 328433 |
|  Amneal Pharmaceuticals LLC<br>Term Loan B, 8.250%, 3M LIBOR + 3.500%, 05/04/25 | 2917516 | 2626220 |
|  Bausch Health Companies, Inc.<br>Term Loan B, 9.667%, 1M TSFR + 5.250%, 02/01/27 | 2203377 | 1707617 |
|  Bayou Intermediate II LLC<br>Term Loan B, 8.960%, 3M LIBOR + 4.500%, 08/02/28 | 767250 | 740396 |
|  Covis Finco S.a.r.l.<br>USD Term Loan B, 10.800%, 3M TSFR + 6.500%, 02/18/27 | 1010625 | 682172 |
|  Gainwell Acquisition Corp.<br>Term Loan B, 8.730%, 3M LIBOR + 4.000%, 10/01/27 | 5421439 | 5143590 |
|  Grifols Worldwide Operations USA, Inc.<br>USD Term Loan B, 6.384%, 1M LIBOR + 2.000%, 11/15/27 | 1050161 | 1016031 |
|  HLF Financing S.a r.l.<br>Term Loan B, 6.884%, 1M LIBOR + 2.500%, 08/18/25 | 855563 | 831322 |
|  Horizon Therapeutics USA, Inc.<br>Term Loan B, 6.438%, 1M LIBOR + 2.000%, 05/22/26 | 988299 | 988607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, 6.188%, 1M LIBOR + 1.750%, 03/15/28 | 1059413 | 1059678 |
|  Jazz Financing Lux S.a.r.l.<br>USD Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/05/28 | 1487778 | 1477136 |
|  LSCS Holdings, Inc.<br>1st Lien Term Loan, 8.884%, 1M LIBOR + 4.500%, 12/16/28 | 816750 | 781017 |
|  Mallinckrodt International Finance S.A.<br>USD Exit Term Loan, 10.236%, 3M LIBOR + 5.500%, 09/30/27 | 501548 | 381804 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan, 9.986%, 3M LIBOR + 5.250%, 09/30/27 | 3418951 | 2602676 |
|  Option Care Health, Inc.<br>Term Loan B, 7.134%, 1M LIBOR + 2.750%, 10/27/28 | 445500 | 443180 |
|  Packaging Coordinators Midco, Inc.<br>1st Lien Term Loan, 8.230%, 3M LIBOR + 3.500%, 11/30/27 | 1352419 | 1283783 |
|  Padagis LLC<br>Term Loan B, 8.491%, 3M LIBOR + 4.750%, 07/06/28 | 1741176 | 1540941 |
|  Pearl Intermediate Parent LLC<br>2nd Lien Term Loan, 10.634%, 1M LIBOR + 6.250%, 02/13/26 | 200000 | 185062 |
|  PetVet Care Centers LLC<br>Term Loan B3, 7.884%, 1M LIBOR + 3.500%, 02/14/25 | 319730 | 302145 |
|  PRA Health Sciences, Inc.<br>Term Loan, 7.000%, 3M LIBOR + 2.250%, 07/03/28 | 60777 | 60663 |
|  |  | 24302578 |
| **Pipelines — 0.8%** |  |  |
|  Centurion Pipeline Co. LLC<br>Incremental Term Loan, 8.384%, 1M LIBOR + 4.000%, 09/28/25 | 767676 | $754881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.634%, 1M LIBOR + 3.250%, 09/29/25 | 217688 | 214966 |
|  CQP Holdco L.P.<br>Term Loan B, 8.480%, 3M LIBOR + 3.750%, 06/05/28 | 1403625 | 1398947 |
|  Freeport LNG Investments LLLP<br>Term Loan B, 7.743%, 3M LIBOR + 3.500%, 12/21/28 | 763393 | 726416 |
|  ITT Holdings LLC<br>Term Loan, 7.134%, 1M LIBOR + 2.750%, 07/10/28 | 419688 | 415490 |
|  Oryx Midstream Services Permian Basin LLC<br>Term Loan B, 7.924%, 3M LIBOR + 3.250%, 10/05/28 | 906983 | 897488 |
|  UGI Energy Services LLC<br>Term Loan B, 7.884%, 1M LIBOR + 3.500%, 08/13/26 | 892625 | 890872 |
|  |  | 5299060 |
| **Real Estate — 0.6%** |  |  |
|  Cushman & Wakefield U.S. Borrower LLC<br>Term Loan B, 7.134%, 1M LIBOR + 2.750%, 08/21/25 | 2384353 | 2334182 |
|  RE/MAX International, Inc.<br>Term Loan B, 6.938%, 1M LIBOR + 2.500%, 07/21/28 | 1674500 | 1563564 |
|  |  | 3897746 |
| **Real Estate Investment Trusts — 0.1%** |  |  |
|  Iron Mountain, Inc.<br>Term Loan B, 6.384%, 1M LIBOR + 1.750%, 01/02/26 | 785813 | 776644 |
| **Retail — 3.3%** |  |  |
|  Dave & Buster's, Inc.<br>Term Loan B, 9.438%, 1M TSFR + 5.000%, 06/29/29 | 773063 | 771371 |
|  David's Bridal, Inc.<br>New Money Term Loan, 10.420%, 1M LIBOR + 6.000%, 12/31/24 (e) (f) | 301742 | 286716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Priority Term Loan, 06/23/23 (e) (f) | 251583 | 244363 |
|  Great Outdoors Group LLC<br>Term Loan B1, 8.134%, 1M LIBOR + 3.750%, 03/06/28 | 2474737 | 2386059 |
|  Harbor Freight Tools USA, Inc.<br>Term Loan B, 7.134%, 1M LIBOR + 2.750%, 10/19/27 | 1323000 | 1265325 |
|  IRB Holding Corp.<br>Term Loan B, 7.134%, 1M LIBOR + 2.750%, 02/05/25 | 2835950 | 2814680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.317%, 1M TSFR + 3.000%, 12/15/27 | 491250 | 476973 |
|  Les Schwab Tire Centers<br>Term Loan B, 6.580%, 3M LIBOR + 3.250%, 11/02/27 | 2846702 | 2825352 |
|  LIDS Holdings, Inc.<br>Term Loan, 10.106%, 3M TSFR + 5.500%, 12/14/26 | 503125 | 472938 |
|  Medical Solutions Holdings, Inc.<br>1st Lien Term Loan, 7.884%, 1M LIBOR + 3.500%, 11/01/28 | 1614049 | 1517206 |
|  Park River Holdings, Inc.<br>Term Loan, 6.993%, 3M LIBOR + 3.250%, 12/28/27 | 615620 | 541168 |
|  PetSmart, Inc.<br>Term Loan B, 8.130%, 1M LIBOR + 3.750%, 02/11/28 | 1308438 | 1286358 |
|  Phillips Feed Service, Inc.<br>Term Loan, 11.354%, 1M LIBOR + 7.000%, 11/13/24 (e) (f) | 11346 | 9077 |
|  Serta Simmons Bedding LLC<br>Super Priority First Out Term Loan, 12.269%, 3M LIBOR + 7.500%, 08/10/23 | 899300 | 890869 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Retail —(Continued)** | | |
|  Serta Simmons Bedding LLC<br>Super Priority Second Out Term Loan, 12.269%, 3M LIBOR + 7.500%, 08/10/23 | 2974325 | $1409830 |
|  SRS Distribution, Inc.<br>Incremental Term Loan, 7.923%, 1M TSFR + 3.500%, 06/02/28 | 421813 | 403886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.884%, 1M LIBOR + 3.500%, 06/02/28 | 1036875 | 990993 |
|  White Cap Buyer LLC<br>Term Loan B, 8.073%, 1M TSFR + 3.750%, 10/19/27 | 1984690 | 1922805 |
|  |  | 20515969 |
| **Semiconductors — 1.0%** |  |  |
|  Altar Bidco, Inc.<br>Term Loan, 7.993%, 1M TSFR + 3.500%, 02/01/29 | 1393000 | 1335016 |
|  Bright Bidco B.V.<br>2022 Exit Term Loan, 12.094%, 3M TSFR + 8.000%, 10/31/27 | 349299 | 306510 |
|  MKS Instruments, Inc.<br>USD Term Loan B, 7.171%, 1M TSFR + 2.750%, 08/17/29 | 2902725 | 2874476 |
|  Synaptics, Inc.<br>Term Loan B, 7.399%, 6M LIBOR + 2.250%, 12/02/28 | 444375 | 435487 |
|  Ultra Clean Holdings, Inc.<br>Term Loan B, 8.134%, 1M LIBOR + 3.750%, 08/27/25 | 999167 | 996669 |
|  |  | 5948158 |
| **Software — 15.1%** |  |  |
|  Applied Systems, Inc.<br>2022 Extended 1st Lien Term Loan, 9.080%, 3M LIBOR + 4.500%, 09/18/26 | 6402159 | 6386153 |
|  AppLovin Corp.<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 08/15/25 | 4129211 | 3986626 |
|  Aptean, Inc.<br>Term Loan, 8.985%, 3M LIBOR + 4.250%, 04/23/26 | 4722313 | 4533420 |
|  AQA Acquisition Holding, Inc.<br>1st Lien Term Loan, 8.985%, 3M LIBOR + 4.250%,<br>03/03/28 | 788000 | 754510 |
|  Banff Merger Sub, Inc.<br>2021 USD Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/02/25 | 4521442 | 4336818 |
|  Bracket Intermediate Holding Corp.<br>1st Lien Term Loan B, 7.998%, 3M LIBOR + 4.250%, 09/05/25 | 789938 | 752909 |
|  Camelot U.S. Acquisition LLC<br>Incremental Term Loan B, 7.384%, 1M LIBOR + 3.000%, 10/30/26 | 920981 | 908433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.384%, 1M LIBOR + 3.000%, 10/30/26 | 1432553 | 1415542 |
|  CDK Global, Inc.<br>USD Term Loan B, 9.080%, 3M TSFR + 4.500%, 07/06/29 | 2350000 | 2334027 |
|  CentralSquare Technologies LLC<br>1st Lien Term Loan, 8.480%, 3M LIBOR + 3.750%, 08/29/25 | 768000 | 666026 |
|  Ceridian HCM Holding, Inc.<br>Term Loan B, 6.884%, 1M LIBOR + 2.500%, 04/30/25 | 1316563 | 1298460 |
|  Cloudera, Inc.<br>2nd Lien Term Loan, 10.384%, 1M LIBOR + 6.000%, 10/08/29 | 850000 | 712937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/08/28 | 3027125 | 2877661 |
|  Constant Contact, Inc.<br>Term Loan, 7.909%, 3M LIBOR + 4.000%, 02/10/28 | 1778718 | 1579724 |
|  Cornerstone OnDemand, Inc.<br>Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/16/28 | 1463938 | 1313884 |
|  E2open LLC<br>Term Loan B, 7.685%, 1M LIBOR + 3.500%, 02/04/28 | 1158255 | 1141170 |
|  ECI Macola Max Holdings LLC<br>Term Loan, 8.480%, 3M LIBOR + 3.750%, 11/09/27 | 1275231 | 1225816 |
|  EP Purchaser LLC<br>Term Loan B, 8.230%, 3M LIBOR + 3.500%, 11/06/28 | 446625 | 442717 |
|  Epicor Software Corp.<br>Term Loan, 7.634%, 1M LIBOR + 3.250%, 07/30/27 | 6189087 | 5964733 |
|  Finastra USA, Inc.<br>1st Lien Term Loan, 6.871%, 3M LIBOR + 3.500%, 06/13/24 | 3287948 | 2917370 |
|  Grab Holdings, Inc.<br>Term Loan B, 8.890%, 1M LIBOR + 4.500%, 01/29/26 | 2083793 | 2063824 |
|  Greeneden U.S. Holdings II LLC<br>USD Term Loan B4, 8.384%, 1M LIBOR + 4.000%, 12/01/27 | 786000 | 756328 |
|  Hyland Software, Inc.<br>1st Lien Term Loan, 7.884%, 1M LIBOR + 3.500%, 07/01/24 | 6188725 | 6113025 |
|  Informatica LLC<br>USD Term Loan B, 7.188%, 1M LIBOR + 2.750%, 10/27/28 | 2927875 | 2883957 |
|  Ivanti Software, Inc.<br>Term Loan B, 9.011%, 3M LIBOR + 4.250%, 12/01/27 | 1517238 | 1211894 |
|  MA FinanceCo. LLC<br>USD Term Loan B4, 8.973%, 3M LIBOR + 4.250%, 06/05/25 | 1485353 | 1485353 |
|  Marcel LUX IV S.a.r.l.<br>USD Term Loan B1, 7.665%, 1M TSFR + 3.250%, 03/15/26 | 965000 | 952937 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 8.415%, 1M TSFR + 4.000%, 12/31/27 | 94905 | 93719 |
|  Maverick Bidco, Inc.<br>Term Loan, 8.165%, 3M LIBOR + 3.750%, 05/18/28 | 915808 | 870303 |
|  Mediaocean LLC<br>Term Loan, 7.884%, 1M LIBOR + 3.500%, 12/15/28 | 694750 | 635696 |
|  Mitnick Corporate Purchaser, Inc.<br>Term Loan, 8.944%, 3M TSFR + 4.750%, 05/02/29 | 473813 | 445088 |
|  Navicure, Inc.<br>Term Loan B, 8.384%, 1M LIBOR + 4.000%, 10/22/26 | 2635752 | 2601158 |
|  Open Text Corp.<br>2022 Term Loan B, 11/16/29 (b) | 1425000 | 1392641 |
|  Playtika Holding Corp.<br>Term Loan, 7.134%, 1M LIBOR + 2.750%, 03/13/28 | 1885246 | 1803683 |
|  PointClickCare Technologies, Inc.<br>Term Loan B, 7.750%, 6M LIBOR + 3.000%, 12/29/27 | 540375 | 526866 |
|  Project Ruby Ultimate Parent Corp.<br>Term Loan, 7.634%, 1M LIBOR + 3.250%, 03/10/28 | 1056188 | 1001002 |
|  Rackspace Technology Global, Inc.<br>Term Loan B, 7.380%, 3M LIBOR + 2.750%, 02/15/28 | 2839574 | 1787747 |
|  Realpage, Inc.<br>1st Lien Term Loan, 7.384%, 1M LIBOR + 3.000%, 04/24/28 | 2962500 | 2824744 |
|  Renaissance Holding Corp.<br>Incremental Term Loan, 8.717%, 1M TSFR + 4.500%, 03/30/29 | 199000 | 191786 |
|  Signify Health LLC<br>Term Loan B, 7.730%, 3M LIBOR + 3.000%, 06/22/28 | 345625 | 342169 |
|  SkillSoft Corp.<br>Term Loan, 9.582%, 1M TSFR + 5.250%, 07/14/28 | 635516 | 533172 |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (a)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Software —(Continued)** | | |
|  Skopima Merger Sub, Inc.<br>Term Loan B, 8.384%, 1M LIBOR + 4.000%, 05/12/28 | 956828 | $905398 |
|  SolarWinds Holdings, Inc.<br>2022 Term Loan B, 8.323%, 1M TSFR + 4.000%,<br>02/05/27 | 1750000 | 1732500 |
|  Sophia L.P.<br>Term Loan B, 8.230%, 3M LIBOR + 3.500%, 10/07/27 | 3354538 | 3246562 |
|  SurveyMonkey, Inc.<br>Term Loan B, 8.140%, 1M LIBOR + 3.750%, 10/10/25 | 990133 | 960429 |
|  Symplr Software, Inc.<br>Term Loan, 8.694%, 3M TSFR + 4.500%, 12/22/27 | 860801 | 723073 |
|  Turing Midco LLC<br>2021 Term Loan B, 6.884%, 1M LIBOR + 2.500%, 03/24/28 | 225168 | 223643 |
|  Ultimate Software Group, Inc.<br>Term Loan, 6.998%, 3M LIBOR + 3.250%, 05/04/26 | 5001798 | 4764213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.134%, 1M LIBOR + 3.750%, 05/04/26 | 1427063 | 1377752 |
|  Veritas U.S., Inc.<br>USD Term Loan B, 9.730%, 3M LIBOR + 5.000%, 09/01/25 | 2834412 | 2027489 |
|  VS Buyer LLC<br>Term Loan B, 7.384%, 1M LIBOR + 3.000%, 02/28/27 | 2270249 | 2215384 |
|  |  | 94242471 |
| **Telecommunications — 2.3%** |  |  |
|  Altice France S.A.<br>Term Loan B13, 8.650%, 3M LIBOR + 4.000%, 08/14/26 | 1222649 | 1144195 |
|  CenturyLink, Inc.<br>Term Loan B, 6.634%, 1M LIBOR + 2.250%, 03/15/27 | 1047856 | 996118 |
|  CommScope, Inc.<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/06/26 | 1499625 | 1417613 |
|  Cyxtera DC Holdings, Inc.<br>Term Loan B, 7.360%, 3M LIBOR + 3.000%, 05/01/24 | 1444938 | 1230606 |
|  Delta TopCo, Inc.<br>Term Loan B, 8.154%, 3M LIBOR + 3.750%, 12/01/27 | 4292156 | 3973820 |
|  Digicel International Finance, Ltd.<br>Exit Term Loan B, 7.639%, 1M LIBOR + 3.250%, 05/28/24 | 1444956 | 1219784 |
|  GoTo Group, Inc.<br>Term Loan B, 9.139%, 1M LIBOR + 4.750%, 08/31/27 | 2726906 | 1762751 |
|  Level 3 Financing, Inc.<br>Term Loan B, 6.134%, 1M LIBOR + 1.750%, 03/01/27 | 1333212 | 1281134 |
|  Numericable Group S.A.<br>Term Loan B11, 7.165%, 3M LIBOR + 2.750%, 07/31/25 | 212811 | 202170 |
|  Zayo Group Holdings, Inc.<br>Term Loan, 7.384%, 1M LIBOR + 3.000%, 03/09/27 | 1126546 | 916414 |
|  |  | 14144605 |
| **Transportation — 0.5%** |  |  |
|  Kenan Advantage Group, Inc.<br>Term Loan B1, 8.134%, 1M LIBOR + 3.750%, 03/24/26 | 2278500 | 2225607 |
|  N-Able International Holdings II LLC<br>Term Loan B, 7.735%, 3M LIBOR + 3.000%, 07/19/28 | 444375 | 432710 |
|  XPO Logistics, Inc<br>Term Loan B, 5.935%, 1M LIBOR + 1.750%, 02/24/25 | 575000 | 573363 |
|  |  | 3231680 |
|  Total Floating Rate Loans<br>(Cost $589,776,999) |  | 551789939 |
| **Corporate Bonds & Notes — 3.3%** |  |  |
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Aerospace/Defense — 0.5%** |  |  |
|  TransDigm, Inc.<br>6.250%, 03/15/26 (144A) | 3000000 | 2958570 |
| **Airlines — 0.5%** |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.<br>5.500%, 04/20/26 (144A) | 2000000 | 1923293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/20/29 (144A) | 1500000 | 1370934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294227 |
| **Auto Parts & Equipment — 0.2%** |  |  |
|  Clarios Global L.P.<br>6.750%, 05/15/25 (144A) | 225000 | 225520 |
|  Clarios Global L.P. / Clarios U.S. Finance Co.<br>6.250%, 05/15/26 (144A) | 1215000 | 1187665 |
|  |  | 1413185 |
| **Commercial Services — 0.4%** |  |  |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp.<br>6.625%, 07/15/26 (144A) | 725000 | 663375 |
|  Garda World Security Corp.<br>4.625%, 02/15/27 (144A) | 850000 | 750533 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc.<br>5.250%, 04/15/24 (144A) | 625000 | 613943 |
|  Sabre GLBL, Inc.<br>9.250%, 04/15/25 (144A) | 300000 | 298838 |
|  |  | 2326689 |
| **Distribution/Wholesale — 0.0%** |  |  |
|  American Builders & Contractors Supply Co., Inc.<br>4.000%, 01/15/28 (144A) | 275000 | 245355 |
| **Diversified Financial Services — 0.1%** |  |  |
|  AG Issuer LLC<br>6.250%, 03/01/28 (144A) | 425000 | 390556 |
| **Electric — 0.2%** |  |  |
|  Calpine Corp.<br>4.500%, 02/15/28 (144A) | 300000 | 267593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/26 (144A) | 988000 | 941097 |
|  |  | 1208690 |
| **Entertainment — 0.1%** |  |  |
|  AMC Entertainment Holdings, Inc.<br>7.500%, 02/15/29 (144A) | 1000000 | 537410 |
|  SeaWorld Parks and Entertainment., Inc.<br>8.750%, 05/01/25 (144A) | 250000 | 255938 |
|  Six Flags Theme Parks, Inc.<br>7.000%, 07/01/25 (144A) | 126000 | 126858 |
|  |  | 920206 |
| **Environmental Control — 0.1%** |  |  |
|  GFL Environmental, Inc.<br>4.250%, 06/01/25 (144A) | 625000 | 596998 |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Machinery-Diversified — 0.1%** | | |
|  TK Elevator U.S. Newco, Inc.<br>5.250%, 07/15/27 (144A) | 500000 | $443770 |
| **Media — 0.2%** |  |  |
|  Diamond Sports Group LLC / Diamond Sports Finance Co.<br>5.375%, 08/15/26 (144A) | 550000 | 64625 |
|  iHeartCommunications, Inc.<br>4.750%, 01/15/28 (144A) | 250000 | 203585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/15/27 (144A) | 200000 | 169417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/01/26 | 105163 | 96750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 05/01/27 | 190609 | 162099 |
|  Virgin Media Secured Finance plc<br>4.500%, 08/15/30 (144A) | 800000 | 668340 |
|  |  | 1364816 |
| **Oil & Gas — 0.2%** |  |  |
|  CITGO Petroleum Corp.<br>7.000%, 06/15/25 (144A) | 1275000 | 1243584 |
| **Real Estate — 0.1%** |  |  |
|  Cushman and Wakefield U.S. Borrower LLC<br>6.750%, 05/15/28 (144A) | 375000 | 357885 |
| **Software — 0.1%** |  |  |
|  Boxer Parent Co., Inc.<br>7.125%, 10/02/25 (144A) | 500000 | 486256 |
| **Telecommunications — 0.5%** |  |  |
|  Altice France S.A.<br>5.500%, 01/15/28 (144A) | 475000 | 371982 |
|  CommScope, Inc.<br>6.000%, 03/01/26 (144A) | 2000000 | 1845780 |
|  Lumen Technologies, Inc.<br>4.000%, 02/15/27 (144A) | 1500000 | 1271179 |
|  |  | 3488941 |
|  Total Corporate Bonds & Notes<br>(Cost $23,441,200) |  | 20739728 |
| **Common Stocks — 0.4%** |  |  |
| **Commercial Services — 0.0%** |  |  |
|  IAP Worldwide Services LLC (e) (f) (g) (h) | 44 | 190497 |
| **Electric Utilities — 0.1%** |  |  |
|  Longview Intermediate Holdings Co. LLC (g) (h) | 39089 | 508157 |
| **Energy Equipment & Services — 0.0%** |  |  |
|  McDermott International, Inc. (g) (h) | 117431 | 37578 |
| **Entertainment—0.0%** |  |  |
|  Cineworld Group plc (g) (h) | 121458 | 7342 |
| **Health Care Equipment & Supplies — 0.0%** |  |  |
|  Akorn Holding Co. LLC (e) (f) (g) (h) | 56220 | 0 |
| **Household Products — 0.0%** |  |  |
|  LG Parent Holding Co. (g) (h) | 9472 | 88405 |
| **Investment Company Securities — 0.0%** |  |  |
|  Aegletes B.V. (g) (h) | 11991 | 199350 |
| **Media — 0.1%** |  |  |
|  Clear Channel Outdoor Holdings, Inc. (g) (h) | 43727 | 45913 |
|  Cumulus Media, Inc. - Class A (g) (h) | 40548 | 251803 |
|  Global Eagle Entertainment (e) (f) (g) (h) | 17940 | 164869 |
|  iHeartMedia, Inc. - Class A (g) (h) | 18596 | 113994 |
|  |  | 576579 |
| **Metals & Mining — 0.1%** |  |  |
|  ACNR Holdings, Inc. (g) (h) | 3147 | 314700 |
|  AFG Holdings, Inc. (e) (f) (g) (h) | 24746 | 72011 |
|  |  | 386711 |
| **Oil, Gas & Consumable Fuels — 0.1%** |  |  |
|  QuarterNorth Energy, Inc. (e) (g) (h) | 1757 | 231750 |
| **Professional Services — 0.0%** |  |  |
|  Skillsoft Corp. (g) (h) | 66881 | 86945 |
| **Specialty Retail — 0.0%** |  |  |
|  David's Bridal, Inc. (e) (f) (g) (h) | 18015 | 0 |
|  Philips Pet Holding Corp. (e) (f) (g) (h) | 62 | 4084 |
|  |  | 4084 |
|  Total Common Stocks<br>(Cost $5,289,197) |  | 2317398 |
| **Preferred Stocks — 0.1%** |  |  |
| **Metals & Mining — 0.1%** |  |  |
|  ACNR Holdings, Inc. | 1486 | 891600 |
| **Specialty Retail — 0.0%** |  |  |
|  David's Bridal, Inc.<br>Series A, (e) (f) (g) (h) | 501 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (e) (f) (g) (h) | 2042 | 0 |
|  DBI Investors, Inc. Series A (e) (f) (g) (h) | 852 | 0 |
|  |  | 0 |
|  Total Preferred Stocks<br>(Cost $165,320) |  | 891600 |

---

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Warrants—0.0%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Specialty Retail — 0.0%** | | |
|  David's Bridal, Inc. (e) (f) (g) (h)<br>(Cost $0) | 3478 | $0 |
| **Short-Term Investment — 6.9%** |  |  |
| **Repurchase Agreement — 6.9%** |  |  |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $42,668,170; collateralized by U.S. Treasury Bonds with rates ranging from 1.750% - 3.000%, maturity dates ranging from 01/31/23 - 08/15/48, and an aggregate market value $43,512,873 | 42659638 | 42659638 |
|  Total Short-Term Investments<br>(Cost $42,659,638) |  | 42659638 |
|  Total Investments— 99.4%<br>(Cost $661,332,354) |  | 618398303 |
|  Unfunded Loan Commitments— (0.0)%<br>(Cost $(49583)) |  | (49583) |
|  Net Investments— 99.4%<br>(Cost $661,282,771) |  | 618348720 |
|  Other assets and liabilities (net) — 0.6% |  | 3883329 |
|  **Net Assets** — 100.0% |  | $622232049 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted. 

(a) Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or permit the borrowers to
repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated
maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a
spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.

(b) This loan will settle after December 31, 2022, at which time the interest rate will be determined.

(c) Non-income producing; security is in default and/or issuer is in bankruptcy.

(d) Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a
portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion.

(e) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31,
2022, these securities represent 0.3% of net assets.

(f) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(g) Security was acquired in connection with a restructuring of a senior loan and may be subject to restrictions on resale.

(h) Non-income producing security.

(i) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $20,480,879, which is 3.3% of net assets.

**Glossary of Abbreviations** 

Index Abbreviations

---

| | |
|:---|:---|
| (LIBOR)— | London Interbank Offered Rate |
| (PRIME)— | U.S. Federal Reserve Prime Rate |
| (TSFR)— | Term Secured Financing Rate |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Floating Rate Loans | Floating Rate Loans | Floating Rate Loans | Floating Rate Loans | Floating Rate Loans |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace/Defense | $— | $12460934 | $— | $12460934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture |  | 489215 |  | 489215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines |  | 1669493 |  | 1669493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Manufacturers |  | 617313 |  | 617313 |

---

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Parts & Equipment | $— | $9272080 | $— | $9272080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 1934460 |  | 1934460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages |  | 2346340 |  | 2346340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Materials |  | 15027507 |  | 15027507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 23359425 |  | 23359425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal |  | 324243 |  | 324243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 46543817 |  | 46543817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computers |  | 20701218 |  | 20701218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmetics/Personal Care |  | 4321396 |  | 4321396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution/Wholesale |  | 1927269 |  | 1927269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 25458409 |  | 25458409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 3251021 |  | 3251021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Components & Equipment |  | 1821067 |  | 1821067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronics |  | 1849841 |  | 1849841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction |  | 3649823 |  | 3649823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment |  | 11299991 |  | 11299991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Control |  | 9607308 |  | 9607308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food |  | 6104380 |  | 6104380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Service |  | 1730890 |  | 1730890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forest Products & Paper |  | 1071778 |  | 1071778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hand/Machine Tools |  | 2446573 |  | 2446573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Products |  | 3872594 |  | 3872594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Services (Less Unfunded Loan Commitments of $39,474) |  | 19959955 |  | 19959955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding Companies-Diversified |  | 1510817 |  | 1510817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Furnishings |  | 2639243 |  | 2639243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables |  | 496997 |  | 496997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products/Wares |  | 1532499 |  | 1532499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housewares |  | 353262 |  | 353262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance |  | 22823270 |  | 22823270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet |  | 20463914 |  | 20463914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  | 2130287 |  | 2130287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron/Steel |  | 475023 |  | 475023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Time |  | 12101581 |  | 12101581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lodging |  | 5846664 |  | 5846664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery-Construction & Mining |  | 3890954 |  | 3890954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery-Diversified |  | 10621980 |  | 10621980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media |  | 29422048 |  | 29422048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metal Fabricate/Hardware (Less Unfunded Loan Commitments of $10,109) |  | 6153312 |  | 6153312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Manufacturing |  | 10005287 |  | 10005287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 359354 |  | 359354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services |  | 154975 |  | 154975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging & Containers |  | 15281638 |  | 15281638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 24182473 | 120105 | 24302578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 5299060 |  | 5299060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 3897746 |  | 3897746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts |  | 776644 |  | 776644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail |  | 19975813 | 540156 | 20515969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors |  | 5948158 |  | 5948158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software |  | 94242471 |  | 94242471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications |  | 14144605 |  | 14144605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 3231680 |  | 3231680 |
|  Total Floating Rate Loans (Less Unfunded Loan Commitments of $49,583) |  | 551080095 | 660261 | 551740356 |
|  Total Corporate Bonds & Notes\* |  | 20739728 |  | 20739728 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  |  | 190497 | 190497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities |  | 508157 |  | 508157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 37578 |  |  | 37578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 7342 |  |  | 7342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies |  |  | 0 | 0 |

---

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $88405 | $— | $88405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company Securities | 199350 |  |  | 199350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 411710 |  | 164869 | 576579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining |  | 314700 | 72011 | 386711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels |  | 231750 |  | 231750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 86945 |  |  | 86945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  |  | 4084 | 4084 |
|  Total Common Stocks | 742925 | 1143012 | 431461 | 2317398 |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 891600 |  |  | 891600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  |  | 0 | 0 |
|  Total Preferred Stocks | 891600 |  | 0 | 891600 |
|  Total Warrants |  |  | 0 | 0 |
|  Total Short-Term Investment\* |  | 42659638 |  | 42659638 |
|  Total Net Investments | $1634525 | $615622473 | $1091722 | $618348720 |

---

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

During the year ended December 31, 2022, a transfer out of Level 3 in the amount of $311,148 was due to the initiation of trading activity which resulted in the availability of significant observable inputs.

During the year ended December 31, 2022, transfers into Level 3 in the amount of $964,798 were due to the cessation of a vendor or broker providing prices based on market indications which resulted in a lack of significant observable inputs.

*See accompanying notes to financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a)(b) | $618348720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2659878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1798174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 24165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 2649561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 625489428 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2429681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 49497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 317031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 30550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 155755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 274865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3257379 |
|  **Net Assets** | $622232049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $672689129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributed earnings (Accumulated losses) | (50457080) |
|  **Net Assets** | $622232049 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $478520806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 143711243 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 50526024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 15306741 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 9.39 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $661,282,771.

(b) Investments at value is net of unfunded loan commitments of $49,583.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $89620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 38731888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 38821508 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 4190052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 46181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 319500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 366360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 123884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 29158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 5679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5151425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (38835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5112590 |
|  **Net Investment Income** | 33708918 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized loss on investments | (8784788) |
| Net change in unrealized depreciation on investments | (36615016) |
|  Net realized and unrealized gain (loss) | (45399804) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(11690886) |

---

*See accompanying notes to financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2022** | **Year Ended**<br>**December 31,**<br>**2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $33708918 | $24949554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8784788) | (1846518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36615016) | 5710313 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (11690886) | 28813349 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (19869217) | (21837727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (5187338) | (4210408) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (25056555) | (26048135) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (140409916) | 36141052 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (177157357) | 38906266 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 799389406 | 760483140 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $622232049 | $799389406 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 155740 | $1523609 | 2307203 | $23124674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 2134180 | 19869217 | 2221539 | 21837727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (17348133) | (168084217) | (3001883) | (29825614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (15058213) | $(146691391) | 1526859 | $15136787 |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 3417527 | $32877844 | 3573358 | $35421414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 561400 | 5187338 | 430953 | 4210408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (3346608) | (31783707) | (1880551) | (18627557) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 632319 | $6281475 | 2123760 | $21004265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(140409916) |  | $36141052 |

---

*See accompanying notes to financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $9.98 | $9.94 | $10.23 | $10.00 | $10.34 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.47 | 0.32 | 0.35 | 0.48 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.62) | 0.05 | (0.14) | 0.24 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.15) | 0.37 | 0.21 | 0.72 | 0.07 |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.36) | (0.33) | (0.50) | (0.49) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.36) | (0.33) | (0.50) | (0.49) | (0.41) |
|  **Net Asset Value, End of Period** | $9.47 | $9.98 | $9.94 | $10.23 | $10.00 |
|  **Total Return (%)** (b) | (1.46) (c) | 3.80 (c) | 2.33 | 7.32 | 0.56 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.69 | 0.69 | 0.69 | 0.69 | 0.68 |
|  Net ratio of expenses to average net assets (%) | 0.68 | 0.68 | 0.69 | 0.69 | 0.68 |
|  Ratio of net investment income (loss) to average net assets (%) | 4.88 | 3.18 | 3.55 | 4.73 | 4.45 |
|  Portfolio turnover rate (%) | 7 | 34 | 26 | 27 | 25 |
|  Net assets, end of period (in millions) | $478.5 | $654.2 | $636.7 | $653.1 | $639.3 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $9.89 | $9.86 | $10.15 | $9.93 | $10.27 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.45 | 0.29 | 0.32 | 0.45 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.61) | 0.05 | (0.14) | 0.24 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.16) | 0.34 | 0.18 | 0.69 | 0.04 |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.34) | (0.31) | (0.47) | (0.47) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.34) | (0.31) | (0.47) | (0.47) | (0.38) |
|  **Net Asset Value, End of Period** | $9.39 | $9.89 | $9.86 | $10.15 | $9.93 |
|  **Total Return (%)** (b) | (1.60) | 3.50 | 2.06 | 7.03 | 0.31 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.94 | 0.94 | 0.94 | 0.94 | 0.93 |
|  Net ratio of expenses to average net assets (%) | 0.93 | 0.93 | 0.94 | 0.94 | 0.93 |
|  Ratio of net investment income (loss) to average net assets (%) | 4.77 | 2.93 | 3.31 | 4.48 | 4.23 |
|  Portfolio turnover rate (%) | 7 | 34 | 26 | 27 | 25 |
|  Net assets, end of period (in millions) | $143.7 | $145.2 | $123.8 | $129.8 | $118.6 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder
transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

*See accompanying notes to financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Eaton Vance Floating Rate Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Floating Rate Loans -** The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Unfunded Loan Commitments -** The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of December 31, 2022, the Portfolio had open unfunded loan commitments of $49,583. At December 31, 2022, the Portfolio had sufficient cash and/or securities to cover these commitments.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had investments in repurchase agreements with a gross value of $42,659,638, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $44760250 | $0 | $201355104 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | | |
|:---|:---|:---|:---|
| **Management**<br> **Fees earned by**<br> **Brighthouse Investment<br>Advisers for**<br> **the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** | **Average Daily Net Assets** |
| $4190052 | 0.625% | First $| 100 million |
|  | 0.600% | Over $| 100 million |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Eaton Vance Management is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver** - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | | |
|:---|:---|:---|
| **% per annum reduction** | **Average daily net assets** | **Average daily net assets** |
| 0.020% | On amounts over $| 500 million |

---

An identical agreement was in effect for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $661504046 |
|  Gross unrealized appreciation | 2368851 |
|  Gross unrealized (depreciation) | (45524177) |
|  Net unrealized appreciation (depreciation) | $(43155326) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $25056555 | $26048135 | $— | $— | $25056555 | $26048135 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary**<br> **Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $33512081 | $— | $(43155326) | $(40658080) | $(50301325) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $1,695,038 and accumulated long-term capital losses of $38,963,042.

**8. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Eaton Vance Floating Rate Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Eaton Vance Floating Rate Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Eaton Vance Floating Rate Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Brighthouse/Eaton Vance Floating Rate Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Eaton Vance Management regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Morningstar LSTA U.S. Leveraged Loan Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median and the Expense Universe median and equal to the Sub-advised Expense Universe Median. The Board also considered that the Portfolio's total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Eaton Vance Floating Rate Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Managed by Franklin Advisers, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/Franklin Low Duration Total Return Portfolio returned -4.54% and -4.74%, respectively. The Portfolio's benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Index¹, returned -3.69%.

**MARKET ENVIRONMENT / CONDITIONS** 

In 2022, financial markets were marked with high levels of volatility as multi-decade high inflation, rapid central bank monetary tightening, and recession woes caused significant turmoil in the market as strong risk-off investment sentiment prevailed through most of the year.

As the world began to exit pandemic lockdowns, economies opened, driving pent-up consumer demand across both goods and services. Businesses were unable to keep pace due in part to ongoing supply chain disruptions and lack of raw materials and labor. This contributed to increased inflation across both the U.S. and Europe. Adding to the already stressed system, Russia's invasion of Ukraine caused further turmoil in global energy markets pushing up oil and gasoline prices and directly impacting consumers.

U.S. inflation increased to levels last seen in the 1980s with the U.S. Bureau of Labor Statistics reporting that the headline Consumer Price Index reached an annualized rate of 9.1% in June before moderating towards the end of the year. The U.S. Federal Reserve (the "Fed") entered the year with the view that inflation pressures were "transitory" and once supply chains improved and workers returned to their jobs, prices would stabilize. However, as inflation kept surprising on the upside, the Fed moved to the view that inflation was more "sticky" than they had originally projected. From March to December, the Fed raised the fed funds rate by a total of 425 basis points ("bps") including four large consecutive 75 bps hikes. Rhetoric from the Fed turned hawkish as they promised swift action to rein in consumer spending and bring the overheated U.S. job market back to equilibrium. Europe experienced a similar shift as high levels of inflation spurred the European Central Bank off their negative deposit policy rate by increasing the rate 250 bps over the course of the year.

Concerns that central banks would not be able to engineer "soft landings" and the potential for global and regional recessions increased as the year went along, creating a difficult environment for fixed income credit. Through the first three quarters of the year, investors generally decreased risk with most fixed income asset classes experiencing significant outflows, especially in lower-rated sectors. Volatility spiked, surpassing levels seen in the March 2020 COVID-19 shock. However, expectations that the Fed was approaching a slower pace and a possible pause in rate hikes allowed some retracement of losses in the fourth quarter.

Over the course of the year, U.S. Treasury yields moved significantly higher across the curve as the market adjusted to the Fed's actions. Short-term yields increased the most, causing the yield curve to be inverted by yearend. The 10-year yield finished the year at 3.88% and the 30-year yield ended at 3.97%. Fixed income spread sectors were dealt with a double blow of higher Treasury yields along with widening credit spreads, pushing excess returns into the negative territory. Higher beta sectors, such as High Yield ("HY") corporate bonds and Emerging Market ("EM") bonds were among the worst performers for the year.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio underperformed its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Index, during the period. Sector allocations and security selection were the main detractors from performance for the year. Poor investor sentiment impacted lower-quality sectors, and our out-of-benchmark exposure to both Bank Loans and Collateralized Loan Obligations ("CLOs") weighed heavily on relative performance. In both sectors, we looked for opportunities to lower our overall exposure as market conditions permitted. In contrast, an overweight to Investment Grade ("IG") corporate bonds was accretive to returns over the course of the year.

Security selection in sovereign EM bonds was a strong detractor from returns during the year. Additionally, selection in Bank Loans, CLOs, IG corporate bonds, and Commercial Mortgage-Backed Securities ("CMBS") also hurt performance, but this was partially offset by strong performance from our selection among HY corporate bonds. In other securitized bond sectors, Agency Mortgage-Backed Securities ("MBS") had a minimal impact on results, but our out-of-benchmark holdings of Non-Agency Residential MBS ("RMBS") lifted relative returns.

Over the course of the year, duration positioning contributed to performance. We entered the year with Portfolio duration in-line with the benchmark. Based on our assessment that interest rates did not properly reflect our inflation projections, we moved to an underweight duration positioning early in the year and maintained it for the rest of the period. This exposure contributed to returns, especially in the 2-year and shorter part of the yield curve.

As the year progressed, we made several changes to the Portfolio, lowering our overall active risk versus the benchmark, preferring to reserve our risk allocations for better entry points. The main change to our exposure came from an increase in IG corporate bond positions. In the third and fourth quarters, we purchased short-maturity

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Managed by Franklin Advisers, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

IG corporate bonds from select issuers, mostly U.S. companies in the financial sector, that we believed had superior credit profiles and afforded better carry with limited downside risk. Other modest changes came from reducing our out-of-benchmark exposure to Bank Loans, CLOs, HY corporate bonds, and EM bonds. By the end of the year, our MBS positioning was similar to that of the benchmark, but we retained our CMBS and RMBS overweights.

During the reporting period, the Portfolio employed derivatives as a tool in seeking efficient management of certain risks. We used derivatives to manage portfolio duration, credit risk and currency exposures.

**Sonal Desai** 

**Kent Burns** 

**Tina Chou** 

**Patrick Klein** 

Portfolio Managers

*Franklin Advisers, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Bloomberg U.S. Government/Credit 1-3 Year Index measures performance of U.S. Dollar-denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have maturities ranging from one to three years.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. GOVERNMENT/CREDIT 1-3 YEAR BOND INDEX**![LOGO](g394295g69u86.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Brighthouse/Franklin Low Duration Total Return Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –4.54 | 0.74 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –4.74 | 0.50 | 0.85 |
| &nbsp;&nbsp;&nbsp;**Bloomberg U.S. Government/Credit 1-3 Year Bond Index** | –3.69 | 0.92 | 0.88 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Corporate Bonds & Notes** | **31.6** |
| **U.S. Treasury & Government Agencies** | **25.9** |
| **Asset-Backed Securities** | **11.0** |
| **Mortgage-Backed Securities** | **6.2** |
| **Floating Rate Loans** | **3.7** |
| **Municipals** | **2.2** |
| **Foreign Government** | **1.5** |
| **Common Stocks** | **0.2** |
| **Warrants** | **0.1** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Brighthouse/Franklin Low Duration Total Return Portfolio** |  | **Annualized<br>Expense Ratio** | **Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022 to<br>December 31, 2022** |
|  Class A (a) | Actual | 0.48% | $1000.00 | $1005.80 | $2.43 |
|  | Hypothetical\* | 0.48% | $1000.00 | $1022.79 | $2.45 |
|  Class B (a) | Actual | 0.73% | $1000.00 | $1003.50 | $3.69 |
|  | Hypothetical\* | 0.73% | $1000.00 | $1021.53 | $3.72 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes — 31.6% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Aerospace/Defense—0.8%** | **Aerospace/Defense—0.8%** | **Aerospace/Defense—0.8%** |
|  Boeing Co. (The)<br>2.196%, 02/04/26 | 2600000 | $2362263 |
|  General Dynamics Corp.<br>3.250%, 04/01/25 | 3300000 | 3197550 |
|  TransDigm, Inc.<br>6.250%, 03/15/26 (144A) (a) | 900000 | 887571 |
|  |  | 6447384 |
| **Agriculture—0.4%** | **Agriculture—0.4%** | **Agriculture—0.4%** |
|  Altria Group, Inc.<br>2.350%, 05/06/25 (a) | 2200000 | 2072207 |
|  Imperial Brands Finance plc<br>3.125%, 07/26/24 (144A) (a) | 300000 | 286795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/21/25 (144A) | 800000 | 764009 |
|  |  | 3123011 |
| **Airlines—0.8%** | **Airlines—0.8%** | **Airlines—0.8%** |
|  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.<br>5.500%, 04/20/26 (144A) (a) | 1000000 | 961647 |
|  Delta Air Lines, Inc. / SkyMiles IP, Ltd.<br>4.500%, 10/20/25 (144A) (a) | 4700000 | 4585234 |
|  United Airlines Pass-Through Trust<br>4.875%, 01/15/26 | 152400 | 144991 |
|  United Airlines, Inc.<br>4.375%, 04/15/26 (144A) (a) | 100000 | 92693 |
|  |  | 5784565 |
| **Banks—14.8%** | **Banks—14.8%** | **Banks—14.8%** |
|  Bank of America Corp.<br>3.384%, SOFR + 1.330%, 04/02/26 (b) | 2800000 | 2674108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3M LIBOR + 0.780%, 03/05/24 (b) | 3700000 | 3686073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.864%, 3M LIBOR + 0.940%, 07/23/24 (b) | 3600000 | 3567384 |
|  Bank of Montreal<br>4.250%, 09/14/24 (a) | 3000000 | 2960036 |
|  Bank of New York Mellon<br>5.224%, 11/21/25 (a) | 2300000 | 2306044 |
|  Bank of Nova Scotia (The)<br>2.951%, 03/11/27 (a) | 2300000 | 2122229 |
|  BNP Paribas S.A.<br>2.219%, SOFR + 2.074%, 06/09/26 (144A) (a)(b) | 700000 | 642697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.819%, 3M LIBOR + 1.111%, 11/19/25 (144A) (b) | 1500000 | 1420917 |
|  BPCE S.A.<br>2.375%, 01/14/25 (144A) (a) | 3000000 | 2798025 |
|  Citigroup, Inc.<br>3.290%, SOFR + 1.528%, 03/17/26 (b) | 1900000 | 1806048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.044%, 3M LIBOR + 1.023%, 06/01/24 (a)(b) | 3600000 | 3576007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 03/09/26 (a) | 4000000 | 3928878 |
|  Credit Suisse Group AG<br>2.193%, SOFR + 2.044%, 06/05/26 (144A) (b) | 400000 | 341637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/17/26 | 2400000 | 2116735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.373%, SOFR + 3.340%, 07/15/26 (144A) (b) | 400000 | 375540 |
|  Deutsche Bank AG<br>2.222%, SOFR + 2.159%, 09/18/24 (b) | 2300000 | 2221395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371%, 09/09/27 (a) | 2000000 | 2004459 |
|  Goldman Sachs Group, Inc. (The)<br>0.673%, SOFR + 0.572%, 03/08/24 (a)(b) | 2700000 | 2670909 |
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
|  Goldman Sachs Group, Inc. (The)<br>2.640%, SOFR + 1.114%, 02/24/28 (b) | 2000000 | 1780771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/25/26 (a) | 2000000 | 1925114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/21/25 | 3000000 | 2927840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.387%, SOFR + 1.510%, 06/15/27 (a)(b) | 900000 | 867076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/01/24 (a) | 1600000 | 1619043 |
|  HSBC Holdings plc<br>0.976%, SOFR + 0.708%, 05/24/25 (a)(b) | 900000 | 833294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.645%, SOFR + 1.538%, 04/18/26 (b) | 1500000 | 1353919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180%, SOFR + 1.510%, 12/09/25 (a)(b) | 1900000 | 1845241 |
|  Huntington National Bank (The)<br>5.699%, SOFR + 1.215%, 11/18/25 (a)(b) | 2300000 | 2304567 |
|  JPMorgan Chase & Co.<br>2.083%, SOFR + 1.850%, 04/22/26 (a)(b) | 5400000 | 5012800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.559%, 3M LIBOR + 0.730%, 04/23/24 (b) | 2700000 | 2682216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, SOFR + 0.980%, 06/14/25 (a)(b) | 1700000 | 1662126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/10/24 (a) | 2500000 | 2447174 |
|  KeyBank N.A.<br>4.150%, 08/08/25 (a) | 1600000 | 1563173 |
|  Manufacturers & Traders Trust Co.<br>5.400%, 11/21/25 (a) | 2300000 | 2312061 |
|  Mitsubishi UFJ Financial Group, Inc.<br>5.063%, 1Y H15 + 1.550%, 09/12/25 (a)(b) | 3200000 | 3177183 |
|  Morgan Stanley<br>2.188%, SOFR + 1.990%, 04/28/26 (a)(b) | 2900000 | 2694869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.737%, 3M LIBOR + 0.847%, 04/24/24 (a)(b) | 3600000 | 3580539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 09/08/26 | 2200000 | 2134534 |
|  National Bank of Canada<br>3.750%, SOFR + 1.009%, 06/09/25 (a)(b) | 2300000 | 2235152 |
|  Nordea Bank Abp<br>4.750%, 09/22/25 (144A) (a) | 1200000 | 1192421 |
|  Santander UK Group Holdings plc<br>1.673%, SOFR + 0.989%, 06/14/27 (b) | 1800000 | 1530527 |
|  Shinhan Bank Co., Ltd.<br>1.375%, 10/21/26 (144A) | 2500000 | 2177593 |
|  Societe Generale S.A.<br>1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (a)(b) | 1500000 | 1290615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.226%, 1Y H15 + 1.050%, 01/21/26 (144A) (a)(b) | 1700000 | 1563478 |
|  Toronto-Dominion Bank (The)<br>4.285%, 09/13/24 (a) | 4200000 | 4150760 |
|  Truist Financial Corp.<br>5.900%, SOFR + 1.626%, 10/28/26 (a)(b) | 2000000 | 2044602 |
|  UBS Group AG<br>4.490%, 1Y H15 + 1.600%, 08/05/25 (144A) (a)(b) | 1900000 | 1867370 |
|  Wells Fargo & Co.<br>1.654%, SOFR + 1.600%, 06/02/24 (a)(b) | 3200000 | 3148296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.188%, SOFR + 2.000%, 04/30/26 (a)(b) | 2500000 | 2326645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 06/03/26 (a) | 3000000 | 2904755 |
|  Woori Bank<br>4.750%, 04/30/24 (144A) | 1200000 | 1180572 |
|  |  | 111555447 |
| **Beverages—0.3%** | **Beverages—0.3%** | **Beverages—0.3%** |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.<br>3.650%, 02/01/26 | 1400000 | 1347369 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Beverages—(Continued)** | **Beverages—(Continued)** | **Beverages—(Continued)** |
|  Coca-Cola Europacific Partners plc<br>1.500%, 01/15/27 (144A) (a) | 1600000 | 1383803 |
|  |  | 2731172 |
| **Biotechnology—0.2%** | **Biotechnology—0.2%** | **Biotechnology—0.2%** |
|  Bio-Rad Laboratories, Inc.<br>3.300%, 03/15/27 | 300000 | 277249 |
|  Illumina, Inc.<br>5.800%, 12/12/25 (a) | 1200000 | 1208154 |
|  |  | 1485403 |
| **Commercial Services—0.1%** | **Commercial Services—0.1%** | **Commercial Services—0.1%** |
|  Grand Canyon University<br>4.125%, 10/01/24 (a) | 600000 | 562787 |
| **Cosmetics/Personal Care—0.2%** | **Cosmetics/Personal Care—0.2%** | **Cosmetics/Personal Care—0.2%** |
|  GSK Consumer Healthcare Capital U.S. LLC<br>3.375%, 03/24/27 | 1400000 | 1303338 |
|  Oriflame Investment Holding plc<br>5.125%, 05/04/26 (144A) | 700000 | 429800 |
|  |  | 1733138 |
| **Diversified Financial Services—0.1%** | **Diversified Financial Services—0.1%** | **Diversified Financial Services—0.1%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>3.000%, 10/29/28 (a) | 1000000 | 837775 |
| **Electric—2.6%** | **Electric—2.6%** | **Electric—2.6%** |
|  Berkshire Hathaway Energy Co.<br>4.050%, 04/15/25 (a) | 1700000 | 1673833 |
|  Comision Federal de Electricidad<br>4.750%, 02/23/27 (144A) | 2300000 | 2144750 |
|  Dominion Energy, Inc.<br>1.450%, 04/15/26 (a) | 2000000 | 1780526 |
|  Exelon Corp.<br>3.400%, 04/15/26 | 2000000 | 1898971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 04/15/30 (a) | 2400000 | 2228154 |
|  InterGen NV<br>7.000%, 06/30/23 (144A) | 1500000 | 1455051 |
|  Korea East-West Power Co., Ltd.<br>1.750%, 05/06/25 (144A) | 2500000 | 2305486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 05/06/25 (144A) (a) | 1600000 | 1546969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/19/23 (144A) | 1300000 | 1291764 |
|  Southern Co. (The)<br>3.250%, 07/01/26 (a) | 3000000 | 2820902 |
|  Talen Energy Supply LLC<br>10.500%, 01/15/26 (144A) (c) | 500000 | 232500 |
|  |  | 19378906 |
| **Electronics—0.2%** | **Electronics—0.2%** | **Electronics—0.2%** |
|  Flex, Ltd.<br>3.750%, 02/01/26 (a) | 1300000 | 1227605 |
| **Food Products—0.1%** | **Food Products—0.1%** | **Food Products—0.1%** |
|  General Mills, Inc.<br>5.241%, 11/18/25 (a) | 400000 | 400996 |
| **Healthcare-Products—0.1%** | **Healthcare-Products—0.1%** | **Healthcare-Products—0.1%** |
|  GE HealthCare Technologies, Inc.<br>5.550%, 11/15/24 (144A) (a) | 900000 | 903240 |
| **Healthcare-Services—0.7%** | **Healthcare-Services—0.7%** | **Healthcare-Services—0.7%** |
|  Centene Corp.<br>3.375%, 02/15/30 (a) | 900000 | 760833 |
|  Elevance Health, Inc.<br>1.500%, 03/15/26 (a) | 3000000 | 2696347 |
|  Quest Diagnostics, Inc.<br>3.450%, 06/01/26 (a) | 2100000 | 2002720 |
|  |  | 5459900 |
| **Insurance—1.1%** | **Insurance—1.1%** | **Insurance—1.1%** |
|  GA Global Funding Trust<br>3.850%, 04/11/25 (144A) (a) | 3800000 | 3636895 |
|  New York Life Global Funding<br>3.600%, 08/05/25 (144A) (a) | 3200000 | 3084289 |
|  Protective Life Global Funding<br>3.218%, 03/28/25 (144A) | 1500000 | 1429345 |
|  |  | 8150529 |
| **Internet—1.0%** | **Internet—1.0%** | **Internet—1.0%** |
|  Amazon.com, Inc.<br>2.400%, 02/22/23 (a) | 1700000 | 1694471 |
|  Netflix, Inc.<br>3.625%, 06/15/25 (144A) (a) | 800000 | 765864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/26 (a) | 700000 | 673750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/01/24 | 400000 | 402768 |
|  Tencent Holdings, Ltd.<br>1.810%, 01/26/26 (144A) | 900000 | 811413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.985%, 01/19/23 (144A) | 3300000 | 3297095 |
|  |  | 7645361 |
| **Leisure Time—0.1%** | **Leisure Time—0.1%** | **Leisure Time—0.1%** |
|  NCL Corp., Ltd.<br>5.875%, 03/15/26 (144A) (a) | 900000 | 706923 |
| **Lodging—0.4%** | **Lodging—0.4%** | **Lodging—0.4%** |
|  Sands China, Ltd.<br>2.800%, 03/08/27 | 1200000 | 1027716 |
|  Studio City Finance, Ltd.<br>6.000%, 07/15/25 (144A) (a) | 1000000 | 867025 |
|  Wynn Macau, Ltd.<br>5.625%, 08/26/28 (144A) (a) | 1000000 | 854090 |
|  |  | 2748831 |
| **Media—1.4%** | **Media—1.4%** | **Media—1.4%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>4.000%, 03/01/23 (144A) (a) | 800000 | 795690 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital Corp.<br>4.908%, 07/23/25 | 3000000 | 2940303 |
|  DISH DBS Corp.<br>5.250%, 12/01/26 (144A) (a) | 800000 | 673868 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
|  Fox Corp.<br>3.050%, 04/07/25 (a) | 1700000 | 1625143 |
|  TWDC Enterprises 18 Corp.<br>3.150%, 09/17/25 (a) | 3000000 | 2874290 |
|  Univision Communications, Inc.<br>5.125%, 02/15/25 (144A) (a) | 600000 | 571434 |
|  Walt Disney Co. (The)<br>1.750%, 01/13/26 (a) | 1300000 | 1189856 |
|  |  | 10670584 |
| **Miscellaneous Manufacturing—0.2%** | **Miscellaneous Manufacturing—0.2%** | **Miscellaneous Manufacturing—0.2%** |
|  Anagram International, Inc. / Anagram Holdings LLC<br>10.000%, 08/15/26 (144A) (d) | 122895 | 81111 |
|  Parker-Hannifin Corp.<br>3.650%, 06/15/24 (a) | 1600000 | 1565520 |
|  |  | 1646631 |
| **Multi-National—0.1%** | **Multi-National—0.1%** | **Multi-National—0.1%** |
|  Banque Ouest Africaine de Developpement<br>5.000%, 07/27/27 (144A) | 1300000 | 1219166 |
| **Oil & Gas—1.7%** | **Oil & Gas—1.7%** | **Oil & Gas—1.7%** |
|  BP Capital Markets America, Inc.<br>3.410%, 02/11/26 (a) | 2000000 | 1920067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.796%, 09/21/25 (a) | 3200000 | 3141967 |
|  Endeavor Energy Resources L.P. / EER Finance, Inc.<br>5.750%, 01/30/28 (144A) | 900000 | 861768 |
|  Equinor ASA<br>1.750%, 01/22/26 (a) | 1300000 | 1188104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/06/25 (a) | 4700000 | 4503620 |
|  Harvest Operations Corp.<br>4.200%, 06/01/23 (144A) | 800000 | 797616 |
|  Mesquite Energy, Inc.<br>7.750%, 06/15/21 | 1200000 | 16500 |
|  Petroleos Mexicanos<br>6.875%, 10/16/25 (a) | 350000 | 342615 |
|  |  | 12772257 |
| **Oil & Gas Services—0.0%** | **Oil & Gas Services—0.0%** | **Oil & Gas Services—0.0%** |
|  Weatherford International, Ltd.<br>11.000%, 12/01/24 (144A) | 12000 | 12241 |
| **Packaging & Containers—0.1%** | **Packaging & Containers—0.1%** | **Packaging & Containers—0.1%** |
|  Owens-Brockway Glass Container, Inc.<br>5.375%, 01/15/25 (144A) (a) | 300000 | 287820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 08/15/23 (144A) | 462000 | 458712 |
|  |  | 746532 |
| **Pharmaceuticals—1.0%** | **Pharmaceuticals—1.0%** | **Pharmaceuticals—1.0%** |
|  AstraZeneca plc<br>0.700%, 04/08/26 (a) | 200000 | 175824 |
|  Bayer U.S. Finance II LLC<br>3.875%, 12/15/23 (144A) | 3000000 | 2956577 |
|  Cigna Corp.<br>1.250%, 03/15/26 (a) | 4000000 | 3563751 |
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
|  Teva Pharmaceutical Finance Netherlands III B.V.<br>4.750%, 05/09/27 (a) | 800000 | 723120 |
|  |  | 7419272 |
| **Pipelines—1.6%** | **Pipelines—1.6%** | **Pipelines—1.6%** |
|  Cheniere Corpus Christi Holdings LLC<br>5.875%, 03/31/25 | 2500000 | 2515185 |
|  Energy Transfer L.P.<br>4.050%, 03/15/25 (a) | 1800000 | 1743470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 09/15/23 (a) | 1000000 | 993723 |
|  EnLink Midstream Partners L.P.<br>4.850%, 07/15/26 (a) | 1100000 | 1034031 |
|  MPLX L.P.<br>4.875%, 12/01/24 (a) | 2500000 | 2479558 |
|  Sabine Pass Liquefaction LLC<br>5.625%, 03/01/25 (a) | 1700000 | 1702401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 05/15/24 (a) | 1000000 | 1000242 |
|  Williams Cos., Inc. (The)<br>4.000%, 09/15/25 (a) | 500000 | 485983 |
|  |  | 11954593 |
| **Real Estate—0.1%** | **Real Estate—0.1%** | **Real Estate—0.1%** |
|  Country Garden Holdings Co., Ltd.<br>7.250%, 04/08/26 | 700000 | 441603 |
|  Vivion Investments Sarl<br>3.000%, 08/08/24 (EUR) | 200000 | 165491 |
|  |  | 607094 |
| **Real Estate Investment Trusts—0.1%** | **Real Estate Investment Trusts—0.1%** | **Real Estate Investment Trusts—0.1%** |
|  MPT Operating Partnership L.P. / MPT Finance Corp.<br>5.000%, 10/15/27 (a) | 1300000 | 1092689 |
| **Retail—0.0%** | **Retail—0.0%** | **Retail—0.0%** |
|  KSouth Africa, Ltd.<br>3.000%, 12/31/22 (144A)† (c)(d)(e)(f) | 712186 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25.000%, 12/31/22 (144A)† (c)(d)(e)(f) | 313720 | 0 |
|  Party City Holdings, Inc.<br>8.061%, 6M LIBOR + 5.000%, 07/15/25 (144A) (a)(b) | 195885 | 52889 |
|  |  | 52889 |
| **Semiconductors—0.4%** | **Semiconductors—0.4%** | **Semiconductors—0.4%** |
|  SK Hynix, Inc.<br>1.500%, 01/19/26 (144A) | 3400000 | 2946464 |
| **Software—0.1%** | **Software—0.1%** | **Software—0.1%** |
|  Fiserv, Inc.<br>2.250%, 06/01/27 (a) | 1000000 | 892484 |
| **Telecommunications—0.7%** | **Telecommunications—0.7%** | **Telecommunications—0.7%** |
|  AT&T, Inc.<br>2.300%, 06/01/27 (a) | 400000 | 355755 |
|  CommScope Technologies LLC<br>6.000%, 06/15/25 (144A) (a) | 300000 | 273000 |
|  Iliad Holding SASU<br>6.500%, 10/15/26 (144A) (a) | 700000 | 649218 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
|  Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC<br>4.738%, 03/20/25 (144A) | 168750 | $| 166761 |
|  Verizon Communications, Inc.<br>1.450%, 03/20/26 (a) | 4300000 |  | 3860211 |
|  |  |  | 5304945 |
| **Trucking & Leasing—0.1%** | **Trucking & Leasing—0.1%** | **Trucking & Leasing—0.1%** | **Trucking & Leasing—0.1%** |
|  DAE Funding LLC<br>1.550%, 08/01/24 (144A) | 600000 |  | 557586 |
|  Total Corporate Bonds & Notes<br>(Cost $265,975,876) |  |  | 238778400 |
| **U.S. Treasury & Government Agencies—25.9%** | **U.S. Treasury & Government Agencies—25.9%** | **U.S. Treasury & Government Agencies—25.9%** | **U.S. Treasury & Government Agencies—25.9%** |
| **Agency Sponsored Mortgage-Backed — 4.3%** | **Agency Sponsored Mortgage-Backed — 4.3%** | **Agency Sponsored Mortgage-Backed — 4.3%** | **Agency Sponsored Mortgage-Backed — 4.3%** |
|  Fannie Mae 15 Yr. Pool<br>4.500%, 09/01/24 | 44290 |  | 44184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/25 | 156488 |  | 156190 |
|  Fannie Mae ARM Pool<br>1.795%, 12M LIBOR + 1.420%, 03/01/36 (b) | 4401 |  | 4285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.960%, 12M LIBOR + 1.585%, 02/01/36 (b) | 9479 |  | 9278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.030%, 12M LIBOR + 1.530%, 02/01/33 (b) | 26578 |  | 25958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.213%, 12M LIBOR + 1.838%, 03/01/36 (b) | 13993 |  | 13689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.323%, 12M LIBOR + 1.815%, 03/01/36 (b) | 8920 |  | 8737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355%, 1Y H15 + 2.105%, 07/01/25 (b) | 60 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.386%, 12M LIBOR + 1.580%, 03/01/33 (b) | 12172 |  | 11899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525%, 1Y H15 + 2.275%, 06/01/35 (b) | 36072 |  | 35075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.560%, 12M LIBOR + 1.810%, 04/01/40 (b) | 636 |  | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.817%, 1Y H15 + 1.879%, 02/01/25 (b) | 10523 |  | 10381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.845%, 6M LIBOR + 0.845%, 11/01/33 (b) | 403 |  | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.898%, 6M LIBOR + 1.399%, 03/01/35 (b) | 9830 |  | 9785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.927%, 6M LIBOR + 1.413%, 11/01/34 (b) | 3581 |  | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005%, 6M LIBOR + 1.570%, 11/01/35 (b) | 26465 |  | 26436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.012%, 1Y H15 + 2.149%, 03/01/30 (b) | 211 |  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.038%, 6M LIBOR + 1.538%, 09/01/35 (b) | 4335 |  | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.045%, 1Y H15 + 2.270%, 01/01/29 (b) | 6444 |  | 6194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.083%, 1Y H15 + 2.230%, 09/01/36 (b) | 266 |  | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.119%, 12M LIBOR + 1.712%, 09/01/35 (b) | 767982 |  | 775151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.121%, 1Y H15 + 2.422%, 04/01/36 (b) | 1570 |  | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12M LIBOR + 1.750%, 04/01/34 (b) | 14402 |  | 14104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.185%, 12M LIBOR + 1.810%, 04/01/35 (b) | 152409 |  | 151786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.289%, 1Y H15 + 2.164%, 07/01/33 (b) | 18038 |  | 17311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.380%, 6M LIBOR + 1.676%, 03/01/37 (b) | 1805 |  | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.421%, 1Y H15 + 2.088%, 07/01/33 (b) | 14279 |  | 14111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.445%, 12M LIBOR + 1.684%, 11/01/36 (b) | 557643 |  | 563075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.462%, 1Y H15 + 2.167%, 11/01/35 (b) | 830444 |  | 841392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.481%, 6M LIBOR + 2.106%, 09/01/33 (b) | 20522 |  | 20015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.515%, 1Y H15 + 2.463%, 09/01/33 (b) | 434 |  | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.518%, 12M LIBOR + 1.614%, 01/01/36 (b) | 20151 |  | 20127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.525%, 6M LIBOR + 2.275%, 08/01/32 (b) | 20195 |  | 19694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.529%, 1Y H15 + 2.247%, 03/01/38 (b) | 4690 |  | 4629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.540%, 6M LIBOR + 1.415%, 12/01/32 (b) | 39454 |  | 38455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.549%, 1Y H15 + 2.270%, 08/01/30 (b) | 9161 |  | 8845 |
| **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** |
|  Fannie Mae ARM Pool<br>3.583%, 12M LIBOR + 1.833%, 08/01/32 (b) | 29514 |  | 29080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 12M LIBOR + 1.375%, 07/01/33 (b) | 10960 |  | 10777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.641%, 12M LIBOR + 1.637%, 05/01/33 (b) | 5888 |  | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.661%, 6M LIBOR + 1.783%, 06/01/28 (b) | 833 |  | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.665%, 6M LIBOR + 1.415%, 06/01/32 (b) | 6930 |  | 6767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666%, 1Y H15 + 2.275%, 01/01/32 (b) | 716 |  | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.703%, 12M LIBOR + 1.905%, 11/01/35 (b) | 234348 |  | 238437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.752%, 12M LIBOR + 1.502%, 07/01/33 (b) | 25164 |  | 24801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 1Y H15 + 1.675%, 11/01/32 (b) | 7477 |  | 7291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12M LIBOR + 1.550%, 02/01/44 (b) | 25869 |  | 25261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.805%, 1Y H15 + 2.010%, 06/01/25 (b) | 7649 |  | 7573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.821%, 12M LIBOR + 1.571%, 11/01/36 (b) | 211 |  | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.895%, 12M LIBOR + 1.645%, 09/01/39 (b) | 1708 |  | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.901%, 12M LIBOR + 1.651%, 10/01/33 (b) | 14704 |  | 14407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.905%, 12M LIBOR + 1.655%, 08/01/34 (b) | 809 |  | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.942%, 12M LIBOR + 1.692%, 08/01/37 (b) | 3088 |  | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953%, 1Y H15 + 1.941%, 08/01/29 (b) | 449 |  | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.973%, 12M LIBOR + 1.723%, 10/01/36 (b) | 992 |  | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6M LIBOR + 2.250%, 10/01/33 (b) | 15950 |  | 15640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.023%, 6M LIBOR + 1.585%, 03/01/36 (b) | 46500 |  | 47695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.028%, 12M LIBOR + 1.778%, 12/01/35 (b) | 103606 |  | 101689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.033%, 12M LIBOR + 1.690%, 11/01/35 (b) | 5347 |  | 5276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.046%, 1Y H15 + 2.535%, 07/01/28 (b) | 1016 |  | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.094%, 12M LIBOR + 1.844%, 09/01/37 (b) | 655 |  | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.123%, 1Y H15 + 1.998%, 10/01/32 (b) | 9063 |  | 8890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.138%, 1Y H15 + 2.223%, 07/01/35 (b) | 6761 |  | 6842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.149%, 1Y H15 + 2.149%, 08/01/33 (b) | 37022 |  | 36628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.203%, 1Y H15 + 2.277%, 04/01/27 (b) | 96 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 1Y H15 + 2.152%, 12/01/33 (b) | 34890 |  | 34172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 1Y H15 + 2.280%, 07/01/32 (b) | 1921 |  | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.290%, 1Y H15 + 2.290%, 08/01/32 (b) | 4886 |  | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.334%, 6M LIBOR + 1.682%, 04/01/36 (b) | 13292 |  | 13509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379%, 1Y H15 + 2.360%, 11/01/34 (b) | 831730 |  | 850493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.395%, 1Y H15 + 2.270%, 01/01/32 (b) | 5152 |  | 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410%, 1Y H15 + 2.285%, 02/01/35 (b) | 26806 |  | 26167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.423%, 6M LIBOR + 1.067%, 11/01/33 (b) | 2362 |  | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.519%, 6M LIBOR + 1.430%, 02/01/36 (b) | 17646 |  | 18012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879%, 6M LIBOR + 1.157%, 03/01/28 (b) | 1522 |  | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.947%, 6M LIBOR + 1.620%, 11/01/32 (b) | 17944 |  | 17815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.172%, 6M LIBOR + 1.541%, 12/01/34 (b) | 19075 |  | 19176 |
|  Fannie Mae Connecticut Avenue Securities (CMO)<br>6.989%, 1M LIBOR + 2.600%, 05/25/24 (b) | 1667886 |  | 1688354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.289%, 1M LIBOR + 2.900%, 07/25/24 (b) | 610787 |  | 610788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.389%, 1M LIBOR + 3.000%, 07/25/24 (b) | 1727429 |  | 1759829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.389%, 1M LIBOR + 4.000%, 05/25/25 (b) | 909982 |  | 914513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.689%, 1M LIBOR + 4.300%, 02/25/25 (b) | 857010 |  | 872012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.289%, 1M LIBOR + 4.900%, 11/25/24 (b) | 1339002 |  | 1373851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.389%, 1M LIBOR + 5.000%, 11/25/24 (b) | 104083 |  | 105230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.389%, 1M LIBOR + 5.000%, 07/25/25 (b) | 804939 |  | 816956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.639%, 1M LIBOR + 5.250%, 10/25/23 (b) | 1037159 |  | 1054410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.339%, 1M LIBOR + 6.950%, 08/25/28 (b) | 941709 |  | 1000432 |
|  Freddie Mac 15 Yr.Pool<br>3.000%, 10/01/37 | 3712459 |  | 3477220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/37 | 4010146 |  | 3837482 |
|  Freddie Mac STACR REMIC Trust (CMO)<br>5.928%, SOFR30A + 2.000%, 04/25/42 (144A) (b) | 1387485 |  | 1380548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.989%, 1M LIBOR + 3.600%, 04/25/24 (b) | 619474 |  | 626707 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Agency Sponsored Mortgage-Backed —(Continued)** | **Agency Sponsored Mortgage-Backed —(Continued)** | **Agency Sponsored Mortgage-Backed —(Continued)** | **Agency Sponsored Mortgage-Backed —(Continued)** |
|  Freddie Mac STACR REMIC Trust (CMO)<br>8.139%, 1M LIBOR + 3.750%, 09/25/24 (b) | 1944066 | $| 1948899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.389%, 1M LIBOR + 4.000%, 08/25/24 (b) | 60866 |  | 61026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.939%, 1M LIBOR + 4.550%, 10/25/24 (b) | 873347 |  | 882905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.039%, 1M LIBOR + 4.650%, 10/25/28 (b) | 1670237 |  | 1718476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.539%, 1M LIBOR + 5.150%, 11/25/28 (b) | 1191793 |  | 1232184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.939%, 1M LIBOR + 5.550%, 07/25/28 (b) | 2532535 |  | 2644058 |
|  |  |  | 32468033 |
| **U.S. Treasury — 21.6%** | **U.S. Treasury — 21.6%** | **U.S. Treasury — 21.6%** | **U.S. Treasury — 21.6%** |
|  U.S. Treasury Inflation Indexed Notes<br>0.625%, 01/15/26 (g) | 9154492 |  | 8787224 |
|  U.S. Treasury Notes<br>0.375%, 08/15/24 | 10000000 |  | 9342188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 01/15/25 (a) | 32000000 |  | 29946250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/25 (a) | 28000000 |  | 26357187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/15/23 (a) | 10000000 |  | 9861719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/31/25 (a) | 13000000 |  | 12567852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 07/31/25 (h) | 42500000 |  | 41057324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/30/25 | 26000000 |  | 25016875 |
|  |  |  | 162936619 |
|  Total U.S. Treasury & Government Agencies<br>(Cost $197,264,353) |  |  | 195404652 |
| **Asset-Backed Securities—11.0%** | **Asset-Backed Securities—11.0%** | **Asset-Backed Securities—11.0%** | **Asset-Backed Securities—11.0%** |
| **Asset-Backed-Credit Card—2.3%** | **Asset-Backed-Credit Card—2.3%** | **Asset-Backed-Credit Card—2.3%** | **Asset-Backed-Credit Card—2.3%** |
|  American Express Credit Account Master Trust<br>3.750%, 08/15/27 | 5496000 |  | 5372839 |
|  BA Credit Card Trust<br>3.530%, 11/15/27 | 1200000 |  | 1166913 |
|  Capital One Multi-Asset Execution Trust<br>3.490%, 05/15/27 | 3070000 |  | 2985581 |
|  Chase Issuance Trust<br>3.970%, 09/15/27 | 2047000 |  | 2002558 |
|  Discover Card Execution Note Trust<br>3.560%, 07/15/27 | 5710000 |  | 5543216 |
|  |  |  | 17071107 |
| **Asset-Backed-Other—8.7%** | **Asset-Backed-Other—8.7%** | **Asset-Backed-Other—8.7%** | **Asset-Backed-Other—8.7%** |
|  Adagio CLO VIII DAC<br>3.028%, 3M EURIBOR + 1.650%, 04/15/32 (144A) (EUR) (b) | 400000 |  | 398565 |
|  American Homes 4 Rent Trust<br>3.467%, 04/17/52 (144A) | 2170672 |  | 2067047 |
|  Ares European CLO VIII DAC<br>2.298%, 3M EURIBOR + 0.920%, 04/17/32 (144A) (EUR)(b) | 3200000 |  | 3328242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.978%, 3M EURIBOR + 1.600%, 04/17/32 (144A) (EUR)(b) | 500000 |  | 503264 |
|  Armada Euro CLO IV DAC<br>3.078%, 3M EURIBOR + 1.700%, 07/15/33 (144A) (EUR) (b) | 500000 |  | 498509 |
|  Bain Capital Credit CLO<br>5.475%, 3M LIBOR + 1.150%, 04/23/31 (144A) (b) | 1000000 |  | 958720 |
| **Asset-Backed-Other—(Continued)** | **Asset-Backed-Other—(Continued)** | **Asset-Backed-Other—(Continued)** | **Asset-Backed-Other—(Continued)** |
|  Blackrock European CLO IX DAC<br>2.946%, 3M EURIBOR + 0.900%, 12/15/32 (144A) (EUR)(b) | 2600000 |  | 2689298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.596%, 3M EURIBOR + 1.550%, 12/15/32 (144A) (EUR)(b) | 800000 |  | 794508 |
|  BlueMountain CLO XXXIV, Ltd.<br>6.363%, 3M TSFR + 2.400%, 04/20/35 (144A) (b) | 1090000 |  | 1014582 |
|  BlueMountain Fuji Eur CLO V DAC<br>2.928%, 3M EURIBOR + 1.550%, 01/15/33 (144A) (EUR) (b) | 1400000 |  | 1390266 |
|  Carlyle GMS Finance MM CLO LLC<br>6.279%, 3M LIBOR + 2.200%, 10/15/31 (144A) (b) | 1000000 |  | 942035 |
|  CF Hippolyta LLC<br>1.690%, 07/15/60 (144A) | 1153543 |  | 1029644 |
|  Cook Park CLO Ltd.<br>5.199%, 3M LIBOR + 1.120%, 04/17/30 (144A) (b) | 1500000 |  | 1427559 |
|  Countrywide Asset-Backed Certificates<br>5.139%, 1M LIBOR + 0.750%, 03/25/34 (b) | 30604 |  | 29776 |
|  Dryden 44 Euro CLO B.V.<br>2.258%, 3M EURIBOR + 0.880%, 04/15/34 (144A) (EUR) (b) | 7166000 |  | 7300853 |
|  Dryden 45 Senior Loan Fund<br>5.479%, 3M LIBOR + 1.400%, 10/15/30 (144A) (b) | 3000000 |  | 2882751 |
|  FirstKey Homes Trust<br>1.266%, 10/19/37 (144A) | 1414101 |  | 1252990 |
|  Holland Park CLO DAC<br>2.722%, 3M EURIBOR + 0.920%, 11/14/32 (144A) (EUR) (b) | 9900000 |  | 10213398 |
|  Home Partners of America Trust<br>2.649%, 01/17/41 (144A) | 495359 |  | 413862 |
|  Madison Park Euro Funding VIII DAC<br>3.078%, 3M EURIBOR + 1.700%, 04/15/32 (144A) (EUR) (b) | 900000 |  | 886940 |
|  Madison Park Funding, Ltd.<br>6.025%, 3M LIBOR + 1.700%, 10/22/30 (144A) (b) | 1000000 |  | 974948 |
|  Neuberger Berman CLO, Ltd.<br>5.678%, 3M LIBOR + 1.400%, 10/21/30 (144A) (b) | 1700000 |  | 1638110 |
|  New Economy Assets Phase 1 Sponsor LLC<br>1.910%, 10/20/61 (144A) | 5010000 |  | 4233298 |
|  Octagon 58, Ltd.<br>3.924%, 3M TSFR + 2.350%, 07/15/37 (144A) (b) | 3000000 |  | 2872827 |
|  Octagon Investment Partners, Ltd.<br>5.343%, 3M LIBOR + 1.100%, 01/20/31 (144A) (b) | 600000 |  | 588779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.775%, 3M LIBOR + 1.450%, 10/24/30 (144A) (b) | 2000000 |  | 1934048 |
|  OHA Credit Partners VII, Ltd.<br>5.745%, 3M LIBOR + 1.070%, 02/20/34 (144A) (b) | 6398000 |  | 6177173 |
|  RAAC Trust<br>5.089%, 1M LIBOR + 0.700%, 03/25/34 (b) | 65092 |  | 62909 |
|  RR 14, Ltd.<br>5.199%, 3M LIBOR + 1.120%, 04/15/36 (144A) (b) | 5382000 |  | 5240523 |
|  Voya CLO, Ltd.<br>5.594%, 3M LIBOR + 1.400%, 10/18/31 (144A) (b) | 2454544 |  | 2386590 |
|  |  |  | 66132014 |
|  Total Asset-Backed Securities<br>(Cost $88,753,955) |  |  | 83203121 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mortgage-Backed Securities—6.2%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Collateralized Mortgage Obligations—3.7%** | **Collateralized Mortgage Obligations—3.7%** | **Collateralized Mortgage Obligations—3.7%** |
|  Adjustable Rate Mortgage Trust<br>3.481%, 02/25/35 (b) | 842633 | $811513 |
|  BRAVO Residential Funding Trust<br>3.500%, 10/25/44 (144A) (b) | 1206204 | 1116719 |
|  CHL Mortgage Pass-Through Trust<br>3.402%, 07/25/34 (b) | 183325 | 169380 |
|  COLT Mortgage Loan Trust<br>4.301%, 03/25/67 (144A) (b) | 1029775 | 983843 |
|  Credit Suisse First Boston Mortgage Securities Corp.<br>5.000%, 09/25/19 | 34837 | 20591 |
|  JPMorgan Mortgage Trust<br>2.500%, 10/25/51 (144A) (b) | 4471918 | 3834146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/25/52 (144A) (b) | 4136481 | 3551513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/25/52 (144A) (b) | 796838 | 683195 |
|  Merrill Lynch Mortgage Investors Trust<br>5.129%, 1M LIBOR + 0.740%, 03/25/28 (b) | 104920 | 98829 |
|  Mill City Mortgage Loan Trust<br>3.250%, 05/25/62 (144A) (b) | 802008 | 773077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.485%, 04/25/66 (144A) (b) | 1464878 | 1387585 |
|  New York Mortgage Trust<br>5.064%, 1M LIBOR + 0.675%, 02/25/36 (b) | 60791 | 57722 |
|  OBX Trust<br>2.500%, 05/25/51 (144A) (b) | 2687481 | 2304200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/25/51 (144A) (b) | 719526 | 617809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.039%, 1M LIBOR + 0.650%, 06/25/57 (144A) (b) | 367030 | 345181 |
|  Provident Funding Mortgage Trust<br>2.500%, 10/25/51 (144A) (b) | 2738912 | 2348297 |
|  PSMC Trust<br>2.500%, 08/25/51 (144A) (b) | 4167329 | 3583416 |
|  Sequoia Mortgage Trust<br>4.993%, 1M LIBOR + 0.640%, 11/20/34 (b) | 122314 | 107875 |
|  Towd Point Mortgage Trust<br>2.750%, 10/25/56 (144A) (b) | 531204 | 522270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/25/58 (144A) (b) | 1532057 | 1396965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.722%, 03/25/58 (144A) (b) | 402297 | 378525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/25/58 (144A) (b) | 2376050 | 2246288 |
|  WaMu Mortgage Pass-Through Certificates Trust<br>4.849%, 1M LIBOR + 0.460%, 04/25/45 (b) | 507250 | 480091 |
|  |  | 27819030 |
| **Commercial Mortgage-Backed Securities—2.5%** |  |  |
|  BX Commercial Mortgage Trust<br>5.007%, 1M LIBOR + 0.689%, 10/15/36 (144A) (b) | 2643000 | 2536935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.018%, 1M LIBOR + 0.700%, 09/15/36 (144A) (b) | 1950000 | 1878378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370%, 1M TSFR + 1.034%, 10/15/36 (144A) (b) | 7157790 | 7069540 |
|  BX Trust<br>5.817%, 1M TSFR + 1.491%, 04/15/37 (144A) (b) | 3062164 | 2996951 |
|  Commercial Mortgage Trust<br>3.611%, 08/10/49 (144A) (b) | 1220000 | 1153142 |
|  DBCG Mortgage Trust<br>5.018%, 1M LIBOR + 0.700%, 06/15/34 (144A) (b) | 2550000 | 2505266 |
|  Greenwich Capital Commercial Mortgage Trust<br>6.012%, 07/10/38 (b) | 357974 | 231358 |
| **Commercial Mortgage-Backed Securities—(Continued)** |  |  |
|  GS Mortgage Securities Corp.<br>5.067%, 1M TSFR + 0.731%, 08/15/36 (144A) (b) | 580000 | 571881 |
|  |  | 18943451 |
|  Total Mortgage-Backed Securities<br>(Cost $51,057,809) |  | 46762481 |
| **Floating Rate Loans (i)—3.7%** | **Floating Rate Loans (i)—3.7%** | **Floating Rate Loans (i)—3.7%** |
| **Aerospace/Defense—0.1%** |  |  |
|  Alloy Finco, Ltd.<br>Holdco PIK Term Loan, 13.500%, 03/06/25 (d) | 454517 | 395430 |
| **Airlines—0.1%** |  |  |
|  American Airlines, Inc.<br>Term Loan, 8.993%, 3M LIBOR + 4.750%, 04/20/28  | 168286 | 167760 |
|  United Airlines, Inc.<br>Term Loan B, 8.108%, 3M LIBOR + 3.750%, 04/21/28  | 740264 | 732553 |
|  |  | 900313 |
| **Auto Manufacturers—0.0%** |  |  |
|  American Trailer World Corp.<br>Term Loan B, 8.173%, 1M TSFR + 3.750%, 03/03/28  | 83874 | 72945 |
| **Auto Parts & Equipment—0.1%** |  |  |
|  Clarios Global L.P.<br>USD Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/30/26 | 220305 | 216633 |
|  DexKo Global, Inc.<br>2021 USD Term Loan B, 7.821%, 1M LIBOR + 3.750%, 10/04/28 | 49275 | 44340 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Delayed Draw Term Loan, 6.865%, 1M LIBOR + 3.750%, 10/04/28 | 11245 | 10119 |
|  First Brands Group LLC<br>Term Loan, 8.369%, 3M TSFR + 5.000%, 03/30/27  | 431403 | 410911 |
|  |  | 682003 |
| **Beverages—0.1%** |  |  |
|  City Brewing Co. LLC<br>Term Loan, 7.792%, 1M LIBOR + 3.500%, 04/05/28 | 109722 | 49375 |
|  Triton Water Holdings, Inc.<br>Term Loan, 8.230%, 3M LIBOR + 3.500%, 03/31/28 | 952233 | 888671 |
|  |  | 938046 |
| **Chemicals—0.2%** |  |  |
|  CPC Acquisition Corp.<br>Term Loan, 8.480%, 3M LIBOR + 3.750%, 12/29/27 | 279736 | 204207 |
|  Hexion Holdings Corp.<br>USD Term Loan, 8.935%, 3M TSFR + 4.500%, 03/15/29 | 294550 | 253902 |
|  Illuminate Buyer LLC<br>Term Loan, 7.884%, 1M LIBOR + 3.500%, 06/30/27 | 224695 | 215754 |
|  INEOS Styrolution U.S. Holding LLC<br>USD Term Loan B, 7.134%, 1M LIBOR + 2.750%, 01/29/26 | 548062 | 539841 |
|  PMHC II, Inc.<br>Term Loan B, 8.494%, 3M TSFR + 4.250%, 04/23/29 | 183731 | 156272 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (i)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Chemicals—(Continued)** | | |
|  Sparta U.S. HoldCo LLC<br>Term Loan, 7.392%, 1M LIBOR + 3.250%, 08/02/28 | 127686 | $124813 |
|  |  | 1494789 |
| **Commercial Services—0.2%** |  |  |
|  Allied Universal Holdco LLC<br>USD Incremental Term Loan B, 8.173%, 1M LIBOR + 3.750%, 05/12/28 | 266798 | 253758 |
|  Avis Budget Car Rental LLC<br>Term Loan B, 6.140%, 1M LIBOR + 1.750%, 08/06/27 | 745313 | 725050 |
|  CHG Healthcare Services, Inc.<br>Term Loan, 7.634%, 1M LIBOR + 3.250%, 09/29/28 | 57295 | 56181 |
|  MPH Acquisition Holdings LLC<br>Term Loan B, 8.985%, 3M LIBOR + 4.250%, 09/01/28 | 171139 | 146876 |
|  Verscend Holding Corp.<br>Term Loan B, 8.384%, 1M LIBOR + 4.000%, 08/27/25 | 234206 | 233327 |
|  |  | 1415192 |
| **Computers—0.1%** |  |  |
|  Magenta Buyer LLC<br>USD 1st Lien Term Loan, 9.170%, 3M LIBOR + 4.750%, 07/27/28 | 207855 | 179015 |
|  McAfee LLC<br>USD Term Loan B, 7.974%, 1M TSFR + 3.750%, 03/01/29 | 182026 | 170194 |
|  Peraton Corp.<br>Term Loan B, 8.134%, 1M LIBOR + 3.750%, 02/01/28 | 321023 | 314259 |
|  Vision Solutions, Inc.<br>Incremental Term Loan, 8.358%, 3M LIBOR + 4.000%, 04/24/28 | 171723 | 142888 |
|  |  | 806356 |
| **Diversified Financial Services—0.1%** |  |  |
|  Ascensus Holdings, Inc.<br>Term Loan, 8.250%, 3M LIBOR + 3.500%, 08/02/28 | 246688 | 235895 |
|  Citadel Securities L.P.<br>Term Loan B, 6.823%, 1M TSFR + 2.500%, 02/02/28 | 383175 | 376649 |
|  Edelman Financial Center LLC<br>Term Loan B, 7.884%, 1M LIBOR + 3.500%, 04/07/28 | 689500 | 647022 |
|  Russell Investments U.S. Inst'l Holdco, Inc.<br>Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/30/25 | 131 | 126 |
|  |  | 1259692 |
| **Engineering & Construction—0.0%** |  |  |
|  USIC Holdings, Inc.<br>Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/12/28 | 173782 | 166360 |
| **Entertainment—0.1%** |  |  |
|  Great Canadian Gaming Corp.<br>Term Loan, 8.753%, 3M LIBOR + 4.000%, 11/01/26 | 151273 | 148941 |
|  Penn National Gaming, Inc.<br>Term Loan B, 7.173%, 1M TSFR + 2.750%, 05/03/29 | 63592 | 63053 |
|  Scientific Games Holdings L.P.<br>USD Term Loan B, 7.097%, 3M TSFR + 3.500%, 04/04/29 | 271480 | 259569 |
| **Entertainment—(Continued)** |  |  |
|  Twin River Worldwide Holdings, Inc.<br>Term Loan B, 7.542%, 3M LIBOR + 3.250%, 10/02/28 | 532799 | 496392 |
|  |  | 967955 |
| **Environmental Control—0.0%** |  |  |
|  Madison IAQ LLC<br>Term Loan, 7.988%, 3M LIBOR + 3.250%, 06/21/28 | 119096 | 110958 |
| **Food—0.0%** |  |  |
|  Primary Products Finance LLC<br>Term Loan, 7.709%, 3M LIBOR + 4.000%, 03/31/29 | 84143 | 82890 |
| **Healthcare-Products—0.0%** |  |  |
|  Medline Borrower L.P.<br>USD Term Loan B, 7.634%, 1M LIBOR + 3.250%, 10/23/28 | 129057 | 122854 |
| **Healthcare-Services—0.1%** |  |  |
|  Aveanna Healthcare LLC<br>Delayed Draw Term Loan, 8.139%, 1M LIBOR + 3.750%, 07/17/28 | 9401 | 7282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.139%, 1M LIBOR + 3.750%, 07/17/28 | 133375 | 103310 |
|  Dermatology Intermediate Holdings III, Inc.<br>Term Loan B, 8.573%, 1M TSFR + 4.250%, 03/30/29 | 176 | 172 |
|  eResearchTechnology, Inc.<br>1st Lien Term Loan, 8.884%, 1M LIBOR + 4.500%, 02/04/27 | 191562 | 170171 |
|  Global Medical Response, Inc.<br>Incremental Term Loan, 8.634%, 1M LIBOR + 4.250%, 03/14/25 | 102248 | 72596 |
|  Icon Luxembourg S.a.r.l.<br>LUX Term Loan, 7.000%, 3M LIBOR + 2.250% 07/03/28 | 83964 | 83807 |
|  Phoenix Guarantor, Inc.<br>Term Loan B3, 7.884%, 1M LIBOR + 3.500%, 03/05/26 | 196009 | 184371 |
|  Radiology Partners, Inc.<br>1st Lien Term Loan B, 8.639%, 1M LIBOR + 4.250%, 07/09/25 | 139115 | 117204 |
|  U.S. Anesthesia Partners, Inc.<br>Term Loan, 8.370%, 1M LIBOR + 4.250%, 10/01/28 | 99716 | 94980 |
|  U.S. Radiology Specialists, Inc.<br>Term Loan, 9.980%, 3M LIBOR + 5.250%, 12/15/27 | 133624 | 121076 |
|  |  | 954969 |
| **Home Furnishings—0.1%** |  |  |
|  AI Aqua Merger Sub, Inc.<br>1st Lien Term Loan B, 7.967%, 1M TSFR + 3.750%, 07/31/28 | 233186 | 219778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term loan, 8.086%, SOFR + 4.000%, 07/31/28 (j) | 25707 | 24280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.844%, 3M TSFR + 3.750%, 07/31/28 | 147645 | 139451 |
|  |  | 383509 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (i)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Housewares—0.0%** | | |
|  Petmate<br>Incremental Term Loan B, 10.230%, 3M LIBOR + 5.500%, 09/15/28 | 122814 | $92571 |
| **Insurance—0.4%** |  |  |
|  Acrisure LLC<br>Incremental Term Loan B, 8.134%, 1M LIBOR + 3.750%, 02/15/27 | 161005 | 153425 |
|  Alliant Holdings Intermediate LLC<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 05/09/25 | 476344 | 470806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B4, 7.854%, 1M LIBOR + 3.500%, 11/06/27 | 267994 | 262355 |
|  AssuredPartners, Inc.<br>Term Loan B, 7.884%, 1M LIBOR + 3.500%, 02/12/27 | 818283 | 796603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.823%, 1M TSFR + 3.500%, 02/12/27 | 148875 | 144316 |
|  Asurion LLC<br>Second Lien Term Loan B4, 9.634%, 1M LIBOR + 5.250%, 01/20/29 | 544707 | 426233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B6, 5.649%, 1M LIBOR + 3.125%, 11/03/23 | 145671 | 130831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B8, 7.634%, 1M LIBOR + 3.250%, 12/23/26 | 111899 | 99890 |
|  Sedgwick Claims Management Services, Inc.<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 12/31/25 | 225306 | 219613 |
|  |  | 2704072 |
| **Internet—0.0%** |  |  |
|  Hunter Holdco 3, Ltd.<br>Term Loan B, 8.980%, 3M LIBOR + 4.250%, 08/19/28 | 298454 | 293231 |
| **Leisure Time—0.0%** |  |  |
|  Varsity Brands, Inc.<br>Term Loan B, 7.884%, 1M LIBOR + 3.500%, 12/15/24 | 211347 | 204033 |
| **Lodging—0.0%** |  |  |
|  Caesars Resort Collection LLC<br>Term Loan B1, 7.884%, 1M LIBOR + 3.500%, 07/21/25 | 227833 | 227513 |
| **Machinery-Diversified—0.1%** |  |  |
|  ASP Blade Holdings, Inc.<br>Initial Term Loan, 8.730%, 3M LIBOR + 4.000%, 10/13/28 | 236531 | 190492 |
|  Vertical U.S. Newco, Inc.<br>Term Loan B, 6.871%, 6M LIBOR + 3.500%, 07/30/27 | 378921 | 365726 |
|  |  | 556218 |
| **Media—0.2%** |  |  |
|  Diamond Sports Group LLC<br>First Priority Term Loan, 12.317%, 1M TSFR + 8.100%, 05/25/26 | 3505 | 3295 |
|  Gray Television, Inc.<br>Term Loan D, 7.120%, 1M LIBOR + 3.000%, 12/01/28 | 297000 | 288886 |
|  McGraw-Hill Global Education Holdings LLC<br>Term Loan, 8.317%, 6M LIBOR + 4.750%, 07/28/28 | 472143 | 445703 |
|  Radiate Holdco LLC<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 09/25/26 | 295511 | 241765 |
| **Media—(Continued)** |  |  |
|  Univision Communications, Inc.<br>First Lien Term Loan B, 7.634%, 1M LIBOR + 3.250%, 03/15/26 | 419615 | 413845 |
|  |  | 1393494 |
| **Metal Fabricate/Hardware—0.1%** |  |  |
|  AZZ, Inc.<br>Term Loan B, 8.673%, 1M TSFR + 4.250%, 05/13/29 | 130346 | 130395 |
|  Tiger Acquisition LLC<br>Term Loan, 7.634%, 1M LIBOR + 3.250%, 06/01/28 | 609781 | 580674 |
|  |  | 711069 |
| **Mining—0.0%** |  |  |
|  U.S. Silica Co.<br>Term Loan B, 8.438%, 1M LIBOR + 4.000%, 05/01/25 | 245343 | 243043 |
| **Office/Business Equipment—0.1%** |  |  |
|  Pitney Bowes, Inc.<br>Term Loan B, 8.438%, 1M LIBOR + 4.000%, 03/17/28 | 443040 | 409812 |
| **Oil & Gas—0.1%** |  |  |
|  QuarterNorth Energy Holding, Inc.<br>Exit 2nd Lien Term Loan, 12.384%, 1M LIBOR + 8.000%, 08/27/26 | 360484 | 359695 |
| **Oil & Gas Services—0.1%** |  |  |
|  Onsite Rental Group Pty, Ltd.<br>Term Loan, 6.100%, 10/26/23 (d)(e)(f) | 882507 | 641557 |
| **Packaging & Containers—0.0%** |  |  |
|  Klockner-Pentaplast of America, Inc.<br>Term Loan B, 8.259%, 6M LIBOR + 4.750%, 02/12/26 | 211245 | 188800 |
| **Pharmaceuticals—0.3%** |  |  |
|  Bausch Health Companies, Inc.<br>Term Loan B, 9.667%, 1M TSFR + 5.250%, 02/01/27 | 298178 | 231088 |
|  Gainwell Acquisition Corp.<br>Term Loan B, 8.730%, 3M LIBOR + 4.000%, 10/01/27 | 246599 | 233961 |
|  Jazz Financing Lux S.a.r.l.<br>USD Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/05/28 | 584258 | 580079 |
|  Organon & Co.<br>USD Term Loan, 7.750%, 3M LIBOR + 3.000%, 06/02/28 | 378214 | 375378 |
|  Pathway Vet Alliance LLC<br>Term Loan, 8.134%, 3M LIBOR + 3.750%, 03/31/27 | 270338 | 225732 |
|  Perrigo Investments, LLC<br>Term Loan B, 6.923%, 1M TSFR + 2.500%, 04/20/29 | 109916 | 108542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan B, 04/20/29 | 40170 | 38764 |
|  PetVet Care Centers LLC<br>Term Loan B3, 7.884%, 1M LIBOR + 3.500%, 02/14/25 | 54645 | 51640 |
|  PRA Health Sciences, Inc.<br>Term Loan, 7.000%, 3M LIBOR + 2.250%, 07/03/28 | 20920 | 20880 |
|  |  | 1866064 |
| **Real Estate—0.0%** |  |  |
|  Cushman & Wakefield U.S. Borrower LLC<br>Term Loan B, 7.134%, 1M LIBOR + 2.750%, 08/21/25 | 302283 | 295923 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Floating Rate Loans (i)—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Retail—0.3%** | | | |
|  Evergreen Acqco 1 L.P.<br>USD Term Loan, 10.230%, 3M LIBOR + 5.500%, 04/26/28 | 361942 | $| 349726 |
|  Flynn Restaurant Group L.P.<br>Term Loan B, 8.634%, 1M LIBOR + 4.250%, 12/01/28 | 123747 |  | 116322 |
|  General Nutrition Centers, Inc.<br>2nd Lien Term Loan, 6.242%, 10/07/26 (d) | 222005 |  | 205355 |
|  Great Outdoors Group LLC<br>Term Loan B1, 8.134%, 1M LIBOR + 3.750%, 03/06/28 | 414970 |  | 400100 |
|  Highline Aftermarket Acquisition LLC<br>Term Loan B, 8.884%, 1M LIBOR + 4.500%, 11/09/27 | 249295 |  | 228105 |
|  Medical Solutions Holdings, Inc.<br>Delayed Draw Term Loan, 7.940%, 3M LIBOR + 3.500%, 11/01/28 | 13147 |  | 12358 |
|  Michaels Companies, Inc.<br>Term Loan B, 8.980%, 3M LIBOR + 4.250%, 04/15/28 | 226550 |  | 196645 |
|  Staples, Inc.<br>7 Year Term Loan, 9.440%, 3M LIBOR + 5.000%, 04/16/26 | 556911 |  | 516274 |
|  Tory Burch LLC<br>Term Loan B, 7.884%, 1M LIBOR + 3.250%, 04/16/28 | 79194 |  | 73329 |
|  |  |  | 2098214 |
| **Software—0.5%** |  |  |  |
|  Aptean, Inc.<br>Term Loan, 8.985%, 3M LIBOR + 4.250%, 04/23/26 | 324635 |  | 311649 |
|  Athenahealth, Inc.<br>Delayed Draw Term Loan, 4.580%, 1M TSFR + 3.500%, 02/15/29 (j) | 70308 |  | 63658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.821%, 1M TSFR + 3.500%, 02/15/29 | 412745 |  | 373706 |
|  Atlas Purchaser, Inc.<br>Term Loan, 9.807%, 3M LIBOR + 5.250%, 05/08/28 | 295352 |  | 210069 |
|  Cloudera, Inc.<br>2nd Lien Term Loan, 10.384%, 1M LIBOR + 6.000%, 10/08/29 | 51033 |  | 42804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/08/28 | 118859 |  | 112991 |
|  Cornerstone OnDemand, Inc.<br>Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/16/28 | 219840 |  | 197307 |
|  ECI Macola Max Holdings LLC<br>Term Loan, 8.480%, 3M LIBOR + 3.750%, 11/09/27 | 192060 |  | 184618 |
|  Epicor Software Corp.<br>Term Loan, 7.634%, 1M LIBOR + 3.250%, 07/30/27 | 148481 |  | 143099 |
|  Greeneden U.S. Holdings II LLC<br>USD Term Loan B4, 8.384%, 1M LIBOR + 4.000%, 12/01/27 | 114105 |  | 109798 |
|  Hyland Software, Inc.<br>1st Lien Term Loan, 7.884%, 1M LIBOR + 3.500%, 07/01/24 | 144261 |  | 142497 |
|  IGT Holding IV AB<br>USD Term Loan B2, 8.130%, 3M LIBOR + 3.400%, 03/31/28 | 188942 |  | 185636 |
|  Ivanti Software, Inc.<br>Term Loan B, 9.011%, 3M LIBOR + 4.250%, 12/01/27 | 286409 |  | 228769 |
|  MedAssets Software Intermediate Holdings, Inc.<br>Term Loan, 8.384%, 1M LIBOR + 4.000%, 12/18/28 | 110137 |  | 93479 |
|  Mitchell International, Inc.<br>Term Loan B, 8.415%, 3M LIBOR + 3.750%, 10/15/28 | 256341 |  | 237243 |
| **Software—(Continued)** |  |  |  |
|  Navicure, Inc.<br>Term Loan B, 8.384%, 1M LIBOR + 4.000%, 10/22/26 | 252850 |  | 249531 |
|  Polaris Newco LLC<br>USD Term Loan B, 8.730%, 3M LIBOR + 4.000%, 06/02/28 | 394819 |  | 361259 |
|  Quest Software U.S. Holdings, Inc.<br>Term Loan, 8.494%, 3M TSFR + 4.250%, 02/01/29 | 447078 |  | 346765 |
|  Rocket Software, Inc.<br>Term Loan, 8.637%, 1M LIBOR + 4.250%, 11/28/25 | 268027 |  | 258423 |
|  Sovos Compliance LLC<br>Delayed Draw Term Loan, 8.571%, 1M LIBOR + 4.500%, 08/11/28 | 9131 |  | 8426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.884%, 1M LIBOR + 4.500%, 08/11/28 | 52326 |  | 48283 |
|  |  |  | 3910010 |
| **Telecommunications—0.1%** |  |  |  |
|  CommScope, Inc.<br>Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/06/26 | 135515 |  | 128104 |
|  Global Tel\*Link Corp.<br>1st Lien Term Loan, 8.494%, 3M LIBOR + 4.250%, 11/29/25 | 827546 |  | 720999 |
|  GoTo Group, Inc.<br>Term Loan B, 9.139%, 1M LIBOR + 4.750%, 08/31/27 | 298868 |  | 193197 |
|  |  |  | 1042300 |
| **Transportation—0.1%** |  |  |  |
|  Kenan Advantage Group, Inc.<br>Term Loan B1, 8.134%, 1M LIBOR + 3.750%, 03/24/26 | 264003 |  | 257875 |
|  LaserShip, Inc.<br>Term Loan, 9.230%, 3M LIBOR + 4.500%, 05/07/28 | 113615 |  | 81405 |
|  |  |  | 339280 |
|  Total Floating Rate Loans<br>(Cost $30,524,571) |  |  | 28331160 |
| **Municipals—2.2%** | **Municipals—2.2%** | **Municipals—2.2%** | **Municipals—2.2%** |
|  City & County Honolulu HI Wastewater System Revenue<br>2.233%, 07/01/24 | 710000 |  | 685935 |
|  Colorado Bridge Enterprise<br>0.923%, 12/31/23 | 5000000 |  | 4787537 |
|  Curators of the University of Missouri (The)<br>2.012%, 11/01/27 | 2000000 |  | 1738461 |
|  Golden State Tobacco Securitization Corp.<br>3.850%, 06/01/50 | 2190000 |  | 1936256 |
|  Massachusetts State College Building Authority<br>2.256%, 05/01/26 | 760000 |  | 699451 |
|  New York State Urban Development Corp.<br>2.250%, 03/15/26 | 5950000 |  | 5501250 |
|  Texas State University System<br>2.351%, 03/15/26 | 1385000 |  | 1292122 |
|  Total Municipals<br>(Cost $18,026,350) |  |  | 16641012 |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Foreign Government—1.5%** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares/**<br> **Principal<br>Amount\*** | **Value** | **Value** |
| **Banks — 0.4%** | | | |
|  Korea Development Bank (The)<br>3.375%, 03/12/23 | 2700000 | $| 2693028 |
| **Electric — 0.1%** |  |  |  |
|  Korea Electric Power Corp.<br>5.375%, 04/06/26 (144A) | 800000 |  | 806295 |
| **Sovereign — 1.0%** |  |  |  |
|  Colombia Government International Bond<br>8.125%, 05/21/24 (a) | 1910000 |  | 1963938 |
|  Dominican Republic International Bond<br>8.900%, 02/15/23 (144A) (DOP) | 82600000 |  | 1458338 |
|  Peruvian Government International Bonds<br>2.783%, 01/23/31 (a) | 600000 |  | 496338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 07/21/25 (a) | 900000 |  | 943439 |
|  Philippine Government International Bond<br>4.200%, 01/21/24 | 600000 |  | 593401 |
|  Romanian Government International Bond<br>4.875%, 01/22/24 (144A) | 2300000 |  | 2287566 |
|  |  |  | 7743020 |
|  Total Foreign Government<br>(Cost $12,415,430) |  |  | 11242343 |
| **Common Stocks—0.2%** | **Common Stocks—0.2%** | **Common Stocks—0.2%** | **Common Stocks—0.2%** |
| **Energy Equipment & Services — 0.1%** |  |  |  |
|  Weatherford International plc (a)(k) | 6622 |  | 337192 |
| **Oil, Gas & Consumable Fuels — 0.1%** |  |  |  |
|  QuarterNorth Energy, Inc. (f) | 8038 |  | 1060220 |
| **Retail — 0.0%** |  |  |  |
|  KSouth Africa, Ltd./EdCon-A Shares (e) (f) (k) | 8217950 |  | 0 |
|  KSouth Africa, Ltd./EdCon-B Shares (e) (f) (k) | 817800 |  | 0 |
|  KSouth Africa, Ltd./EdCon-Escrow Shares (e) (f) (k) | 40457 |  | 0 |
|  |  |  | 0 |
|  Total Common Stocks<br>(Cost $1,835,860) |  |  | 1397412 |
| **Warrants—0.1%** |  |  |  |
| **Oil, Gas & Consumable Fuels—0.1%** |  |  |  |
|  QuarterNorth Energy, Inc. Expires 08/05/49 (f)<br>(Cost $0) | 2901 |  | 386511 |
| **Short-Term Investments—16.7%** |  |  |  |
| **Commercial Paper—0.9%** |  |  |  |
|  Toronto-Dominion Bank (The)<br>2.291%, 02/10/23 (l) | 6900000 |  | 6865176 |
| **Discount Note—14.6%** |  |  |  |
|  Federal Home Loan Bank <br>2.637%, 01/03/23 (l) | 110580000 |  | 110580000 |
| **Repurchase Agreement—1.2%** |  |  |  |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $8,980,984; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $9,158,787. | 8979189 |  | 8979189 |
|  Total Short-Term Investments<br>(Cost $126,417,520) |  |  | 126424365 |
| **Securities Lending Reinvestments (m)—16.0%** | **Securities Lending Reinvestments (m)—16.0%** | **Securities Lending Reinvestments (m)—16.0%** | **Securities Lending Reinvestments (m)—16.0%** |
| **Certificates of Deposit — 2.4%** |  |  |  |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (b) | 1000000 |  | 1001351 |
|  Bank of Nova Scotia<br>4.710%, FEDEFF PRV + 0.380%, 01/06/23 (b) | 2000000 |  | 2000036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (b) | 2000000 |  | 2000840 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.550%, SOFR + 0.250%, 02/03/23 (b) | 1000000 |  | 1000066 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (b) | 1000000 |  | 1000071 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (b) | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (b) | 2000000 |  | 2000418 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (b) | 2000000 |  | 2000789 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (b) | 1000000 |  | 1001518 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.850%, SOFR + 0.550%, 03/07/23 (b) | 2000000 |  | 2000556 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (b) | 2000000 |  | 2000000 |
|  |  |  | 18005645 |
| **Commercial Paper—1.2%** |  |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (b) | 2000000 |  | 2000506 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (b) | 2000000 |  | 2002724 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (b) | 3000000 |  | 3000810 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (b) | 2000000 |  | 2000000 |
|  |  |  | 9004040 |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (m)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—7.0%** | | |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $4,017,967; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $4,080,000. | 4000000 | $4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000. | 2000000 | 2000000 |
|  HSBC Bank plc<br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $6,121,907; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $6,246,791. | 6118984 | 6118984 |
|  HSBC Securities, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,000,944; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $2,040,963. | 2000000 | 2000000 |
|  National Bank Financial, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $10,004,800; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $10,238,692. | 10000000 | 10000000 |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $10,008,400; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $10,223,782. | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $4,003,461; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $4,355,314. | 4000000 | 4000000 |
|  Royal Bank of Canada Toronto<br>Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $2,009,042; collateralized by various Common Stock with an aggregate market value of $2,222,509. | 2000000 | 2000000 |
| **Repurchase Agreements—(Continued)** |  |  |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $2,000,976; collateralized by various Common Stock with an aggregate market value of $2,225,694. | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $6,803,332; collateralized by various Common Stock with an aggregate market value of $7,568,016. | 6800000 | 6800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $1,301,117; collateralized by various Common Stock with an aggregate market value of $1,447,149. | 1300000 | 1300000 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $3,001,466; collateralized by various Common Stock with an aggregate market value of $3,353,929. | 3000000 | 3000000 |
|  |  | 53218984 |
| **Time Deposit — 0.6%** |  |  |
|  Canadian Imperial Bank London<br>4.250%, 01/03/23 | 5000000 | 5000000 |
| **Mutual Funds — 4.8%** |  |  |
|  Allspring Government Money Market Fund, Select Class<br>4.090% (n) | 2005958 | 2005958 |
|  BlackRock Liquidity Funds FedFund, Institutional Shares<br>4.020% (n) | 5000000 | 5000000 |
|  Fidelity Investments Money Market Government Portfolio, Class I<br>4.060% (n) | 5000000 | 5000000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class<br>4.100% (n) | 2000000 | 2000000 |
|  HSBC U.S. Government Money Market Fund, Class I<br>4.130% (n) | 5000000 | 5000000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares<br>4.110% (n) | 2000000 | 2000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class<br>4.120% (n) | 5000000 | 5000000 |
|  STIT-Government & Agency Portfolio, Institutional Class<br>4.220% (n) | 10000000 | 10000000 |
|  |  | 36005958 |
|  Total Securities Lending Reinvestments<br>(Cost $121,224,987) |  | 121234627 |
|  Total Investments—115.1%<br>(Cost $913,496,711) |  | 869806084 |
|  Unfunded Loan Commitments—(0.0)%<br>(Cost $(65601)) |  | (65601) |
|  Net Investments—115.1%<br>(Cost $913,431,110) |  | 869740483 |
|  Other assets and liabilities (net)—(15.1)% |  | (114090954) |
|  **Net Assets** — 100.0% |  | $755649529 |

---

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $132,517,776 and the collateral received consisted of cash in the amount of $121,224,997 and non-cash collateral with a value of $15,191,814. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. |
| (b) | Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. |
| (c) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (d) | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
| (e) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.3% of net assets. |
| (g) | Principal amount of security is adjusted for inflation. |

---

(h) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $2,415,137.

(i) Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual
requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of
approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily,
the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.

(j) Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the
borrower's discretion.

(k) Non-income producing security.

(l) The rate shown represents current yield to maturity.

(m) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(n) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of
December 31, 2022, the market value of 144A securities was $179,694,235, which is 23.8% of net assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Principal<br>Amount** | **Cost** | **Value** |
|  KSouth Africa, Ltd., 25.000%, 12/31/22 | 12/22/16-12/31/18 | $313720 | $313720 | $0 |
|  KSouth Africa, Ltd., 3.000%, 12/31/22 | 04/15/13-12/31/18 | 712186 | 1372248 | 0 |
|  |  |  |  | $0 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty** | **Settlement<br>Date** | **In Exchange**<br>**for** | **In Exchange**<br>**for** | **Unrealized<br>Depreciation** |
| EUR | 27486897 | JPMC | 05/30/23 | USD | 29305431 | $(397349) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  U.S. Treasury Note 2 Year Futures | 03/31/23 | 835 | USD | 171240235 | $87171 |
| **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** |
|  U.S. Treasury Note 10 Year Futures | 03/22/23 | (198) | USD | (22234781) | 219385 |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | (254) | USD | (27414141) | 90036 |
|  Net Unrealized Appreciation |  |  |  |  | $396592 |

---

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Swap Agreements** 

**OTC Total Return Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating<br>Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Underlying Reference Instrument** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation) <sup>(1)</sup>** |
|  Receive | 1M SOFR | Quarterly | 03/20/23 | MSIP | Markit iBoxx USD Liquid Leveraged Loans Total Return Index | USD 1,220,000 | $(37023) | $– $| (37023) |
|  Receive | 1M SOFR | Monthly | 06/20/23 | MSIP | Markit iBoxx USD Liquid Leveraged Loans Total Return Index | USD 2,625,000 | (18627) | – | (18627) |
|  Receive | 1M SOFR | Quarterly | 06/20/23 | MSIP | Markit iBoxx USD Liquid Leveraged Loans Total Return Index | USD 2,625,000 | (2221) | – | (2221) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(57871) | $– $| (57871) |

---

**Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>(Pay) Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Implied**<br>**Credit Spread<br>at December 31,<br>2022<sup>(b)</sup>** | **Notional<br>Amount<sup>(c)</sup>** | **Notional<br>Amount<sup>(c)</sup>** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  CDX.EM.38 | (1.000%) | Quarterly | 12/20/27 | 2.388% | USD | 4210000 | $246089 | $334016 | $(87927) |
|  CDX.NA.HY.39 | (5.000%) | Quarterly | 12/20/27 | 2.766% | USD | 9700000 | (56655) | 199909 | (256564) |
|  CDX.NA.HY.39 | (5.000%) | Quarterly | 12/20/27 | 2.766% | USD | 1900000 | (11097) | 16784 | (27881) |
|  CDX.NA.HY.39 | (5.000%) | Quarterly | 12/20/27 | 2.766% | USD | 1900000 | (11097) | 17830 | (28927) |
|  CDX.NA.HY.39 | (5.000%) | Quarterly | 12/20/27 | 2.766% | USD | 2300000 | (13434) | 39328 | (52762) |
|  CDX.NA.HY.39 | (5.000%) | Quarterly | 12/20/27 | 2.766% | USD | 1130000 | (6600) | (2676) | (3924) |
|  CDX.NA.HY.39 | (5.000%) | Quarterly | 12/20/27 | 2.766% | USD | 1900000 | (11097) | 1173 | (12270) |
|  CDX.NA.HY.39 | (5.000%) | Quarterly | 12/20/27 | 2.766% | USD | 1900000 | (11097) | (30211) | 19114 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $125012 | $576153 | $(451141) |

---

**Centrally Cleared Credit Default Swaps on Credit Indices—Sell Protection (d)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread<br>at December 31,<br>2022 <sup>(b)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Market**<br>**Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  CDX.NA.HY.31 | 5.000% | Quarterly | 12/20/23 | 2.766% | USD | 8100000 | $169986 | $(211409) | $381395 |
|  CDX.NA.HY.31 | 5.000% | Quarterly | 12/20/23 | 2.766% | USD | 4500000 | 94436 | (162599) | 257035 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $264422 | $(374008) | $638430 |

---

**OTC Credit Default Swaps on Corporate Issues—Buy Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Implied Credit<br>Spread<br>at December 31,<br>2022 <sup>(b)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Avon Products, Inc.<br>6.150%, due 03/15/23 | (5.000%) | Quarterly | 03/20/23 | CBNA | 0.714% | USD | 950000 | $(8933) | $(5923) | $(3010) |
|  Avon Products, Inc.<br>6.150%, due 03/15/23 | (5.000%) | Quarterly | 03/20/23 | CBNA | 0.714% | USD | 950000 | (8933) | (5916) | (3017) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(17866) | $(11839) | $(6027) |

---

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**OTC Credit Default Swaps on Corporate and Sovereign Issues—Sell Protection (d)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Implied Credit<br>Spread<br>at December 31,<br>2022 <sup>(b)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Air-France KLM S.A.<br>1.875% due 01/16/25 | 5.000% | Quarterly | 06/20/26 | JPMC | 6.646% | EUR | 760000 | $(37728) | $9609 | $(47337) |
|  Carnival Corp.<br>6.650%, due 01/15/28 | 1.000% | Quarterly | 06/20/27 | CBNA | 16.309% | USD | 1985000 | (766164) | (322058) | (444106) |
|  Mexico Government International Bond<br>4.150%, due 03/28/27 | 1.000% | Quarterly | 06/20/26 | CBNA | 0.961% | USD | 2500000 | 3111 | 5050 | (1939) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(800781) | $(307399) | $(493382) |

---

**OTC Credit Default Swaps on Credit Indices—Sell Protection (d)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation(e)** | **Fixed Deal<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread<br>at December 31,<br>2022 <sup>(b)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Notional<br>Amount <sup>(c)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Bespoke Kenai 0-5% CDX Tranche | 0.000% | Quarterly | 12/20/23 CBNA | 46.250% | USD | 2100000 | $(756337) | $(310765) | $(445572) |
|  Bespoke Rotorua 0-5% CDX Tranche | 0.000% | Quarterly | 12/20/23 CBNA | 44.750% | USD | 2800000 | (983323) | (419617) | (563706) |
|  Bespoke Rotorua 5-10% CDX Tranche | 3.600% | Quarterly | 12/20/23 CBNA | 5.054% | USD | 1800000 | (24645) |  | (24645) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1764305) | $(730382) | $(1033923) |

---

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap
agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or
(ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap
agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a
particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit
soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or
obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit
default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit
default swap contracts entered into by the Portfolio for the same referenced debt obligation.

(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap
agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay
a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(e) Represents a custom index comprised of a basket of underlying issues.

(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (CBNA)— | Citibank N.A. |
| (JPMC)— | JPMorganChase Bank N.A. |
| (MSIP)— | MorganStanley & Co. International plc |

---

Currencies

------

---

| | |
|:---|:---|
| (DOP)— | Dominican Peso |
| (EUR)— | Euro |
| (USD)— | United States Dollar |

---

Index Abbreviations

------

---

| | |
|:---|:---|
| (CDX.EM)— | Markit Emerging Market CDS Index |
| (CDX.NA.HY)— | Markit North America High Yield CDS Index |
| (EURIBOR)— | Euro InterBank Offered Rate |

---

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (H15)— | U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index |
| (LIBOR)— | London Interbank Offered Rate |
| (SOFR)— | Secured Overnight Financing Rate |
| (SOFR30A)— | Secured Overnight Financing Rate 30-Day Average |
| (TSFR)— | Term Secured Financing Rate |

---

*See accompanying notes to financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Glossary of Abbreviations—(Continued)** 

Other Abbreviations

------

(ARM)— Adjustable-Rate Mortgage <br> (CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation <br> (DAC)— Designated Activity Company

(REMIC)— Real Estate Mortgage Investment Conduit <br> (STACR)— Structured Agency Credit Risk

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace/Defense | $— | $6447384 | $— | $6447384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture |  | 3123011 |  | 3123011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines |  | 5784565 |  | 5784565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 111555447 |  | 111555447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages |  | 2731172 |  | 2731172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology |  | 1485403 |  | 1485403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 562787 |  | 562787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmetics/Personal Care |  | 1733138 |  | 1733138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 837775 |  | 837775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 19378906 |  | 19378906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronics |  | 1227605 |  | 1227605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products |  | 400996 |  | 400996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Products |  | 903240 |  | 903240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Services |  | 5459900 |  | 5459900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance |  | 8150529 |  | 8150529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet |  | 7645361 |  | 7645361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Time |  | 706923 |  | 706923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lodging |  | 2748831 |  | 2748831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media |  | 10670584 |  | 10670584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Manufacturing |  | 1646631 |  | 1646631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-National |  | 1219166 |  | 1219166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 12772257 |  | 12772257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services |  | 12241 |  | 12241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging & Containers |  | 746532 |  | 746532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 7419272 |  | 7419272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 11954593 |  | 11954593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 607094 |  | 607094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts |  | 1092689 |  | 1092689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail |  | 52889 | 0 | 52889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors |  | 2946464 |  | 2946464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software |  | 892484 |  | 892484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications |  | 5304945 |  | 5304945 |

---

*See accompanying notes to financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Trucking & Leasing | $— | $557586 | $— | $557586 |
|  Total Corporate Bonds & Notes |  | 238778400 | 0 | 238778400 |
|  Total U.S. Treasury & Government Agencies\* |  | 195404652 |  | 195404652 |
|  Total Asset-Backed Securities\* |  | 83203121 |  | 83203121 |
|  Total Mortgage-Backed Securities\* |  | 46762481 |  | 46762481 |
|  Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace/Defense |  | 395430 |  | 395430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines |  | 900313 |  | 900313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Manufacturers |  | 72945 |  | 72945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Parts & Equipment |  | 682003 |  | 682003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages |  | 938046 |  | 938046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 1494789 |  | 1494789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 1415192 |  | 1415192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computers |  | 806356 |  | 806356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 1259692 |  | 1259692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction |  | 166360 |  | 166360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment |  | 967955 |  | 967955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Control |  | 110958 |  | 110958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food |  | 82890 |  | 82890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Products |  | 122854 |  | 122854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Services |  | 954969 |  | 954969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Furnishings (Less Unfunded Loan Commitments of $12,870) |  | 370639 |  | 370639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housewares |  | 92571 |  | 92571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance |  | 2704072 |  | 2704072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet |  | 293231 |  | 293231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Time |  | 204033 |  | 204033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lodging |  | 227513 |  | 227513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery-Diversified |  | 556218 |  | 556218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media |  | 1393494 |  | 1393494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metal Fabricate/Hardware |  | 711069 |  | 711069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mining |  | 243043 |  | 243043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office/Business Equipment |  | 409812 |  | 409812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 359695 |  | 359695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services |  |  | 641557 | 641557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging & Containers |  | 188800 |  | 188800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 1866064 |  | 1866064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 295923 |  | 295923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail |  | 2098214 |  | 2098214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software (Less Unfunded Loan Commitments of $52,731) |  | 3857279 |  | 3857279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications |  | 1042300 |  | 1042300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 339280 |  | 339280 |
|  Total Floating Rate Loans (Less Unfunded Loan Commitments of $65,601) |  | 27624002 | 641557 | 28265559 |
|  Total Municipals\* |  | 16641012 |  | 16641012 |
|  Total Foreign Government\* |  | 11242343 |  | 11242343 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 337192 |  |  | 337192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels |  | 1060220 |  | 1060220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail |  |  | 0 | 0 |
|  Total Common Stocks | 337192 | 1060220 | 0 | 1397412 |
|  Total Warrants\* |  | 386511 |  | 386511 |
|  Total Short-Term Investments\* |  | 126424365 |  | 126424365 |
|  Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 18005645 |  | 18005645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 9004040 |  | 9004040 |

---

*See accompanying notes to financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | $— | $53218984 | $— | $53218984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit |  | 5000000 |  | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 36005958 |  |  | 36005958 |
|  Total Securities Lending Reinvestments | 36005958 | 85228669 |  | 121234627 |
|  Total Net Investments | $36343150 | $832755776 | $641557 | $869740483 |
|  Collateral for Securities Loaned (Liability) | $— | $(121224997) | $— | $(121224997) |
| Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | $— | $(397349) | $— | $(397349) |
|  Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $396592 | $— | $— | $396592 |
|  Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | $— | $657544 | $— | $657544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) |  | (470255) |  | (470255) |
|  Total Centrally Cleared Swap Contracts | $— | $187289 | $— | $187289 |
|  OTC Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Assets) | $— | $3111 | $— | $3111 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) |  | (2643934) |  | (2643934) |
|  Total OTC Swap Contracts | $— | $(2640823) | $— | $(2640823) |

---

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

*See accompanying notes to financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a)(b)(c) | $869740483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 162537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (d) | 562561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (e) | 3605711 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value (f) | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1354573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 95269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 5121684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on OTC swap contracts | 34697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 294403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 880978130 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value (g) | 2643934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 397349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 121224997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 27642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 301250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 38992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on OTC swap contracts | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 267562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 48262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 149475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 225971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 125328601 |
|  **Net Assets** | $755649529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $913957381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (158307852) |
|  **Net Assets** | $755649529 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $529266873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 226382656 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 61418636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 26418535 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 8.57 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $913,431,110.

(b) Includes securities loaned at value of $132,517,776.

(c) Investments at value is net of unfunded loan commitments of $65,601.

(d) Identified cost of cash denominated in foreign currencies was $571,715.

(e) Includes collateral of $938,658 for futures contracts and $2,667,053 for OTC swap contracts.

(f) Net premium paid on OTC swap contracts was $5,050.

(g) Net premium received on OTC swap contracts was $1,054,670.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $67798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 19289925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 139468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 19497191 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 4249322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 55552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 238262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 617366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 101004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 31268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 7118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5369617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (749167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4620450 |
|  **Net Investment Income** | 14876741 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (24243361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (62684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1990522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 522428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (668318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 2673347 |
|  Net realized gain (loss) | (23769110) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (35249598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 20064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1363725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1490073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 37290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (96501) |
|  Net change in unrealized appreciation (depreciation) | (35415093) |
|  Net realized and unrealized gain (loss) | (59184203) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(44307462) |

---

*See accompanying notes to financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14876741 | $9502320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (23769110) | 8580560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (35415093) | (12865292) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (44307462) | 5217588 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (17918174) | (15360392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (6718550) | (5169146) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (24636724) | (20529538) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (170279722) | 40339249 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (239223908) | 25027299 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 994873437 | 969846138 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $755649529 | $994873437 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 11247 | $97276 | 2385743 | $22593228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 2090802 | 17918174 | 1648110 | 15360392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (17710718) | (156470929) | (2168981) | (20280204) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (15608669) | $(138455479) | 1864872 | $17673416 |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 3222408 | $28460272 | 8149278 | $76336803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 786716 | 6718550 | 557020 | 5169146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (7629923) | (67003065) | (6290365) | (58840116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (3620799) | $(31824243) | 2415933 | $22665833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(170279722) |  | $40339249 |

---

*See accompanying notes to financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $9.31 | $9.45 | $9.59 | $9.49 | $9.62 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.16 | 0.10 | 0.17 | 0.29 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.58) | (0.04) | 0.05 | 0.16 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.42) | 0.06 | 0.22 | 0.45 | 0.07 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.27) | (0.20) | (0.36) | (0.35) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.27) | (0.20) | (0.36) | (0.35) | (0.20) |
|  **Net Asset Value, End of Period** | $8.62 | $9.31 | $9.45 | $9.59 | $9.49 |
|  **Total Return (%)** (b) | (4.54) | 0.62 | 2.40 | 4.77 | 0.70 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.56 | 0.55 | 0.56 | 0.55 | 0.55 |
|  Net ratio of expenses to average net assets (%) (c) | 0.47 | 0.46 | 0.49 | 0.48 | 0.48 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.82 | 1.01 | 1.87 | 3.03 | 3.00 |
|  Portfolio turnover rate (%) | 56 (d) | 78 (d) | 103 (d) | 49 (d) | 48 (d) |
|  Net assets, end of period (in millions) | $529.3 | $716.9 | $710.3 | $728 | $731.6 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $9.25 | $9.40 | $9.54 | $9.44 | $9.56 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.14 | 0.07 | 0.15 | 0.26 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.58) | (0.04) | 0.04 | 0.16 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.44) | 0.03 | 0.19 | 0.42 | 0.05 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.24) | (0.18) | (0.33) | (0.32) | (0.17) |
|  Total distributions | (0.24) | (0.18) | (0.33) | (0.32) | (0.17) |
|  **Net Asset Value, End of Period** | $8.57 | $9.25 | $9.40 | $9.54 | $9.44 |
|  **Total Return (%)** (b) | (4.74) | 0.28 | 2.12 | 4.52 (e) | 0.54 (e) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.81 | 0.80 | 0.81 | 0.80 | 0.80 |
|  Net ratio of expenses to average net assets (%) (c) | 0.72 | 0.71 | 0.74 | 0.73 | 0.73 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.58 | 0.76 | 1.62 | 2.78 | 2.75 |
|  Portfolio turnover rate (%) | 56 (d) | 78 (d) | 103 (d) | 49 (d) | 48 (d) |
|  Net assets, end of period (in millions) | $226.4 | $278 | $259.6 | $272.7 | $267.6 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life
insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 6 of the Notes to
Financial Statements).

(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have
been 49%, 50%, 71%, 45%, and 42% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

(e) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period
end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

*See accompanying notes to financial statements.* 

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Franklin Low Duration Total Return Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered two classes of shares: Class A and B shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes** - It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**High-Yield Debt Securities -** The Portfolio may invest in high-yield debt securities, or "junk bonds," which are securities that are rated below "investment grade" or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio's subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

**Floating Rate Loans -** The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Unfunded Loan Commitments -** The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of December 31, 2022, the Portfolio had open unfunded loan commitments of $65,601. At December 31, 2022, the Portfolio had sufficient cash and/or securities to cover these commitments.

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Inflation-Indexed Bonds -** The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Collateralized Obligations -** The Portfolio may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**TBA Purchase and Forward Sale Commitments -** The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**When-Issued and Delayed-Delivery Securities -** The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $8,979,189. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $53,218,984. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements**<br>**As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than**<br> **90 days** | **Total** |
| Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $(303858) | $— | $— | $— | $(303858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | (66021559) |  |  |  | (66021559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government | (2479892) |  |  |  | (2479892) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury & Government Agencies | (52419688) |  |  |  | (52419688) |
|  **Total Borrowings** | $**(121224997)** | $**—** | $**—** | $**—** | $**(121224997)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(121224997) |

---

**3. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Options Contracts -** An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tend to increase the Portfolio's exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio's exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio's investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Credit Default Swaps*: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity's weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

*Interest Rate Swaps:* The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

*Currency Swaps:* The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

*Total Return Swaps*: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When the Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when the Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &**<br> **Liabilities Location** | **Fair Value** | **Statement of Assets &**<br> **Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on futures contracts (a)(b) | $396592 |  |  |
|  Credit | OTC swap contracts at market value (c) | 3111 | OTC swap contracts at market value (c) | $2643934 |
|  | Unrealized appreciation on centrally cleared swap<br> contracts (b) (d) | 657544 | Unrealized depreciation on centrally cleared swap<br> contracts (b) (d) | 470255 |
|  Foreign Exchange |  |  | Unrealized depreciation on forward foreign currency exchange contracts | 397349 |
| Total |  | $1057247 |  | $3511538 |

---

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

(b) Financialinstrument not subject to a master netting agreement.

(c) ExcludesOTC swap interest receivable of $34,697 and OTC swap interest payable of
$3,167.

(d) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net**<br>**Amount\*** |
|  Citibank N.A. | $3111 | $(3111) | $– $|  |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net**<br>**Amount\*\*** |
|  Citibank N.A. | $2548335 | $(3111) | $(2320000) | $225224 |
|  JPMorgan Chase Bank N.A. | 435077 |  | (347053) | 88024 |
|  Morgan Stanley & Co. International plc | 57871 |  |  | 57871 |
|  | $3041283 | $(3111) | $(2667053) | $371119 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net**<br> **Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Foreign**<br>**Exchange** | **Total** |
|  Purchased options | $— | $(42423) | $(20261) | $(62684) |
|  Forward foreign currency transactions |  |  | 2673347 | 2673347 |
|  Futures contracts | (1990522) |  |  | (1990522) |
|  Swap contracts |  | (584205) | 1106633 | 522428 |
|  | $(1990522) | $(626628) | $3759719 | $1142569 |

---

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net**<br> **Change in Unrealized Appreciation (Depreciation)** | **Interest<br>Rate** | **Credit** | **Foreign<br>Exchange** | **Total** |
|  Purchased options | $— | $— | $20064 | $20064 |
|  Forward foreign currency transactions |  |  | (96501) | (96501) |
|  Futures contracts | 1363725 |  |  | 1363725 |
|  Swap contracts |  | (1110335) | (379738) | (1490073) |
|  | $1363725 | $(1110335) | $(456175) | $(202785) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Purchased options | $8830191 |
|  Forward foreign currency transactions | 35275436 |
|  Futures contracts long | 185274418 |
|  Futures contracts short | (60781134) |
|  Swap contracts | 73285892 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $301021633 | $153859930 | $485600511 | $258622083 |

---

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $64427427 | $85149249 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $4249322 | 0.520% | First $100 million |
|  | 0.510% | $100 million to $250 million |
|  | 0.500% | $250 million to $500 million |
|  | 0.490% | $500 million to $1 billion |
|  | 0.470% | $1 billion to $1.5 billion |
|  | 0.450% | Over $1.5 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Franklin Advisers, Inc. (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Trust that are managed by the Subadviser and/or its affiliates.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.040% | First $100 million |
| 0.030% | $100 million to $150 million |
| 0.060% | $150 million to $250 million |
| 0.050% | $250 million to $500 million |
| 0.090% | $500 million to $1.5 billion |
| 0.070% | Over $1.5 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Statement of Operations.

Additionally, for the period April 29, 2022 to April 30, 2023, the Adviser has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Portfolio and those of the Brighthouse/Templeton International Bond Portfolio, a series of the Trust also subadvised by the Subadviser. An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the

**BHFTI-38** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

"Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $919126329 |
|  Gross unrealized appreciation | 834931 |
|  Gross unrealized (depreciation) | (50220777) |
|  Net unrealized appreciation (depreciation) | $(49385846) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $24636724 | $20529538 | $— | $— | $24636724 | $20529538 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $26679010 | $– $| (49384499) | $(135452884) | $(158158373) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $27,739,280 and accumulated long-term capital losses of $107,713,604.

**9. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and

**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-40** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Franklin Low Duration Total Return Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Franklin Low Duration Total Return Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Franklin Low Duration Total Return Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-41** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-42** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-43** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-45** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Brighthouse/Franklin Low Duration Total Return Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Franklin Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2022. The Board considered that the Portfolio outperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Bond Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-46** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Franklin Low Duration Total Return Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, below the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board further noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-47** 

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**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Managed by Franklin Advisers, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/Templeton International Bond Portfolio returned -4.42% and -4.63%, respectively. The Portfolio's benchmark, the FTSE World Government Bond Index ("WGBI") ex-U.S.¹, returned -22.07%.

**MARKET ENVIRONMENT / CONDITIONS** 

Just as it seemed prospects were improving for the global economy as it began emerging from the worst of the pandemic slowdown, Russia invaded Ukraine in February 2022. The dominant themes of the year—high inflation, tighter monetary policy, rising bond yields, a stronger U.S. dollar, and increasing concerns about global growth—became overshadowed, and in some instances exacerbated, by the war.

As the worst of the pandemic effects on the global economy ebbed and inflation started rising sharply during 2022, central bank focus turned to taming inflation. The U.S. Federal Reserve raised the federal funds target rate range a total of 425 basis points ("bps") from the zero lower bound. The European Central Bank raised its policy rate a total of 250 bps. The Bank of Japan left rates unchanged all year but widened the band around its 10-year government bond yield target in December.

In financial markets, a growing realization over the course of the year that central banks were committed to bringing inflation down toward target ranges, even at the expense of short-term growth considerations, prompted sovereign bond yields across most of the world to increase. The U.S. dollar strengthened over the period, partly on repeated upward reassessments of the terminal federal funds rate for this cycle. The final months of the year, however, generally saw these trends begin to roll over, and both bond yields and the U.S. dollar closed 2022 well off their peaks but also still well above where they started the year. The 10-year U.S. Treasury yield surged 273 bps to 4.24% during October before falling back to 3.88% at year-end. In Europe, the yield on the 10-year German Bund increased from -0.18% at year-end 2021 to end 2022 at 2.57%.

**PORTFOLIO REVIEW / PERIOD-END POSITIONING** 

The Portfolio outperformed its benchmark, the FTSE WGBI ex-U.S. Index, primarily due to interest rate strategies and currency positions. The Portfolio maintained duration exposures primarily in select emerging markets ("EM"). A lack of duration exposures in the euro area contributed to relative performance, as did underweight duration exposures in the United Kingdom ("U.K.") and Japan. Overweight duration exposures in Argentina and Brazil also contributed to relative results, while out-of-benchmark duration exposure in the U.S. detracted. Among currencies, tactical positioning in the Japanese yen contributed to relative performance, as did the Portfolio's underweight exposure to the euro. However, overweight positions in the Argentine peso, Colombian peso, Indonesian rupiah, South Korean won, Indian rupee and Ghanaian cedi detracted from relative results.

During the reporting period, the Portfolio's negative absolute performance was primarily due to currency positions. Interest rate strategies contributed to absolute results. Among currencies, positions in the South Korean won, Indonesian rupiah, Chinese yuan, Indian rupee, Argentine peso, Colombian peso and Ghanaian cedi detracted from absolute performance, while the Portfolio's position in the Japanese yen contributed. Net-negative positioning in the euro earlier in the period also contributed to absolute return. Duration exposures in Argentina and Brazil contributed to absolute results, while duration exposure in the U.S. detracted.

During the reporting period, foreign exchange forwards were used to actively manage currencies for both hedging and investment exposure purposes. These derivatives were used specifically as follows: to gain additional currency exposure in specific countries in which we also held local-currency denominated securities, such as Japan, Norway, South Korea and India (positions that were long the Japanese yen contributed, while positions that were long the South Korean won and Indian rupee detracted); to gain negative exposure to specific currencies, such as the euro (positions that were short the euro contributed); to gain positive exposure to specific currencies, such as the Chinese yuan, New Zealand dollar and Chilean peso (positions that were long the Chinese yuan detracted); and to hedge currency exposure to local-currency denominated bonds, such as those in Mexico.

**Michael Hasenstab** 

**Calvin Ho** 

**Christine Zhu** 

Portfolio Managers

*Franklin Advisers, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The FTSE World Government Bond Index ex-U.S. measures the performance of fixed-rate, local currency, investment-grade sovereign bonds primarily in Europe and Asia.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE FTSE WORLD GOVERNMENT BOND INDEX EX-U.S.**![LOGO](g394295g10h07.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Brighthouse/Templeton International Bond Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –4.42 | –2.48 | –1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –4.63 | –2.73 | –1.48 |
| &nbsp;&nbsp;&nbsp;**FTSE World Government Bond Index ex-U.S.** | –22.07 | –4.21 | –2.27 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022**

---

| | |
|:---|:---|
| <br> **Top Countries** | <br> **Top Countries** |
|  | **% of<br>Net Assets** |
| **South Korea** | **19.3** |
| **United States** | **17.3** |
| **Japan** | **11.5** |
| **Brazil** | **10.0** |
| **Indonesia** | **7.9** |
| **Colombia** | **4.6** |
| **Singapore** | **4.6** |
| **Norway** | **4.5** |
| **India** | **4.4** |
| **Thailand** | **3.1** |

---

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Brighthouse/Templeton International Bond Portfolio** <br>|  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.71% | $1000.00 | $1013.40 | $3.60 |
|  | Hypothetical\* | 0.71% | $1000.00 | $1021.63 | $3.62 |
|  Class B (a) | Actual | 0.96% | $1000.00 | $1012.30 | $4.87 |
|  | Hypothetical\* | 0.96% | $1000.00 | $1020.37 | $4.89 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Foreign Government—72.2% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Brazil—10.0%** | | |
|  Brazil Letras do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/24 (BRL) | 56830000 | $8974388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/01/25 (BRL) | 225060000 | 33558674 |
| Brazil Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 01/01/27 (BRL) | 91060000 | 15852572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 01/01/31 (BRL) | 15490000 | 2563940 |
|  |  | 60949574 |
| **Colombia—4.6%** | **Colombia—4.6%** | **Colombia—4.6%** |
|  Colombian TES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/03/27 (COP) | 14348000000 | 2238567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/28/28 (COP) | 10513000000 | 1617958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/26/25 (COP) | 20549000000 | 3626038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 07/09/36 (COP) | 2495000000 | 296020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/26/31 (COP) | 9039100000 | 1315216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/30/32 (COP) | 19600000000 | 2746163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 08/26/26 (COP) | 18459100000 | 3250878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 09/18/30 (COP) | 54694100000 | 8473031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 07/24/24 (COP) | 22869800000 | 4593707 |
|  |  | 28157578 |
| **Ghana—0.6%** | **Ghana—0.6%** | **Ghana—0.6%** |
|  Ghana Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.500%, 02/06/23 (GHS) | 16820000 | 1618265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.700%, 03/18/24 (GHS) | 1450000 | 112732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.300%, 03/02/26 (GHS) | 810000 | 46370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.850%, 09/28/23 (GHS) | 5300000 | 454256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.000%, 09/18/23 (GHS) | 680000 | 58631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.250%, 11/27/23 (GHS) | 1820000 | 152038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.250%, 12/18/23 (GHS) | 130000 | 10759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.750%, 03/15/32 (GHS) | 18788000 | 762016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20.750%, 01/16/23 (GHS) | 150000 | 14626 |
| Ghana Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.250%, 07/31/23 (GHS) | 320000 | 28045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.600%, 02/20/23 (GHS) | 4457000 | 425852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.500%, 01/02/23 (GHS) | 90000 | 8824 |
|  |  | 3692414 |
| **India—4.4%** | **India—4.4%** | **India—4.4%** |
| India Government Bonds | India Government Bonds | India Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/09/25 (INR) | 139600000 | 1601443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.790%, 05/15/27 (INR) | 1478610000 | 17563521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.270%, 04/08/26 (INR) | 94000000 | 1136976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.590%, 01/11/26 (INR) | 552000000 | 6736362 |
|  |  | 27038302 |
| **Indonesia—7.9%** | **Indonesia—7.9%** | **Indonesia—7.9%** |
| Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/26 (IDR) | 284920000000 | 17927036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/15/23 (IDR) | 37968000000 | 2442586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/15/25 (IDR) | 5160000000 | 334268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 03/15/24 (IDR) | 296213000000 | 19647905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 09/15/24 (IDR) | 122770000000 | 8161423 |
|  |  | 48513218 |
| **Japan—11.5%** |  |  |
| Japan Treasury Bills | Japan Treasury Bills | Japan Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/25/23 (JPY) (a) | 1101000000 | $8390088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/27/23 (JPY) (a) | 2644900000 | 20158572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/10/23 (JPY) (a) | 2651000000 | 20210004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/20/23 (JPY) (a)  | 2814500000 | 21459161 |
|  |  | 70217825 |
| **Mexico—1.7%** |  |  |
| Mexico Bonos | Mexico Bonos | Mexico Bonos |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/26/33 (MXN) | 180800000 | 8490997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 05/31/29 (MXN) | 41400000 | 2065719 |
|  |  | 10556716 |
| **Norway—4.5%** |  |  |
| Norway Government Bonds | Norway Government Bonds | Norway Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/19/26 (144A) (NOK) | 20165000 | 1962449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 03/13/25 (144A) (NOK) | 33998000 | 3371274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/24/23 (144A) (NOK) | 119955000 | 12190331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/14/24 (144A) (NOK) | 100903000 | 10281048 |
|  |  | 27805102 |
| **Singapore—4.6%** |  |  |
| Singapore Treasury Bill | Singapore Treasury Bill | Singapore Treasury Bill |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.719%, 01/24/23 (SGD) (a)  | 11940000 | 8891635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.917%, 05/30/23 (SGD) (a)  | 26090000 | 19137854 |
|  |  | 28029489 |
| **South Korea—19.3%** |  |  |
|  Korea Monetary Stabilization Bond<br>0.905%, 04/02/23 (KRW) | 34690000000 | 27257121 |
| Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 12/10/23 (KRW) | 27639000000 | 21273347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 06/10/24 (KRW) | 7685000000 | 5857023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 03/10/27 (KRW) | 18568000000 | 13879240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 09/10/27 (KRW) | 65573000000 | 50460453 |
|  |  | 118727184 |
| **Thailand—3.1%** |  |  |
| Bank of Thailand Bond | Bank of Thailand Bond | Bank of Thailand Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.660%, 11/22/23 (THB) | 113580000 | 3260639 |
| Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 09/17/24 (THB) | 319810000 | 9121554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 06/17/27 (THB) | 244740000 | 6781634 |
|  |  | 19163827 |
|  Total Foreign Government <br>(Cost $493,126,221) |  | 442851229 |

---

*See accompanying notes to financial statements.* 

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—15.7%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **U.S. Treasury—15.7%** | **U.S. Treasury—15.7%** | **U.S. Treasury—15.7%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 09/30/24 (b)  | 33000000 | $31335820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/31/24 | 15650000 | 14827764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/31/24 | 52891000 | 50205129 |
|  Total U.S. Treasury & Government Agencies <br>(Cost $99,479,666) |  | 96368713 |
| **Short-Term Investments—10.3%** | **Short-Term Investments—10.3%** | **Short-Term Investments—10.3%** |
| **Repurchase Agreement—8.7%** | **Repurchase Agreement—8.7%** | **Repurchase Agreement—8.7%** |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $53,606,001; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $54,667,246. | 53595282 | 53595282 |
| **U.S. Treasury—1.6%** | **U.S. Treasury—1.6%** | **U.S. Treasury—1.6%** |
|  U.S. Treasury Bill<br>3.167%, 01/12/23 (a) (b) | 10000000 | 9991319 |
|  Total Short-Term Investments <br>(Cost $63,585,604) |  | 63586601 |
|  Total Investments—98.2% <br>(Cost $656,191,491) |  | 602806543 |
|  Other assets and liabilities (net)—1.8% |  | 10852981 |
| **Net Assets—100.0%** |  | $613659524 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) The rate shown represents current yield to maturity.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $36,933,006 and the collateral received consisted of non-cash collateral with a value of $37,844,240. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $27,805,102, which is 4.5% of net assets.

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement <br>Date** | **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Appreciation/** <br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**  |
| CAD | 5417000 | DBAG | 02/03/23 | USD | 4024607 | $(23274) |
| CAD | 15930000 | DBAG | 02/03/23 | USD | 11929725 | (162838) |
| CAD | 5212000 | HSBC | 02/03/23 | USD | 3883350 | (33444) |
| CAD | 5212000 | HSBC | 02/03/23 | USD | 3874690 | (24783) |
| CAD | 510000 | MSCS | 03/15/23 | USD | 378875 | (2002) |
| CLP | 1499360000 | GSBU | 01/20/23 | USD | 1558586 | 206474 |
| CLP | 1631447676 | JPMC | 01/24/23 | USD | 1653355 | 266572 |
| CLP | 2691900000 | JPMC | 02/09/23 | USD | 3006198 | 156754 |
| CLP | 1631452324 | JPMC | 02/15/23 | USD | 1896266 | 18772 |
| CLP | 3442291280 | GSBU | 02/21/23 | USD | 3767007 | 269637 |
| CLP | 2697170000 | MSCS | 02/21/23 | USD | 2947244 | 215625 |
| CLP | 973750000 | GSBU | 03/07/23 | USD | 1152913 | (13680) |
| CLP | 4680680527 | GSBU | 03/15/23 | USD | 5215243 | 253126 |
| CLP | 721613030 | GSBU | 07/26/23 | USD | 721613 | 106549 |
| CLP | 992448360 | GSBU | 07/26/23 | USD | 994437 | 144551 |
| CNH | 55783810 | CBNA | 01/11/23 | USD | 8323085 | (257564) |
| CNH | 97879210 | BOA | 03/07/23 | USD | 14195679 | 15615 |
| CNH | 52239590 | JPMC | 03/15/23 | USD | 7569310 | 20105 |
| CNH | 56822730 | CBNA | 06/07/23 | USD | 8256597 | 50560 |
| EUR | 1140000 | BBP | 01/25/23 | USD | 1186514 | 35511 |
| EUR | 2985000 | BBP | 01/25/23 | USD | 3112788 | 86989 |
| EUR | 3622000 | BBP | 01/25/23 | USD | 3823408 | 59202 |
| EUR | 10179000 | DBAG | 01/25/23 | USD | 10755773 | 155628 |
| EUR | 829000 | MSCS | 02/06/23 | USD | 875339 | 14000 |
| INR | 102619900 | HSBC | 01/11/23 | USD | 1273769 | (33836) |
| INR | 113234200 | JPMC | 01/11/23 | USD | 1373135 | (4953) |
| INR | 63624900 | CBNA | 03/15/23 | USD | 758432 | 7529 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts—(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement <br>Date** | **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Appreciation/** <br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**  |
| INR | 85052900 | CBNA | 03/15/23 | USD | 1026341 | $(2415) |
| INR | 102523300 | CBNA | 03/15/23 | USD | 1237158 | (2911) |
| INR | 87540800 | JPMC | 03/15/23 | USD | 1056235 | (2358) |
| INR | 768000000 | HSBC | 03/23/23 | USD | 9506715 | (265979) |
| INR | 227293700 | JPMC | 06/14/23 | USD | 2715089 | 5743 |
| JPY | 1508625880 | BOA | 02/22/23 | USD | 10920202 | 648625 |
| JPY | 750210940 | BNP | 03/15/23 | USD | 5354439 | 415483 |
| JPY | 2667975460 | BOA | 03/15/23 | USD | 19049144 | 1470430 |
| JPY | 1328000000 | GSBU | 03/15/23 | USD | 9147499 | 1066236 |
| JPY | 1816000000 | GSBU | 03/15/23 | USD | 12506482 | 1460492 |
| JPY | 787664730 | JPMC | 03/15/23 | USD | 5621920 | 436061 |
| JPY | 3472722990 | DBAG | 06/15/23 | USD | 25890745 | 1174941 |
| KRW | 2815700000 | CBNA | 01/25/23 | USD | 2159942 | 67676 |
| KRW | 24890000000 | DBAG | 03/15/23 | USD | 19101339 | 620192 |
| NZD | 4480000 | BOA | 03/15/23 | USD | 2692704 | 153909 |
| NZD | 5280000 | CBNA | 03/15/23 | USD | 3381972 | (27035) |
| NZD | 20030000 | JPMC | 03/15/23 | USD | 12050549 | 676607 |
| **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |
| EUR | 7747000 | BBP | 01/25/23 | USD | 7682545 | (621868) |
| EUR | 5453000 | DBAG | 01/25/23 | USD | 5995137 | 149782 |
| EUR | 4726000 | DBAG | 01/25/23 | USD | 5222159 | 156113 |
| EUR | 8349000 | MSCS | 02/06/23 | USD | 8625035 | (331651) |
| EUR | 3635000 | BBP | 04/25/23 | USD | 4037376 | 117227 |
| EUR | 10129000 | DBAG | 04/25/23 | USD | 10098350 | (825225) |
| **Cross Currency Contracts to Buy** | **Cross Currency Contracts to Buy** | **Cross Currency Contracts to Buy** | **Cross Currency Contracts to Buy** |  |  |  |
| CAD | 10423699 | HSBC | 02/03/23 | EUR | 7872260 | (744014) |
| CAD | 21347000 | DBAG | 02/03/23 | EUR | 15758314 | (1133786) |
| CAD | 1289781 | MSCS | 03/15/23 | EUR | 962286 | (81915) |
| CAD | 3260000 | CBNA | 03/15/23 | EUR | 2419298 | (193127) |
| CAD | 9729000 | BOA | 03/15/23 | EUR | 7221699 | (578139) |
| CAD | 8014154 | HSBC | 05/03/23 | EUR | 5889902 | (429244) |
| EUR | 2963281 | DBAG | 01/19/23 | SEK | 31352065 | 168113 |
| EUR | 2033719 | DBAG | 01/19/23 | SEK | 21459825 | 120873 |
| EUR | 11511363 | DBAG | 02/03/23 | CAD | 15930000 | 579937 |
| EUR | 3687614 | HSBC | 02/03/23 | CAD | 5211850 | 105454 |
| EUR | 3827241 | DBAG | 02/03/23 | CAD | 5417000 | 103678 |
| EUR | 3683632 | HSBC | 02/03/23 | CAD | 5211850 | 101183 |
| EUR | 1355619 | JPMC | 02/13/23 | SEK | 14250000 | 86313 |
| EUR | 359158 | MSCS | 03/15/23 | CAD | 510000 | 9432 |
| NOK | 243300200 | MSCS | 01/27/23 | EUR | 23372114 | (199652) |
| SEK | 26395500 | DBAG | 01/19/23 | EUR | 2479475 | (125109) |
| SEK | 26416390 | DBAG | 01/19/23 | EUR | 2531348 | (178689) |
| SEK | 14250000 | JPMC | 02/13/23 | EUR | 1364242 | (95568) |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $5582640 |

---

Securities in the amount of $2,058,613 and cash in the amount of $3,030,000 have been received at the custodian bank and held as collateral for forward foreign currency exchange contracts.

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (BBP)— | Barclays Bank plc |
| (BNP)— | BNP Paribas S.A. |
| (BOA)— | Bank of America N.A. |
| (CBNA)— | Citibank N.A. |
| (DBAG)— | Deutsche Bank AG |
| (GSBU)— | Goldman Sachs Bank USA |
| (HSBC)— | HSBC Bank plc |
| (JPMC)— | JPMorgan Chase Bank N.A. |
| (MSCS)— | Morgan Stanley Capital Services LLC |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Glossary of Abbreviations—(Continued)** 

Currencies

------

---

| | |
|:---|:---|
| (BRL)— | Brazilian Real |
| (CAD)— | Canadian Dollar |
| (CLP)— | Chilean Peso |
| (CNH)— | Chinese Renminbi |
| (COP)— | Colombian Peso |
| (EUR)— | Euro |
| (GHS)— | Ghana Cedi |
| (IDR)— | Indonesian Rupiah |
| (INR)— | Indian Rupee |
| (JPY)— | Japanese Yen |
| (KRW)— | South Korean Won |
| (MXN)— | Mexican Peso |
| (NOK)— | Norwegian Krone |
| (NZD)— | New Zealand Dollar |
| (SEK)— | Swedish Krona |
| (SGD)— | Singapore Dollar |
| (THB)— | Thai Baht |
| (USD)— | United States Dollar |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Foreign Government\* | $— | $442851229 | $— | $442851229 |
|  Total U.S. Treasury & Government Agencies\* |  | 96368713 |  | 96368713 |
|  Total Short-Term Investments\* |  | 63586601 |  | 63586601 |
|  Total Investments | $— | $602806543 | $— | $602806543 |
| Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $11977699 | $— | $11977699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (6395059) |  | (6395059) |
|  Total Forward Contracts | $— | $5582640 | $— | $5582640 |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $602806543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 4105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for forward foreign currency exchange contracts | 2820000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 11977699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 89637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 5561900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 623262147 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 6395059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 785078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1416096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes | 180376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 313204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 7138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 342397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 9602623 |
|  **Net Assets** | $613659524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $762638089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) (d) | (148978565) |
|  **Net Assets** | $613659524 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $579586231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 34073293 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 76538622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 4596738 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $7.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 7.41 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, was $656,191,491.

(b) Includes securities loaned at value of $36,933,006.

(c) Identified cost of cash denominated in foreign currencies was $4,277.

(d) Includes foreign capital gains tax of $180,376.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (a) | $9788451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 12060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 9800511 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 4284864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 50683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 473085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 91265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 87952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 25903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 6346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 39266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5114019 |
|  **Net Investment Income** | 4686492 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on : |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (b) | (95298483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3207245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (2574841) |
|  Net realized gain (loss) | (101080569) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (c) | 56473936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 199792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 4193250 |
|  Net change in unrealized appreciation (depreciation) | 60866978 |
|  Net realized and unrealized gain (loss) | (40213591) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(35527099) |

---

(a) Net of foreign withholding taxes of $816,033.

(b) Net of foreign capital gains tax of $71,522.

(c) Includes change in foreign capital gains tax of $360,084.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4686492 | $20458171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (101080569) | (59112803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 60866978 | (10284063) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (35527099) | (48938695) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (265140377) | (68624693) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (300667476) | (117563388) |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 914327000 | 1031890388 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $613659524 | $914327000 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 106257 | $823381 | 9840766 | $81050518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (33640794) | (259230646) | (18645291) | (151075689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (33534537) | $(258407265) | (8804525) | $(70025171) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 150758 | $1119387 | 664530 | $5306838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (1037926) | (7852499) | (494708) | (3906360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (887168) | $(6733112) | 169822 | $1400478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(265140377) |  | $(68624693) |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Financial Highlights** 

**Selected per share data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $7.92 | $8.31 | $9.48 | $10.22 | $10.08 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.05 | 0.17 | 0.29 | 0.43 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (0.56) | (0.84) | (0.28) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.35) | (0.39) | (0.55) | 0.15 | 0.14 |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | 0.00 | (0.62) | (0.87) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | 0.00 | 0.00 | 0.00 | (0.02) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | 0.00 | 0.00 | (0.00)(b) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | 0.00 | 0.00 | (0.62) | (0.89) | 0.00 |
|  **Net Asset Value, End of Period** | $7.57 | $7.92 | $8.31 | $9.48 | $10.22 |
|  **Total Return (%)** (c) | (4.42) | (4.69) | (5.75) | 1.44 | 1.29 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.70 | 0.69 | 0.68 | 0.68 | 0.70 |
|  Net ratio of expenses to average net assets (%) (d) | 0.70 | 0.69 | 0.68 | 0.68 | 0.70 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.67 | 2.09 | 3.36 | 4.35 | 3.95 |
|  Portfolio turnover rate (%) | 29 | 41 | 37 | 31 | 34 |
|  Net assets, end of period (in millions) | $579.6 | $871.7 | $988.4 | $1037.7 | $1144.8 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $7.77 | $8.18 | $9.33 | $10.07 | $9.96 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.03 | 0.15 | 0.27 | 0.40 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.39) | (0.56) | (0.82) | (0.28) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.36) | (0.41) | (0.55) | 0.12 | 0.11 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | 0.00 | (0.60) | (0.84) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | 0.00 | 0.00 | 0.00 | (0.02) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | 0.00 | 0.00 | (0.00)(b) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | 0.00 | 0.00 | (0.60) | (0.86) | 0.00 |
|  **Net Asset Value, End of Period** | $7.41 | $7.77 | $8.18 | $9.33 | $10.07 |
|  **Total Return (%)** (c) | (4.63) | (5.01) | (5.91) | 1.17 | 1.10 &nbsp;&nbsp;&nbsp;&nbsp;(e) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.95 | 0.94 | 0.93 | 0.93 | 0.95 |
|  Net ratio of expenses to average net assets (%) (d) | 0.95 | 0.94 | 0.93 | 0.93 | 0.95 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.44 | 1.85 | 3.12 | 4.11 | 3.69 |
|  Portfolio turnover rate (%) | 29 | 41 | 37 | 31 | 34 |
|  Net assets, end of period (in millions) | $34.1 | $42.6 | $43.5 | $44.4 | $45.5 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Distributions from return of capital were less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(e) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Templeton International Bond Portfolio (the "Portfolio"), which is non-diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**High-Yield Debt Securities -** The Portfolio may invest in high-yield debt securities, or "junk bonds," which are securities that are rated below "investment grade" or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio's subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $53,595,282, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

As of December 31, 2022, all securities on loan are classified as U.S. Treasury or U.S. Treasury & Government Agency in the Portfolio's Schedule of Investments and are collateralized by securities with a value of $37,844,240. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | $11977699 | Unrealized depreciation on forward foreign currency exchange contracts | $6395059 |

---

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Bank of America N.A. | $2288579 | $(578139) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1710440 |
|  Barclays Bank plc | 298929 | (298929) |  |  |
|  BNP Paribas S.A. | 415483 |  | (279957) | 135526 |
|  Citibank N.A. | 125765 | (125765) |  |  |
|  Deutsche Bank AG | 3229257 | (2448921) | (393353) | 386983 |
|  Goldman Sachs Bank USA | 3507065 | (13680) | (3030000) | 463385 |
|  HSBC Bank plc | 206637 | (206637) |  |  |
|  JPMorgan Chase Bank N.A. | 1666927 | (102879) | (1385303) | 178745 |
|  Morgan Stanley Capital Services LLC | 239057 | (239057) |  |  |
|  | $11977699 | $(4014007) | $(5088613) | $2875079 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net**<br>**Amount\*\*** |
|  Bank of America N.A. | $578139 | $(578139) | $— | $— |
|  Barclays Bank plc | 621868 | (298929) | (322939) |  |
|  Citibank N.A. | 483052 | (125765) | (357287) |  |
|  Deutsche Bank AG | 2448921 | (2448921) |  |  |
|  Goldman Sachs Bank USA | 13680 | (13680) |  |  |
|  HSBC Bank plc | 1531300 | (206637) | (1324663) |  |
|  JPMorgan Chase Bank N.A. | 102879 | (102879) |  |  |
|  Morgan Stanley Capital Services LLC | 615220 | (239057) | (376163) |  |
|  | $6395059 | $(4014007) | $(2381052) |  |

---

\* Net amount represents the net amount receivable from the counterparty in the event of default.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

---

| | |
|:---|:---|
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net<br>Realized Gain (Loss)** | **Foreign<br>Exchange** |
|  Forward foreign currency transactions | $(2574841) |
| **Statement of Operations Location—Net<br>Change in Unrealized Appreciation (Depreciation)** | **Foreign<br>Exchange** |
|  Forward foreign currency transactions | $4193250 |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Forward foreign currency transactions | $560144781 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $146434384 | $17426895 | $224621586 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.600% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $4,284,864.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Franklin Advisers, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver** - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average daily net assets** |
| 0.020% | On amounts over $1 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. No fees were waived during the year ended December 31, 2022.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $659193182 |
|  Gross unrealized appreciation | 7380172 |
|  Gross unrealized (depreciation) | (63947187) |
|  Net unrealized appreciation (depreciation) | $(56567015) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $— | $— | $— | $— | $— | $— |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $— | $– $| (56411447) | $(92403841) | $(148815288) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated long-term capital losses of $92,403,841.

During the year ended December 31, 2022, the Portfolio utilized accumulated short-term capital losses of $31,979.

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Templeton International Bond Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Templeton International Bond Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Templeton International Bond Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Brighthouse/Templeton International Bond Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Franklin Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed its benchmark, the FTSE World Government Bond Index (WGBI) ex-U.S., for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Templeton International Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, above the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Managed By Wellington Management Company LLP** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Brighthouse/Wellington Large Cap Research Portfolio returned -19.02%, -19.21%, and -19.12%, respectively. The Portfolio's benchmark, the Standard & Poor's ("S&P") 500 Index¹, returned -18.11%.

**MARKET ENVIRONMENT / CONDITIONS** 

U.S. equities, as measured by the S&P 500 Index, declined over the twelve-month period ending December 31, 2022, amid surging inflation, tighter financial conditions, and moderating economic activity which has increased the probability of recession. In the first quarter of 2022, U.S. equities registered their first quarterly loss since March 2020. Fears about the economic implications of Russia's large-scale military attack on Ukraine and the prospect of aggressive monetary policy tightening by the Federal Reserve (the "Fed") drove the S&P 500 Index into correction territory in February. In March, the Fed raised interest rates by 25 basis points ("bps"), lifted its 2022 core inflation forecast to 4.1%, and cut its 2022 Gross Domestic Product ("GDP") growth forecast to 2.8%.

In the second quarter of 2022, U.S. equities fell sharply during a volatile quarter. Rampant inflation and tighter financial conditions hurt risk sentiment and increased the probability of recession. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index to its biggest quarterly loss since September 2001. The Fed responded to the larger-than-expected increase in prices by accelerating its pace of interest-rate hikes to 75 bps in June, following a 50 bps increase in May.

In the third quarter of 2022, U.S. equities fell as risk sentiment deteriorated on fears that aggressive interest-rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. to recession. Stocks suffered steep losses in September after a larger-than-expected rise in core consumer prices showed that inflation continued to mount across broad areas of the economy. As expected, the Fed raised interest rates by 75 bps in September—the third straight increase of this magnitude.

U.S. equities rallied in the fourth quarter. Greater optimism that the Fed would begin to scale back its aggressive pace of interest-rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November before risk sentiment waned in December amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December, the Fed raised interest rates by 50 bps, snapping a streak of four consecutive hikes of 75 bps. However, the Fed's Summary of Economic Projections in December indicated a more hawkish outlook compared to its September forecast.

Within the S&P 500 Index, 9 of the 11 sectors declined for the twelve months ended December 31, 2022. Communication Services (-39.9%) and Consumer Discretionary (-37.0%) were the worst performing sectors.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio underperformed its benchmark, the S&P 500 Index, for the twelve-month period ended December 31, 2022. Challenging stock selection within the Information Technology ("IT"), Health Care, and Industrials sectors detracted most from relative performance. This was partially offset by stronger stock selection within the Consumer Staples, Utilities, and Financials sectors.

Among the Portfolio's largest individual relative detractors included not owning Exxon Mobil (Energy), an overweight position in Amazon (Consumer Discretionary) and an overweight position in Meta Platforms (Communication Services). Shares of Exxon Mobil advanced during the period with crude oil prices soaring as tensions between Russia and Ukraine threatened to create a tighter oil market. Shares of Amazon fell during the period after the company reported an unexpected first-quarter loss. Results from both the company's core online retailing business and its advertising unit came in short of estimates. The share price of Meta Platforms fell after management released disappointing second-quarter results and weak near-term guidance. The Portfolio held positions in Amazon and Meta Platforms at the end of the period.

Top contributors to relative performance during the period included underweight exposure to Tesla (Consumer Discretionary), an out-of-benchmark position in Shell (Energy) and an out-of-benchmark position in Performance Food Group (Consumer Staples). Shares of Tesla fell as news that CEO, Elon Musk, was buying Twitter for $44 billion raised investor concern. Additionally, the company continued to grapple with supply chain issues and COVID-related shutdowns in Shanghai. Shares of Shell advanced after the oil and gas conglomerate reported adjusted profit for the fourth quarter that beat consensus estimates. Shell also announced a share repurchase program to buy back $8.5 billion worth of its own shares during the first half of 2022 using proceeds from its Permian divestment and capital allocation framework. The share price of Performance Food Group rose after the company reported higher fiscal-first-quarter sales and earnings as the food-services provider raised prices and benefited from a recent acquisition. We believe the company has done an excellent job passing through price increases and expanding gross profit dollars amid a difficult macro backdrop. The Portfolio held all three positions at the end of the period.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Managed By Wellington Management Company LLP** 

**Portfolio Manager Commentary\*—(Continued)** 

The Portfolio is managed in an industry-neutral structure relative to the benchmark, which promotes stock selection as the primary driver of performance. On an absolute basis, the Portfolio ended the period with the most exposure to the IT, Health Care and Financials sectors.

**Mary Pryshlak** 

**Jonathan White** 

Portfolio Managers

*Wellington Management Company LLP* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The S&P 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock's weight in the Index proportionate to its market value.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX**![LOGO](g382964g08i17.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Brighthouse/Wellington Large Cap Research Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -19.02 | 8.82 | 12.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -19.21 | 8.55 | 12.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -19.12 | 8.67 | 12.29 |
| &nbsp;&nbsp;&nbsp;**S&P 500 Index** | -18.11 | 9.43 | 12.56 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Microsoft Corp.** | **6.1** |
| **Amazon.com, Inc.** | **3.3** |
| **Alphabet, Inc. - Class A** | **3.1** |
| **Apple, Inc.** | **2.8** |
| **Performance Food Group Co.** | **2.6** |
| **Charles Schwab Corp. (The)** | **2.0** |
| **Eli Lilly and Co.** | **1.9** |
| **BP plc (ADR)** | **1.5** |
| **Constellation Brands, Inc. - Class A** | **1.4** |
| **Shell plc (ADR)** | **1.4** |

---

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Information Technology** | **19.3** |
| **Health Care** | **18.6** |
| **Financials** | **10.2** |
| **Communication Services** | **9.1** |
| **Consumer Discretionary** | **8.8** |
| **Consumer Staples** | **8.7** |
| **Industrials** | **8.5** |
| **Energy** | **5.8** |
| **Utilities** | **3.7** |
| **Materials** | **2.9** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Brighthouse/Wellington Large Cap Research Portfolio** |  | **<br>Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.52% | $1000.00 | $1024.50 | $2.65 |
|  | Hypothetical\* | 0.52% | $1000.00 | $1022.58 | $2.65 |
|  Class B (a) | Actual | 0.77% | $1000.00 | $1023.60 | $3.93 |
|  | Hypothetical\* | 0.77% | $1000.00 | $1021.32 | $3.92 |
|  Class E (a) | Actual | 0.67% | $1000.00 | $1024.00 | $3.42 |
|  | Hypothetical\* | 0.67% | $1000.00 | $1021.83 | $3.41 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—97.4% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Aerospace & Defense—2.5%** | | |
|  Boeing Co. (The) (a) (b) | 48139 | $9169998 |
|  General Dynamics Corp. | 46012 | 11416037 |
|  Lockheed Martin Corp. | 25242 | 12279981 |
|  Raytheon Technologies Corp. | 177353 | 17898465 |
|  |  | 50764481 |
| **Air Freight & Logistics—0.1%** |  |  |
|  FedEx Corp. (b) | 9404 | 1628773 |
| **Airlines—0.3%** |  |  |
|  JetBlue Airways Corp. (a) | 729910 | 4729817 |
|  Southwest Airlines Co. (a) | 39540 | 1331312 |
|  |  | 6061129 |
| **Automobiles—0.4%** |  |  |
|  Ford Motor Co. | 263504 | 3064551 |
|  Tesla, Inc. (a) | 34453 | 4243921 |
|  |  | 7308472 |
| **Banks—0.3%** |  |  |
|  JPMorgan Chase & Co. | 54096 | 7254274 |
| **Beverages—2.1%** |  |  |
|  Constellation Brands, Inc. - Class A | 123706 | 28668866 |
|  Monster Beverage Corp. (a) (b) | 149929 | 15222291 |
|  |  | 43891157 |
| **Biotechnology—2.0%** |  |  |
|  Alkermes plc (a) (b) | 52040 | 1359805 |
|  Alnylam Pharmaceuticals, Inc. (a) (b) | 9451 | 2246030 |
|  Apellis Pharmaceuticals, Inc. (a) | 11753 | 607748 |
|  Ascendis Pharma A/S (ADR) (a) | 7307 | 892404 |
|  Biogen, Inc. (a) | 15894 | 4401366 |
|  Blueprint Medicines Corp. (a) (b) | 6245 | 273593 |
|  Celldex Therapeutics, Inc. (a) (b) | 20298 | 904682 |
|  Genmab A/S (ADR) (a) (b) | 38519 | 1632435 |
|  Horizon Therapeutics plc (a) | 9406 | 1070403 |
|  Incyte Corp. (a) | 14918 | 1198214 |
|  Karuna Therapeutics, Inc. (a) (b) | 14721 | 2892676 |
|  Moderna, Inc. (a) (b) | 14238 | 2557430 |
|  PTC Therapeutics, Inc. (a) (b) | 16593 | 633355 |
|  Regeneron Pharmaceuticals, Inc. (a) | 9614 | 6936405 |
|  REVOLUTION Medicines, Inc. (a) (b) | 18281 | 435453 |
|  Sarepta Therapeutics, Inc. (a) (b) | 7145 | 925849 |
|  Seagen, Inc. (a) | 14433 | 1854785 |
|  Syndax Pharmaceuticals, Inc. (a) (b) | 18410 | 468535 |
|  United Therapeutics Corp. (a) | 4844 | 1347068 |
|  Vertex Pharmaceuticals, Inc. (a) | 28103 | 8115584 |
|  |  | 40753820 |
| **Building Products—0.8%** |  |  |
|  Azek Co., Inc. (The) (a) (b) | 90126 | 1831360 |
|  Builders FirstSource, Inc. (a) (b) | 94915 | 6158085 |
|  Fortune Brands Innovations, Inc. (b) | 70727 | 4039219 |
| **Building Products—(Continued)** |  |  |
|  Johnson Controls International plc | 68707 | $4397248 |
|  Masterbrand, Inc. (b) | 70727 | 533989 |
|  |  | 16959901 |
| **Capital Markets—6.7%** |  |  |
|  Ares Management Corp. - Class A | 353533 | 24195798 |
|  BlackRock, Inc. | 19448 | 13781436 |
|  Charles Schwab Corp. (The) | 492662 | 41019038 |
|  Goldman Sachs Group, Inc. (The) | 59624 | 20473689 |
|  Morgan Stanley | 121088 | 10294902 |
|  MSCI, Inc. | 35335 | 16436782 |
|  Tradeweb Markets, Inc. - Class A | 155748 | 10112718 |
|  |  | 136314363 |
| **Chemicals—2.8%** |  |  |
|  Cabot Corp. (b) | 111173 | 7430803 |
|  Celanese Corp. | 57983 | 5928182 |
|  FMC Corp. | 97709 | 12194083 |
|  Ingevity Corp. (a) (b) | 40662 | 2864231 |
|  Linde plc | 53609 | 17486184 |
|  Livent Corp. (a) (b) | 98064 | 1948532 |
|  PPG Industries, Inc. (b) | 76473 | 9615715 |
|  |  | 57467730 |
| **Commercial Services & Supplies—0.4%** |  |  |
|  Aurora Innovation, Inc. (a) (b) | 272633 | 329886 |
|  Clean Harbors, Inc. (a) (b) | 33230 | 3792208 |
|  Waste Connections, Inc. | 39218 | 5198738 |
|  |  | 9320832 |
| **Communications Equipment—0.1%** |  |  |
|  Arista Networks, Inc. (a) | 17967 | 2180295 |
| **Construction & Engineering—0.4%** |  |  |
|  Fluor Corp. (a) (b) | 229344 | 7949063 |
| **Containers & Packaging—0.1%** |  |  |
|  Ball Corp. (b) | 53605 | 2741360 |
| **Diversified Financial Services—0.3%** |  |  |
|  Equitable Holdings, Inc. | 236816 | 6796619 |
| **Diversified Telecommunication Services—0.7%** |  |  |
|  AT&T, Inc. | 744160 | 13699986 |
| **Electric Utilities—3.1%** |  |  |
|  Duke Energy Corp. (b) | 189715 | 19538748 |
|  Edison International | 219412 | 13958991 |
|  Exelon Corp. | 323707 | 13993854 |
|  FirstEnergy Corp. (b) | 371266 | 15570896 |
|  |  | 63062489 |
| **Electrical Equipment—0.3%** |  |  |
|  AMETEK, Inc. | 33017 | 4613135 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Electrical Equipment—(Continued)** | | |
|  Emerson Electric Co. | 16330 | $1568660 |
|  |  | 6181795 |
| **Energy Equipment & Services—0.6%** |  |  |
|  Schlumberger, Ltd. | 222607 | 11900570 |
| **Entertainment—1.0%** |  |  |
|  Electronic Arts, Inc. | 29339 | 3584639 |
|  Walt Disney Co. (The) (a) | 189076 | 16426923 |
|  |  | 20011562 |
| **Equity Real Estate Investment Trusts—1.9%** |  |  |
|  Kimco Realty Corp. (b) | 398741 | 8445334 |
|  Rexford Industrial Realty, Inc. (b) | 90706 | 4956176 |
|  Ryman Hospitality Properties, Inc. | 108172 | 8846306 |
|  Sun Communities, Inc. | 51078 | 7304154 |
|  Welltower, Inc. | 148962 | 9764459 |
|  |  | 39316429 |
| **Food & Staples Retailing—3.4%** |  |  |
|  Performance Food Group Co. (a) | 899654 | 52530797 |
|  Sysco Corp. | 223686 | 17100795 |
|  |  | 69631592 |
| **Food Products—2.0%** |  |  |
|  Archer-Daniels-Midland Co. | 132722 | 12323238 |
|  Hershey Co. (The) | 89636 | 20757009 |
|  Kellogg Co. (b) | 111139 | 7917542 |
|  |  | 40997789 |
| **Health Care Equipment & Supplies—2.8%** |  |  |
|  Abbott Laboratories | 75851 | 8327681 |
|  Baxter International, Inc. | 109787 | 5595843 |
|  Boston Scientific Corp. (a) | 255654 | 11829111 |
|  DexCom, Inc. (a) | 56817 | 6433957 |
|  Edwards Lifesciences Corp. (a) | 121741 | 9083096 |
|  Insulet Corp. (a) | 16518 | 4862734 |
|  Stryker Corp. | 47056 | 11504722 |
|  |  | 57637144 |
| **Health Care Providers & Services—4.3%** |  |  |
|  Agilon Health, Inc. (a) (b) | 486704 | 7855402 |
|  Centene Corp. (a) (b) | 201811 | 16550520 |
|  Elevance Health, Inc. | 26176 | 13427503 |
|  HCA Healthcare, Inc. | 58932 | 14141323 |
|  Humana, Inc. | 26523 | 13584815 |
|  Laboratory Corp. of America Holdings | 4830 | 1137368 |
|  McKesson Corp. (b) | 18432 | 6914212 |
|  Molina Healthcare, Inc. (a) | 12378 | 4087463 |
|  UnitedHealth Group, Inc. | 20287 | 10755762 |
|  |  | 88454368 |
| **Hotels, Restaurants & Leisure—1.8%** |  |  |
|  Airbnb, Inc. - Class A (a) | 237261 | 20285816 |
| **Hotels, Restaurants & Leisure—(Continued)** |  |  |
|  Hyatt Hotels Corp. - Class A (a) (b) | 78563 | 7106023 |
|  Starbucks Corp. (b) | 104426 | 10359059 |
|  |  | 37750898 |
| **Household Durables—0.2%** |  |  |
|  DR Horton, Inc. (b) | 9530 | 849504 |
|  Lennar Corp. - Class A (b) | 30314 | 2743417 |
|  |  | 3592921 |
| **Independent Power and Renewable Electricity Producers—0.6%** | **Independent Power and Renewable Electricity Producers—0.6%** |  |
|  AES Corp. (The) | 419472 | 12064015 |
| **Industrial Conglomerates—0.8%** |  |  |
|  Honeywell International, Inc. | 72309 | 15495819 |
| **Insurance—2.8%** |  |  |
|  American International Group, Inc. | 173748 | 10987824 |
|  Arch Capital Group, Ltd. (a) | 122331 | 7679940 |
|  Assured Guaranty, Ltd. (b) | 100491 | 6256570 |
|  Chubb, Ltd. | 59174 | 13053784 |
|  Marsh & McLennan Cos., Inc. | 84930 | 14054216 |
|  Trupanion, Inc. (a) (b) | 112703 | 5356774 |
|  |  | 57389108 |
| **Interactive Media & Services—5.3%** |  |  |
|  Alphabet, Inc. - Class A (a) | 728228 | 64251557 |
|  Bumble, Inc. - Class A (a) (b) | 367267 | 7730970 |
|  Cargurus, Inc. (a) (b) | 496636 | 6957870 |
|  Match Group, Inc. (a) | 114892 | 4766869 |
|  Meta Platforms, Inc. - Class A (a) | 213627 | 25707873 |
|  |  | 109415139 |
| **Internet & Direct Marketing Retail—4.3%** |  |  |
|  Amazon.com, Inc. (a) | 795631 | 66833004 |
|  Etsy, Inc. (a) (b) | 168960 | 20238029 |
|  |  | 87071033 |
| **IT Services—4.3%** |  |  |
|  Block, Inc. (a) | 128998 | 8106234 |
|  FleetCor Technologies, Inc. (a) | 21451 | 3940120 |
|  Genpact, Ltd. (b) | 85709 | 3970041 |
|  Global Payments, Inc. (b) | 109631 | 10888551 |
|  GoDaddy, Inc. - Class A (a) (b) | 111669 | 8355075 |
|  Okta, Inc. (a) | 10720 | 732498 |
|  PayPal Holdings, Inc. (a) | 127137 | 9054697 |
|  Snowflake, Inc. - Class A (a) | 5508 | 790618 |
|  VeriSign, Inc. (a) | 105503 | 21674536 |
|  Visa, Inc. - Class A (b) | 60648 | 12600228 |
|  WEX, Inc. (a) | 42701 | 6988019 |
|  |  | 87100617 |
| **Life Sciences Tools & Services—2.6%** |  |  |
|  Agilent Technologies, Inc. (b) | 86619 | 12962534 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Life Sciences Tools & Services—(Continued)** | | |
|  Danaher Corp. | 84748 | $22493814 |
|  ICON plc (a) (b) | 17993 | 3495140 |
|  Illumina, Inc. (a) | 31095 | 6287409 |
|  Syneos Health, Inc. (a) | 234628 | 8606155 |
|  |  | 53845052 |
| **Machinery—1.9%** |  |  |
|  Caterpillar, Inc. | 23868 | 5717818 |
|  Flowserve Corp. (b) | 147824 | 4535240 |
|  Fortive Corp. | 56319 | 3618496 |
|  Ingersoll Rand, Inc. | 80402 | 4201004 |
|  Kennametal, Inc. (b) | 90076 | 2167229 |
|  Middleby Corp. (The) (a) (b) | 32915 | 4407318 |
|  PACCAR, Inc. | 21734 | 2151014 |
|  Westinghouse Air Brake Technologies Corp. | 113343 | 11312765 |
|  |  | 38110884 |
| **Media—1.2%** |  |  |
|  Charter Communications, Inc. - Class A (a) | 8583 | 2910495 |
|  New York Times Co. (The) - Class A | 151800 | 4927428 |
|  Omnicom Group, Inc. | 203436 | 16594275 |
|  |  | 24432198 |
| **Oil, Gas & Consumable Fuels—5.2%** |  |  |
|  BP plc (ADR) | 883617 | 30864742 |
|  ConocoPhillips | 210344 | 24820592 |
|  Diamondback Energy, Inc. | 26051 | 3563256 |
|  EOG Resources, Inc. (b) | 56297 | 7291587 |
|  Marathon Petroleum Corp. | 100391 | 11684509 |
|  Shell plc (ADR) (b) | 492999 | 28076293 |
|  |  | 106300979 |
| **Pharmaceuticals—6.8%** |  |  |
|  Aclaris Therapeutics, Inc. (a) (b) | 36588 | 576261 |
|  AstraZeneca plc (ADR) | 226106 | 15329987 |
|  Bristol-Myers Squibb Co. | 62474 | 4495004 |
|  Elanco Animal Health, Inc. (a) | 203685 | 2489031 |
|  Eli Lilly and Co. | 103971 | 38036751 |
|  GSK plc (ADR) (b) | 149652 | 5258771 |
|  Intra-Cellular Therapies, Inc. (a) (b) | 36625 | 1938195 |
|  Merck & Co., Inc. | 238853 | 26500740 |
|  Novartis AG (ADR) | 85643 | 7769533 |
|  Pfizer, Inc. | 524455 | 26873074 |
|  Royalty Pharma plc - Class A (b) | 10123 | 400061 |
|  Zoetis, Inc. | 61829 | 9061040 |
|  |  | 138728448 |
| **Professional Services—0.4%** |  |  |
|  Science Applications International Corp. (b) | 37855 | 4199255 |
|  TriNet Group, Inc. (a) (b) | 47713 | 3234942 |
|  |  | 7434197 |
| **Road & Rail—0.4%** |  |  |
|  Knight-Swift Transportation Holdings, Inc. | 140496 | 7363395 |
| **Semiconductors & Semiconductor Equipment—3.7%** |  |  |
|  Advanced Micro Devices, Inc. (a) | 168138 | 10890298 |
|  Intel Corp. | 177455 | 4690136 |
|  KLA Corp. | 23623 | 8906580 |
|  Marvell Technology, Inc. (b) | 142659 | 5284089 |
|  Micron Technology, Inc. | 174695 | 8731256 |
|  NVIDIA Corp. | 37003 | 5407618 |
|  ON Semiconductor Corp. (a) (b) | 141779 | 8842756 |
|  Teradyne, Inc. | 69389 | 6061129 |
|  Texas Instruments, Inc. | 107212 | 17713567 |
|  |  | 76527429 |
| **Software—8.4%** |  |  |
|  Adobe, Inc. (a) | 14023 | 4719160 |
|  Ceridian HCM Holding, Inc. (a) | 127811 | 8199076 |
|  Guidewire Software, Inc. (a) (b) | 28777 | 1800289 |
|  Hashicorp, Inc. - Class A (a) (b) | 85895 | 2348369 |
|  HubSpot, Inc. (a) | 3785 | 1094357 |
|  Microsoft Corp. | 523889 | 125639060 |
|  Palo Alto Networks, Inc. (a) (b) | 18617 | 2597816 |
|  Qualtrics International, Inc. - Class A (a) (b) | 97185 | 1008780 |
|  Rapid7, Inc. (a) (b) | 13379 | 454619 |
|  Salesforce, Inc. (a) | 87680 | 11625491 |
|  SentinelOne, Inc. - Class A (a) (b) | 39682 | 578961 |
|  ServiceNow, Inc. (a) | 21268 | 8257726 |
|  Workday, Inc. - Class A (a) | 24070 | 4027633 |
|  |  | 172351337 |
| **Specialty Retail—1.3%** |  |  |
|  TJX Cos., Inc. (The) | 336877 | 26815409 |
| **Technology Hardware, Storage & Peripherals—2.8%** |  |  |
|  Apple, Inc. | 441110 | 57313422 |
| **Textiles, Apparel & Luxury Goods—0.9%** |  |  |
|  NIKE, Inc. - Class B | 157149 | 18388004 |
| **Tobacco—1.1%** |  |  |
|  Altria Group, Inc. | 107203 | 4900249 |
|  Philip Morris International, Inc. | 179269 | 18143816 |
|  |  | 23044065 |
| **Trading Companies & Distributors—0.3%** |  |  |
|  United Rentals, Inc. (a) (b) | 3409 | 1211627 |
|  WESCO International, Inc. (a) | 35050 | 4388260 |
|  |  | 5599887 |
| **Wireless Telecommunication Services—0.9%** |  |  |
|  T-Mobile U.S., Inc. (a) | 131803 | 18452420 |
|  Total Common Stocks <br>(Cost $1,856,780,368) |  | 1992872669 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Short-Term Investment—2.8%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $56,713,065; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $57,835,809. | 56701725 | $56701725 |
|  Total Short-Term Investments <br>(Cost $56,701,725) |  | 56701725 |
| **Securities Lending Reinvestments (c)—10.2%** | **Securities Lending Reinvestments (c)—10.2%** | **Securities Lending Reinvestments (c)—10.2%** |
| **Certificates of Deposit—4.7%** | **Certificates of Deposit—4.7%** | **Certificates of Deposit—4.7%** |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (d) | 6000000 | 6000000 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (d) | 4000000 | 4000071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (d) | 6000000 | 6002522 |
| Canadian Imperial Bank of Commerce (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, SOFR + 0.250%, 02/03/23 (d) | 3000000 | 3000199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, SOFR + 0.500%, 03/03/23 (d) | 5000000 | 5001914 |
|  Commonwealth Bank of Australia<br>4.680%, SOFR + 0.380%, 03/30/23 (d) | 2000000 | 2000148 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (d) | 5000000 | 5000000 |
|  Mitsubishi UFJ Trust and Banking Corp.<br>4.860%, SOFR + 0.560%, 02/14/23 (d) | 3000000 | 3000900 |
|  Mizuho Bank, Ltd.<br>4.850%, SOFR + 0.550%, 01/26/23 (d) | 4000000 | 4001201 |
|  MUFG Bank Ltd. (NY)<br>4.810%, SOFR + 0.510%, 02/17/23 (d) | 4000000 | 4001016 |
|  Natixis S.A.<br>4.750%, SOFR + 0.450%, 06/21/23 (d) | 2000000 | 2000648 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (d) | 10000000 | 10003945 |
| Nordea Bank Abp (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.760%, SOFR + 0.460%, 02/13/23 (d) | 2000000 | 2000342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 02/21/23 (d) | 3000000 | 3001005 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, SOFR + 0.250%, 01/11/23 (d) | 7000000 | 6999888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890%, FEDEFF PRV + 0.560%, 04/10/23 (d) | 2000000 | 2001152 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (d) | 4000000 | 4006071 |
|  State Street Bank and Trust Co.<br>4.980%, SOFR + 0.680%, 07/14/23 (d) | 2000000 | 2002354 |
|  Sumitomo Mitsui Banking Corp.<br>4.710%, SOFR + 0.410%, 03/06/23 (d) | 2000000 | 2000220 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.840%, SOFR + 0.540%, 01/10/23 (d) | 3000000 | 3000234 |
|  Svenska Handelsbanken AB<br>4.900%, SOFR + 0.600%, 04/12/23 (d) | 3000000 | 3002037 |
|  Toronto-Dominion Bank (The)<br>4.550%, SOFR + 0.250%, 02/09/23 (d) | 3000000 | 2999869 |
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.530%, SOFR + 0.230%, 02/17/23 (d) | 8000000 | 7999120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 02/22/23 (d) | 2000000 | 2000682 |
|  |  | 95025538 |
| **Commercial Paper—1.2%** |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (d) | 5000000 | 5001265 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (d) | 7000000 | 7009534 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (d) | 6000000 | 6001620 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980%, SOFR + 0.680%, 05/03/23 (d) | 2000000 | 2001976 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (d) | 5000000 | 5000000 |
|  |  | 25014395 |
| **Repurchase Agreements—3.8%** | **Repurchase Agreements—3.8%** | **Repurchase Agreements—3.8%** |
|  Citigroup Global Markets, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $10,250,264; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $10,200,001. | 10000000 | 10000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $17,074,526; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $17,422,837. | 17066372 | 17066372 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $10,004,800; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $10,238,692. | 10000000 | 10000000 |
| National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $8,807,392; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $8,996,928. | 8800000 | 8800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $24,120,853; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $26,240,768. | 24100000 | 24100000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—(continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
|  Royal Bank of Canada Toronto <br>Repurchase Agreement dated 12/30/22 at 4.570%, due on 02/03/23 with a maturity value of $3,013,329; collateralized by various Common Stock with an aggregate market value of $3,333,757. | 3000000 | $3000000 |
| Societe Generale | Societe Generale | Societe Generale |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $700,331; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $715,264. | 700000 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $4,704,039; collateralized by various Common Stock with an aggregate market value of $5,232,002. | 4700000 | 4700000 |
|  |  | 78366372 |
| **Time Deposit—0.5%** |  |  |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (d) | 10000000 | 10000000 |
|  Total Securities Lending Reinvestments <br>(Cost $208,366,485) |  | 208406305 |
|  Total Investments—110.4% <br>(Cost $2,121,848,578) |  | 2257980699 |
|  Other assets and liabilities (net)—(10.4)% |  | (212792608) |
|  **Net Assets—100.0%** |  | $2045188091 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $202,960,339 and the collateral received consisted of cash in the amount of $208,366,509. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(d) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Notional Amount** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P 500 Index E-Mini Futures | 03/17/23 | 138 | USD | 26640900 | $(936971) |

---

**Glossary of Abbreviations** 

Currencies

------

(USD)— United States Dollar

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

Other Abbreviations

------

(ADR)— American Depositary Receipt

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Common Stocks\* | $1992872669 | $— | $— | $1992872669 |
|  Total Short-Term Investment\* |  | 56701725 |  | 56701725 |
|  Total Securities Lending Reinvestments\* |  | 208406305 |  | 208406305 |
|  Total Investments | $1992872669 | $265108030 | $— | $2257980699 |
|  Collateral for Securities Loaned (Liability) | $— | $(208366509) | $— | $(208366509) |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | $(936971) | $— | $— | $(936971) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $2257980699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for futures contracts | 1462800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 727093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 52761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 1607674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2261839267 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 208366509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 5747696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1175472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 74175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 872811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 26068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 225169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 216651176 |
|  **Net Assets** | $2045188091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1808359505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 236828586 |
|  **Net Assets** | $2045188091 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $1899552500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 81785387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 63850204 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 162172061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 7257685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 5537790 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $11.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 11.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 11.53 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,121,848,578.

(b) Includes securities loaned at value of $202,960,339.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $29787035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 172464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 681404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 30640903 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 12787034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 96382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 119895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 232072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 106880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 112911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 19160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 22051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13597392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (1680598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (19066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11897728 |
|  **Net Investment Income** | 18743175 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 87828391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 192514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 896 |
|  Net realized gain (loss) | 88021801 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (617473257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (936971) |
|  Net change in unrealized appreciation (depreciation) | (618410228) |
|  Net realized and unrealized gain (loss) | (530388427) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(511645252) |

---

(a) Net of foreign withholding taxes of $80,056.

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18743175 | $17669945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 88021801 | 491188637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (618410228) | 80605759 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (511645252) | 589464341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (465831897) | (268179609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (20586065) | (12701849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (15766431) | (9253185) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (502184393) | (290134643) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 291101383 | (118466615) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (722728262) | 180863083 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2767916353 | 2587053270 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2045188091 | $2767916353 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 602631 | $8108812 | 620046 | $11328152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 40826634 | 465831897 | 15619080 | 268179609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (13952582) | (196749122) | (21137151) | (385159212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 27476683 | $277191587 | (4898025) | $(105651451) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 448026 | $6039433 | 409790 | $7182357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 1873163 | 20586065 | 761502 | 12701849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (1463898) | (20799988) | (1732149) | (30523206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 857291 | $5825510 | (560857) | $(10639000) |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 101490 | $1360969 | 245766 | $4472136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 1402707 | 15766431 | 545267 | 9253185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (643725) | (9043114) | (884124) | (15901485) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 860472 | $8084286 | (93091) | $(2176164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $291101383 |  | $(118466615) |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $19.02 | $17.12 | $15.21 | $13.19 | $16.02 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.12 | 0.12 | 0.15 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.83) | 3.84 | 2.92 | 3.82 | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.71) | 3.96 | 3.07 | 3.99 | (0.76) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.12) | (0.17) | (0.17) | (0.18) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (3.48) | (1.89) | (0.99) | (1.79) | (1.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.60) | (2.06) | (1.16) | (1.97) | (2.07) |
|  **Net Asset Value, End of Period** | $11.71 | $19.02 | $17.12 | $15.21 | $13.19 |
|  **Total Return (%)** (b) | (19.02) | 24.38 | 22.27 | 32.07 | (6.15) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.58 | 0.57 | 0.59 | 0.59 | 0.58 |
|  Net ratio of expenses to average net assets (%) (c) (d) | 0.51 | 0.50 | 0.51 | 0.51 | 0.51 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.84 | 0.67 | 1.00 | 1.14 | 1.12 |
|  Portfolio turnover rate (%) | 54 | 60 | 76 | 55 | 64 |
|  Net assets, end of period (in millions) | $1899.6 | $2562 | $2390.3 | $2197 | $1896 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $18.45 | $16.67 | $14.83 | $12.90 | $15.71 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.08 | 0.07 | 0.11 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.71) | 3.73 | 2.86 | 3.73 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.63) | 3.80 | 2.97 | 3.86 | (0.78) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.07) | (0.13) | (0.14) | (0.14) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (3.48) | (1.89) | (0.99) | (1.79) | (1.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.55) | (2.02) | (1.13) | (1.93) | (2.03) |
|  **Net Asset Value, End of Period** | $11.27 | $18.45 | $16.67 | $14.83 | $12.90 |
|  **Total Return (%)** (b) | (19.21) | 24.03 | 22.03 | 31.70 | (6.40) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.83 | 0.82 | 0.84 | 0.84 | 0.83 |
|  Net ratio of expenses to average net assets (%) (c) (d) | 0.76 | 0.75 | 0.76 | 0.76 | 0.76 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.59 | 0.42 | 0.75 | 0.89 | 0.87 |
|  Portfolio turnover rate (%) | 54 | 60 | 76 | 55 | 64 |
|  Net assets, end of period (in millions) | $81.8 | $118.1 | $116 | $112.4 | $100.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $18.78 | $16.93 | $15.05 | $13.07 | $15.89 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.10 | 0.09 | 0.12 | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.78) | 3.79 | 2.90 | 3.79 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.68) | 3.88 | 3.02 | 3.93 | (0.77) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.09) | (0.14) | (0.15) | (0.16) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (3.48) | (1.89) | (0.99) | (1.79) | (1.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.57) | (2.03) | (1.14) | (1.95) | (2.05) |
|  **Net Asset Value, End of Period** | $11.53 | $18.78 | $16.93 | $15.05 | $13.07 |
|  **Total Return (%)** (b) | (19.12) | 24.20 | 22.10 | 31.83 | (6.29) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.73 | 0.72 | 0.74 | 0.74 | 0.73 |
|  Net ratio of expenses to average net assets (%) (c) (d) | 0.66 | 0.65 | 0.66 | 0.66 | 0.66 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.69 | 0.52 | 0.85 | 0.99 | 0.97 |
|  Portfolio turnover rate (%) | 54 | 60 | 76 | 55 | 64 |
|  Net assets, end of period (in millions) | $63.9 | $87.9 | $80.8 | $75.7 | $64.9 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for each of the years ended December 31, 2022 through 2018. (see Note 6 of the Notes to Financial
Statements).

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Wellington Large Cap Research Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $56,701,725. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $78,366,372. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending** - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**Directed Brokerage Agreement -** The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

**3. Investments in Derivative Instruments** 

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & <br>Liabilities Location** | **Fair Value** |
|  Equity | Unrealized depreciation on futures contracts (a) | $936971 |

---

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
|  Futures contracts | $192514 |
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
|  Futures contracts | $(936971) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Futures contracts long | $19233825 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $1228299206 | $0 | $1448909894 |

---

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $967,839 in purchases of investments and $346,203 in sales of investments, which are included above, and resulted in net realized losses of $326,525.

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $12787034 | 0.625% | First $250 million |
|  | 0.600% | $250 million to $500 million |
|  | 0.575% | $500 million to $1 billion |
|  | 0.550% | $1 billion to $2 billion |
|  | 0.500% | Over $2 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver** - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.070% | First $250 million |
| 0.045% | $250 million to $2 billion |
| 0.005% | Over $2 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $974,598 and are included in the total amount shown as management fee waivers in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $706,000 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $2155248254 |
|  Gross unrealized appreciation | 300771465 |
|  Gross unrealized (depreciation) | (198039020) |
|  Net unrealized appreciation (depreciation) | $102732445 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $143357892 | $61754573 | $358826501 | $228380070 | $502184393 | $290134643 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $17576114 | $116683304 | $102732445 | $– $| 236991863 |

---

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Wellington Large Cap Research Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Wellington Large Cap Research Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Wellington Large Cap Research Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

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**BHFTI-24** 

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**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Brighthouse/Wellington Large Cap Research Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Wellington Management Company LLP regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of one of its Performance Universes for the one- and three-year periods ended June 30, 2022 and underperformed the median of that Performance Universe for the five-year period ended June 30, 2022. The Board also considered that the Portfolio underperformed the median of its other Performance Universe for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one- and three-year periods and underperformed the average of such Morningstar Category for the five-year period ended June 30, 2022. The Board also considered that the Portfolio underperformed the average of a different, but still comparable, Morningstar Category for the one-year period ended June 30, 2022, outperformed the average of such Morningstar Category for the three-year period ended June 30, 2022, and performed

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**Brighthouse/Wellington Large Cap Research Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

equal to the average of such Morningstar Category for the five-year period ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the S&P 500 Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Managed by CBRE Investment Management Listed Real Assets LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the CBRE Global Real Estate Portfolio returned -24.71%, -24.99%, and -24.89%, respectively. The Portfolio's benchmark, the FTSE EPRA/NAREIT Developed Index¹, returned -25.09%.

**MARKET ENVIRONMENT / CONDITIONS** 

For 2022, global real estate stocks finished down -25.1%, as the world's capital markets battled the headwinds of a sharp rise in inflation, a significant increase in interest rates, geopolitical uncertainty, and the increasing probability of a global economic slowdown. In a year of higher interest rates and lower economic growth, we find the underperformance to be striking considering that global real estate investment trusts ("REITs") have resilient earnings compared to broad market equities, growing dividends compared to bonds, and the same underlying assets as private real estate.

While all regions were down for the year, the Asia-Pacific region outperformed the benchmark (-9.0%), while the Americas (-25.6%) and Europe (-40.9%) lagged. In most markets, we believe the underlying fundamentals remained strong. The average earnings growth for the sector averaged slightly over 10% and dividend growth in 2022 was nearly 15%. Companies in several regions and sectors saw material increases in occupancy and were able to raise rents accordingly.

We believe that the underperformance of global REITs in 2022 has likely created what we believed was an opportunity for investors based on valuations at the end of the year. At the end of the year, global REITs traded at an approximately 18% discount to estimates of net asset value ("NAV") or intrinsic value — estimates that we have already lowered by approximately 14% to reflect market conditions and the current economic landscape. Historically, when REIT valuations have traded at material discounts to NAV, investors have benefited from buying the space.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio outperformed the benchmark during the period as value was added in each of the three major geographic regions. Sector allocation decisions drove the outperformance as stock selection modestly detracted from relative performance during the period. The European region was the top contributor to performance, followed by the Americas and the Asia-Pacific region.

In Europe, stock selection and sector allocations contributed to relative performance. The Portfolio was underweight both the United Kingdom ("U.K.") as well as Continental Europe (the "Continent") as these markets underperformed for the year. Stock selection on the Continent was positive but stock selection in the U.K. was a slight detractor from performance. Relative outperformance within the Americas region was driven by positive stock selection in Canada as well as positive contributions from positioning in the U.S. Data Center, Mall, and Healthcare sectors. Throughout the year, the Portfolio continued to be underweight the U.S. Office sector, which helped performance as conditions continued to be challenging given the shift to a more flexible work environment. In the Asia-Pacific region, relative performance was essentially flat as positive sector allocation within the region was mostly offset by sub-par stock selection. Favorable positioning in Japan and Hong Kong was mostly offset by underperformance in Australia.

At period end, in North America, we were overweight Canadian real estate stocks with an emphasis on Residential, Industrial, and Retail. In the U.S., we were overweight Single-Family Home for Rent, Storage, Malls, Hotels, and Data Centers. In Japan, we preferred Mid-cap Diversified and Hotel REITs that are providing earnings growth and resiliency at very attractive relative valuations and select Real Estate Operating Companies that have committed to improving their corporate governance. In Hong Kong, we were overweight Diversified companies with a commercial bias and Non-Discretionary Retail. In Australia, we preferred Retail, Industrial, and a few select Diversified companies. In the U.K., we favored the Storage and Residential sectors, as well as attractively priced Diversified companies. Within the Continent, we had a positive bias to Retail, Industrial, Storage, and select Diversified companies.

**Joseph P. Smith** 

**Christopher S. Reich** 

**Kenneth S. Weinberg** 

Portfolio Managers

*CBRE Investment Management Listed Real Assets LLC* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and Real Estate Investment Trusts worldwide.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE FTSE EPRA/NAREIT DEVELOPED INDEX**![LOGO](g394295g34d32.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**CBRE Global Real Estate Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –24.71 | 2.06 | 3.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –24.99 | 1.77 | 3.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | –24.89 | 1.89 | 3.61 |
| &nbsp;&nbsp;&nbsp;**FTSE EPRA /NAREIT Developed Index** | –25.09 | –0.23 | 2.99 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Prologis, Inc. (REIT)** | **9.4** |
| **Equinix, Inc. (REIT)** | **7.0** |
| **Simon Property Group, Inc. (REIT)** | **6.9** |
| **Invitation Homes, Inc. (REIT)** | **4.0** |
| **Link REIT (REIT)** | **3.0** |
| **Public Storage (REIT)** | **3.0** |
| **Essex Property Trust, Inc. (REIT)** | **2.7** |
| **Alexandria Real Estate Equities, Inc. (REIT)** | **2.5** |
| **CubeSmart (REIT)** | **2.3** |
| **Life Storage, Inc. (REIT)** | **2.1** |

---

**Top Countries** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **United States** | **60.1** |
| **Japan** | **10.1** |
| **Hong Kong** | **6.1** |
| **Canada** | **4.5** |
| **Australia** | **3.4** |
| **United Kingdom** | **3.3** |
| **France** | **3.0** |
| **Singapore** | **2.7** |
| **Belgium** | **2.2** |
| **Sweden** | **1.0** |

---

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CBRE Global Real Estate Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,**<br>**2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022**<br>**to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.65% | $1000.00 | $968.70 | $3.23 |
|  | Hypothetical\* | 0.65% | $1000.00 | $1021.93 | $3.31 |
|  Class B (a) | Actual | 0.90% | $1000.00 | $966.60 | $4.46 |
|  | Hypothetical\* | 0.90% | $1000.00 | $1020.67 | $4.58 |
|  Class E (a) | Actual | 0.80% | $1000.00 | $967.70 | $3.97 |
|  | Hypothetical\* | 0.80% | $1000.00 | $1021.17 | $4.08 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—99.1% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Australia—3.4%** | | |
|  Goodman Group (REIT) | 878202 | $10317659 |
|  Ingenia Communities Group (REIT) | 1336798 | 4062556 |
|  Rural Funds Group (REIT) | 2832233 | 4623912 |
|  Scentre Group (REIT) | 6853455 | 13326253 |
|  |  | 32330380 |
| **Austria—0.5%** |  |  |
|  CA Immobilien Anlagen AG (a)(b) | 158346 | 4792928 |
| **Belgium—2.2%** |  |  |
|  Aedifica S.A. (REIT) | 63559 | 5172849 |
|  Cofinimmo S.A. (REIT) | 65737 | 5906175 |
|  Shurgard Self Storage S.A. | 77334 | 3554778 |
|  Warehouses De Pauw NV (REIT) | 209329 | 5985686 |
|  |  | 20619488 |
| **Canada—4.5%** |  |  |
|  Boardwalk Real Estate Investment Trust (REIT) (a) | 119544 | 4364151 |
|  Chartwell Retirement Residences (a) | 586502 | 3655891 |
|  First Capital Real Estate Investment Trust (REIT) (a) | 604015 | 7498886 |
|  H&R Real Estate Investment Trust (REIT) (a) | 816690 | 7304369 |
|  Killam Apartment Real Estate Investment Trust (REIT) | 238625 | 2856803 |
|  RioCan Real Estate Investment Trust (REIT) (a) | 709294 | 11068968 |
|  Tricon Residential, Inc. (a) | 788612 | 6080199 |
|  |  | 42829267 |
| **France—3.0%** |  |  |
|  ICADE (REIT) | 101782 | 4400948 |
|  Klepierre S.A. (REIT) (b) | 483730 | 11188897 |
|  Mercialys S.A. (REIT) | 335942 | 3523761 |
|  Unibail—Rodamco-Westfield (REIT) (b) | 88571 | 4621571 |
|  Unibail—Rodamco-Westfield (REIT) (Interim Shares) (b) | 93777 | 4881652 |
|  |  | 28616829 |
| **Hong Kong—6.1%** |  |  |
|  Hang Lung Properties, Ltd. | 5332680 | 10353802 |
|  Kerry Properties, Ltd. | 482365 | 1050717 |
|  Link REIT (REIT) | 3868662 | 28405736 |
|  Sino Land Co., Ltd. (a) | 3268776 | 4071242 |
|  Sun Hung Kai Properties, Ltd. | 1048703 | 14351104 |
|  |  | 58232601 |
| **Japan—10.1%** |  |  |
|  Activia Properties, Inc. (REIT) | 2443 | 7663037 |
|  AEON REIT Investment Corp. (REIT) | 3953 | 4641385 |
|  GLP J-REIT (REIT) | 8026 | 9233970 |
|  Hulic Reit, Inc. (REIT) | 1907 | 2374197 |
|  Japan Hotel REIT Investment Corp. (REIT) | 20391 | 11995356 |
|  Japan Metropolitan Fund Investment Corp. (REIT) | 17875 | 14206511 |
|  Kenedix Retail REIT Corp. (REIT) | 1410 | 2728025 |
|  LaSalle Logiport (REIT) | 10918 | 13317071 |
|  Mitsui Fudosan Co., Ltd. | 551557 | 10076362 |
|  Orix JREIT, Inc. (REIT) | 8225 | 11663538 |
|  Tokyu Fudosan Holdings Corp. | 1889768 | 8969523 |
|  |  | 96868975 |
| **Netherlands—0.5%** |  |  |
|  Eurocommercial Properties NV (REIT) | 200185 | 4829057 |
| **Singapore — 2.7%** |  |  |
|  CapitaLand Ascendas REIT | 6188890 | 12671057 |
|  Frasers Logistics & Industrial Trust (REIT) | 9289040 | 8025893 |
|  Lendlease Global Commercial (REIT) | 10578720 | 5571520 |
|  |  | 26268470 |
| **Spain—0.9%** |  |  |
|  Merlin Properties Socimi S.A. (REIT) | 951731 | 8968392 |
| **Sweden—1.0%** |  |  |
|  Catena AB | 72799 | 2712425 |
|  Hufvudstaden AB—A Shares | 211889 | 3018450 |
|  Pandox AB (b) | 319012 | 3569506 |
|  |  | 9300381 |
| **Switzerland—0.8%** |  |  |
|  PSP Swiss Property AG | 61809 | 7268584 |
| **United Kingdom — 3.3%** |  |  |
|  British Land Co. plc (The) (REIT) | 1452480 | 6945165 |
|  Grainger plc | 2645302 | 8033184 |
|  NewRiver REIT plc (REIT) | 2431447 | 2291830 |
|  Safestore Holdings plc (REIT) | 498883 | 5704794 |
|  Target Healthcare REIT plc (REIT) | 1875860 | 1819904 |
|  UNITE Group plc (The) (REIT) | 592981 | 6529284 |
|  |  | 31324161 |
| **United States—60.1%** |  |  |
|  Alexandria Real Estate Equities, Inc. (REIT) | 166816 | 24300087 |
|  Apartment Income REIT Corp. (REIT) | 173251 | 5944242 |
|  Brixmor Property Group, Inc. (REIT) | 258999 | 5871507 |
|  Broadstone Net Lease, Inc. (REIT) (a) | 446619 | 7239694 |
|  Camden Property Trust (REIT) | 126641 | 14168595 |
|  CubeSmart (REIT) (a) | 536224 | 21583016 |
|  DiamondRock Hospitality Co. (REIT) (a) | 429285 | 3515844 |
|  Digital Realty Trust, Inc. (REIT) | 188789 | 18929873 |
|  Equinix, Inc. (REIT) | 101820 | 66695155 |
|  Essex Property Trust, Inc. (REIT) | 120457 | 25527247 |
|  Four Corners Property Trust, Inc. (REIT) (a) | 203901 | 5287153 |
|  Host Hotels & Resorts, Inc. (REIT) | 615401 | 9877186 |
|  Independence Realty Trust, Inc. (REIT) (a) | 371451 | 6262664 |
|  Invitation Homes, Inc. (REIT) (a) | 1295196 | 38389609 |
|  Iron Mountain, Inc. (REIT) (a) | 172232 | 8585765 |
|  Kite Realty Group Trust (REIT) (a) | 176670 | 3718903 |
|  Life Storage, Inc. (REIT) | 202994 | 19994909 |
|  Mid-America Apartment Communities, Inc. (REIT) | 86677 | 13607422 |
|  National Retail Properties, Inc. (REIT) (a) | 368118 | 16845080 |
|  Park Hotels & Resorts, Inc. (REIT) (a) | 569102 | 6709713 |
|  Pebblebrook Hotel Trust (REIT) (a) | 490642 | 6569696 |
|  Piedmont Office Realty Trust, Inc. (REIT)—Class A | 460910 | 4226545 |
|  Prologis, Inc. (REIT) | 792820 | 89374599 |
|  Public Storage (REIT) | 101250 | 28369237 |
|  Simon Property Group, Inc. (REIT) | 556885 | 65422850 |
|  Spirit Realty Capital, Inc. (REIT) (a) | 354521 | 14156024 |
|  STAG Industrial, Inc. (REIT) (a) | 449213 | 14514072 |

---

*See accompanying notes to financial statements.* 

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **United States—(Continued)** | | |
|  Sunstone Hotel Investors, Inc. (REIT) (a) | 683960 | $6607054 |
|  Ventas, Inc. (REIT) | 390343 | 17584952 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 257053 | 3387959 |
|  |  | 573266652 |
|  Total Common Stocks<br>(Cost $1,006,232,820) |  | 945516165 |
| **Short-Term Investment—0.6%** |  |  |
| **Repurchase Agreement —0.6%** |  |  |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $5,398,855; collateralized by U.S. Treasury Bond at 3.375%, maturing 11/15/48, with a market value of $5,505,814. | 5397776 | 5397776 |
|  Total Short-Term Investments<br>(Cost $5,397,776) |  | 5397776 |
| **Securities Lending Reinvestments (c)—11.4%** | **Securities Lending Reinvestments (c)—11.4%** |  |
| **Certificates of Deposit—0.9%** |  |  |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (d) | 1000000 | 1001351 |
|  Bank of Nova Scotia<br>4.710%, FEDEFF PRV + 0.380%, 01/06/23 (d) | 1000000 | 1000018 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (d) | 1000000 | 1000071 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (d) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (d) | 1000000 | 1000209 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (d) | 1000000 | 1000394 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (d) | 2000000 | 2003036 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (d) | 1000000 | 1000000 |
|  |  | 9005079 |
| **Commercial Paper—0.5%** |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (d) | 1000000 | 1000253 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (d) | 1000000 | 1001362 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (d) | 1000000 | 1000270 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (d) | 2000000 | 2000000 |
|  |  | 5001885 |
| **Repurchase Agreements—7.1%** |  |  |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $2,008,983; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $2,040,000. | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000. | 2000000 | 2000000 |
|  HSBC Bank plc<br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $18,076,591; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $18,445,344. | 18067958 | 18067958 |
|  National Bank Financial Inc.<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $5,002,400; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $5,119,346. | 5000000 | 5000000 |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $10,091,330; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $10,308,496. | 10082860 | 10082860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $7,006,057; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $7,621,800. | 7000000 | 7000000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,000,472; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $1,021,806. | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $1,394,242; collateralized by various Common Stock with an aggregate market value of $1,550,821. | 1393562 | 1393562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $9,004,410; collateralized by various Common Stock with an aggregate market value of $10,017,348. | 9000000 | 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $800,688; collateralized by various Common Stock with an aggregate market value of $890,554. | 800000 | 800000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $11,005,378; collateralized by various Common Stock with an aggregate market value of $12,213,966. | 11000000 | $11000000 |
|  |  | 67344380 |
| **Mutual Funds — 2.9%** | **Mutual Funds — 2.9%** | **Mutual Funds — 2.9%** |
|  Allspring Government Money Market Fund, Select Class 4.090% (e) | 2000000 | 2000000 |
|  BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (e) | 2000000 | 2000000 |
|  Fidelity Government Portfolio, Class I 4.060% (e) | 1000000 | 1000000 |
|  Fidelity Government Portfolio, Institutional Class<br>4.100% (e) | 5000000 | 5000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (e) | 2000000 | 2000000 |
|  HSBC U.S. Government Money Market Fund, Intermediary Class 4.130% (e) | 5000000 | 5000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (e) | 700000 | 700000 |
|  STIT-Government & Agency Portfolio, Institutional Class 4.220% (e) | 5000000 | 5000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Shares 4.220% (e) | 5000000 | 5000000 |
|  |  | 27700000 |
|  Total Securities Lending Reinvestments<br>(Cost $109,044,403) |  | 109051344 |
|  Total Investments— 111.1%<br>(Cost $1,120,674,999) |  | 1059965285 |
|  Other assets and liabilities (net) — (11.1)% |  | (105706447) |
| **Net Assets — 100.0%** |  | $954258838 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $106,643,921 and the collateral received consisted of cash in the amount of $109,044,407 and non-cash collateral with a value of $1,149,292. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(d) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(e) The rate shown represents the annualized seven-day yield as of December 31, 2022.

---

| | |
|:---|:---|
| **Ten Largest Industries as of<br>December 31, 2022 (Unaudited)** | **% of<br>Net Assets** |
|  Retail REIT's | 23.6 |
|  Specialized REIT's | 18.8 |
|  Industrial REIT's | 17.1 |
|  Residential REIT's | 12.8 |
|  Real Estate Operating Companies | 5.2 |
|  Hotel & Resort REITs | 5.1 |
|  Diversified REIT's | 4.7 |
|  Office REIT's | 4.2 |
|  Diversified Real Estate Activities | 3.6 |
|  Health Care REITs | 3.2 |

---

**Glossary of Abbreviations** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (SOFR)— | Secured Overnight Financing Rate |
| <br> Other Abbreviations | <br> Other Abbreviations |
| (REIT)— | Real Estate Investment Trust |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $32330380 | $— | $32330380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 4792928 |  | 4792928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 20619488 |  | 20619488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 42829267 |  |  | 42829267 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 4881652 | 23735177 |  | 28616829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 58232601 |  | 58232601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 96868975 |  | 96868975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 4829057 |  | 4829057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 26268470 |  | 26268470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 8968392 |  | 8968392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 9300381 |  | 9300381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 7268584 |  | 7268584 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 31324161 |  | 31324161 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 573266652 |  |  | 573266652 |
|  Total Common Stocks | 620977571 | 324538594 |  | 945516165 |
|  Total Short-Term Investment\* |  | 5397776 |  | 5397776 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 9005079 |  | 9005079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 5001885 |  | 5001885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 67344380 |  | 67344380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 27700000 |  |  | 27700000 |
|  Total Securities Lending Reinvestments | 27700000 | 81351344 |  | 109051344 |
|  Total Investments | $648677571 | $411287714 | $— | $1059965285 |
|  Collateral for Securities Loaned (Liability) | $— | $(109044407) | $— | $(109044407) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1059965285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 770764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 35014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 3641430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1064427802 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 109044407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 193574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 493997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 75682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 198028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 110168964 |
|  **Net Assets** | $954258838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1012522700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (58263862) |
|  **Net Assets** | $954258838 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $594086946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 337853556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 22318336 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 61918460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 35403125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 2327664 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 9.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 9.59 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,120,674,999.

(b) Includes securities loaned at value of $106,643,921.

(c) Identified cost of cash denominated in foreign currencies was $770,764.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $31546004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 14618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 162334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 31722956 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 6745576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 53454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 183537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 958629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 38353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 51552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 86738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 9477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 54753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8236723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (397193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (97628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7741902 |
|  **Net Investment Income** | 23981054 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
|  Net realized gain (loss) on : |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (6363073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (525334) |
|  Net realized gain (loss) | (6888407) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (338942847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (30770) |
|  Net change in unrealized appreciation (depreciation) | (338973617) |
|  Net realized and unrealized gain (loss) | (345862024) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(321880970) |

---

(a) Net of foreign withholding taxes of $1,246,838.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $23981054 | $19989792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6888407) | 208289575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (338973617) | 164507871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (321880970) | 392787238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (91857121) | (25070933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (52303267) | (13592164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (3528793) | (880014) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (147689181) | (39543111) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 65116131 | (254579358) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (404454020) | 98664769 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1358712858 | 1260048089 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $954258838 | $1358712858 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1370550 | $13527384 | 740107 | $9675494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 9363621 | 91857121 | 1873762 | 25070933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (4342489) | (56284551) | (15511467) | (209253658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 6391682 | $49099954 | (12897598) | $(174507231) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1633977 | $17147824 | 1220598 | $16267709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 5353456 | 52303267 | 1020433 | 13592164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (4518639) | (55190679) | (8062699) | (106967473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 2468794 | $14260412 | (5821668) | $(77107600) |
|  **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 152089 | $1703546 | 169891 | $2274373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 359714 | 3528793 | 65771 | 880014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (301952) | (3476574) | (456577) | (6118914) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 209851 | $1755765 | (220915) | $(2964527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $65116131 |  | $(254579358) |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $15.03 | $11.53 | $12.97 | $10.72 | $12.45 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.27 | 0.21 | 0.47 | 0.30 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.96) | 3.70 | (1.16) | 2.36 | (1.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.69) | 3.91 | (0.69) | 2.66 | (0.99) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.55) | (0.41) | (0.52) | (0.41) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.20) | 0.00 | (0.23) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.75) | (0.41) | (0.75) | (0.41) | (0.74) |
|  **Net Asset Value, End of Period** | $9.59 | $15.03 | $11.53 | $12.97 | $10.72 |
|  **Total Return (%)** (b) | (24.71) | 34.35 (c)(d) | (4.53)(c)(d) | 25.10 | (8.36) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.68 | 0.65 | 0.67 | 0.67 | 0.66 |
|  Net ratio of expenses to average net assets (%)(e) | 0.64 | 0.62 | 0.64 | 0.65 | 0.66 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.33 | 1.59 | 4.35 | 2.47 | 2.60 |
|  Portfolio turnover rate (%) | 91 | 70 | 93 | 77 | 106 |
|  Net assets, end of period (in millions) | $594.1 | $834.7 | $788.7 | $767.0 | $747.2 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.95 | $11.47 | $12.90 | $10.66 | $12.39 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.24 | 0.18 | 0.43 | 0.27 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.94) | 3.68 | (1.14) | 2.35 | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.70) | 3.86 | (0.71) | 2.62 | (1.03) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.51) | (0.38) | (0.49) | (0.38) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.20) | 0.00 | (0.23) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.71) | (0.38) | (0.72) | (0.38) | (0.70) |
|  **Net Asset Value, End of Period** | $9.54 | $14.95 | $11.47 | $12.90 | $10.66 |
|  **Total Return (%)** (b) | (24.99) | 34.07 (c)(d) | (4.77)(c)(d) | 24.81 | (8.64) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.93 | 0.90 | 0.92 | 0.92 | 0.91 |
|  Net ratio of expenses to average net assets (%)(e) | 0.89 | 0.87 | 0.89 | 0.90 | 0.91 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.08 | 1.35 | 4.03 | 2.22 | 2.34 |
|  Portfolio turnover rate (%) | 91 | 70 | 93 | 77 | 106 |
|  Net assets, end of period (in millions) | $337.9 | $492.3 | $444.4 | $470.4 | $448.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $15.02 | $11.52 | $12.96 | $10.70 | $12.44 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.25 | 0.19 | 0.44 | 0.29 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.95) | 3.70 | (1.15) | 2.36 | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.70) | 3.89 | (0.71) | 2.65 | (1.02) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.53) | (0.39) | (0.50) | (0.39) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.20) | 0.00 | (0.23) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.73) | (0.39) | (0.73) | (0.39) | (0.72) |
|  **Net Asset Value, End of Period** | $9.59 | $15.02 | $11.52 | $12.96 | $10.70 |
|  **Total Return (%)** (b) | (24.89) | 34.21 (c)(d) | (4.71)(c)(d) | 25.05 | (8.60) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.83 | 0.80 | 0.82 | 0.82 | 0.81 |
|  Net ratio of expenses to average net assets (%) (e) | 0.79 | 0.77 | 0.79 | 0.80 | 0.81 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.18 | 1.47 | 4.05 | 2.33 | 2.44 |
|  Portfolio turnover rate (%) | 91 | 70 | 93 | 77 | 106 |
|  Net assets, end of period (in millions) | $22.3 | $31.8 | $26.9 | $31.3 | $27.9 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder
transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

(d) Includes gains from settlement of security litigations; excluding these gains, the total return for Class A, Class B and Class E would have been 33.99%, 33.71% and 33.85% for the year ended
December 31, 2021, and (4.70)%, (4.93)% and (4.88)% for the year ended December 31, 2020, respectively.

(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is CBRE Global Real Estate Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the amount of $217,214 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $5,397,776. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $67,344,380. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**Directed Brokerage Agreement -** The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $981569513 | $0 | $1023805928 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $6745576 | 0.700% | First $200 million |
|  | 0.650% | $200 million to $750 million |
|  | 0.550% | Over $750 million |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. CBRE Investment Management Listed Real Assets LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows.

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.050% | First $200 million |
| 0.050% | $250 million to $750 million |
| 0.050% | Over $1 billion |

---

An identical agreement was in effect for the period April 30, 2021 to April 29, 2022 Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1132385674 |
|  Gross unrealized appreciation | 45515354 |
|  Gross unrealized (depreciation) | (117935743) |
|  Net unrealized appreciation (depreciation) | $(72420389) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $68739629 | $39543111 | $78949552 | $— | $147689181 | $39543111 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $23937049 | $– $| (72428608) | $(9609026) | $(58100585) |

---

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses $9,609,026.

**8. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the CBRE Global Real Estate Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the CBRE Global Real Estate Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the CBRE Global Real Estate Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**CBRE Global Real Estate Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*CBRE Global Real Estate Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and CBRE Investment Management Listed Real Assets LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the FTSE EPRA/NAREIT Developed Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Managed by Harris Associates L.P.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Harris Oakmark International Portfolio returned -15.78%, -16.00%, and -15.93%, respectively. The Portfolio's benchmark, the MSCI EAFE Index¹, returned -14.45%.

**MARKET ENVIRONMENT / CONDITIONS** 

In 2022, a variety of macroeconomic concerns including inflation, supply chain disruptions, tightening financial conditions, currency volatility, and the continued presence of Covid-19 pressured equity markets. In addition, Russia's invasion of Ukraine prompted additional unease among investors and volatility in energy prices. Supply concerns stemming from the conflict sent prices of West Texas Intermediate crude oil in excess of $120 per barrel, before eventually returning to $80 per barrel at the end of the year. Major currencies including the pound, yen, euro, Australian dollar and Swiss franc all depreciated against the dollar throughout the period. International equities benefitted from most international currencies strengthening relative to the U.S. dollar in the fourth quarter, though most major currencies still ended the year down 5% to 15% versus the U.S. dollar.

Euro zone inflation reached a peak of 10.6% during the year, before declining to 10.1% in November. Throughout the year, the European Central Bank enacted a series of hikes to its benchmark interest rate of 0.50% in July, 0.75% in September and November, and 0.50% in December to reach 2.5%. The Bank of England opted for a more aggressive policy stance and the United Kingdom ("U.K.") Bank Rate reached 3.5% at year-end after a series of rate hikes. The Bank of Japan continued its accommodative policy stance on interest rates through most of the year, but surprised markets by doubling its cap on 10-year yields from 0.25% to 0.50% late in December. The Japanese central bank said the reason was to enhance the sustainability of monetary easing, but many investors speculated that it was a sign of a potential exit from its decade-long stimulus policy. Late in the year, China backpedaled from the zero-COVID policy it had followed since the onset of the pandemic, and subsequently saw a sharp increase in the number of COVID-19 cases.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

Country weightings caused the Portfolio to underperform its benchmark, the MSCI EAFE Index, for the reporting period, while stock selection provided a positive effect. Stock selection in the U.K. and the Portfolio's exposure to South Korea furnished the largest negative relative effects. China was the top contributor exclusively due to stock selection and the Portfolio's position in Japan delivered the next best relative result.

The Portfolio's worst detractor for the year was Credit Suisse Group (Switzerland) as its share price fell over 67% in 2022. Credit Suisse Group faced several challenges in 2022. The company suffered from a succession of negative internal and external events, which produced consistent quarterly net income losses during the year. Most recently, third-quarter results were impeded by a Swiss franc ("CHF") 3.7 billion impairment of deferred tax assets ("DTA"). The DTA is attributed to the company's securitized products segment, and the expected spin-off of this segment prompted the charge. Although the DTA impairment is a non-cash charge, it necessitated a larger than expected capital raise of CHF 4 billion to enable reaching its target capital ranges. However, Credit Suisse has instituted some restructuring initiatives to reinstate profitability. In addition, Credit Suisse saw the departure of some key executive team members in 2022, including Chief Executive Officer Thomas Gottstein, Chief Financial Officer David Mathers and General Counsel Romeo Cerutti. In our view, Credit Suisse's new leadership team is a material upgrade and positions the company to better realize benefits from its restructuring plan that appears to be quite methodical and well contemplated.

The Portfolio's top contributor to performance for the year was Glencore (Switzerland) as its share price gained over 39% for the full year. The share price of Glencore was volatile early in the year and rose mainly in the third and fourth quarters. In August, the company delivered a solid set of first-half earnings results, in our view, as marketing segment earnings increased over 100% year-over-year and profit of $3.7 billion handily surpassed the company's long-term range of $2.2-$3.2 billion for the year. Furthermore, adjusted earnings in the coal segment reached $8.9 billion for the first half, which outpaced our full-year expectations of $15.4 billion. Management later participated in some corporate actions with the goal of enhancing the company's value. The Australian Foreign Investment Review Board approved Metals Acquisition Corp's purchase of CSA Copper Mine from Glencore. In addition, Glencore management announced plans to purchase all of Newmont's stake in the MARA Project, an Argentina-based copper and gold mine, for $124.9 million along with other considerations. At its investor update event in December, Glencore issued its nine-month production report and lowered full-year output targets across most commodities as the company faced negative weather, labor and supply chain issues in certain geographies. Even so, management left intact its previously established long-term guidance range for earnings in the marketing segment. The company also announced plans to close 12 coal mines by 2035 as it endeavors to achieve its climate priorities.

Currency hedging was actively utilized throughout the year, as we believed that some currencies were overvalued compared to the U.S. dollar. However, at year-end no currencies remained hedged in the Portfolio. Currency hedges contributed 11 bps to the Portfolio's return for the year.

At period end, the Portfolio held 64 securities across a variety of countries and industries. During 2022, we initiated 13 new positions and eliminated 13 positions. Compared with year-end 2021, at period end, the Portfolio had exposure to Denmark due to the purchase of DSV. The weighting in Germany increased roughly 3% mainly from the addition of Adidas and Siemens. The weighting in France also rose about 3% primarily due to the additions of Edenred and Kering.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Managed by Harris Associates L.P.** 

**Portfolio Manager Commentary\*—(Continued)** 

The weighting in Switzerland fell nearly 4% largely from share sales and market value declines. Exposures to Finland, Indonesia and South Africa were eliminated during the year due to sales of the single holdings in those countries. There were no other material changes to country weightings for the reporting period.

As of December 31, 2022, the Portfolio was most heavily weighted in Germany (28%), the U.K. and France (both 16%). The smallest weightings were in Mexico (less than 1%), Australia and Denmark (both 1%).

**David G. Herro** 

**Michael L. Manelli** 

Portfolio Managers 

*Harris Associates L.P.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX**![LOGO](g382964g19z23.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Harris Oakmark International Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -15.78 | -1.70 | 4.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -16.00 | -1.94 | 4.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -15.93 | -1.85 | 4.25 |
| &nbsp;&nbsp;&nbsp;**MSCI EAFE Index** | -14.45 | 1.54 | 4.67 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **BNP Paribas S.A.** | **3.6** |
| **Intesa Sanpaolo S.p.A.** | **3.4** |
| **Mercedes-Benz Group AG** | **3.0** |
| **Lloyds Banking Group plc** | **3.0** |
| **Allianz SE** | **2.8** |
| **Prosus NV** | **2.7** |
| **Bayerische Motoren Werke AG** | **2.6** |
| **Continental AG** | **2.6** |
| **Fresenius SE & Co. KGaA** | **2.5** |
| **adidas AG** | **2.4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Top Countries** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Germany** | **28.0** |
| **United Kingdom** | **16.0** |
| **France** | **15.7** |
| **Switzerland** | **8.5** |
| **China** | **5.9** |
| **Netherlands** | **3.5** |
| **Italy** | **3.4** |
| **South Korea** | **3.3** |
| **Sweden** | **3.3** |
| **Canada** | **2.1** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harris Oakmark International Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.77% | $1000.00 | $1041.70 | $3.96 |
|  | Hypothetical\* | 0.77% | $1000.00 | $1021.32 | $3.92 |
|  Class B (a) | Actual | 1.02% | $1000.00 | $1041.00 | $5.25 |
|  | Hypothetical\* | 1.02% | $1000.00 | $1020.06 | $5.19 |
|  Class E (a) | Actual | 0.92% | $1000.00 | $1041.50 | $4.73 |
|  | Hypothetical\* | 0.92% | $1000.00 | $1020.57 | $4.69 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—97.7% of Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Australia—0.8%** | | | |
|  Orica, Ltd. | 1840359 | $| 18805698 |
| **Belgium—2.0%** |  |  |  |
|  Anheuser-Busch InBev S.A. | 767900 |  | 46164751 |
| **Canada—2.1%** |  |  |  |
|  Open Text Corp. | 1347086 |  | 39915133 |
|  Restaurant Brands International, Inc. | 152820 |  | 9882870 |
|  |  |  | 49798003 |
| **China—5.9%** |  |  |  |
|  Alibaba Group Holding, Ltd. (a) (b) | 4549100 |  | 50227362 |
|  Prosus NV (a) | 927903 |  | 63705599 |
|  Vipshop Holdings, Ltd. (ADR) (a) | 1683200 |  | 22958848 |
|  |  |  | 136891809 |
| **Denmark—1.2%** |  |  |  |
|  DSV A/S | 184300 |  | 29231105 |
| **France—15.7%** |  |  |  |
|  Accor S.A. (a) | 1916890 |  | 47626043 |
|  BNP Paribas S.A. | 1493675 |  | 85001050 |
|  Capgemini SE | 185230 |  | 31065637 |
|  Danone S.A. | 483800 |  | 25488468 |
|  Edenred | 380130 |  | 20684449 |
|  Kering S.A. | 73300 |  | 37513653 |
|  Publicis Groupe S.A.  | 578851 |  | 36757525 |
|  Valeo | 1953573 |  | 34822026 |
|  Worldline S.A. (a) | 1226800 |  | 47870161 |
|  |  |  | 366829012 |
| **Germany—28.0%** |  |  |  |
|  adidas AG | 409533 |  | 55905418 |
|  Allianz SE | 300800 |  | 64679883 |
|  Bayer AG | 1023560 |  | 52848939 |
|  Bayerische Motoren Werke AG | 688307 |  | 61434944 |
|  Continental AG | 1009290 |  | 60300948 |
|  Daimler Truck Holding AG (a) | 1559970 |  | 48332958 |
|  Fresenius Medical Care AG & Co. KGaA | 816000 |  | 26689860 |
|  Fresenius SE & Co. KGaA | 2047100 |  | 57594897 |
|  Henkel AG & Co. KGaA | 542209 |  | 34969578 |
|  Mercedes-Benz Group AG | 1078593 |  | 70781076 |
|  SAP SE | 455100 |  | 46966049 |
|  Siemens AG | 356500 |  | 49479576 |
|  ThyssenKrupp AG (a) | 3847346 |  | 23476666 |
|  |  |  | 653460792 |
| **Ireland—2.0%** |  |  |  |
|  Ryanair Holdings plc (ADR) (a) | 621970 |  | 46498477 |
| **Italy—3.4%** |  |  |  |
|  Intesa Sanpaolo S.p.A. | 35356200 |  | 78879296 |
| **Japan—1.7%** |  |  |  |
|  Fujitsu, Ltd. | 130700 |  | 17308346 |
|  Komatsu, Ltd. | 1092300 |  | 23697638 |
|  |  |  | 41005984 |
| **Mexico—0.3%** |  |  |  |
|  Grupo Televisa S.A.B. (ADR) | 1382472 |  | 6304072 |
| **Netherlands—3.5%** |  |  |  |
|  Akzo Nobel NV | 226400 |  | 15106775 |
|  EXOR NV  | 675752 |  | 49327860 |
|  Koninklijke Philips NV | 1101598 |  | 16534145 |
|  |  |  | 80968780 |
| **South Korea—1.9%** |  |  |  |
|  NAVER Corp. | 312600 |  | 44398195 |
| **Spain—1.4%** |  |  |  |
|  Amadeus IT Group S.A. (a) | 621800 |  | 32066255 |
| **Sweden—3.3%** |  |  |  |
|  Sandvik AB | 488300 |  | 8816367 |
|  SKF AB - B Shares | 2351333 |  | 35982896 |
|  Volvo AB - B Shares | 1750991 |  | 31704597 |
|  |  |  | 76503860 |
| **Switzerland—8.5%** |  |  |  |
|  Cie Financiere Richemont S.A. - Class A | 94647 |  | 12247855 |
|  Credit Suisse Group AG (a) (b) | 8345786 |  | 25074608 |
|  Glencore plc (a) | 6001065 |  | 40127767 |
|  Holcim AG (a) | 922148 |  | 47552564 |
|  Novartis AG | 281600 |  | 25507697 |
|  Roche Holding AG | 41700 |  | 13104719 |
|  Schindler Holding AG (Participation Certificate) | 80700 |  | 15152953 |
|  Swatch Group AG (The) - Bearer Shares | 69880 |  | 19838638 |
|  |  |  | 198606801 |
| **United Kingdom—16.0%** |  |  |  |
|  Ashtead Group plc | 429700 |  | 24547342 |
|  CNH Industrial NV | 3463800 |  | 55629172 |
|  Compass Group plc | 572200 |  | 13221797 |
|  Informa plc | 2887949 |  | 21651880 |
|  Liberty Global plc - Class A (a) | 1650400 |  | 31242072 |
|  Lloyds Banking Group plc | 126669800 |  | 69558560 |
|  Prudential plc | 3694700 |  | 49999020 |
|  Reckitt Benckiser Group plc | 166500 |  | 11583245 |
|  Rolls-Royce Holdings plc (a) | 7953365 |  | 8904512 |
|  Schroders plc | 8112141 |  | 42642886 |
|  Smiths Group plc | 612609 |  | 11810747 |
|  WPP plc | 3352034 |  | 33278478 |
|  |  |  | 374069711 |
|  Total Common Stocks <br>(Cost $2,382,009,003) |  |  | 2280482601 |
| **Preferred Stock—1.4%** | **Preferred Stock—1.4%** | **Preferred Stock—1.4%** | **Preferred Stock—1.4%** |
| **South Korea—1.4%** | **South Korea—1.4%** | **South Korea—1.4%** | **South Korea—1.4%** |
|  Samsung Electronics Co., Ltd. <br>(Cost $45,147,953) | 814200 |  | 32761663 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Short-Term Investment—1.1%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $25,232,637; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $25,732,152. | 25227591 | $25227591 |
|  Total Short-Term Investments <br>(Cost $25,227,591) |  | 25227591 |
| **Securities Lending Reinvestments (c)—0.0%** | **Securities Lending Reinvestments (c)—0.0%** | **Securities Lending Reinvestments (c)—0.0%** |
| **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** |
|  Barclays Capital, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Treasury Obligations with rate 0.000%, maturity dates ranging from 11/15/29 - 02/15/40, and an aggregate market value of $204. | 200 | 200 |
|  BofA Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $204. | 200 | 200 |
|  Goldman Sachs & Co. <br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $155; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 7.625%, maturity dates ranging from 01/24/23 - 11/15/52, and an aggregate market value of $158. | 155 | 155 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $204. | 200 | 200 |
|  HSBC Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $204. | 200 | 200 |
|  Societe Generale <br>Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $204. | 200 | 200 |
|  |  | 1155 |
|  Total Securities Lending Reinvestments <br>(Cost $1,155) |  | 1155 |
|  Total Investments—100.2% <br>(Cost $2,452,385,702) |  | 2338473010 |
|  Other assets and liabilities (net)—(0.2)% |  | (4137887) |
| **Net Assets—100.0%** |  | $2334335123 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $2,087,916 and the collateral received consisted of cash in the amount of $1,155. A position on loan was received as part of a corporate action. The counterparty was delayed in posting the associated collateral to the lending agent. Sufficient collateral was maintained by the lending agent on their books for exposure to the counterparty. Subsequent to year-end, the appropriate collateral was posted to the Portfolio. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

---

| | |
|:---|:---|
| **Ten Largest Industries as of**<br> **December 31, 2022 (Unaudited)** | **% of<br>Net Assets** |
|  Banks | 10.0 |
|  Machinery | 9.4 |
|  IT Services | 6.4 |
|  Internet & Direct Marketing Retail | 5.9 |
|  Automobiles | 5.7 |
|  Textiles, Apparel & Luxury Goods | 5.4 |
|  Insurance | 4.9 |
|  Media | 4.2 |
|  Auto Components | 4.1 |
|  Pharmaceuticals | 3.9 |

---

**Glossary of Abbreviations** 

Other Abbreviations

------

(ADR)— American Depositary Receipt

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $18805698 | $— | $18805698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 46164751 |  | 46164751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 49798003 |  |  | 49798003 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 22958848 | 113932961 |  | 136891809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 29231105 |  | 29231105 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 366829012 |  | 366829012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 653460792 |  | 653460792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 46498477 |  |  | 46498477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 78879296 |  | 78879296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 41005984 |  | 41005984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 6304072 |  |  | 6304072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 80968780 |  | 80968780 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 44398195 |  | 44398195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 32066255 |  | 32066255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 76503860 |  | 76503860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 198606801 |  | 198606801 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 31242072 | 342827639 |  | 374069711 |
|  Total Common Stocks | 156801472 | 2123681129 |  | 2280482601 |
|  Total Preferred Stock\* |  | 32761663 |  | 32761663 |
|  Total Short-Term Investment\* |  | 25227591 |  | 25227591 |
|  Total Securities Lending Reinvestments\* |  | 1155 |  | 1155 |
|  Total Investments | $156801472 | $2181671538 | $— | $2338473010 |
|  Collateral for Securities Loaned (Liability) | $— | $(1155) | $— | $(1155) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $2338473010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 256026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 658770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3679053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 58458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 2537046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2345671492 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 3898113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 5184032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1469741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 169788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 450264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 11336369 |
|  **Net Assets** | $2334335123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $2597837729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (263502606) |
|  **Net Assets** | $2334335123 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $1531982979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 741457591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 60894553 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 136466063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 67925963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 5516878 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $11.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 11.04 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,452,385,702.

(b) Includes securities loaned at value of $2,087,916.

(c) Identified cost of cash denominated in foreign currencies was $660,015.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $65476325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 330568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 562745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 66369638 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 19056262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 103583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 603606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 1965113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 98979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 52592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 99000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 22676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 85756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 22142222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (1225626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 20916596 |
|  **Net Investment Income** | 45453042 |
| **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (78568762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1081098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 2850315 |
|  Net realized gain (loss) | (76799545) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (422256355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (15038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 523705 |
|  Net change in unrealized appreciation (depreciation) | (421747688) |
|  Net realized and unrealized gain (loss) | (498547233) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(453094191) |

---

(a) Net of foreign withholding taxes of $7,945,281.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $45453042 | $54178326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (76799545) | 260992557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (421747688) | (48190387) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (453094191) | 266980496 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (126527645) | (16654085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (60626449) | (6354518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (5121190) | (637461) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (192275284) | (23646064) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (10057128) | (443525508) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (655426603) | (200191076) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2989761726 | 3189952802 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2334335123 | $2989761726 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 3404230 | $38311872 | 3487929 | $51901386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 11378385 | 126527645 | 1059420 | 16654085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (13218618) | (167592969) | (24023336) | (344356382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1563997 | $(2753452) | (19475987) | $(275800911) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 4362000 | $47100199 | 3430005 | $48989947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 5598010 | 60626449 | 414786 | 6354518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (9509928) | (112527564) | (14901443) | (211892775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 450082 | $(4800916) | (11056652) | $(156548310) |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 418234 | $4925519 | 532801 | $7542144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 468116 | 5121190 | 41180 | 637461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (1054417) | (12549469) | (1345518) | (19355892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (168067) | $(2502760) | (771537) | $(11176287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(10057128) |  | $(443525508) |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.50 | $13.45 | $13.61 | $12.16 | $16.92 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.23 | 0.27 | 0.07 | 0.42 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.53) | 0.91 | 0.43 | 2.40 | (4.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.30) | 1.18 | 0.50 | 2.82 | (3.80) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.30) | (0.13) | (0.37) | (0.33) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.67) | 0.00 | (0.29) | (1.04) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.97) | (0.13) | (0.66) | (1.37) | (0.96) |
|  **Net Asset Value, End of Period** | $11.23 | $14.50 | $13.45 | $13.61 | $12.16 |
|  **Total Return (%)** (b) | (15.78) | 8.66 | 5.37 | 24.83 | (23.73) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 |
|  Net ratio of expenses to average net assets (%) (c) | 0.76 | 0.75 | 0.78 | 0.80 | 0.79 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.92 | 1.82 | 0.60 | 3.26 | 2.14 |
|  Portfolio turnover rate (%) | 34 | 31 | 48 | 35 | 43 |
|  Net assets, end of period (in millions) | $1532 | $1956 | $2075.7 | $1946.6 | $1670.5 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.12 | $13.10 | $13.27 | $11.88 | $16.56 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.19 | 0.23 | 0.04 | 0.38 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.46) | 0.88 | 0.42 | 2.34 | (4.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.27) | 1.11 | 0.46 | 2.72 | (3.76) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.26) | (0.09) | (0.34) | (0.29) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.67) | 0.00 | (0.29) | (1.04) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.93) | (0.09) | (0.63) | (1.33) | (0.92) |
|  **Net Asset Value, End of Period** | $10.92 | $14.12 | $13.10 | $13.27 | $11.88 |
|  **Total Return (%)** (b) | (16.00) | 8.44 | 5.12 | 24.52 | (23.97) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 |
|  Net ratio of expenses to average net assets (%) (c) | 1.01 | 1.00 | 1.03 | 1.05 | 1.04 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.68 | 1.58 | 0.34 | 3.01 | 1.92 |
|  Portfolio turnover rate (%) | 34 | 31 | 48 | 35 | 43 |
|  Net assets, end of period (in millions) | $741.5 | $952.6 | $1028.8 | $1039.4 | $941.9 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.27 | $13.24 | $13.40 | $11.99 | $16.70 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.21 | 0.24 | 0.04 | 0.40 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.49) | 0.90 | 0.44 | 2.36 | (4.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.28) | 1.14 | 0.48 | 2.76 | (3.78) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.28) | (0.11) | (0.35) | (0.31) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.67) | 0.00 | (0.29) | (1.04) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.95) | (0.11) | (0.64) | (1.35) | (0.93) |
|  **Net Asset Value, End of Period** | $11.04 | $14.27 | $13.24 | $13.40 | $11.99 |
|  **Total Return (%)** (b) | (15.93) | 8.52 | 5.24 | 24.60 | (23.86) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.96 | 0.96 | 0.96 | 0.96 | 0.96 |
|  Net ratio of expenses to average net assets (%) (c) | 0.91 | 0.90 | 0.93 | 0.95 | 0.94 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.79 | 1.68 | 0.42 | 3.12 | 2.05 |
|  Portfolio turnover rate (%) | 34 | 31 | 48 | 35 | 43 |
|  Net assets, end of period (in millions) | $60.9 | $81.1 | $85.5 | $91.2 | $85.4 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Harris Oakmark International Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

amount of $185,371 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $25,227,591. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $1,155. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened. The Portfolio had no open forward foreign currency exchange contracts at December 31, 2022.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Foreign<br>Exchange** |
|  Forward foreign currency transactions | $2850315 |
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Foreign<br>Exchange** |
|  Forward foreign currency transactions | $523705 |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Forward foreign currency transactions | $45177639 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $827555993 | $0 | $916543473 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers**<br>**for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $19056262 | 0.850% | First $100 million |
|  | 0.800% | $100 million to $1 billion |
|  | 0.750% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Harris Associates L.P. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.025% | $500 million to $1 billion |
| 0.075% | Over $1 billion |

---

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

An identical agreement was in place for the period July 1, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $2573532007 |
|  Gross unrealized appreciation | 266121886 |
|  Gross unrealized (depreciation) | (501180883) |
|  Net unrealized appreciation (depreciation) | $(235058997) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $98321288 | $23646064 | $93953996 | $— | $192275284 | $23646064 |

---

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $47289583 | $– $| (235058894) | $(75570018) | $(263339329) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $33,376,827 and accumulated long-term capital losses of $42,193,191.

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Harris Oakmark International Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Harris Oakmark International Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Harris Oakmark International Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Harris Oakmark International Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Harris Associates L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the MSCI EAFE Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees were above the Expense Group median and the Sub-advised Expense Universe median and equal to the Expense Universe median. The Board also considered that the Portfolio's total expenses

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Harris Oakmark International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

(exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median and above the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Managed By Invesco Advisers, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class B shares of the Invesco Balanced-Risk Allocation Portfolio returned -12.41%. The Portfolio's benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

**MARKET ENVIRONMENT / CONDITIONS** 

For the year, global equities and bonds broadly declined amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting towards tighter monetary policy. Despite the rebound in the fourth quarter of 2022, trailing one-year returns for global equities and bonds were both in negative territory. Commodities led major asset classes for the second year in a row on the back of strong gains within energy.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio strategically balances the amount of risk exposure to equities, fixed income and commodities and targets a strategic risk level of 8%. This is intended to limit the impact of surprise outcomes on the Portfolio. Secondarily, the Portfolio tactically shifts from the strategic equal risk in order to emphasize those assets that are more likely to outperform cash on a monthly basis. Tactical allocation is applied at the individual asset level and aggregated with the strategic allocation allowing the portfolio risk target to fluctuate between 6% and 10%.

The Portfolio outperformed its benchmark for the reporting period. Within the Portfolio's strategic allocation, the largest contributor to performance came from commodities, led by energy. Higher energy prices were driven not only by tight supplies stemming from long-standing underinvestment and the additional pressures brought upon by Russia's invasion of Ukraine, but also on increased demand. Agriculture commodities also bolstered results as adverse weather impacted crops such as the soy complex and corn. Metals did not fare as well over the year as concerns that the aggressive central bank hiking would plunge economies into recession led to demand destruction for industrial metals like aluminum and copper. Gold and silver prices also fell on a combination of a strong U.S. dollar and higher inflation-adjusted interest rates.

The Portfolio's exposure to global equity markets detracted from results as five of the six underlying markets in which the Portfolio was invested posted losses because of the resurgence of inflation and central bank efforts to combat it. Of the equity markets that the Portfolio invests in, only the United Kingdom was able to post positive results as the sector make-up of its market had a higher exposure to sectors like Energy that performed well in this environment. U.S. large and small cap equities fell over the period as a result of aggressive interest rate hiking by the Federal Reserve as well as a sector make-up that tilted toward growth-oriented sectors like Technology that were relative underperformers. European equities fell on interest rate hikes and inflationary pressures as well as the war between Russia and Ukraine, which has raised fears regarding energy security and the follow through impact on economic activity. Emerging market equities were the lead detractor within the asset class largely due to the poor performance of China.

The Portfolio's exposure to government bonds was the largest detractor for the year due to a combination of strong inflation readings and aggressive monetary policy actions by central banks. Japanese government bonds were the relative outperformer among the six bond markets in which the Portfolio invests due to the Bank of Japan's decision to keep interest rates unchanged. The other bond markets—Australia, Canada, the United Kingdom, the U.S., and Germany—all generated losses as their respective central banks hiked interest rates to the highest levels in at least a decade as inflation remained well above target levels. Periods of high inflation and higher interest rates are damaging to bond returns as their fixed coupon payments become less attractive and have a downward impact on prices.

Tactical positioning detracted from Portfolio results, as did losses in equities and commodities that overshadowed positive results from underweight allocation exposures across government bonds.

The Portfolio is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a more liquid and cost-effective way to gain exposure to asset classes as compared to investing directly. Additionally, the leverage used in the strategy is inherent in these instruments. Derivatives performed as expected during the period.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Managed By Invesco Advisers, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

At period end, the Portfolio had an overweight allocation to all equity markets, except emerging markets, which was neutral. Across government bond markets, the Portfolio was underweight to all markets. In commodities, the Portfolio was marginally overweight agriculture and energy and underweight metals.

**Scott Wolle** 

**Mark Ahnrud** 

**John Burrello** 

**Chris Devine** 

**Scott Hixon** 

**Christian Ulrich** 

Portfolio Managers

*Invesco Advisers, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor's desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index's downside risk over the past 36 months.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g382964g27l50.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Invesco Balanced-Risk Allocation Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -12.41 | 2.68 | 3.75 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | -14.97 | 3.26 | 5.66 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Exposures by Asset Class\*** 

---

| | |
|:---|:---|
|  | **% of**<br>**Net Assets** |
| **Global Developed Bonds** | **57.2** |
| **Commodities - Production Weighted** | **30.6** |
| **Global Developed Equities** | **26.4** |
| **Emerging Market Equities** | **5.8** |

---

\* *The percentages noted above are based on the notional amounts by asset class as a percentage of net assets* 

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco Balanced-Risk Allocation Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class B (a) | Actual | 0.90% | $1000.00 | $964.40 | $4.46 |
|  | Hypothetical\* | 0.90% | $1000.00 | $1020.67 | $4.58 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to
Consolidated Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—5.1% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **U.S. Treasury—5.1%** | | |
|  U.S. Treasury Floating Rate Notes<br>4.323%, 3M USTBMM - 0.075%, 04/30/24 (a) | 30700000 | $30640891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.435%, 3M USTBMM + 0.037%, 07/31/24 (a) | 29400000 | 29365577 |
|  Total U.S. Treasury & Government Agencies <br>(Cost $60,099,987) |  | 60006468 |
| **Commodity-Linked Securities—3.2%** |  |  |
|  Canadian Imperial Bank of Commerce Commodity Linked Note, U.S. Federal Funds (Effective) Rate minus 0.020% (linked to CIBC Custom 7 Agriculture Commodity Index, multiplied by 2), 12/26/23 (144A) (a) | 11670000 | 12732055 |
|  Cargill, Inc.Commodity Linked Note, one month LIBOR Rate minus 0.010% (linked to Monthly Rebalance Commodity Excess Return Index, multiplied by 2), 11/14/23 (144A) (a) | 23000000 | 25125763 |
|  Total Commodity-Linked Securities <br>(Cost $34,670,000) |  | 37857818 |
| **Municipals—2.1%** |  |  |
|  New York State Housing Finance Agency<br>4.320%, 11/01/46 (a) | 10100000 | 10100000 |
|  Port of Portland OR Airport Revenue<br>4.260%, 07/01/26 (a) | 14235000 | 14235000 |
|  Total Municipals <br>(Cost $24,335,000) |  | 24335000 |
| **Short-Term Investments—84.0%** |  |  |
| **Certificate of Deposit—2.5%** |  |  |
|  Bank of Nova Scotia<br>5.040%, SOFR + 0.740%, 08/09/23 (a) | 20000000 | 20034834 |
|  Korea Development Bank<br>4.710%, SOFR + 0.410%, 03/09/23 (a) | 10000000 | 10002805 |
|  |  | 30037639 |
| **Commercial Paper—57.0%** |  |  |
|  ABN AMRO Funding USA LLC<br>4.388%, 02/01/23 (b) | 35000000 | 34858577 |
|  Anglesea Funding LLC<br>4.289%, 02/01/23 (144A) (b) | 18000000 | 17928093 |
|  Atlantic Asset Securitization LLC<br>4.800%, SOFR + 0.500%, 01/05/23 (144A) (a) | 12000000 | 12000420 |
|  Britannia Funding Co. LLC<br>3.897%, 01/09/23 (144A) (b) | 5000000 | 4993971 |
|  Caisse des Depots et Consignations<br>3.095%, 01/06/23 (144A) (b) | 30000000 | 29975191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.523%, 03/09/23 (144A) (b) | 5000000 | 4957814 |
|  CDP Financial, Inc.<br>4.343%, 02/02/23 (144A) (b) | 35000000 | 34856076 |
|  Citigroup Global Markets Inc.<br>5.080%, SOFR + 0.780%, 05/25/23 (144A) (a) | 25000000 | 25035522 |
|  Collateralized Commercial Paper FLEX Co. LLC<br>3.330%, 02/01/23 (144A) (b) | 10000000 | 9958310 |
| **Commercial Paper—(Continued)** |  |  |
|  Dexia Credit Local S.A.<br>4.644%, 03/15/23 (144A) (b) | 13500000 | 13371187 |
|  Emory University<br>4.250%, 01/11/23  | 28400000 | 28399546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/06/23  | 7500000 | 7490425 |
| Export Development Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.466%, 01/06/23 (b) | 12000000 | 11989990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.284%, 02/07/23 (b) | 16500000 | 16421958 |
|  Federation des Caisses Desjardins du Quebec<br>4.683%, 03/21/23 (144A) (b) | 15000000 | 14845324 |
|  Halkin Finance LLC<br>4.800%, SOFR + 0.500%, 01/20/23 (144A) (a) | 20000000 | 20004120 |
|  KFW<br>4.499%, 03/13/23 (144A) (b) | 20000000 | 19821191 |
|  Korea Development Bank<br>4.686%, 03/16/23 (b) | 20000000 | 19807129 |
|  L'Oreal S. A.<br>4.096%, 01/26/23 (144A) (b) | 14550000 | 14502651 |
|  LVMH Moet Hennessy Louis Vuitton SE<br>4.308%, 02/15/23 (144A) (b) | 15500000 | 15410516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, 02/06/23 (b) | 15000000 | 14930270 |
|  Mackinac Funding Co. LLC<br>3.909%, 01/12/23 (144A) (b) | 25000000 | 24960892 |
|  Nationwide Building Society<br>3.210%, 01/04/23 (b) | 17500000 | 17489563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.576%, 01/06/23 (b) | 14000000 | 13988349 |
|  Nestle Finance International, Ltd.<br>4.098%, 01/19/23 (144A) (b) | 42000000 | 41901510 |
|  Novartis Finance Corp.<br>3.919%, 01/10/23 (144A) (b) | 15000000 | 14980301 |
|  Old Line Funding LLC<br>4.890%, FEDL01 + 0.560%, 02/10/23 (144A) (a) | 32500000 | 32509750 |
|  Ontario Teachers' Finance Trust<br>5.085%, 05/04/23 (144A) (b) | 8500000 | 8359130 |
|  Pacific Life Short Term Funding LLC<br>3.843%, 01/09/23 (b) | 8200000 | 8190180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.404%, 02/17/23 (b) | 10500000 | 10436631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.882%, 04/10/23 (144A) (b) | 15000000 | 14802798 |
|  Procter & Gamble Co. (The)<br>2.400%, 01/03/23 (144A) (b) | 15000000 | 14992865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584%, 01/17/23 (b) | 15000000 | 14967825 |
|  Skandinaviska Enskilda Banken AB<br>4.800%, SOFR + 0.500%, 02/21/23 (144A) (a) | 15000000 | 15004717 |
|  TotalEnergies Capital Canada, Ltd.<br>4.174%, 01/18/23 (144A) (b) | 25000000 | 24941746 |
|  Toyota Motor Credit Corp.<br>4.760%, SOFR + 0.460%, 02/14/23 (a) | 20100000 | 20103779 |
|  Unilever Capital Corp.<br>4.045%, 01/23/23 (144A) (b) | 25000000 | 24928250 |
|  |  | 674116567 |
| **Mutual Funds—14.6%** |  |  |
|  STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class 4.290% (c) (d) | 110716720 | 110716720 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Short-Term Investments—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Mutual Funds—(Continued)** | | |
|  STIT-Government & Agency Portfolio, Institutional Class 4.220% (c) (d) | 37195804 | $37195804 |
|  STIT-Treasury Portfolio, Institutional Class 4.200% (c) (d) | 24027394 | 24027394 |
|  |  | 171939918 |
| **U.S. Treasury—9.9%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.670%, 03/16/23 (b) | 53400000 | 52957154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.336%, 03/30/23 (b) | 12000000 | 11877074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.511%, 06/15/23 (b) | 25000000 | 24496030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.535%, 06/08/23 (b) | 28000000 | 27452786 |
|  |  | 116783044 |
|  Total Short-Term Investments <br>(Cost $992,933,316) |  | 992877168 |
|  Total Investments—94.4% <br>(Cost $1,112,038,303) |  | 1115076454 |
|  Other assets and liabilities (net)—5.6% |  | 66749205 |
| **Net Assets—100.0%** |  | $1181825659 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(b) The rate shown represents current yield to maturity.

(c) Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)

(d) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $492,900,163, which is 41.7% of net assets.

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Australian 10 Year Treasury Bond Futures | 03/15/23 | 1630 | AUD | 188560764 | $(7605663) |
|  Brent Crude Oil Futures | 04/28/23 | 284 | USD | 24071840 | (49421) |
|  Canada Government Bond 10 Year Futures | 03/22/23 | 1610 | CAD | 197305500 | (3292959) |
|  Euro STOXX 50 Index Futures | 03/17/23 | 1305 | EUR | 49394250 | (2246001) |
|  Euro-Bund Futures | 03/08/23 | 971 | EUR | 129075030 | (8792986) |
|  FTSE 100 Index Futures | 03/17/23 | 695 | GBP | 51888700 | (65384) |
|  Japanese Government 10 Year Bond Futures | 03/13/23 | 79 | JPY | 11491340000 | (1628574) |
|  MSCI Emerging Markets Index Mini Futures | 03/17/23 | 1440 | USD | 69076800 | (1885723) |
|  Natural Gas Futures | 11/28/23 | 171 | USD | 8339670 | (1419285) |
|  New York Harbor ULSD Futures | 03/31/23 | 181 | USD | 23262880 | 1234449 |
|  RBOB Gasoline Futures | 01/31/23 | 256 | USD | 26646682 | 4046642 |
|  Russell 2000 Index E-Mini Futures | 03/17/23 | 810 | USD | 71721450 | (2095663) |
|  S&P 500 Index E-Mini Futures | 03/17/23 | 193 | USD | 37258650 | (1579376) |
|  Silver Futures | 03/29/23 | 103 | USD | 12380600 | 971181 |
|  TOPIX Index Futures | 03/09/23 | 609 | JPY | 11519235000 | (2333241) |
|  U.S. Treasury Long Bond Futures | 03/22/23 | 572 | USD | 71696625 | (1064360) |
|  United Kingdom Long Gilt Bond Futures | 03/29/23 | 881 | GBP | 88011900 | (6345023) |
|  WTI Light Sweet Crude Oil Futures | 06/20/23 | 306 | USD | 24427980 | 1094770 |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(33056617) |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Swap Agreements** 

**OTC Total Return Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Fixed Rate** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Underlying Reference<br>Instrument** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation) <sup>(1)</sup>** |
|  Pay | 0.260% | Monthly | 11/20/23 | BBP | Barclays Copper Excess Return Index | USD | 7104579 | $58674 | $– $| 58674 |
|  Pay | 0.270% | Monthly | 08/16/23 | CIBC | CIBC Dynamic Roll LME Copper Excess Return Index | USD | 24970712 | (37335) | – | (37335) |
|  Pay | 0.400% | Monthly | 12/13/23 | GSI | Goldman Sachs Commodity i-Select Strategy 1121 (a) | USD | 21771725 | 557657 | – | 557657 |
|  Pay | 0.090% | Monthly | 11/01/23 | JPMC | S&P GSCI Gold Excess Return Index | USD | 17667287 | 304085 | – | 304085 |
|  Pay | 0.250% | Monthly | 03/08/23 | JPMC | JPMorgan Contag Gas Oil Excess Return Index | USD | 21979500 | 412481 | – | 412481 |
|  Pay | 0.300% | Monthly | 02/09/23 | MBL | Macquarie Dynamic Roll Aluminum Excess Return Index | USD | 2927954 | (7296) | – | (7296) |
|  Pay | 0.140% | Monthly | 11/01/23 | MLI | Merrill Lynch Gold Excess Return Index | USD | 10279150 |  | – |  |
|  Pay | 0.250% | Monthly | 06/26/23 | MLI | Merrill Lynch Natural Gas Excess Return Index | USD | 14147509 |  | – |  |
|  Pay | 0.300% | Monthly | 07/10/23 | MSCS | Morgan Stanley GSCI Aluminum Dynamic Roll Index | USD | 16819970 | (108104) | – | (108104) |
|  Pay | 0.350% | Monthly | 05/03/23 | RBC | RBC Enhanced Agricultural Basket 07 Excess Return Index (b) | USD | 32528103 |  | – |  |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1180162 | $– $| 1180162 |

---

Cash in the amount of $1,510,000 has been received at the custodian bank and held in a segregated account as collateral for OTC swap contracts.

(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

(a) The following table represents the individual components and related notional value and weighting (as a percentage of the
notional value of the swap) of the futures contracts underlying the total return swap with Goldman Sachs International, as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Futures Contracts—Long** | **Notional<br>Value** | **Component<br>Weighting** |
|  Soybean Meal | $4417483 | 20.3% |
|  Cotton No. 2 | 4056072 | 18.6% |
|  Soybean | 4047364 | 18.6% |
|  Soybean Oil | 3048042 | 14.0% |
|  Corn No. 2 Yellow | 1759155 | 8.1% |
|  Wheat | 1454351 | 6.7% |
|  Sugar No. 11 | 1354201 | 6.2% |
|  Coffee "C" | 1336784 | 6.1% |
|  Live Cattle | 191591 | 0.9% |
|  Lean Hogs | 106682 | 0.5% |
|  | $21771725 | 100.0% |

---

(b) The following table represents the individual components and related notional value and weighting (as a percentage of the
notional value of the swap) of the futures contracts underlying the total return swap with Royal Bank of Canada, as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Futures Contracts—Long** | **Notional<br>Value** | **Component<br>Weighting** |
|  Soybean Meal | $6599953 | 20.3% |
|  Cotton No. 2 | 6059986 | 18.6% |
|  Soybean | 6046974 | 18.6% |
|  Soybean Oil | 4553934 | 14.0% |
|  Corn No. 2 Yellow | 2628271 | 8.1% |
|  Wheat | 2172877 | 6.7% |
|  Sugar No. 11 | 2023248 | 6.2% |
|  Coffee "C" | 1997225 | 6.1% |
|  Live Cattle | 286247 | 0.9% |
|  Lean Hogs | 159388 | 0.5% |
|  | $32528103 | 100.0% |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (BBP)— | Barclays Bank plc |
| (CIBC)— | Canadian Imperial Bank of Commerce |
| (GSI)— | Goldman Sachs International |
| (JPMC)— | JPMorgan Chase Bank N.A. |
| (MBL)— | Macquarie Bank, Ltd. |
| (MLI)— | Merill Lynch International |
| (MSCS)— | Morgan Stanley Capital Services LLC |
| (RBC)— | Royal Bank of Canada |

---

Currencies

------

---

| | |
|:---|:---|
| (AUD)— | Australian Dollar |
| (CAD)— | Canadian Dollar |
| (EUR)— | Euro |
| (GBP)— | British Pound |
| (JPY)— | Japanese Yen |
| (USD)— | United States Dollar |

---

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDL01)— | Federal Funds Rate |
| (LIBOR)— | London Interbank Offered Rate |
| (SOFR)— | Secured Overnight Financing Rate |
| (USTBMM)— | U.S. Treasury Bill Money Market Yield |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total U.S. Treasury & Government Agencies\* | $— | $60006468 | $— | $60006468 |
|  Total Commodity-Linked Securities\* |  | 37857818 |  | 37857818 |
|  Total Municipals\* |  | 24335000 |  | 24335000 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificate of Deposit |  | 30037639 |  | 30037639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 674116567 |  | 674116567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 171939918 |  |  | 171939918 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury |  | 116783044 |  | 116783044 |
|  Total Short-Term Investments | 171939918 | 820937250 |  | 992877168 |
|  Total Investments | $171939918 | $943136536 | $— | $1115076454 |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $7347042 | $— | $— | $7347042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (40403659) |  |  | (40403659) |
|  Total Futures Contracts | $(33056617) | $— | $— | $(33056617) |
| OTC Swap Contracts | OTC Swap Contracts | OTC Swap Contracts | OTC Swap Contracts | OTC Swap Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Assets) | $— | $1332897 | $— | $1332897 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) |  | (152735) |  | (152735) |
|  Total OTC Swap Contracts | $— | $1180162 | $— | $1180162 |

---

\* See Consolidated Schedule of Investments for additional detailed categorizations.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Consolidated§ Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) | $943136536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (b) | 171939918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 395729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (c) | 69388000 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value | 1332897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 136944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 963978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on affiliated investments | 90253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts | 740942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1188130152 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value | 152735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts | 2814866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 285264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1818928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on OTC swap contracts | 13741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 629406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 255929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 142968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 190656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 6304493 |
|  **Net Assets** | $1181825659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1312465923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (130640264) |
|  **Net Assets** | $1181825659 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $1181825659 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 150328226 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $7.86 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $940,098,385.

(b) Identified cost of affiliated investments was $171,939,918.

(c) Includes collateral of $2,740,000 for OTC swap contracts and $66,648,000 for futures contracts.

**Consolidated§ Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | $2332381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 17031708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 19364089 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 8157134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 88506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 110166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 3190473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 98331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 52189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 44067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 10510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 19042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 11779992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (330303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11449689 |
|  **Net Investment Income** | 7914400 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 24513472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (157260425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 10063330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2508094 |
|  Net realized gain (loss) | (120175529) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (6318906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (48828929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (2480627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 211843 |
|  Net change in unrealized appreciation (depreciation) | (57416619) |
|  Net realized and unrealized gain (loss) | (177592148) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(169677748) |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7914400 | $(11308354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (120175529) | 160739619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (57416619) | (17877754) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (169677748) | 131553511 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (154290949) | (85289315) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (154290949) | (85289315) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 107735831 | (51387993) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (216232866) | (5123797) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1398058525 | 1403182322 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1181825659 | $1398058525 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 10829237 | $96901731 | 3908070 | $40044866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 18815969 | 154290949 | 8486499 | 85289315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (15968979) | (143456849) | (17344283) | (176722174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 13676227 | $107735831 | (4949714) | $(51387993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $107735831 |  | $(51387993) |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Consolidated§ Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $10.23 | $9.91 | $10.11 | $8.77 | $10.27 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.06 | (0.08) | (0.02) | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.28) | 1.03 | 0.87 | 1.21 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.22) | 0.95 | 0.85 | 1.34 | (0.59) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.59) | (0.32) | (0.53) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.56) | (0.31) | (0.52) | 0.00 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | 0.00 | 0.00 | 0.00 | 0.00 | (0.00)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.15) | (0.63) | (1.05) | 0.00 | (0.91) |
|  **Net Asset Value, End of Period** | $7.86 | $10.23 | $9.91 | $10.11 | $8.77 |
|  **Total Return (%)** (c) | (12.41) | 9.69 | 10.14 | 15.28 | (6.43) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.92 | 0.92 | 0.93 | 0.92 | 0.92 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 0.90 | 0.90 | 0.90 | 0.89 | 0.89 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.62 | (0.80) | (0.22) | 1.40 | 1.04 |
|  Portfolio turnover rate (%) | 132 | 57 | 147 | 44 | 103 |
|  Net assets, end of period (in millions) | $1181.8 | $1398.1 | $1403.2 | $1445 | $1415.8 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Distributions from return of capital were less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(d) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022, 2021, 2020, 2019 and 2018 (see Note 7 of the Notes to
Consolidated Financial Statements).

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Invesco Balanced-Risk Allocation Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

**2. Consolidation of Subsidiary—Invesco Balanced-Risk Allocation Portfolio, Ltd.** 

The Portfolio may invest up to 25% of its total assets in the Invesco Balanced-Risk Allocation Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the "Subsidiary"). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio's annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio's business of investing in stock, securities or currencies.

The Subsidiary invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio's transactions in derivatives. In addition, the Portfolio and the Subsidiary will be subject to the Portfolio's fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by the Subadviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio's prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $287,094,536 in the Subsidiary, representing 24.2% of the Portfolio's total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

**3. Significant Accounting Policies** 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Investments in unregistered open-end management investment companies are reported at NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy provided the NAV is observable, calculated daily and are the value at which both purchases and sales will be conducted.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for

**BHFTI-13** 

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**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to controlled foreign corporation adjustments. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**When-Issued and Delayed-Delivery Securities -** The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**4. Investments in Derivative Instruments** 

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio's investment in equity futures, interest rate futures and commodity futures were used for investment exposure purposes. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be

**BHFTI-14** 

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**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Commodity Futures Contracts and Swaps on Commodity Futures Contracts -** The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Equity Swaps:* Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked-to-market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio's risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

*Total Return Swaps*: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another

**BHFTI-15** 

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**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When the Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when the Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated<br>Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Consolidated<br>Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate |  |  | Unrealized depreciation on futures contracts (a) (b) | $28729565 |
|  Equity |  |  | Unrealized depreciation on futures contracts (a) (b) | 10205388 |
|  Commodity | OTC swap contracts at market value (c) | $1332897 | OTC swap contracts at market value (c) | 152735 |
|  | Unrealized appreciation on futures contracts (a) (b) | 7347042 | Unrealized depreciation on futures contracts (a) (b) | 1468706 |
| Total |  | $8679939 |  | $40556394 |

---

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of
Assets and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

(c) Excludes OTC swap interest receivable of $13,741.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Barclays Bank plc | $58674 | $– $| (30000) | $28674 |
|  Goldman Sachs International | 557657 | – | (330000) | 227657 |
|  JPMorgan Chase Bank N.A. | 716566 | – | (550000) | 166566 |
|  | $1332897 | $– $| (910000) | $422897 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  Canadian Imperial Bank of Commerce | $37335 | $– $|  | $37335 |
|  Macquarie Bank, Ltd | 7296 | – |  | 7296 |
|  Morgan Stanley Capital Services LLC | 108104 | – |  | 108104 |
|  | $152735 | $– $|  | $152735 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

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**BHFTI-16** 

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**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net<br>Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Total** |
|  Swap contracts | $— | $— | $10063330 | $10063330 |
|  Futures contracts | (118856595) | (67463567) | 29059737 | (157260425) |
|  | $(118856595) | $(67463567) | $39123067 | $(147197095) |
| **Consolidated Statement of Operations Location—Net<br>Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Commodity** | **Total** |
|  Swap contracts | $— | $— | $(2480627) | $(2480627) |
|  Futures contracts | (34451275) | (16402293) | 2024639 | (48828929) |
|  | $(34451275) | $(16402293) | $(455988) | $(51309556) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Futures contracts long |  | 1498455768 |
|  Swap contracts |  | 183548148 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**5. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These

**BHFTI-17** 

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**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Commodities Risk:* Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

**BHFTI-18** 

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**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**6. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $60099984 | $142340000 | $59000000 | $181227431 |

---

**7. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $8157134 | 0.675% | First $250 million |
|  | 0.650% | $250 million to $750 million |
|  | 0.625% | $750 million to $1 billion |
|  | 0.600% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**Management Fee Waiver -** The Subadviser has agreed to waive the subadvisory fee it receives in an amount equal to any advisory fee it receives as a result of any investment by the Portfolio in any investment company, unit investment trust or other collective investment fund, registered or nonregistered, for which the Subadviser or any of its affiliates serves as investment adviser. The Adviser has agreed to waive a portion of the management fee related to the Subadviser's waiving of its subadvisory fee on funds where the Subadviser or any of its affiliates serves as investment adviser. $223,060 was waived for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Consolidated Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. The Adviser has agreed to reduce its advisory fee to reflect a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to this voluntary subadvisory fee waiver. $107,243 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Consolidated Statement of Assets and Liabilities.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**8. Transactions in Securities of Affiliated Issuers** 

A summary of the Portfolio's transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Ending Value<br>as of<br>December 31, 2022** |
|  STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class | $144038799 | $635013561 | $(668335640) | $110716720 |
|  STIT-Government & Agency Portfolio, Institutional Class | 43650258 | 617014712 | (623469166) | 37195804 |
|  STIT-Treasury Portfolio, Institutional Class | 28330363 | 411343142 | (415646111) | 24027394 |
|  | $216019420 | $1663371415 | $(1707450917) | $171939918 |

---

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held<br>December 31, 2022** |
|  STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class | $1306728 | 110716720 |
|  STIT-Government & Agency Portfolio, Institutional Class | 574297 | 37195804 |
|  STIT-Treasury Portfolio, Institutional Class | 451356 | 24027394 |
|  | $2332381 |  |

---

**9. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**10. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1112038305 |
|  Gross unrealized appreciation | 4380416 |
|  Gross unrealized (depreciation) | (9144206) |
|  Net unrealized appreciation (depreciation) | $(4763790) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $124126897 | $58712676 | $30164052 | $26576639 | $154290949 | $85289315 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $38040543 | $– $| (4676084) | $(163861754) | $(130497295) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $64,670,224 and accumulated long-term capital losses of $99,191,530.

**11. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Invesco Balanced-Risk Allocation Portfolio and subsidiary:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Invesco Balanced-Risk Allocation Portfolio and subsidiary (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the Invesco Balanced-Risk Allocation Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT</u> <u>II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Invesco Balanced-Risk Allocation Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Portfolio Index for the one- and three-year periods ended October 31, 2022 and underperformed its benchmark for the five-year period ended October 31, 2022. The Board also considered that the Portfolio outperformed its blended benchmark for the one-year period ended October 31, 2022 and underperformed its blended benchmark for the three- and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**Invesco Balanced-Risk Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Managed By Invesco Advisers, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the Invesco Comstock Portfolio returned 0.88% and 0.64%, respectively. The Portfolio's benchmark, the Russell 1000 Value Index¹, returned -7.54%.

**MARKET ENVIRONMENT / CONDITIONS** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and the shift by the U.S. Federal Reserve (the "Fed") toward tighter monetary policy. The Russian invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas, and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008. Inflation continued to be a top concern for consumers, investors, and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March 2022 and indicated it would taper its asset purchase program quickly.

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a U.S. recession. Driven by higher food and energy prices, the Consumer Price Index rose to another 40-year high of 8.6% for the twelve months ended May 2022. In early June 2022, oil prices peaked near $122 per barrel, resulting in skyrocketing gasoline prices, and the national average price reached a record high above $5 per gallon. To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and by another 0.75% in July, which were the largest increases in nearly 30 years. U.S. equity markets rose in July and August until Fed Chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.

After experiencing a sharp drop in September 2022, U.S. equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed's message of continued interest rate hikes until data shows inflation meaningfully declining, sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, although companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.

In this environment, U.S. stocks had double-digit negative returns for the year of -18.11%, as measured by the S&P 500 Index.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

For the 12 months ended December 31, 2022, the Portfolio outperformed its benchmark over the period due to stock selection and a material overweight allocation in Energy being the largest contributor to relative returns. Energy stocks were buoyed by rising oil prices driven by Russia's invasion of Ukraine and continued supply shortages. All holdings within the sector, including Marathon Oil, Devon Energy and Pioneer Resources, were notable contributors to absolute and relative returns. We believe tailwinds for Energy companies remain favorable due to limited supply, with no short-term solution. A material underweight allocation in Communication Services also enhanced relative returns, as the sector was the second worst performing sector for the period.

Stock selection within Healthcare also boosted relative returns. McKesson and Elevance Health (formerly Anthem) were the top performers. McKesson's stock outperformed as earnings and revenues handily beat expectations and early in the year, management provided upbeat guidance for the rest of 2022.

On the negative side, weak stock selection within Information Technology ("IT") detracted from relative performance. Semiconductor firms Qualcomm and NXP Semiconductor underperformed as the industry generally underperformed due to slowing growth and demand, with supply chain issues exacerbating the problems.

Having a material underweight to Utilities also detracted from relative returns, as the sector was one of the few sectors with positive returns for the period. Stock selection within Financials was a slight detractor, with not owning Berkshire Hathaway being the main detractor, as the stock posted positive performance and outperformed the benchmark and sector.

We used currency forward contracts during the reporting period for the purpose of hedging currency exposure of non-U.S. based companies held in the Portfolio. Derivatives were used solely for the purpose of hedging. The use of currency forward contracts had a slight positive impact on relative performance.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Managed By Invesco Advisers, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

At period end, the Portfolio's notable overweight exposures were Energy, Industrials and Healthcare. It was also overweight IT stocks, but to a lesser extent. The Portfolio ended the period underweight Utilities, Real Estate, Communication Services and Materials. Energy, Financial and Consumer Discretionary stocks were reduced by a nominal degree while we slightly increased exposure to Healthcare and Utilities. Derivatives performed as expected during the period.

**Kevin C. Holt** 

**Devin E. Armstrong** 

**James Warwick** 

Portfolio Managers

*Invesco Advisers, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX**![LOGO](g382964g75g65.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Invesco Comstock Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | 0.88 | 8.18 | 11.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | 0.64 | 7.92 | 10.92 |
| &nbsp;&nbsp;&nbsp;**Russell 1000 Value Index** | -7.54 | 6.67 | 10.29 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Chevron Corp.** | **3.0** |
| **Philip Morris International, Inc.** | **2.7** |
| **Bank of America Corp.** | **2.6** |
| **American International Group, Inc.** | **2.5** |
| **Elevance Health, Inc.** | **2.5** |
| **Wells Fargo & Co.** | **2.4** |
| **Johnson Controls International plc** | **2.2** |
| **Cisco Systems, Inc.** | **2.1** |
| **Caterpillar, Inc.** | **2.0** |
| **Suncor Energy, Inc.** | **1.9** |

---

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Financials** | **19.8** |
| **Health Care** | **19.6** |
| **Industrials** | **13.4** |
| **Energy** | **11.7** |
| **Information Technology** | **9.7** |
| **Consumer Staples** | **7.4** |
| **Consumer Discretionary** | **6.3** |
| **Communication Services** | **3.4** |
| **Materials** | **3.3** |
| **Utilities** | **1.0** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco Comstock Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.58% | $1000.00 | $1091.40 | $3.06 |
|  | Hypothetical\* | 0.58% | $1000.00 | $1022.28 | $2.96 |
|  Class B (a) | Actual | 0.83% | $1000.00 | $1090.40 | $4.37 |
|  | Hypothetical\* | 0.83% | $1000.00 | $1021.02 | $4.23 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—96.6% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Aerospace & Defense—1.0%** | **Aerospace & Defense—1.0%** | **Aerospace & Defense—1.0%** |
|  Textron, Inc. | 260751 | $18461171 |
| **Air Freight & Logistics—1.7%** | **Air Freight & Logistics—1.7%** | **Air Freight & Logistics—1.7%** |
|  FedEx Corp. | 184613 | 31974972 |
| **Automobiles—1.5%** | **Automobiles—1.5%** | **Automobiles—1.5%** |
|  General Motors Co. | 841778 | 28317412 |
| **Banks—12.1%** | **Banks—12.1%** | **Banks—12.1%** |
|  Bank of America Corp. | 1487809 | 49276234 |
|  Citigroup, Inc. | 625214 | 28278429 |
|  Citizens Financial Group, Inc. | 638929 | 25154635 |
|  Fifth Third Bancorp (a) | 580388 | 19042530 |
|  Huntington Bancshares, Inc. | 1538116 | 21687436 |
|  JPMorgan Chase & Co. | 176167 | 23623995 |
|  M&T Bank Corp. | 106380 | 15431483 |
|  Wells Fargo & Co. | 1104953 | 45623509 |
|  |  | 228118251 |
| **Beverages—1.2%** | **Beverages—1.2%** | **Beverages—1.2%** |
|  Coca-Cola Co. (The) | 349219 | 22213820 |
| **Building Products—2.2%** | **Building Products—2.2%** | **Building Products—2.2%** |
|  Johnson Controls International plc | 646664 | 41386496 |
| **Capital Markets—4.2%** | **Capital Markets—4.2%** | **Capital Markets—4.2%** |
|  Goldman Sachs Group, Inc. (The) | 73614 | 25277575 |
|  Morgan Stanley | 195250 | 16600155 |
|  State Street Corp. | 472924 | 36684715 |
|  |  | 78562445 |
| **Chemicals—2.0%** | **Chemicals—2.0%** | **Chemicals—2.0%** |
|  BASF SE | 199593 | 9908634 |
|  CF Industries Holdings, Inc. | 221071 | 18835249 |
|  Corteva, Inc. | 144437 | 8490007 |
|  |  | 37233890 |
| **Communications Equipment—2.8%** | **Communications Equipment—2.8%** | **Communications Equipment—2.8%** |
|  Cisco Systems, Inc. | 816396 | 38893106 |
|  F5, Inc. (b) | 103732 | 14886579 |
|  |  | 53779685 |
| **Containers & Packaging—1.4%** | **Containers & Packaging—1.4%** | **Containers & Packaging—1.4%** |
|  International Paper Co. (a) | 753747 | 26102259 |
| **Electric Utilities—0.5%** | **Electric Utilities—0.5%** | **Electric Utilities—0.5%** |
|  PPL Corp. | 321230 | 9386341 |
| **Electrical Equipment—3.6%** | **Electrical Equipment—3.6%** | **Electrical Equipment—3.6%** |
|  Eaton Corp. plc | 231297 | 36302064 |
|  Emerson Electric Co. | 340293 | 32688546 |
|  |  | 68990610 |
| **Equity Real Estate Investment Trusts—0.5%** | **Equity Real Estate Investment Trusts—0.5%** | **Equity Real Estate Investment Trusts—0.5%** |
|  Host Hotels & Resorts, Inc. (a) | 635973 | 10207367 |
| **Food Products—0.8%** | **Food Products—0.8%** | **Food Products—0.8%** |
|  Kraft Heinz Co. (The) | 383105 | 15596204 |
| **Health Care Equipment & Supplies—3.2%** | **Health Care Equipment & Supplies—3.2%** | **Health Care Equipment & Supplies—3.2%** |
|  Baxter International, Inc. | 199263 | 10156435 |
|  Becton Dickinson & Co. | 93627 | 23809346 |
|  Dentsply Sirona, Inc. (a) | 245951 | 7831080 |
|  Medtronic plc | 246779 | 19179664 |
|  |  | 60976525 |
| **Health Care Providers & Services—10.0%** | **Health Care Providers & Services—10.0%** | **Health Care Providers & Services—10.0%** |
|  CVS Health Corp. | 388526 | 36206738 |
|  Elevance Health, Inc. | 90541 | 46444817 |
|  HCA Healthcare, Inc. | 85172 | 20437873 |
|  Henry Schein, Inc. (b) | 277953 | 22200106 |
|  Humana, Inc. | 34859 | 17854431 |
|  McKesson Corp. | 65614 | 24613124 |
|  Universal Health Services, Inc. - Class B | 157647 | 22210886 |
|  |  | 189967975 |
| **Hotels, Restaurants & Leisure—3.2%** | **Hotels, Restaurants & Leisure—3.2%** | **Hotels, Restaurants & Leisure—3.2%** |
|  Booking Holdings, Inc. (b) | 16972 | 34203332 |
|  Las Vegas Sands Corp. (b) | 537222 | 25824262 |
|  |  | 60027594 |
| **Household Products—1.7%** | **Household Products—1.7%** | **Household Products—1.7%** |
|  Kimberly-Clark Corp. | 239822 | 32555836 |
| **Industrial Conglomerates—1.2%** | **Industrial Conglomerates—1.2%** | **Industrial Conglomerates—1.2%** |
|  General Electric Co. | 274347 | 22987535 |
| **Insurance—3.6%** | **Insurance—3.6%** | **Insurance—3.6%** |
|  Allstate Corp. (The) | 152752 | 20713171 |
|  American International Group, Inc. | 756159 | 47819495 |
|  |  | 68532666 |
| **Interactive Media & Services—1.0%** | **Interactive Media & Services—1.0%** | **Interactive Media & Services—1.0%** |
|  Meta Platforms, Inc. - Class A (b) | 156858 | 18876292 |
| **Internet & Direct Marketing Retail—0.3%** | **Internet & Direct Marketing Retail—0.3%** | **Internet & Direct Marketing Retail—0.3%** |
|  eBay, Inc. | 149554 | 6202004 |
| **IT Services—2.6%** | **IT Services—2.6%** | **IT Services—2.6%** |
|  Cognizant Technology Solutions Corp. - Class A | 450662 | 25773360 |
|  DXC Technology Co. (a) (b) | 910108 | 24117862 |
|  |  | 49891222 |
| **Machinery—3.7%** | **Machinery—3.7%** | **Machinery—3.7%** |
|  Caterpillar, Inc. | 154915 | 37111437 |
|  Westinghouse Air Brake Technologies Corp. | 333731 | 33309691 |
|  |  | 70421128 |
| **Media—1.2%** | **Media—1.2%** | **Media—1.2%** |
|  Comcast Corp. - Class A | 661607 | 23136397 |
| **Multi-Utilities—1.0%** | **Multi-Utilities—1.0%** | **Multi-Utilities—1.0%** |
|  Dominion Energy, Inc. | 316089 | 19382577 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Oil, Gas & Consumable Fuels—11.7%** | **Oil, Gas & Consumable Fuels—11.7%** | **Oil, Gas & Consumable Fuels—11.7%** |
|  Chevron Corp. | 312828 | $56149498 |
|  ConocoPhillips | 273202 | 32237836 |
|  Devon Energy Corp. | 244424 | 15034520 |
|  Exxon Mobil Corp. | 152184 | 16785895 |
|  Hess Corp. | 181666 | 25763872 |
|  Marathon Oil Corp. | 811426 | 21965302 |
|  Pioneer Natural Resources Co. | 73690 | 16830059 |
|  Suncor Energy, Inc. | 1163614 | 36921472 |
|  |  | 221688454 |
| **Personal Products—1.0%** | **Personal Products—1.0%** | **Personal Products—1.0%** |
|  Haleon plc (b) | 4684938 | 18739203 |
| **Pharmaceuticals—6.3%** | **Pharmaceuticals—6.3%** | **Pharmaceuticals—6.3%** |
|  Bristol-Myers Squibb Co. | 327996 | 23599312 |
|  Johnson & Johnson (a) | 185649 | 32794896 |
|  Merck & Co., Inc. | 300443 | 33334151 |
|  Sanofi (ADR) | 620486 | 30050137 |
|  |  | 119778496 |
| **Semiconductors & Semiconductor Equipment—3.0%** | **Semiconductors & Semiconductor Equipment—3.0%** | **Semiconductors & Semiconductor Equipment—3.0%** |
|  Intel Corp. | 318683 | 8422791 |
|  NXP Semiconductors NV | 188630 | 29809199 |
|  QUALCOMM, Inc. | 172835 | 19001480 |
|  |  | 57233470 |
| **Software—1.2%** | **Software—1.2%** | **Software—1.2%** |
|  Microsoft Corp. | 92915 | 22282875 |
| **Specialty Retail—0.5%** | **Specialty Retail—0.5%** | **Specialty Retail—0.5%** |
|  Ross Stores, Inc. | 74195 | 8611814 |
| **Textiles, Apparel & Luxury Goods—0.8%** | **Textiles, Apparel & Luxury Goods—0.8%** | **Textiles, Apparel & Luxury Goods—0.8%** |
|  Ralph Lauren Corp. (a) | 148234 | 15663887 |
| **Tobacco—2.7%** | **Tobacco—2.7%** | **Tobacco—2.7%** |
|  Philip Morris International, Inc. | 504605 | 51071072 |
| **Wireless Telecommunication Services—1.2%** | **Wireless Telecommunication Services—1.2%** | **Wireless Telecommunication Services—1.2%** |
|  T-Mobile U.S., Inc. (b) | 159949 | 22392860 |
|  Total Common Stocks <br>(Cost $1,392,639,663) |  | 1830750805 |
| **Short-Term Investment—3.3%** | **Short-Term Investment—3.3%** | **Short-Term Investment—3.3%** |
| **Repurchase Agreement—3.3%** | **Repurchase Agreement—3.3%** | **Repurchase Agreement—3.3%** |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $61,736,823; collateralized by U.S. Treasury Bond at 3.375%, maturing 11/15/48, with a market value of $62,959,022. | 61724478 | 61724478 |
|  Total Short-Term Investments <br>(Cost $61,724,478) |  | 61724478 |
| **Securities Lending Reinvestments (c)—3.0%** | **Securities Lending Reinvestments (c)—3.0%** | **Securities Lending Reinvestments (c)—3.0%** |
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Certificates of Deposit—0.2%** | **Certificates of Deposit—0.2%** | **Certificates of Deposit—0.2%** |
|  Bank of Nova Scotia<br>4.710%, FEDEFF PRV + 0.380%, 01/06/23 (d) | 1000000 | 1000018 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (d) | 1000000 | 1000394 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (d) | 1000000 | 999984 |
|  |  | 3000396 |
| **Repurchase Agreements—2.1%** | **Repurchase Agreements—2.1%** | **Repurchase Agreements—2.1%** |
|  BofA Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $2,149,081; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $2,191,040. | 2148079 | 2148079 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $11,005,256; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $11,229,757. | 11000000 | 11000000 |
|  HSBC Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $8,003,778; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $8,163,853. | 8000000 | 8000000 |
|  ING Financial Markets LLC <br>Repurchase Agreement dated 12/30/22 at 4.290%, due on 01/03/23 with a maturity value of $8,003,813; collateralized by U.S. Government Agency Obligations with rates ranging from 0.500% - 6.625%, maturity dates ranging from 09/06/24 - 11/15/30, and an aggregate market value of $8,160,225. | 8000000 | 8000000 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $313,001; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $320,319. | 312851 | 312851 |
|  National Bank of Canada <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $1,201,008; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $1,226,854. | 1200000 | 1200000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $8,003,787; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $8,160,001. | 8000000 | 8000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $2,000,980; collateralized by various Common Stock with an aggregate market value of $2,226,384. | 2000000 | $2000000 |
|  |  | 40660930 |
| **Time Deposit—0.1%** | **Time Deposit—0.1%** | **Time Deposit—0.1%** |
|  First Abu Dhabi Bank USA NV<br>4.300%, 01/03/23 | 2000000 | 2000000 |
| **Mutual Funds—0.6%** | **Mutual Funds—0.6%** | **Mutual Funds—0.6%** |
|  Allspring Government Money Market Fund, Select Class<br>4.090% (e) | 1000000 | 1000000 |
|  BlackRock Liquidity Funds FedFund, Institutional Shares<br>4.020% (e) | 1000000 | 1000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (e) | 1000000 | 1000000 |
|  HSBC U.S. Government Money Market Fund, Class I <br>4.130% (e) | 2000000 | 2000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (e) | 1000000 | 1000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (e) | 5000000 | 5000000 |
|  |  | 11000000 |
|  Total Securities Lending Reinvestments <br>(Cost $56,660,929) |  | 56661326 |
|  Total Investments—102.9% <br>(Cost $1,511,025,070) |  | 1949136609 |
|  Other assets and liabilities (net)—(2.9)% |  | (54952275) |
| **Net Assets—100.0%** |  | $1894184334 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $55,455,500 and the collateral received consisted of cash in the amount of $56,660,929. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(d) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(e) The rate shown represents the annualized seven-day yield as of December 31, 2022.

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| CAD | 813072 | CIBC | 01/13/23 | USD | 595506 | $5020 |
| CAD | 649885 | RBC | 01/13/23 | USD | 478073 | 1924 |
| GBP | 195596 | SSBT | 01/13/23 | USD | 237725 | (1203) |
| **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |
| CAD | 23494414 | CIBC | 01/13/23 | USD | 17200054 | (152652) |
| CAD | 704035 | CIBC | 01/13/23 | USD | 521523 | 1531 |
| CAD | 946711 | DBAG | 01/13/23 | USD | 693686 | (5544) |
| CAD | 1060973 | RBC | 01/13/23 | USD | 784285 | 663 |
| EUR | 614535 | GSI | 01/13/23 | USD | 653804 | (4437) |
| EUR | 17718019 | RBC | 01/13/23 | USD | 18778939 | (199187) |
| EUR | 454430 | SSBT | 01/13/23 | USD | 482363 | (4386) |
| GBP | 7369408 | RBC | 01/13/23 | USD | 9066354 | 154992 |
| GBP | 152260 | RBC | 01/13/23 | USD | 185678 | 1560 |
| GBP | 186226 | SSBT | 01/13/23 | USD | 224283 | (908) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(202627) |

---

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (CIBC)— | Canadian Imperial Bank of Commerce |
| (DBAG)— | Deutsche Bank AG |
| (GSI)— | Goldman Sachs International |
| (RBC)— | Royal Bank of Canada |
| (SSBT)— | State Street Bank and Trust |

---

Currencies

------

---

| | |
|:---|:---|
| (CAD)— | Canadian Dollar |
| (EUR)— | Euro |
| (GBP)— | British Pound |
| (USD)— | United States Dollar |

---

Index Abbreviations

------

(FEDEFF PRV)— Effective Federal Funds Rate <br> (SOFR)— Secured Overnight Financing Rate

Other Abbreviations

------

(ADR)— American Depositary Receipt

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $18461171 | $— | $— | $18461171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 31974972 |  |  | 31974972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 28317412 |  |  | 28317412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 228118251 |  |  | 228118251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 22213820 |  |  | 22213820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 41386496 |  |  | 41386496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 78562445 |  |  | 78562445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 27325256 | 9908634 |  | 37233890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 53779685 |  |  | 53779685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 26102259 |  |  | 26102259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 9386341 |  |  | 9386341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 68990610 |  |  | 68990610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts | 10207367 |  |  | 10207367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 15596204 |  |  | 15596204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 60976525 |  |  | 60976525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 189967975 |  |  | 189967975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 60027594 |  |  | 60027594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 32555836 |  |  | 32555836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 22987535 |  |  | 22987535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 68532666 |  |  | 68532666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 18876292 |  |  | 18876292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 6202004 |  |  | 6202004 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 49891222 |  |  | 49891222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 70421128 |  |  | 70421128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 23136397 |  |  | 23136397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 19382577 |  |  | 19382577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 221688454 |  |  | 221688454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products |  | 18739203 |  | 18739203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 119778496 |  |  | 119778496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 57233470 |  |  | 57233470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 22282875 |  |  | 22282875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 8611814 |  |  | 8611814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 15663887 |  |  | 15663887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 51071072 |  |  | 51071072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 22392860 |  |  | 22392860 |
|  Total Common Stocks | 1802102968 | 28647837 |  | 1830750805 |
|  Total Short-Term Investment\* |  | 61724478 |  | 61724478 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 3000396 |  | 3000396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 40660930 |  | 40660930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit |  | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 11000000 |  |  | 11000000 |
|  Total Securities Lending Reinvestments | 11000000 | 45661326 |  | 56661326 |
|  Total Investments | $1813102968 | $136033641 | $— | $1949136609 |
|  Collateral for Securities Loaned (Liability) | $— | $(56660929) | $— | $(56660929) |
| Forward Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $165690 | $— | $165690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (368317) |  | (368317) |
|  Total Forward Contracts | $— | $(202627) | $— | $(202627) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1949136609.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 3315.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 165690.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 302692.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 3739730.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7917.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1953355953.0 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 368317.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 56660929.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 698554.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 908960.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 185606.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 185978.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 59171619.0 |
|  **Net Assets** | $1894184334.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1105628209.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 788556125.0 |
|  **Net Assets** | $1894184334.0 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $1032144313.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 862040021.0 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 73236856.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 61628084.0 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $14.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 13.99 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,511,025,070.

(b) Includes securities loaned at value of $55,455,500.

(c) Identified cost of cash denominated in foreign currencies was $3,294.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $50581193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 249077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 124813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 50955083 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 11926834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 89764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 108708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 2311762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 50512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 67029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 18000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 14648530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (458645) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (18464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 14171421 |
|  **Net Investment Income** | 36783662 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 329531431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (51770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 2433260 |
|  Net realized gain (loss) | 331912921 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (351663526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 215101 |
|  Net change in unrealized appreciation (depreciation) | (351449332) |
|  Net realized and unrealized gain (loss) | (19536411) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $17247251 |

---

(a) Net of foreign withholding taxes of $526,815.

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $36783662 | $39449502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 331912921 | 344678479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (351449332) | 330346240 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 17247251 | 714474221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (183503409) | (28908359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (147249242) | (19160481) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (330752651) | (48068840) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (194708539) | (655480380) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (508213939) | 10925001 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2402398273 | 2391473272 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1894184334 | $2402398273 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 53348 | $780962 | 289494 | $4533078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 13818028 | 183503409 | 1836618 | 28908359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (23075705) | (364873846) | (33072279) | (503564498) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (9204329) | $(180589475) | (30946167) | $(470123061) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 4085530 | $61982369 | 3184818 | $49054608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 11155246 | 147249242 | 1223531 | 19160481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (14634353) | (223350675) | (16672760) | (253572408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 606423 | $(14119064) | (12264411) | $(185357319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(194708539) |  | $(655480380) |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $16.79 | $12.84 | $14.18 | $13.26 | $16.38 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.28 | 0.26 | 0.27 | 0.31 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.30) | 4.02 | (0.55) | 2.77 | (2.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.02) | 4.28 | (0.28) | 3.08 | (1.76) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.35) | (0.33) | (0.30) | (0.36) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.33) | 0.00 | (0.76) | (1.80) | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.68) | (0.33) | (1.06) | (2.16) | (1.36) |
|  **Net Asset Value, End of Period** | $14.09 | $16.79 | $12.84 | $14.18 | $13.26 |
|  **Total Return (%)** (b) | 0.88 | 33.47 | (0.27) | 25.26 | (11.91) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.59 | 0.59 | 0.60 | 0.59 | 0.59 |
|  Net ratio of expenses to average net assets (%) (c) (d) | 0.57 | 0.56 | 0.57 | 0.56 | 0.56 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.87 | 1.71 | 2.41 | 2.28 | 1.85 |
|  Portfolio turnover rate (%) | 20 | 15 | 39 | 23 | 19 |
|  Net assets, end of period (in millions) | $1032.1 | $1384.6 | $1456.1 | $1458.6 | $1284.2 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $16.68 | $12.76 | $14.09 | $13.18 | $16.29 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.25 | 0.22 | 0.24 | 0.28 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.30) | 4.00 | (0.55) | 2.75 | (2.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.05) | 4.22 | (0.31) | 3.03 | (1.79) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.31) | (0.30) | (0.26) | (0.32) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.33) | 0.00 | (0.76) | (1.80) | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.64) | (0.30) | (1.02) | (2.12) | (1.32) |
|  **Net Asset Value, End of Period** | $13.99 | $16.68 | $12.76 | $14.09 | $13.18 |
|  **Total Return (%)** (b) | 0.64 | 33.18 | (0.51) | 24.95 | (12.15) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.84 | 0.84 | 0.85 | 0.84 | 0.84 |
|  Net ratio of expenses to average net assets (%) (c) (d) | 0.82 | 0.81 | 0.82 | 0.81 | 0.81 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.64 | 1.47 | 2.16 | 2.03 | 1.61 |
|  Portfolio turnover rate (%) | 20 | 15 | 39 | 23 | 19 |
|  Net assets, end of period (in millions) | $862.0 | $1017.8 | $935.3 | $958.1 | $855.1 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022 , 2021, 2020, 2019 and 2018, respectively (see Note 6 of
the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Invesco Comstock Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $61,724,478. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $40,660,930. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Directed Brokerage Agreement -** The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

**3. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | $165690 | Unrealized depreciation on forward foreign currency exchange contracts | $368317 |

---

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Canadian Imperial Bank of Commerce | $6551 | $(6551) | $– $|  |
|  Royal Bank of Canada | 159139 | (159139) | – |  |
|  | $165690 | $(165690) | $– $|  |

---

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  Canadian Imperial Bank of Commerce | $152652 | $(6551) | $– $| 146101 |
|  Deutsche Bank AG | 5544 |  | – | 5544 |
|  Goldman Sachs International | 4437 |  | – | 4437 |
|  Royal Bank of Canada | 199187 | (159139) | – | 40048 |
|  State Street Bank and Trust | 6497 |  | – | 6497 |
|  | $368317 | $(165690) | $– $| 202627 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Foreign<br>Exchange** |
|  Forward foreign currency transactions | $2433260 |
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Foreign<br>Exchange** |
|  Forward foreign currency transactions | $215101 |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Forward foreign currency transactions | $53718396 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $408742287 | $0 | $910620761 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $11926834 | 0.650% | First $500 million |
|  | 0.600% | $500 million to $1 billion |
|  | 0.525% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.025% | $1 billion to $2 billion |
| 0.050% | Over $2 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $300,833 and are included in the total amount shown as a management fee waivers in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $157,812 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B,

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**Affiliated Broker -** During the year ended December 31, 2022 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

---

| | |
|:---|:---|
| **Affiliate** | **Commission** |
|  Invesco Capital Markets, Inc. | $36169 |

---

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1527532046 |
|  Gross unrealized appreciation | 493918217 |
|  Gross unrealized (depreciation) | (72313654) |
|  Net unrealized appreciation (depreciation) | $421604563 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $59199989 | $48068840 | $271552662 | $— | $330752651 | $48068840 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $45685930 | $321428889 | $421604583 | $– $| 788719402 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Invesco Comstock Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Invesco Comstock Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Invesco Comstock Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** |  |  |  |  |  |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** |  |  |  |  |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as<br>Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-25** 

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**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-26** 

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**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Invesco Comstock Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Russell 1000 Value Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

**BHFTI-27** 

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**Brighthouse Funds Trust I** 

**Invesco Comstock Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-28** 

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**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Managed By Invesco Advisers, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Invesco Global Equity Portfolio returned -31.70%, -31.84%, and -31.79%, respectively. The Portfolio's benchmark, the MSCI All Country World Index¹, returned -18.36%.

**MARKET ENVIRONMENT / CONDITIONS** 

Inflation was the major market theme of 2022, leading to a year that was dominated by macroeconomic headlines, beyond the norm. Inflation's impact on the equity market was varied. First, it resulted in the U.S. Federal Reserve (the "Fed") raising the federal funds rate significantly and rapidly, and far beyond what its own projections were at the beginning of the year. At the margin, rising interest rates diminish the appeal of risk assets, such as equities, by providing competition for them. Given the broad valuation expansion among growth equities since the pandemic, they were especially vulnerable to that competition, and they suffered a sharp decline over the course of the year. Second, inflation ignited considerable pricing leverage in the industrial and commodity landscape, which had pervasive spillover effects. Although real gross domestic product ("GDP") was relatively weak, especially in the first half of the year, nominal GDP remained strong throughout 2022 and nominal growth is, in part, what the Fed has been trying to reign in. Third, long-term U.S. treasury bonds posted one of their worst years ever. Losses dwarfed those of the most recent sizable bond bear market of 1994. It has been many decades since bonds and stocks declined in tandem over an extended period of time. The last episode occurred during the 1970s. Then, however, due to higher bond yields, total returns for bondholders were weak but price declines were buffered by higher interest income. The bond market of 2022 lacked that coupon interest buffer, leaving it highly vulnerable to the change in the Fed's policy.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio underperformed notably versus the MSCI All Country World Index due to valuation compression across the market and the Portfolio as well as the Portfolio's off-benchmark holdings. The most significant area of underperformance occurred within the Communication Services sector. The Portfolio's largest holding, Alphabet, as well as another large holding, Meta Platforms, performed poorly. Both remain in the Portfolio, however, as we believe they are attractive prospects.

Information Technology was also an area that challenged the Portfolio performance over the period. Software, one of the significant performers post pandemic, stumbled in 2022. Among our positions, Intuit and Adobe were disappointments during the year. Adobe, however, declined for reasons beyond the market's broad valuation retreat. Adobe experienced a slowdown in activity and made an expensive acquisition, leaving its strategic logic open to question. We trimmed Adobe to reflect that deterioration in fundamentals, although it remains in the Portfolio. Other issues that cropped up during the year in tech came in some of the electronic component makers held in the Portfolio, virtually all based in Asia. They were entangled all year in supply chain headwinds and customer slowdowns from China's COVID-19 lockdown policies and we trimmed most during the year. At period-end that policy was lifted, which we believe may offer some relief in the upcoming year.

Healthcare also detracted from Portfolio performance over the period. Valuation compression impacted some portions of the sector, and the Portfolio felt the effect of that, but there were also names we hold which were impacted by supply chain issues, speculation about diminishing COVID-19 testing, and execution stumbles. While there were no large losers in this sector, there was a dearth of winners.

Our investment approach does not lend itself to investments in commodity companies or commodity sectors, generally. The Energy sector was a persistent headwind during the year due to the Portfolio's lack of exposure to it. The cyclical nature of commodity companies makes them, in our view, an unappealing choice in a Portfolio that maintains a focus on structural growth opportunities, not cyclical ones. Energy is not the only commoditized sector where we have limited exposure. That would also be true of the Financials, Utilities and Materials sectors.

For the period, the Portfolio also underperformed in the Consumer Staples sector, due to both an underweight to the Portfolio's detriment and a single holding, Zur Rose Group AG, a Swiss digital pharmacy company, which disappointed and the Portfolio exited from it during the period.

There were some bright spots during the period worth mentioning. The Portfolio outperformed in the Consumer Discretionary sector for the period. This was due to not holding any position in Tesla, which fell by 65% in 2022. We have never been comfortable with either the valuation of the company, or the governance of it. In our view, the valuation never reflected that it makes cars. The auto industry is a notoriously competitive one and, as it pertains to electric vehicles particularly, is getting more competitive in our view. In addition, much as Elon Musk's entrepreneurial skills may be admired, we believe that historically his governance practices leave much to be desired.

Luxury goods were also a bright spot in the Consumer Discretionary sector. Despite fears of an imminent slowdown, the luxury houses generally displayed resilience throughout the year. The exception to that being Kering (France), the sponsor of brands such as Gucci, Saint Laurent, Brioni, Balenciaga, and Boucheron among others. We believe their troubles have emanated from the Gucci brand, which is its largest one, and in our view needs a refresh. We trimmed our position in response.

The Portfolio also had modest outperformance in the Real Estate sector. There we have a single position, DLF Limited, which is a real

**BHFTI-1** 

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**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Managed By Invesco Advisers, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

estate development company in India. India's economy has remained fairly strong and demand for housing has been brisk.

We tailor our holdings to benefit from long-term structural changes to the manner in which we live, work, and communicate, among other themes. That being the case, the Portfolio is not geared, or organized, to perform in any particular economic or market environment. Our belief is that quality companies, shaping or benefiting from change will have ample capacity to compound their economic returns over the next 5 to 10 years. This approach is one that we have applied in the Portfolio for many decades, and it has proved to be an effective way to create economic value for investors in the Portfolio. As a result, our broad positioning has not meaningfully shifted in recent periods.

**John Delano** 

Portfolio Manager

*Invesco Advisers, Inc* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed and 24 emerging market indices. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

**BHFTI-2** 

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**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD INDEX**![LOGO](g382964g15z17.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Invesco Global Equity Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -31.70 | 3.03 | 8.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -31.84 | 2.79 | 7.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -31.79 | 2.89 | 7.89 |
| &nbsp;&nbsp;&nbsp;**MSCI All Country World Index** | -18.36 | 5.23 | 7.98 |

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Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

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| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Alphabet, Inc. - Class A** | **9.4** |
| **LVMH Moet Hennessy Louis Vuitton SE** | **5.9** |
| **Analog Devices, Inc.** | **5.3** |
| **S&P Global, Inc.** | **5.1** |
| **Airbus SE** | **4.9** |
| **Intuit, Inc.** | **4.9** |
| **JD.com, Inc.(ADR)** | **4.8** |
| **Novo Nordisk A/S - Class B** | **4.0** |
| **DLF, Ltd.** | **3.6** |
| **Meta Platforms, Inc. - Class A** | **3.2** |

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**Top Countries** 

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| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **United States** | **52.0** |
| **France** | **14.3** |
| **Japan** | **6.5** |
| **China** | **6.4** |
| **India** | **5.6** |
| **Sweden** | **4.2** |
| **Denmark** | **4.0** |
| **Germany** | **2.1** |
| **Netherlands** | **1.1** |
| **Switzerland** | **0.8** |

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**BHFTI-3** 

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**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco Global Equity Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid**<br>**During Period\*\***<br>**July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.57% | $1000.00 | $998.90 | $2.87 |
|  | Hypothetical\* | 0.57% | $1000.00 | $1022.33 | $2.91 |
|  Class B (a) | Actual | 0.82% | $1000.00 | $997.90 | $4.13 |
|  | Hypothetical\* | 0.82% | $1000.00 | $1021.07 | $4.18 |
|  Class E (a) | Actual | 0.72% | $1000.00 | $998.40 | $3.63 |
|  | Hypothetical\* | 0.72% | $1000.00 | $1021.58 | $3.67 |

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\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

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**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—99.0% of Net Assets** 

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| | | |
|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** |
| **Brazil—0.2%** | | |
|  StoneCo, Ltd. - Class A (a) (b) | 243860 | $2302038 |
| **Canada—0.2%** |  |  |
|  Canadian Pacific Railway, Ltd. | 20176 | 1504928 |
| **China—6.4%** |  |  |
|  JD.com, Inc. (ADR) (b) | 860985 | 48327088 |
|  Meituan - Class B (144A) (a) | 406900 | 8997121 |
|  Tencent Holdings, Ltd. | 151000 | 6417833 |
|  |  | 63742042 |
| **Denmark—4.0%** |  |  |
|  Novo Nordisk A/S - Class B | 297180 | 40238158 |
| **France—14.3%** |  |  |
|  Airbus SE | 412179 | 49009018 |
|  Dassault Systemes SE | 115368 | 4160986 |
|  EssilorLuxottica S.A. | 33742 | 6144287 |
|  Kering S.A. (b) | 45723 | 23400229 |
|  LVMH Moet Hennessy Louis Vuitton SE | 81255 | 59027280 |
|  Pernod Ricard S.A. | 8131 | 1598226 |
|  |  | 143340026 |
| **Germany—2.1%** |  |  |
|  Allianz SE | 14538 | 3126051 |
|  SAP SE | 169231 | 17464538 |
|  |  | 20590589 |
| **India—5.6%** |  |  |
|  DLF, Ltd. | 7842023 | 35507478 |
|  ICICI Bank, Ltd. (ADR) (b) | 924183 | 20230366 |
|  |  | 55737844 |
| **Israel—0.2%** |  |  |
|  Nice, Ltd. (ADR) (a) (b) | 10946 | 2104916 |
| **Italy—0.7%** |  |  |
|  Brunello Cucinelli S.p.A. | 100030 | 7422435 |
| **Japan—6.5%** |  |  |
|  Keyence Corp. | 78400 | 30693967 |
|  Murata Manufacturing Co., Ltd. | 356600 | 17890371 |
|  Nidec Corp. | 17500 | 911347 |
|  Omron Corp. | 46000 | 2243579 |
|  TDK Corp. | 391700 | 12718883 |
|  |  | 64458147 |
| **Netherlands—1.1%** |  |  |
|  ASML Holding NV | 21024 | 11380353 |
| **Spain—0.7%** |  |  |
|  Amadeus IT Group S.A. (a) | 144321 | 7442641 |
| **Sweden—4.2%** |  |  |
|  Assa Abloy AB - Class B | 828274 | 17821076 |
|  Atlas Copco AB - A Shares | 2069622 | 24502997 |
|  |  | 42324073 |
| **Switzerland—0.8%** |  |  |
|  Lonza Group AG | 16819 | 8277940 |
| **United States—52.0%** |  |  |
|  Adobe, Inc. (a) | 94103 | 31668483 |
|  Agilent Technologies, Inc. | 140801 | 21070870 |
|  Alphabet, Inc. - Class A (a) | 1068842 | 94303930 |
|  Amazon.com, Inc. (a) | 94943 | 7975212 |
|  Analog Devices, Inc. | 324827 | 53281373 |
|  Avantor, Inc. (a) | 267692 | 5645624 |
|  Boston Scientific Corp. (a) | 71865 | 3325194 |
|  Charles River Laboratories International, Inc. (a) (b) | 19663 | 4284568 |
|  Charter Communications, Inc. - Class A (a) | 12198 | 4136342 |
|  Danaher Corp. | 22853 | 6065643 |
|  Datadog, Inc. - Class A (a) (b) | 27817 | 2044549 |
|  Dun & Bradstreet Holdings, Inc. (b) | 129781 | 1591115 |
|  Ecolab, Inc. | 21972 | 3198244 |
|  Equifax, Inc. (b) | 103622 | 20139972 |
|  Fidelity National Information Services, Inc. | 54593 | 3704135 |
|  IDEXX Laboratories, Inc. (a) | 8256 | 3368118 |
|  Illumina, Inc. (a) | 38549 | 7794608 |
|  Intuit, Inc. | 124957 | 48635763 |
|  Intuitive Surgical, Inc. (a) | 34013 | 9025350 |
|  IQVIA Holdings, Inc. (a) | 52071 | 10668827 |
|  Lam Research Corp. | 2652 | 1114636 |
|  Marriott International, Inc. - Class A | 40551 | 6037638 |
|  Marvell Technology, Inc. | 312723 | 11583260 |
|  Meta Platforms, Inc. - Class A (a) | 265283 | 31924156 |
|  Microsoft Corp. | 63290 | 15178208 |
|  NVIDIA Corp. | 33008 | 4823789 |
|  Phathom Pharmaceuticals, Inc. (a) (b) | 145354 | 1630872 |
|  Qualtrics International, Inc. - Class A (a) (b) | 252202 | 2617857 |
|  S&P Global, Inc. (b) | 153092 | 51276634 |
|  Splunk, Inc. (a) (b) | 48693 | 4191980 |
|  United Parcel Service, Inc. - Class B | 138779 | 24125341 |
|  Visa, Inc. - Class A (b) | 102731 | 21343393 |
|  Walt Disney Co. (The) (a) | 16729 | 1453415 |
|  |  | 519229099 |
|  Total Common Stocks <br>(Cost $674,900,521) |  | 990095229 |
| **Short-Term Investment—0.9%** |  |  |
| **Repurchase Agreement—0.9%** |  |  |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $8,710,334; collateralized by U.S. Treasury Bond at 1.375%, maturing 08/15/50, with a market value of $8,882,777. | 8708592 | 8708592 |
|  Total Short-Term Investments <br>(Cost $8,708,592) |  | 8708592 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—7.1%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Certificates of Deposit—2.3%** | | |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (d) | 1000000 | $1001351 |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (d) | 2000000 | 2000000 |
|  Bank of Nova Scotia<br>4.550%, SOFR + 0.250%, 02/17/23 (d) | 2000000 | 1999909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (d) | 2000000 | 2000840 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.800%, SOFR + 0.500%, 03/03/23 (d) | 3000000 | 3001148 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (d) | 1000000 | 1000071 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (d) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (d) | 1000000 | 1000209 |
|  Mitsubishi UFJ Trust and Banking Corp.<br>4.860%, SOFR + 0.560%, 02/14/23 (d) | 2000000 | 2000600 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (d) | 1000000 | 1000395 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (d) | 1000000 | 1001518 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.850%, SOFR + 0.550%, 03/07/23 (d) | 1000000 | 1000278 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (d) | 1000000 | 1000000 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (d) | 3000000 | 2999670 |
|  |  | 23005989 |
| **Commercial Paper—0.5%** |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (d) | 1000000 | 1000253 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (d) | 1000000 | 1001362 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (d) | 2000000 | 2000540 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (d) | 1000000 | 1000000 |
|  |  | 5002155 |
| **Master Demand Notes—0.4%** |  |  |
|  Bank of America N.A.<br>4.880%, SOFR + 0.580%, 05/15/23 (d) | 4000000 | 3999955 |
| **Repurchase Agreements—3.6%** |  |  |
|  Cantor Fitzgerald & Co. <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $5,002,389; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $5,100,000. | 5000000 | 5000000 |
| **Repurchase Agreements—(Continued)** |  |  |
| Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $2,008,983; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $2,040,000. | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000. | 2000000 | 2000000 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $13,126,881; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 3/31/27, and an aggregate market value of $13,433,761. | 13120583 | 13120583 |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $4,103,444; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $4,191,751. | 4100000 | 4100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $5,004,326; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $5,444,143. | 5000000 | 5000000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,100,519; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $1,123,987. | 1100000 | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $2,402,063; collateralized by various Common Stock with an aggregate market value of $2,671,661. | 2400000 | 2400000 |
|  TD Prime Services LLC <br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $1,409,404; collateralized by various Common Stock with an aggregate market value of $1,562,869. | 1408716 | 1408716 |
|  |  | 36129299 |
| **Time Deposit—0.2%** |  |  |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (d) | 2000000 | 2000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** |
| **Mutual Funds—0.1%** | | |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (e) | 893691 | $893691 |
|  Total Securities Lending Reinvestments <br>(Cost $71,023,013) |  | 71031089 |
|  Total Investments—107.0% <br>(Cost $754,632,126) |  | 1069834910 |
|  Other assets and liabilities (net)—(7.0)% |  | (70369150) |
| **Net Assets—100.0%** |  | $999465760 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $69,212,221 and the collateral received consisted of cash in the amount of $71,023,017 and non-cash collateral with a value of $459,540. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(d) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(e) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $8,997,121, which is 0.9% of net assets.

---

| | |
|:---|:---|
| **Ten Largest Industries as of**<br> **December 31, 2022 (Unaudited)** | **% of<br>Net Assets** |
|  Interactive Media & Services | 13.3 |
|  Software | 12.8 |
|  Textiles, Apparel & Luxury Goods | 9.0 |
|  Semiconductors & Semiconductor Equipment | 8.2 |
|  Internet & Direct Marketing Retail | 6.5 |
|  Life Sciences Tools & Services | 6.4 |
|  Electronic Equipment, Instruments & Components | 6.4 |
|  Capital Markets | 5.1 |
|  Aerospace & Defense | 4.9 |
|  Pharmaceuticals | 4.2 |

---

**Glossary of Abbreviations** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

Other Abbreviations

------

(ADR)— American Depositary Receipt

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | $2302038 | $— | $— | $2302038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 1504928 |  |  | 1504928 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 48327088 | 15414954 |  | 63742042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 40238158 |  | 40238158 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 143340026 |  | 143340026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 20590589 |  | 20590589 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 20230366 | 35507478 |  | 55737844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 2104916 |  |  | 2104916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 7422435 |  | 7422435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 64458147 |  | 64458147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 11380353 |  | 11380353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 7442641 |  | 7442641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 42324073 |  | 42324073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 8277940 |  | 8277940 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 519229099 |  |  | 519229099 |
|  Total Common Stocks | 593698435 | 396396794 |  | 990095229 |
|  Total Short-Term Investment\* |  | 8708592 |  | 8708592 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 23005989 |  | 23005989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 5002155 |  | 5002155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Demand Notes |  | 3999955 |  | 3999955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 36129299 |  | 36129299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit |  | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 893691 |  |  | 893691 |
|  Total Securities Lending Reinvestments | 893691 | 70137398 |  | 71031089 |
|  Total Investments | $594592126 | $475242784 | $— | $1069834910 |
|  Collateral for Securities Loaned (Liability) | $— | $(71023017) | $— | $(71023017) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1069834910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 483053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3367063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 148871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 423383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1074264157 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 71023017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 456431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 816477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes | 1602104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 459983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 57762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 178951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 203672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 74798397 |
|  **Net Assets** | $999465760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $620725017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) (d) | 378740743 |
|  **Net Assets** | $999465760 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $730521624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 256412012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 12532124 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 38768339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 13772415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 669860 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $18.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 18.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 18.71 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $754,632,126.

(b) Includes securities loaned at value of $69,212,221.

(c) Identified cost of cash denominated in foreign currencies was $480,937.

(d) Includes foreign capital gains tax of $1,602,104.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $10382037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 58518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 176225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 10616780 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 7408934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 54932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 186846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 720974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 22706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 54672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 72135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 10260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 45852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8631966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (1554797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7077169 |
|  **Net Investment Income** | 3539611 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (b) | 62290658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (64650) |
|  Net realized gain (loss) | 62226008 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (c) | (535666812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (41362) |
|  Net change in unrealized appreciation (depreciation) | (535708174) |
|  Net realized and unrealized gain (loss) | (473482166) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(469942555) |

---

(a) Net of foreign withholding taxes of $841,154.

(b) Net of foreign capital gains tax of $69,465.

(c) Includes change in foreign capital gains tax of $196,994.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3539611 | $(1076698) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 62226008 | 162795388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (535708174) | 61200397 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (469942555) | 222919087 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (116963860) | (45961149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (41674335) | (16173184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (2170112) | (937943) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (160808307) | (63072276) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 139864227 | (155006641) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (490886635) | 4840170 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1490352395 | 1485512225 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $999465760 | $1490352395 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1686025 | $38687621 | 510660 | $16044763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 6159234 | 116963860 | 1475952 | 45961149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (2146868) | (47594997) | (5336834) | (169889310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 5698391 | $108056484 | (3350222) | $(107883398) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1046187 | $23850338 | 629105 | $19436492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 2217900 | 41674335 | 522896 | 16173184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (1484170) | (32847408) | (2572761) | (80442566) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1779917 | $32677265 | (1420760) | $(44832890) |
|  **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 26860 | $600038 | 41533 | $1322921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 115003 | 2170112 | 30237 | 937943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (153871) | (3639672) | (143408) | (4551217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (12008) | $(869522) | (71638) | $(2290353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $139864227 |  | $(155006641) |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $32.65 | $29.42 | $23.28 | $20.45 | $26.14 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.09 | (0.00)(b) | 0.04 | 0.20 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (10.41) | 4.57 | 6.37 | 5.90 | (3.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (10.32) | 4.57 | 6.41 | 6.10 | (2.90) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | (0.04) | (0.21) | (0.26) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (3.49) | (1.30) | (0.06) | (3.01) | (2.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.49) | (1.34) | (0.27) | (3.27) | (2.79) |
|  **Net Asset Value, End of Period** | $18.84 | $32.65 | $29.42 | $23.28 | $20.45 |
|  **Total Return (%)** (c) | (31.70) | 15.76 | 27.92 | 31.91 | (12.96) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.71 | 0.70 | 0.70 | 0.70 | 0.71 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 0.57 | 0.56 | 0.58 | 0.59 | 0.61 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.38 | (0.00)(f) | 0.18 | 0.91 | 1.12 |
|  Portfolio turnover rate (%) | 19 | 7 | 9 | 8 | 17 |
|  Net assets, end of period (in millions) | $730.5 | $1079.7 | $1071.4 | $970.2 | $834.2 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $32.39 | $29.23 | $23.13 | $20.33 | $25.99 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.03 | (0.08) | (0.02) | 0.15 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (10.31) | 4.54 | 6.33 | 5.85 | (3.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (10.28) | 4.46 | 6.31 | 6.00 | (2.94) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | 0.00 | (0.15) | (0.19) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (3.49) | (1.30) | (0.06) | (3.01) | (2.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.49) | (1.30) | (0.21) | (3.20) | (2.72) |
|  **Net Asset Value, End of Period** | $18.62 | $32.39 | $29.23 | $23.13 | $20.33 |
|  **Total Return (%)** (c) | (31.84) | 15.47 | 27.58 | 31.57 | (13.14) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.96 | 0.95 | 0.95 | 0.95 | 0.96 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 0.82 | 0.81 | 0.83 | 0.84 | 0.86 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.14 | (0.25) | (0.07) | 0.67 | 0.87 |
|  Portfolio turnover rate (%) | 19 | 7 | 9 | 8 | 17 |
|  Net assets, end of period (in millions) | $256.4 | $388.5 | $392.1 | $363.1 | $319.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $32.50 | $29.29 | $23.18 | $20.37 | $26.04 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.05 | (0.05) | 0.01 | 0.17 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (10.35) | 4.56 | 6.34 | 5.87 | (3.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (10.30) | 4.51 | 6.35 | 6.04 | (2.93) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | 0.00 | (0.18) | (0.22) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (3.49) | (1.30) | (0.06) | (3.01) | (2.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.49) | (1.30) | (0.24) | (3.23) | (2.74) |
|  **Net Asset Value, End of Period** | $18.71 | $32.50 | $29.29 | $23.18 | $20.37 |
|  **Total Return (%)** (c) | (31.79) | 15.61 | 27.69 | 31.71 | (13.07) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.86 | 0.85 | 0.85 | 0.85 | 0.86 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 0.72 | 0.71 | 0.73 | 0.74 | 0.76 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.23 | (0.15) | 0.03 | 0.77 | 0.97 |
|  Portfolio turnover rate (%) | 19 | 7 | 9 | 8 | 17 |
|  Net assets, end of period (in millions) | $12.5 | $22.2 | $22.1 | $20.9 | $18.1 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022, 2021, 2020 and 2019 (see Note 5 of the Notes to
Financial Statements).

(f) Ratio of net investment income (loss) to average net assets was less than 0.01%.

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Invesco Global Equity Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the amount of $119,558 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $8,708,592. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $36,129,299. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $215032070 | $0 | $231896880 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $7408934 | 0.700% | First $100 million |
|  | 0.680% | $100 million to $250 million |
|  | 0.670% | $250 million to $500 million |
|  | 0.660% | $500 million to $750 million |
|  | 0.650% | Over $750 million |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.110% | First $100 million |
| 0.140% | $100 million to $250 million |
| 0.130% | $250 million to $300 million |
| 0.160% | $300 million to $350 million |
| 0.140% | $350 million to $500 million |
| 0.130% | $500 million to $600 million |
| 0.140% | $600 million to $750 million |
| 0.130% | Over $750 million |

---

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $1,487,787 and are included in the amount shown as a management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $67,010 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $754943370 |
|  Gross unrealized appreciation | 360674131 |
|  Gross unrealized (depreciation) | (45782591) |
|  Net unrealized appreciation (depreciation) | $314891540 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $691550 | $1405225 | $160116757 | $61667051 | $160808307 | $63072276 |

---

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $3213978 | $62438920 | $313266798 | $– $| 378919696 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**8. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Invesco Global Equity Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Invesco Global Equity Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Invesco Global Equity Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT</u> <u>II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Invesco Global Equity Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the MSCI All Country World Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Invesco Global Equity Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Managed By Invesco Advisers, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Invesco Small Cap Growth Portfolio returned -35.04%, -35.15%, and -35.11%, respectively. The Portfolio's benchmark, the Russell 2000 Growth Index¹, returned -26.36%.

**MARKET ENVIRONMENT / CONDITIONS** 

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation, and the shift by the U.S. Federal Reserve (the "Fed") toward tighter monetary policy. The Russian invasion exacerbated inflation pressures, disrupting already strained supply chains, and increasing shortages of oil, gas, and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008. Inflation continued to be a top concern for consumers, investors, and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March 2022 and indicated it would taper its asset purchase program quickly.

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a U.S. recession. Driven by higher food and energy prices, the Consumer Price Index rose to another 40-year high of 8.6% for the twelve months ended May 2022. In early June 2022, oil prices peaked near $122 per barrel, resulting in skyrocketing gasoline prices, and the national average price reached a record high above $5 per gallon. To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and by another 0.75% in July, which were the largest increases in nearly 30 years. U.S. equity markets rose in July and August until Fed Chairman Jerome Powell's hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could "bring pain to households and businesses," and the Fed raised the benchmark federal funds rate by another 0.75% in September.

After experiencing a sharp drop in September 2022, U.S. equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed's message of continued interest rate hikes until data shows inflation meaningfully declining, sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, although companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade. In this environment, U.S. stocks had double-digit negative returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

For the 12 months ended December 31, 2022, the Portfolio delivered a negative return and underperformed the Russell 2000 Growth Index. A challenging macro-economic environment brought about by COVID-19 driven supply chain disruptions and followed by Russia's invasion of Ukraine meant that inflation would stay higher for longer and central banks would need to aggressively raise interest rates to combat record inflation levels. As a result of more persistent inflation and the Fed's shift in interest rate policy, small cap and growth-oriented equities sold off as investors scrambled to reposition portfolios more defensively. At a sector level, relative Portfolio performance was negatively impacted by stock selection in several sectors including Health Care, Industrials, Materials, Information Technology ("IT"), Consumer Staples, and Consumer Discretionary. Stock selection in the Energy sector was also a headwind, but the Portfolio's underweight allocation relative to the benchmark was a bigger detractor to relative performance as energy companies broadly experienced strong performance as supply chain constraints and the ongoing war in Ukraine pushed energy prices higher. Active positioning relative to the benchmark in the IT and Consumer Staples sectors were also headwinds during the period. Conversely, the leading contributors to relative performance included stock selection in the Financials, Communication Services, Real Estate, and Utilities sectors. An underweight in the Real Estate sector and the Portfolio's ancillary cash position also provided a boost to relative performance during the period.

On an individual stock basis, the leading absolute detractor was Kornit Digital. Kornit develops industrial and commercial printing solutions for apparel. Disappointing guidance driven by a slower pace of consumable purchases and the timing of new system deliveries weighed on stock performance. Additionally, rising interest rates and elevated geopolitical risks caused investor sentiment to sour on this higher growth higher valuation business. We sold our position during the period to reallocate capital into businesses with higher quality and more stable revenues.

Semiconductor company Ambarella, after putting together a string of solid quarterly marks, reported "in-line" results and disappointing guidance due to supply chain issues in the first half of 2022. Specifically, Ambarella's long-time wafer supplier, Samsung, reported that Ambarella's supply would be constrained in the second quarter and could not quantify the impact for the second half of the year, which made the near-term outlook for the company much less compelling. We exited our position in this name during the period as a result.

Another leading absolute detractor was Ranpak Holdings, which makes paper packing material machines and proprietary paper products. Initial headwinds faced by Ranpak were due to enterprise software implementation downtime and supply chain bottlenecks. Subsequently, with roughly 40-45% of the company's sales coming from Europe, the fallout from the Ukraine war caused significant disruptions to the business. In an effort to reduce exposure to names with significant ties to Europe, we decided to exit this position.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Managed By Invesco Advisers, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

The leading absolute contributor during the period was Halozyme Therapeutics, which is a biotechnology firm focused on the development of novel oncology therapies used on human enzymes with the aim of altering tumors. Halozyme's share price received a boost after its acquisition of Antares (not a Portfolio holding) and the subsequent solid reported earnings and revenue that beat analyst estimates. Revenue growth was 80.1%, which boosted third quarter adjusted earnings that were up 35% year-over-year. Management's forward guidance was also upbeat due to robust demand for several of its therapies.

Another leading contributor was LPL Financial, which did relatively well in the period versus other interest rate sensitive stocks due to its ability to provide good interest rate exposure with less credit risk than a bank, while also delivering strong growth in assets under management as more registered investment advisers joined the LPL platform. In our view, this is a continuation of trends that have been ongoing for several quarters.

Valmont Industries was also among the top absolute contributors during the year. Valmont makes highly engineered steel structures and sells them to a variety of end markets, all of which are seeing solid demand growth and appear to have multi-year growth drivers relatively insulated from the broader economy. Valmont also delivered decent earnings and modestly raised fourth quarter guidance.

All positioning changes are based on bottom-up stock selection while disciplined portfolio construction acts as a risk control and ensures alignment with small-cap market sector exposure with modest over- and under-weights. The war in Ukraine has continued to drive market uncertainty and persistent inflationary pressure. The Fed continues to aggressively raise interest rates to combat inflation, causing meaningful slowing in housing and significantly tighter financial conditions. In our view, the U.S. economy is in a recession already. In this environment, we have repositioned the Portfolio into high quality, stable revenue, and Energy stocks and away from long duration growth and cyclical revenue stocks.

Structural underweights include real estate investment trusts and pharmaceutical/biotechnology. To manage risk of binary events, companies with either Phase III clinical data showing proven efficacy, or an existing revenue stream, are preferred.

At period end, relative to the Russell 2000 Growth Index, the Portfolio's largest sector overweight allocations included Consumer Discretionary and IT. The largest sector underweight allocations included Materials, Energy, Health Care, and Real Estate.

**Juan Hartsfield** 

**Clay Manley** 

**Justin Sander** 

Portfolio Managers

*Invesco Advisers, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX**![LOGO](g382964g98o99.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Invesco Small Cap Growth Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -35.04 | 4.47 | 10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -35.15 | 4.23 | 9.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -35.11 | 4.33 | 9.94 |
| &nbsp;&nbsp;&nbsp;**Russell 2000 Growth Index** | -26.36 | 3.51 | 9.20 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Halozyme Therapeutics, Inc.** | **2.5** |
| **Valmont Industries, Inc.** | **2.1** |
| **AECOM** | **1.9** |
| **Evoqua Water Technologies Corp.** | **1.8** |
| **Impinj, Inc.** | **1.6** |
| **Iridium Communications, Inc.** | **1.6** |
| **Clean Harbors, Inc.** | **1.5** |
| **Performance Food Group Co.** | **1.5** |
| **Insulet Corp.** | **1.4** |
| **Allegro MicroSystems, Inc.** | **1.4** |

---

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Health Care** | **21.8** |
| **Information Technology** | **21.6** |
| **Industrials** | **17.5** |
| **Consumer Discretionary** | **12.8** |
| **Financials** | **5.7** |
| **Energy** | **4.5** |
| **Consumer Staples** | **4.4** |
| **Communication Services** | **2.4** |
| **Utilities** | **1.7** |
| **Real Estate** | **1.7** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco Small Cap Growth Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.81% | $1000.00 | $1044.30 | $4.17 |
|  | Hypothetical\* | 0.81% | $1000.00 | $1021.12 | $4.13 |
|  Class B (a) | Actual | 1.06% | $1000.00 | $1045.00 | $5.46 |
|  | Hypothetical\* | 1.06% | $1000.00 | $1019.86 | $5.40 |
|  Class E (a) | Actual | 0.96% | $1000.00 | $1044.40 | $4.95 |
|  | Hypothetical\* | 0.96% | $1000.00 | $1020.37 | $4.89 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—96.5% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Aerospace & Defense—1.5%** | | |
|  BWX Technologies, Inc. | 133523 | $7755016 |
|  Mercury Systems, Inc. (a) | 135505 | 6062494 |
|  |  | 13817510 |
| **Air Freight & Logistics—0.7%** |  |  |
|  GXO Logistics, Inc. (a) | 148541 | 6341215 |
| **Auto Components—1.8%** |  |  |
|  Fox Factory Holding Corp. (a) (b) | 96217 | 8777877 |
|  Gentherm, Inc. (a) (b) | 110407 | 7208473 |
|  |  | 15986350 |
| **Automobiles—1.2%** |  |  |
|  Harley-Davidson, Inc. (b) | 248056 | 10319130 |
| **Biotechnology—6.2%** |  |  |
|  Abcam plc (ADR) (a) | 538545 | 8379760 |
|  Apellis Pharmaceuticals, Inc. (a) | 72824 | 3765729 |
|  Cytokinetics, Inc. (a) (b) | 88629 | 4060981 |
|  Halozyme Therapeutics, Inc. (a) | 391991 | 22304288 |
|  Intellia Therapeutics, Inc. (a) | 60423 | 2108158 |
|  Karuna Therapeutics, Inc. (a) | 19655 | 3862208 |
|  Mirati Therapeutics, Inc. (a) (b) | 48719 | 2207458 |
|  Natera, Inc. (a) | 206325 | 8288075 |
|  |  | 54976657 |
| **Capital Markets—3.0%** |  |  |
|  Blucora, Inc. (a) | 60911 | 1555058 |
|  LPL Financial Holdings, Inc. | 26986 | 5833564 |
|  Morningstar, Inc. | 49545 | 10730951 |
|  TMX Group, Ltd. | 84264 | 8433868 |
|  |  | 26553441 |
| **Chemicals—0.8%** |  |  |
|  Element Solutions, Inc. | 408110 | 7423521 |
| **Commercial Services & Supplies—1.5%** |  |  |
|  Clean Harbors, Inc. (a) | 114823 | 13103601 |
| **Communications Equipment—1.2%** |  |  |
|  Calix, Inc. (a) | 163370 | 11179409 |
| **Construction & Engineering—5.0%** |  |  |
|  AECOM | 200628 | 17039336 |
|  Construction Partners, Inc. - Class A (a) (b) | 345100 | 9210719 |
|  Valmont Industries, Inc. (b) | 56320 | 18623334 |
|  |  | 44873389 |
| **Distributors—0.9%** |  |  |
|  Pool Corp. | 26344 | 7964581 |
| **Diversified Consumer Services—0.6%** |  |  |
|  Stride, Inc. (a) (b) | 167237 | 5231173 |
| **Diversified Telecommunication Services—1.5%** |  |  |
|  Iridium Communications, Inc. (a) | 269667 | $13860884 |
| **Electronic Equipment, Instruments & Components—2.1%** |  |  |
|  Flex, Ltd. (a) (b) | 432651 | 9284691 |
|  Littelfuse, Inc. | 43557 | 9591251 |
|  |  | 18875942 |
| **Energy Equipment & Services—0.9%** |  |  |
|  ChampionX Corp. | 292179 | 8470269 |
| **Equity Real Estate Investment Trusts—1.7%** |  |  |
|  EastGroup Properties, Inc. | 60161 | 8907438 |
|  Terreno Realty Corp. | 106114 | 6034703 |
|  |  | 14942141 |
| **Food & Staples Retailing—2.1%** |  |  |
|  Grocery Outlet Holding Corp. (a) (b) | 183106 | 5344864 |
|  Performance Food Group Co. (a) | 223163 | 13030488 |
|  |  | 18375352 |
| **Food Products—2.4%** |  |  |
|  Freshpet, Inc. (a) (b) | 111556 | 5886810 |
|  Post Holdings, Inc. (a) | 86892 | 7842872 |
|  Simply Good Foods Co. (The) (a) | 193934 | 7375310 |
|  |  | 21104992 |
| **Gas Utilities—0.9%** |  |  |
|  New Jersey Resources Corp. (b) | 156470 | 7764041 |
| **Health Care Equipment & Supplies—7.1%** |  |  |
|  AtriCure, Inc. (a) (b) | 202736 | 8997424 |
|  Axonics, Inc. (a) | 92088 | 5758263 |
|  Globus Medical, Inc. - Class A (a) (b) | 114923 | 8535331 |
|  Inari Medical, Inc. (a) (b) | 149984 | 9532983 |
|  Insulet Corp. (a) | 43127 | 12696157 |
|  iRhythm Technologies, Inc. (a) | 74728 | 6999772 |
|  Lantheus Holdings, Inc. (a) | 93701 | 4775003 |
|  Mesa Laboratories, Inc. | 34599 | 5750700 |
|  |  | 63045633 |
| **Health Care Providers & Services—3.2%** |  |  |
|  Acadia Healthcare Co., Inc. (a) | 123074 | 10131452 |
|  Chemed Corp. | 18966 | 9680815 |
|  Guardant Health, Inc. (a) (b) | 81172 | 2207878 |
|  R1 RCM, Inc. (a) | 581047 | 6362465 |
|  |  | 28382610 |
| **Health Care Technology—1.5%** |  |  |
|  Doximity, Inc. - Class A (a) (b) | 188928 | 6340424 |
|  Evolent Health, Inc. - Class A (a) | 238131 | 6686718 |
|  |  | 13027142 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Hotels, Restaurants & Leisure—5.9%** | | | |
|  Marriott Vacations Worldwide Corp. | 83876 | $| 11288871 |
|  Planet Fitness, Inc. - Class A (a) | 155450 |  | 12249460 |
|  Texas Roadhouse, Inc. (b) | 128888 |  | 11722364 |
|  Wingstop, Inc. (b) | 74118 |  | 10200119 |
|  Wyndham Hotels & Resorts, Inc. | 94117 |  | 6711483 |
|  |  |  | 52172297 |
| **Insurance—2.7%** |  |  |  |
|  BRP Group, Inc. - Class A (a) | 338430 |  | 8508130 |
|  Hanover Insurance Group, Inc. (The) | 61032 |  | 8247254 |
|  Selective Insurance Group, Inc. | 81729 |  | 7242007 |
|  |  |  | 23997391 |
| **Interactive Media & Services—0.8%** |  |  |  |
|  Shutterstock, Inc. (b) | 135399 |  | 7138235 |
| **Internet & Direct Marketing Retail—0.5%** |  |  |  |
|  Overstock.com, Inc. (a) (b) | 212413 |  | 4112316 |
| **IT Services—3.1%** |  |  |  |
|  ExlService Holdings, Inc. (a) | 57642 |  | 9766284 |
|  Flywire Corp. (a) (b) | 286518 |  | 7011096 |
|  Perficient, Inc. (a) | 74635 |  | 5211762 |
|  Verra Mobility Corp. (a) | 409823 |  | 5667852 |
|  |  |  | 27656994 |
| **Life Sciences Tools & Services—1.3%** |  |  |  |
|  Repligen Corp. (a) | 66340 |  | 11232025 |
| **Machinery—3.7%** |  |  |  |
|  Chart Industries, Inc. (a) (b) | 55578 |  | 6404253 |
|  Evoqua Water Technologies Corp. (a) | 398835 |  | 15793866 |
|  Nordson Corp. | 44841 |  | 10659602 |
|  |  |  | 32857721 |
| **Metals & Mining—0.3%** |  |  |  |
|  Cleveland-Cliffs, Inc. (a) (b) | 62998 |  | 1014898 |
|  MP Materials Corp. (a) (b) | 64093 |  | 1556178 |
|  |  |  | 2571076 |
| **Oil, Gas & Consumable Fuels—4.1%** |  |  |  |
|  Centennial Resource Development, Inc. - Class A (b) | 702800 |  | 6606320 |
|  Chord Energy Corp. (b) | 58564 |  | 8012141 |
|  Matador Resources Co. (b) | 195079 |  | 11166322 |
|  Range Resources Corp. (b) | 219321 |  | 5487411 |
|  SM Energy Co. | 153071 |  | 5331463 |
|  |  |  | 36603657 |
| **Pharmaceuticals—3.3%** |  |  |  |
|  Arvinas, Inc. (a) (b) | 89816 |  | 3072605 |
|  Harmony Biosciences Holdings, Inc. (a) (b) | 136380 |  | 7514538 |
|  Intra-Cellular Therapies, Inc. (a) | 101618 |  | 5377625 |
|  Pacira BioSciences, Inc. (a) | 152609 |  | 5892233 |
| **Pharmaceuticals—(Continued)** |  |  |  |
|  Prestige Consumer Healthcare, Inc. (a) | 119518 |  | 7481827 |
|  |  |  | 29338828 |
| **Professional Services—2.9%** |  |  |  |
|  ASGN, Inc. (a) | 80235 |  | 6537548 |
|  CACI International, Inc. - Class A (a) | 25534 |  | 7675265 |
|  Clarivate plc (a) | 304905 |  | 2542908 |
|  KBR, Inc. (b) | 174209 |  | 9198235 |
|  |  |  | 25953956 |
| **Road & Rail—0.9%** |  |  |  |
|  Saia, Inc. (a) (b) | 36449 |  | 7642626 |
| **Semiconductors & Semiconductor Equipment—5.9%** | **Semiconductors & Semiconductor Equipment—5.9%** | **Semiconductors & Semiconductor Equipment—5.9%** | **Semiconductors & Semiconductor Equipment—5.9%** |
|  Allegro MicroSystems, Inc. (a) (b) | 409454 |  | 12291809 |
|  Diodes, Inc. (a) | 78628 |  | 5986736 |
|  Impinj, Inc. (a) | 127974 |  | 13972201 |
|  Lattice Semiconductor Corp. (a) | 139627 |  | 9059000 |
|  MKS Instruments, Inc. (b) | 54761 |  | 4639899 |
|  Power Integrations, Inc. | 92373 |  | 6624992 |
|  |  |  | 52574637 |
| **Software—9.2%** |  |  |  |
|  Altair Engineering, Inc. - Class A (a) (b) | 177715 |  | 8080701 |
|  CCC Intelligent Solutions Holdings, Inc. (a) | 633681 |  | 5513025 |
|  Clearwater Analytics Holdings, Inc. - Class A (a) (b) | 67326 |  | 1262362 |
|  Descartes Systems Group, Inc. (The) (a) | 130767 |  | 9107922 |
|  Gitlab, Inc. - Class A (a) (b) | 101061 |  | 4592212 |
|  Guidewire Software, Inc. (a) | 115208 |  | 7207412 |
|  Hashicorp, Inc. - Class A (a) (b) | 80802 |  | 2209127 |
|  KnowBe4, Inc. - Class A (a) | 261007 |  | 6467753 |
|  Manhattan Associates, Inc. (a) | 75748 |  | 9195807 |
|  Paycor HCM, Inc. (a) | 241461 |  | 5908551 |
|  Procore Technologies, Inc. (a) (b) | 147900 |  | 6977922 |
|  Sprout Social, Inc. - Class A (a) (b) | 137912 |  | 7786512 |
|  Workiva, Inc. (a) (b) | 90828 |  | 7626827 |
|  |  |  | 81936133 |
| **Specialty Retail—1.1%** |  |  |  |
|  National Vision Holdings, Inc. (a) (b) | 254333 |  | 9857947 |
| **Textiles, Apparel & Luxury Goods—1.0%** |  |  |  |
|  Kontoor Brands, Inc. (b) | 216242 |  | 8647518 |
| **Trading Companies & Distributors—1.2%** |  |  |  |
|  WESCO International, Inc. (a) | 89214 |  | 11169593 |
| **Water Utilities—0.8%** |  |  |  |
|  American States Water Co. | 78498 |  | 7264990 |
|  Total Common Stocks <br>(Cost $843,729,866) |  |  | 858346923 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Short-Term Investment—3.6%** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** | **Value** |
| **Repurchase Agreement—3.6%** | | | |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $32,249,526; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $32,887,962. | 32243077 | $| 32243077 |
|  Total Short-Term Investments <br>(Cost $32,243,077) |  |  | 32243077 |
| **Securities Lending Reinvestments (c)—12.7%** | **Securities Lending Reinvestments (c)—12.7%** | **Securities Lending Reinvestments (c)—12.7%** | **Securities Lending Reinvestments (c)—12.7%** |
| **Certificates of Deposit—1.8%** |  |  |  |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (d) | 1000000 |  | 1001351 |
|  Bank of Nova Scotia<br>4.710%, FEDEFF PRV + 0.380%, 01/06/23 (d) | 3000000 |  | 3000053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (d) | 2000000 |  | 2000840 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (d) | 1000000 |  | 1000071 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (d) | 3000000 |  | 3000000 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (d) | 3000000 |  | 3001184 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (d) | 1000000 |  | 1001518 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (d) | 2000000 |  | 2000000 |
|  |  |  | 16005017 |
| **Commercial Paper—1.0%** |  |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (d) | 3000000 |  | 3000759 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (d) | 3000000 |  | 3000810 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (d) | 3000000 |  | 3000000 |
|  |  |  | 9001569 |
| **Repurchase Agreements—5.9%** |  |  |  |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $3,013,475; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $3,060,000. | 3000000 |  | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000. | 2000000 |  | 2000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $15,565,862; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $15,883,397. | 15558428 |  | 15558428 |
| **Repurchase Agreements—(Continued)** |  |  |  |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $2,192,809; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $2,244,073. | 2191758 |  | 2191758 |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $3,703,108; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $3,782,799. | 3700000 |  | 3700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $7,006,057; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $7,621,800. | 7000000 |  | 7000000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $600,283; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $613,084. | 600000 |  | 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $1,000,488; collateralized by various Common Stock with an aggregate market value of $1,112,847. | 1000000 |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $7,003,430; collateralized by various Common Stock with an aggregate market value of $7,790,964. | 7000000 |  | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $1,601,375; collateralized by various Common Stock with an aggregate market value of $1,781,107. | 1600000 |  | 1600000 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $9,004,400; collateralized by various Common Stock with an aggregate market value of $10,025,884. | 9000000 |  | 9000000 |
|  |  |  | 52650186 |
| **Mutual Funds—4.0%** |  |  |  |
|  Allspring Government Money Market Fund, Select Class 4.090% (e) | 2000000 |  | 2000000 |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (e) | 2000000 |  | 2000000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (e) | 1000000 |  | 1000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (e) | 10000000 |  | 10000000 |
|  HSBC U.S. Government Money Market Fund, Class I 4.130% (e) | 7000000 |  | 7000000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (e) | 5000000 |  | 5000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Mutual Funds—(Continued)** | | |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (e) | 3000000 | $3000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (e) | 5000000 | 5000000 |
|  |  | 35000000 |
|  Total Securities Lending Reinvestments <br>(Cost $112,650,253) |  | 112656772 |
|  Total Investments—112.8% <br>(Cost $988,623,196) |  | 1003246772 |
|  Other assets and liabilities (net)—(12.8)% |  | (113465308) |
| **Net Assets—100.0%** |  | $889781464 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $109,909,698 and the collateral received consisted of cash in the amount of $112,650,268. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(d) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(e) The rate shown represents the annualized seven-day yield as of December 31, 2022.

**Glossary of Abbreviations** 

Index Abbreviations

------

(FEDEFF PRV)— Effective Federal Funds Rate <br> (SOFR)— Secured Overnight Financing Rate

Other Abbreviations

------

(ADR)— American Depositary Receipt

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Common Stocks\* | $858346923 | $— | $— | $858346923 |
|  Total Short-Term Investment\* |  | 32243077 |  | 32243077 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 16005017 |  | 16005017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 9001569 |  | 9001569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 52650186 |  | 52650186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 35000000 |  |  | 35000000 |
|  Total Securities Lending Reinvestments | 35000000 | 77656772 |  | 112656772 |
|  Total Investments | $893346923 | $109899849 | $— | $1003246772 |
|  Collateral for Securities Loaned (Liability) | $— | $(112650268) | $— | $(112650268) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1003246772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 88544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 323328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1003661850 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 26930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian denominated in foreign currencies (c) | 124983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 112650268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 104870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 595635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 87813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 162784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 127103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 113880386 |
|  **Net Assets** | $889781464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $970374937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (80593473) |
|  **Net Assets** | $889781464 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $482390667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 394370941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 13019856 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 66068364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 68055907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 1976942 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $7.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 5.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 6.59 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Includes securities loaned at value of $109,909,698.

(b) Identified cost of investments was $988,623,196.

(c) Identified cost of cash due to bank denominated in foreign currencies was $125,060.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $5555210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 199155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 925791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 6680156 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 8356390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 49863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 81933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 1088746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 22778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 53373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 8496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9778968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (873601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (7791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8897576 |
|  **Net Investment Loss** | (2217420) |
|  **Net Realized and Unrealized Gain (Loss)** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (95516019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4217) |
|  Net realized gain (loss) | (95520236) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (358764423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 75 |
|  Net change in unrealized appreciation (depreciation) | (358764348) |
|  Net realized and unrealized gain (loss) | (454284584) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(456502004) |

---

(a) Net of foreign withholding taxes of $23,656.

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2217420) | $(7149112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (95520236) | 328213869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (358764348) | (225789414) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (456502004) | 95275343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (161499702) | (119784219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (154435354) | (113299833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (4808048) | (4351039) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Return of Capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (142543) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (136308) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (4244) |  |
|  **Total distributions** | (321026199) | (237435091) |
|  **Increase (decrease) in net assets from capital share transactions** | 414438000 | 69728995 |
|  **Total increase (decrease) in net assets** | (363090203) | (72430753) |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1252871667 | 1325302420 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $889781464 | $1252871667 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 7419877 | $90615117 | 1419495 | $27081801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 22993207 | 161642245 | 7202900 | 119784219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (2767120) | (23247025) | (7837699) | (152041998) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 27645964 | $229010337 | 784696 | $(5175978) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 7659215 | $72705863 | 4236640 | $69246579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 27651460 | 154571662 | 7862584 | 113299833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (6208366) | (44720860) | (6614076) | (111761868) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 29102309 | $182556665 | 5485148 | $70784544 |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 164280 | $1461758 | 300796 | $5526969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 757841 | 4812292 | 279271 | 4351039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (368790) | (3403052) | (328052) | (5757579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 553331 | $2870998 | 252015 | $4120429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $414438000 |  | $69728995 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $17.05 | $19.33 | $13.12 | $12.51 | $15.51 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.01) | (0.08) | (0.06) | 0.02 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (6.10) | 1.37 | 7.11 | 2.91 | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (6.11) | 1.29 | 7.05 | 2.93 | (0.98) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (3.64) | (3.57) | (0.83) | (2.32) | (2.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | (0.00)(b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.64) | (3.57) | (0.84) | (2.32) | (2.02) |
|  **Net Asset Value, End of Period** | $7.30 | $17.05 | $19.33 | $13.12 | $12.51 |
|  **Total Return (%)** (b) (c) | (35.04) | 7.12 | 57.24 | 24.64 | (8.77) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.89 | 0.88 | 0.89 | 0.89 | 0.88 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 0.80 | 0.78 | 0.80 | 0.80 | 0.85 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.11) | (0.44) | (0.41) | 0.18 | (0.10) |
|  Portfolio turnover rate (%) | 54 | 36 | 50 | 32 | 20 |
|  Net assets, end of period (in millions) | $482.4 | $655.2 | $727.4 | $633.2 | $537 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.76 | $17.22 | $11.80 | $11.48 | $14.41 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.03) | (0.11) | (0.08) | (0.01) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.30) | 1.22 | 6.33 | 2.65 | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (5.33) | 1.11 | 6.25 | 2.64 | (0.91) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (3.64) | (3.57) | (0.83) | (2.32) | (2.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | (0.00)(b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.64) | (3.57) | (0.83) | (2.32) | (2.02) |
|  **Net Asset Value, End of Period** | $5.79 | $14.76 | $17.22 | $11.80 | $11.48 |
|  **Total Return (%)** (c) | (35.26)(f) | 6.93 | 56.76 | 24.41 | (9.05) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 1.14 | 1.13 | 1.14 | 1.14 | 1.13 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 1.05 | 1.03 | 1.05 | 1.05 | 1.10 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.36) | (0.68) | (0.66) | (0.07) | (0.34) |
|  Portfolio turnover rate (%) | 54 | 36 | 50 | 32 | 20 |
|  Net assets, end of period (in millions) | $394.4 | $574.9 | $576.4 | $424.7 | $363.7 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $15.97 | $18.34 | $12.49 | $12.03 | $15.00 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.02) | (0.10) | (0.07) | 0.00 (g) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.72) | 1.30 | 6.75 | 2.78 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (5.74) | 1.20 | 6.68 | 2.78 | (0.95) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (3.64) | (3.57) | (0.83) | (2.32) | (2.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | (0.00)(b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.64) | (3.57) | (0.83) | (2.32) | (2.02) |
|  **Net Asset Value, End of Period** | $6.59 | $15.97 | $18.34 | $12.49 | $12.03 |
|  **Total Return (%)** (c) | (35.11) | 7.01 | 57.08 | 24.45 | (8.95) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 1.04 | 1.03 | 1.04 | 1.04 | 1.03 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 0.95 | 0.93 | 0.95 | 0.95 | 1.00 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.27) | (0.58) | (0.56) | 0.03 | (0.25) |
|  Portfolio turnover rate (%) | 54 | 36 | 50 | 32 | 20 |
|  Net assets, end of period (in millions) | $13 | $22.7 | $21.5 | $14.8 | $12.9 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Distributions from return of capital were less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts.
If these charges were included, the returns would be lower.

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022 , 2021, 2020, 2019 and 2018, respectively (see Note 5 of the Notes to
Financial Statements).

(f) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the
returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

(g) Net investment income (loss) was less than $0.01.

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Invesco Small Cap Growth Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Due to Custodian -** Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio's assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $151,913 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio's average overdraft advances during the year ended December 31, 2022 were not significant.

**Special Purpose Acquisition Companies -** The Portfolio may invest in Special Purpose Acquisition Companies ("SPAC"). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an "IPO") for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a "Transaction"). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant.The shares of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio's ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC's management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $32,243,077. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $52,650,186. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**Directed Brokerage Agreement -** The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $605816844 | $0 | $519726158 |

---

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $8356390 | 0.880% | First $500 million |
|  | 0.830% | Over $500 million |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver** - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.100%<br> 0.050% | First $500 million<br> Next $500 million |
| 0.100% | Over $1 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $752,637 and are included in the amount shown as a management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $120,964 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**Affiliated Broker -** During the year ended December 31, 2022 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

---

| | |
|:---|:---|
| **Affiliate** | **Commission** |
|  Invesco Capital Markets, Inc. | $27153 |

---

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $988611099 |
|  Gross unrealized appreciation | 136060645 |
|  Gross unrealized (depreciation) | (121424972) |
|  Net unrealized appreciation (depreciation) | $14635673 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Return of Capital** | **Return of Capital** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $76749607 | $51121432 | $243993497 | $186313659 | $283095 | $— | $321026199 | $237435091 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $— | $– $| 14635749 | $(95066437) | $(80430688) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $95,066,437.

**8. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Invesco Small Cap Growth Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Invesco Small Cap Growth Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Invesco Small Cap Growth Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT</u> <u>II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Invesco Small Cap Growth Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio underperformed its benchmark, the Russell 2000 Growth Index, for the one-year period ended October 31, 2022 and outperformed its benchmark for the three- and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees were equal to the Expense Group median and below the Expense Universe median and the Sub-advised Expense Universe median. The Board also considered that the Portfolio's total expenses

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Invesco Small Cap Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

(exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Managed By J.P. Morgan Asset Management** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the JPMorgan Core Bond Portfolio returned -12.58% and -12.87%, respectively. The Portfolio's benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned -13.01%.

**MARKET ENVIRONMENT / CONDITIONS** 

After an exceptional 2021, the first quarter of 2022 was challenging for risk assets. Concerns over the economic implications of the Russian invasion of Ukraine and the potential need for a faster pace of interest rate hikes to combat higher inflation weighed on fixed income returns. Furthermore, a new round of COVID-19 cases in China weighed on economic activity.

The second quarter of 2022 was again challenging for risk assets after what had been a tough start to the year. The sustained inflationary pressures prompted ultra-hawkish tones and sharp policy pivots across developed market central banks. Volatility continued to be elevated due to the market's concerns that the central banks would be unable to walk the fine line of tightening monetary policy to a level that would bring down inflation, yet allow growth to remain positive, preventing a recession.

Risk assets sold-off and yields climbed higher over the third quarter as the growth outlook faltered and central banks pushed forth with aggressive policy stance. The growth outlook remained challenging as central banks were confronted with the biggest inflation shock since the 1970s. Central banks continued to prioritize the fight against inflation over supporting growth. Central banks backed up their tough talk with policy rate hikes totaling 1.5% from the U.S. Federal Reserve (the "Fed"), 1.25% from the European Central Bank and +1% from the Bank of England, as they looked to bring down core inflation.

Developed market central banks continued to tighten policy rates during the fourth quarter in their sustained effort to combat inflation, though the pace of rate hikes slowed.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

Treasury yields were materially higher across the curve during 2022. The two-year yield increased by 3.69% to 4.43%, the 10-year yield increased by 2.36% to 3.87%, and the 30-year yield moved 2.06% higher to 3.96%. The spread (the difference) between two and 10-year Treasury yields flattened (or decreased) 1.33% to finish the period at -0.55%. The Portfolio held a shorter duration posture during the period which was positive given the increase in rates across the yield curve. Additionally, the Portfolio's yield curve positioning was marginally positive for performance during the year. The Portfolio's marginal overweight the 5- to 10-year segment, and marginal underweight the 20+ year segment of the curve was positive as government bonds posted negative returns during the period.

Risk assets underperformed on the heels of significant spread widening during the period and the Portfolio's underweight to U.S. Treasury debt was negative for performance. In addition, the Portfolio's shorter spread duration profile was additive to performance.

The agency mortgage-backed securities ("MBS") sector trailed comparable duration Treasuries during 2022, producing returns of -2.23% for the year versus comparable duration Treasuries. The Portfolio's underweight to, and security selection within, agency MBS was positive for performance, as specified mortgage pools, collateralized mortgage obligations ("CMOs"), and agency commercial mortgage-backed securities ("CMBS"), outperformed to-be-announced ("TBA") mortgage paper as the Fed began the tapering of their asset purchase program, higher interest rates, and increased interest rate volatility, weighed on the sector. The Portfolio has generally favored specified pools, CMOs, and agency CMBS in lieu of TBA mortgages.

Investment grade corporate credit was the second worst performing sector during the year versus like-duration Treasuries. The option adjusted spread of the Bloomberg Corporate Index ended the period at 1.30%, which was 0.38% wider than at the start of the year. The move resulted in corporate bonds trailing duration neutral Treasuries by 1.25%. The worst performing sub-sector within corporate bonds was financials, followed by industrials and utilities. The sub-sectors trailed like-duration Treasuries by 1.76%, 1.01%, and 0.92%, respectively. As a result, the Portfolio's overweight to investment grade credit was negative for performance, in addition, the Portfolio's security selection within the sector was negative for excess returns.

The Portfolio's overweight allocation to asset-backed securities ("ABS") was a positive to performance as ABS was the top performing securitized sector within the Portfolio's benchmark index during the period. According to the Bloomberg ABS Index the sector trailed duration-neutral Treasuries by 0.30%.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Managed By J.P. Morgan Asset Management** 

**Portfolio Manager Commentary\*—(Continued)** 

The Portfolio held a slightly shorter duration posture for the period. The Portfolio kept a marginal overweight in the belly (middle) of the yield curve, and marginal underweight the long end of the yield curve. The Portfolio ended the period overweight ABS, CMBS, non-agency MBS, and investment grade corporate credit, while underweight Treasury and agency debt, and agency MBS.

**Richard Figuly** 

**Justin Rucker** 

**Steve Lear** 

Portfolio Managers

*J.P. Morgan Asset Management* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX**![LOGO](g382964g07d32.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** | **Since Inception<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**JPMorgan Core Bond Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -12.58 | 0.32 |  | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -12.87 | 0.05 | 0.81 |  |
| &nbsp;&nbsp;&nbsp;**Bloomberg U.S. Aggregate Bond Index** | -13.01 | 0.02 | 1.06 |  |

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<sup>1</sup> Inception dates of the Class A and Class B shares are 2/28/2013 and 4/28/2008, respectively. Class C shares were converted to Class B shares effective 1/7/2013.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class B shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Sectors** 

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| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Treasury & Government Agencies** | **53.8** |
| **Corporate Bonds & Notes** | **27.6** |
| **Asset-Backed Securities** | **12.9** |
| **Mortgage-Backed Securities** | **4.7** |
| **Foreign Government** | **0.5** |

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**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JPMorgan Core Bond Portfolio** |  | **<br>Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending <br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.45% | $1000.00 | $968.20 | $2.23 |
|  | Hypothetical\* | 0.45% | $1000.00 | $1022.94 | $2.29 |
|  Class B (a) | Actual | 0.70% | $1000.00 | $966.00 | $3.47 |
|  | Hypothetical\* | 0.70% | $1000.00 | $1021.68 | $3.57 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—54.0% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage-Backed—27.0%** | **Agency Sponsored Mortgage-Backed—27.0%** | **Agency Sponsored Mortgage-Backed—27.0%** |
|  Fannie Mae 15 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.930%, 11/01/31 | 4300000 | $3490797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.730%, 10/01/32 | 2463120 | 2320050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.805%, 11/01/32 | 2025000 | 1919261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.290%, 12/01/32 | 2560000 | 2709325 |
|  Fannie Mae 20 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/31 | 434079 | 420167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/28 | 86103 | 87400 |
|  Fannie Mae 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/50 | 3872847 | 3317881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 3720238 | 3177285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51 | 3174147 | 2688637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 3047342 | 2590637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 4290108 | 3669131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/52 | 2818659 | 2474853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/42 | 768210 | 719127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/42 | 257409 | 240955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/50 | 3154556 | 2929135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/50 | 2387153 | 2190658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/51 | 2049908 | 1865844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/52 | 4728845 | 4303226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.895%, 09/01/35 | 3450000 | 3382617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/47 | 722160 | 691986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/40 | 179785 | 177711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/35 | 312029 | 314753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/39 | 130249 | 135769 |
|  Fannie Mae ARM Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.622%, 1M LIBOR + 0.480%, 09/01/24 (a) | 3349623 | 3316573 |
|  Fannie Mae Benchmark REMIC (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/25/37 | 333344 | 338336 |
|  Fannie Mae Grantor Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.898%, 06/25/27 | 3916138 | 3652603 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.754%, 03/01/32 | 5048827 | 4066193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/01/33 | 3484000 | 2732120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.010%, 01/01/32 | 4050000 | 3317686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440%, 06/01/30 | 2972943 | 2606360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.510%, 10/01/30 | 3150000 | 2741259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640%, 05/01/23 | 1979027 | 1957909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 05/01/23 | 5000000 | 4947377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730%, 07/01/28 | 2868891 | 2626340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.810%, 09/01/31 | 1416347 | 1254569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.970%, 06/01/30 | 2750000 | 2483131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.980%, 09/01/36 | 1274627 | 1143596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/43 | 1625295 | 1451720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/60 | 2830557 | 2476359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/26 | 55499 | 53666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/33 | 1224026 | 1158914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/33 | 1458421 | 1376541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/43 | 1112973 | 1039468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/60 | 2330250 | 2137730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.540%, 06/01/32 | 4357000 | 4046257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 02/01/30 | 1500000 | 1416653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760%, 11/01/23 | 1015065 | 1001457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 09/01/32 | 3411180 | 3232752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 08/01/33 | 4912701 | 4604178 |
| **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/32 | 336136 | 319610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/40 | 90807 | 86781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/42 | 601827 | 576638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.748%, 02/01/33 | 3100000 | 3146686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/58 | 2028315 | 2096949 |
|  Fannie Mae REMICS (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/25/43 (b) | 646965 | 484371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/25/43 (b) | 374999 | 274741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/25/43 (b) | 679235 | 514776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.499%, 03/25/27 (a) | 9773 | 9596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.141%, -1x 1M LIBOR + 6.530%, 01/25/41 (a) (c) | 1883537 | 213353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/25/43 | 1719736 | 1593909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/25/57 | 2496471 | 2357550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.889%, 1M LIBOR + 0.500%, 05/25/35 (a) | 144758 | 144661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.889%, 1M LIBOR + 0.500%, 10/25/42 (a) | 243273 | 237115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989%, 1M LIBOR + 0.600%, 10/25/43 (a) | 838401 | 820448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989%, 1M LIBOR + 0.600%, 12/25/43 (a) | 810148 | 793476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/25/40 | 2169489 | 2157056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.289%, 1M LIBOR + 0.900%, 03/25/38 (a) | 123356 | 123125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, 1M LIBOR + 1.000%, 08/25/32 (a) | 277665 | 279630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/25/35 | 594005 | 598962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/25/36 | 787814 | 787792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/18/28 | 44198 | 45094 |
|  Fannie Mae-ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.670%, 10/25/30 | 1571520 | 1415451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/25/33 | 703727 | 662021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/25/30 | 995000 | 853394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.707%, 11/25/31 (a) | 7400000 | 5822179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.893%, 10/25/30 (a) (c) | 15527133 | 1340897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.938%, 01/25/32 (a) | 5000000 | 4007468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.943%, 11/25/33 (a) (c) | 7114233 | 635637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.471%, 12/25/26 (a) | 687343 | 633937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.488%, 05/25/26 | 1409982 | 1319537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.056%, 03/25/28 (a) | 1879982 | 1750042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.061%, 05/25/27 (a) | 2747025 | 2584700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.063%, 06/25/27 (a) | 2223017 | 2084873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.069%, 02/25/30 (a) | 1322973 | 1216976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.099%, 04/25/29 (a) | 2235453 | 2066039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.346%, 03/25/24 (a) | 1131244 | 1107774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.358%, 07/25/28 (a) | 3757000 | 3577052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.501%, 01/25/24 (a) | 477823 | 469105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.547%, 09/25/28 (a) | 2764751 | 2654123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.751%, 08/25/32 | 2600000 | 2448921 |
| Freddie Mac 20 Yr. Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/32 | 387215 | 375386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/32 | 1252420 | 1191421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/33 | 2044294 | 1940384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/33 | 1955833 | 1854318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/33 | 3086166 | 2911173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/33 | 805840 | 758447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/43 | 898888 | 840583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/32 | 229488 | 217211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/32 | 1139363 | 1087459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/32 | 549879 | 526471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/33 | 50095 | 47744 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** |
| Freddie Mac 20 Yr. Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/33 | 249851 | $238118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/46 | 1268636 | 1213852 |
|  Freddie Mac 30 Yr. Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/42 | 910909 | 875762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/43 | 1670003 | 1602182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/48 | 1545468 | 1475968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/34 | 174980 | 173744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/39 | 494768 | 501584 |
|  Freddie Mac 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50 | 6792610 | 5789268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/52 | 2966174 | 2615959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/52 | 5466806 | 5129783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/52 | 9299895 | 8726562 |
| Freddie Mac ARM Non-Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.779%, 12M LIBOR + 1.835%, 07/01/40 (a) | 336208 | 340150 |
|  Freddie Mac Multifamily Structured Credit Risk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.728%, SOFR30A + 1.800%, 07/25/41 (144A) (a) | 1546837 | 1407379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.178%, SOFR30A + 4.250%, 05/25/52 (144A) (a) | 1391446 | 1377532 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920%, 06/25/32 | 3100000 | 2724418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.117%, 06/25/27 | 2487000 | 2352266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.214%, 04/25/28 (a) | 1790000 | 1666973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.243%, 04/25/27 | 1996000 | 1898905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.303%, 11/25/27 (a) | 1755000 | 1668374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.326%, 05/25/27 | 1072000 | 1017797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690%, 01/25/29 | 397000 | 381611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.710%, 09/25/32 | 3035000 | 2844097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 10/25/32 | 2100000 | 1982135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 05/25/28 (a) | 7385000 | 7139161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 08/25/28 (a) | 3170000 | 3078598 |
|  Freddie Mac Multifamily WI Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.820%, 01/25/33 | 2800000 | 2631959 |
|  Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 06/01/34 | 3300000 | 3055059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/01/32 | 3500000 | 3290802 |
|  Freddie Mac REMICS (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.052%, -1x 1M LIBOR + 6.370%, 10/15/37 (a) (c) | 1713062 | 175524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.082%, -1x 1M LIBOR + 6.400%, 11/15/36 (a) (c) | 855670 | 65829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/26 | 266222 | 258841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.768%, 1M LIBOR + 0.450%, 08/15/42 (a) | 1888447 | 1846905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.998%, 1M LIBOR + 0.680%, 11/15/37 (a) | 324659 | 322880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/35 | 669244 | 667784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.018%, 1M LIBOR + 0.700%, 03/15/24 (a) | 27041 | 27045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.668%, 1M LIBOR + 1.350%, 03/15/38 (a) | 600000 | 615118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/15/35 | 1832094 | 1864496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/15/36 | 1475558 | 1538812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/15/28 | 94475 | 96206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/15/37 | 319620 | 332034 |
|  Freddie Mac STACR Trust (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/25/57 | 3772496 | 3542786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/25/57 | 3394730 | 3204586 |
|  Freddie Mac Strips (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/15/43 (b) | 376749 | 295241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/43 | 1274035 | 1151125 |
| **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.579%, 11/25/49 (144A) (a) | 1700000 | 1563400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.664%, 04/25/28 (144A) (a) | 3100000 | 2757615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.673%, 11/25/49 (144A) (a) | 2000000 | 1908241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.949%, 07/25/49 (144A) (a) | 1635000 | 1624073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.074%, 11/25/47 (144A) (a) | 1577000 | 1513807 |
|  Ginnie Mae II 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 | 2735285 | 2373594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/20/51 | 1664986 | 1482878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/51 | 2854031 | 2594418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/52 | 3319276 | 3061803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/20/52 | 3167842 | 3007675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/20/52 | 3399666 | 3242505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/52 | 7022127 | 6645348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/20/49 | 1923376 | 1866465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/20/52 | 3471378 | 3413179 |
|  Ginnie Mae II ARM Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1Y H15 + 1.500%, 04/20/41 (a) | 126627 | 125163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.236%, 1Y H15 + 1.698%, 04/20/72 (a) | 3428609 | 3566227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.260%, 1Y H15 + 1.709%, 03/20/72 (a) | 2911271 | 3029371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.261%, 1Y H15 + 1.743%, 04/20/72 (a) | 2957400 | 3078087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.294%, 1Y H15 + 1.751%, 10/20/71 (a) | 3087270 | 3208760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.306%, 1Y H15 + 1.753%, 11/20/71 (a) | 3238636 | 3371671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.315%, 1Y H15 + 1.784%, 09/20/71 (a) | 2974466 | 3097364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.326%, 1Y H15 + 1.777%, 12/20/71 (a) | 2887235 | 3010545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.393%, 1Y H15 + 1.835%, 08/20/71 (a) | 3027088 | 3158620 |
| Government National Mortgage Association (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 02/20/63 | 25990 | 24151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 04/20/63 | 53191 | 49545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953%, 1M LIBOR + 0.550%, 04/20/62 (a) | 1374 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.142%, 1M LIBOR + 0.300%, 08/20/60 (a) | 394 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.142%, 1M LIBOR + 0.300%, 11/20/62 (a) | 733 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%, 1M LIBOR + 0.340%, 12/20/62 (a) | 892910 | 883210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.242%, 1M LIBOR + 0.400%, 02/20/62 (a) | 18844 | 18427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.252%, 1M LIBOR + 0.410%, 03/20/63 (a) | 245469 | 243250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.262%, 1M LIBOR + 0.420%, 02/20/63 (a) | 794013 | 783815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.312%, 1M LIBOR + 0.470%, 03/20/63 (a) | 919880 | 912626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.312%, 1M LIBOR + 0.470%, 07/20/64 (a) | 1315984 | 1307494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.312%, 1M LIBOR + 0.470%, 09/20/64 (a) | 916750 | 907166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.322%, 1M LIBOR + 0.480%, 04/20/63 (a) | 1845422 | 1833694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342%, 1M LIBOR + 0.500%, 01/20/63 (a) | 10553 | 10354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342%, 1M LIBOR + 0.500%, 04/20/63 (a) | 2933909 | 2906549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342%, 1M LIBOR + 0.500%, 06/20/64 (a) | 2908690 | 2876413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342%, 1M LIBOR + 0.500%, 07/20/64 (a) | 1281913 | 1264825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.442%, 1M LIBOR + 0.600%, 04/20/64 (a) | 6542750 | 6492124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458%, 04/20/43 (a) | 1018135 | 983730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 1M LIBOR + 0.650%, 07/20/63 (a) | 735724 | 733743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 1M LIBOR + 0.650%, 01/20/64 (a) | 541939 | 539659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 1M LIBOR + 0.650%, 02/20/64 (a) | 1998238 | 1990055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 1M LIBOR + 0.650%, 03/20/64 (a) | 528369 | 525646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/16/25 | 368373 | 365676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.532%, 1M LIBOR + 0.690%, 02/20/64 (a) | 1155882 | 1148641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 1M LIBOR + 0.700%, 09/20/63 (a) | 1320481 | 1315963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.592%, 1M LIBOR + 0.750%, 09/20/63 (a) | 937867 | 935551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.842%, 1M LIBOR + 1.000%, 12/20/66 (a) | 867589 | 858969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.853%, 1M LIBOR + 0.500%, 09/20/37 (a) | 94809 | 94264 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** | **Agency Sponsored Mortgage-Backed—(Continued)** |
| Government National Mortgage Association (CMO) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.868%, 11/20/42 (a) | 3382456 | $| 3359026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/20/33 | 473235 |  | 473243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/16/39 | 79840 |  | 77949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/20/39 | 913151 |  | 912791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/39 | 919896 |  | 918341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.117%, 06/20/40 (a) | 1366857 |  | 1371681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/16/33 (c) | 404112 |  | 43672 |
|  |  |  | 356130718 |
| **Federal Agencies—0.3%** | **Federal Agencies—0.3%** | **Federal Agencies—0.3%** | **Federal Agencies—0.3%** |
|  Tennessee Valley Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880%, 04/01/36 | 1600000 |  | 1754630 |
|  Tennessee Valley Authority Generic Strip |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/15/32 | 1000000 |  | 645284 |
|  Tennessee Valley Authority Principal Strip |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/01/25 | 1000000 |  | 871778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/15/35 | 750000 |  | 420172 |
|  |  |  | 3691864 |
| **U.S. Treasury—26.7%** | **U.S. Treasury—26.7%** | **U.S. Treasury—26.7%** | **U.S. Treasury—26.7%** |
| U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 05/15/40 | 555000 |  | 347352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/15/50 | 528000 |  | 284151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 08/15/50 | 380000 |  | 211152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 (d) | 6800000 |  | 4046000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/15/41 | 2740000 |  | 1875080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/51 (d) | 13028900 |  | 8280477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 8840000 |  | 5598897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 | 5000 |  | 3570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/15/50 | 5127000 |  | 3386023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/15/51 | 3675000 |  | 2406264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 | 12370000 |  | 9299244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/46 | 7787000 |  | 5510823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/49 | 170000 |  | 119505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/15/52 | 10400000 |  | 7232062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/42 | 11600000 |  | 8856781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 (d) | 4475000 |  | 3234236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45 | 6750000 |  | 5081748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/42 | 9475000 |  | 7594805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/47 (d) | 8000000 |  | 6241562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/43 | 10415000 |  | 8500837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/45 (d) | 7840000 |  | 6312425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/49 | 27000 |  | 21726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/52 (d) | 2280000 |  | 1826850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 (d) | 238000 |  | 196424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/47 | 276000 |  | 225921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/48 | 470000 |  | 385235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 1942000 |  | 1632114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/39 | 859700 |  | 807480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/43 | 4950000 |  | 4550520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/44 | 4325000 |  | 3967005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 | 2908000 |  | 2725568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/40 | 5950000 |  | 5804039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 (d) | 4600000 |  | 4503687 |
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/39 | 2850000 |  | 2935277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/38 | 720000 |  | 753834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/41 (d) | 1200000 |  | 1243125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/15/29 | 500000 |  | 530781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/26 | 2525000 |  | 2654702 |
|  U.S. Treasury Coupon Strips |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/24 (d) | 1500000 |  | 1381710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/25 | 2000000 |  | 1824019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/25 | 5500000 |  | 4970740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/26 | 1014129 |  | 865043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/27 | 400000 |  | 330848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/27 | 570000 |  | 467603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/28 | 15030000 |  | 12071680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/28 | 250000 |  | 198812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/30 | 6300000 |  | 4711909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/30 | 700000 |  | 519142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/30 | 3925000 |  | 2882313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/30 | 5425000 |  | 3947072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/31 | 1775000 |  | 1281634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/31 | 3000000 |  | 2099612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/32 | 12900000 |  | 8935212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/32 | 800000 |  | 548329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/33 | 400000 |  | 259541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/33 (d) | 1000000 |  | 641012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/34 (d) | 2000000 |  | 1266774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/34 | 2600000 |  | 1609827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/35 (d) | 4000000 |  | 2398660 |
|  U.S. Treasury Inflation Indexed Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/15/28 (e) | 711165 |  | 710673 |
| U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 01/31/26 | 1300000 |  | 1156645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 09/30/27 | 3560000 |  | 3001247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 02/28/26 | 13735000 |  | 12238636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 08/15/30 | 1850000 |  | 1456225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 06/30/26 | 8330000 |  | 7448842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 09/30/26 (d) | 665000 |  | 590473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 07/31/28 | 9750000 |  | 8287881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 03/31/28 | 7080000 |  | 6153516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 06/30/28 | 7779500 |  | 6726533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 08/15/31 | 770000 |  | 624362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 2148500 |  | 1748678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/30 (d) | 1105000 |  | 941667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 02/15/26 | 782300 |  | 723505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/31 | 3640000 |  | 3061155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/31/24 | 3485900 |  | 3308882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/31/26 | 1539500 |  | 1409424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 1540000 |  | 1342507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/28/29 (d) | 9200000 |  | 8147391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/32 | 18050000 |  | 15312182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/30/24 | 808000 |  | 777100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 910000 |  | 841359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/15/27 | 550000 |  | 511822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/28/26 | 405000 |  | 384671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/30/27 | 15000000 |  | 14214844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/31/27 | 6113000 |  | 5783710 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/31/29 | 1080000 | $| 1003388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/30/25 | 450000 |  | 435463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/31/25 | 4920000 |  | 4756448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/28 | 6936100 |  | 6544590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/30/29 | 23000000 |  | 21540937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/32 | 3365000 |  | 3101058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/27 | 6570000 |  | 6319005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/29 | 6485000 |  | 6156444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | 13000000 |  | 13004062 |
|  |  |  | 352164099 |
|  Total U.S. Treasury & Government Agencies<br>(Cost $796,467,610) |  |  | 711986681 |
| **Corporate Bonds & Notes—27.7%** | **Corporate Bonds & Notes—27.7%** | **Corporate Bonds & Notes—27.7%** | **Corporate Bonds & Notes—27.7%** |
| **Aerospace/Defense—0.6%** | **Aerospace/Defense—0.6%** | **Aerospace/Defense—0.6%** | **Aerospace/Defense—0.6%** |
|  BAE Systems plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 02/15/31 (144A) (d) | 720000 |  | 558330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/15/50 (144A) | 332000 |  | 214865 |
|  Boeing Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.167%, 02/04/23 | 725000 |  | 722215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 02/04/26 | 905000 |  | 822249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/01/26 | 592000 |  | 548622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/01/26 | 360000 |  | 338747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/01/28 | 659000 |  | 589042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/25 | 435000 |  | 431669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 05/01/27 | 335000 |  | 331308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/01/30 | 675000 |  | 658557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%, 05/01/40 | 550000 |  | 524459 |
|  L3Harris Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 01/15/31 | 640000 |  | 491162 |
|  Northrop Grumman Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/15/45 | 182000 |  | 145157 |
|  Raytheon Technologies Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.820%, 09/01/51 | 1260000 |  | 816183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 03/15/24 (d) | 251000 |  | 246115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/01/46 | 550000 |  | 424495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 04/15/47 | 133000 |  | 113113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/42 | 550000 |  | 494625 |
|  |  |  | 8470913 |
| **Agriculture—0.3%** | **Agriculture—0.3%** | **Agriculture—0.3%** | **Agriculture—0.3%** |
|  Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 02/04/32 | 1250000 |  | 942993 |
|  BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 03/25/28 | 465000 |  | 385914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 09/25/40 | 310000 |  | 210497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 08/15/37 | 660000 |  | 513151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 08/15/47 | 544000 |  | 384376 |
|  BAT International Finance plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.668%, 03/25/26 (d) | 345000 |  | 305689 |
|  Bunge, Ltd. Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/14/31 | 1205000 |  | 988970 |
| **Agriculture—(Continued)** | **Agriculture—(Continued)** | **Agriculture—(Continued)** | **Agriculture—(Continued)** |
| Reynolds American, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 08/04/41 | 570000 |  | 563350 |
|  |  |  | 4294940 |
| **Airlines—0.6%** | **Airlines—0.6%** | **Airlines—0.6%** | **Airlines—0.6%** |
|  Air Canada Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/15/30 (144A) | 407142 |  | 347568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 01/15/30 (144A) | 577315 |  | 463812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/15/25 (144A) | 678052 |  | 620085 |
|  British Airways Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 12/15/32 (144A) | 503176 |  | 426920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 09/20/31 (144A) | 475520 |  | 428518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/20/31 (144A) | 638080 |  | 531130 |
|  Continental Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/29/24 | 110955 |  | 105867 |
|  Spirit Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/15/30 | 230667 |  | 198790 |
|  United Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 10/07/28 | 709941 |  | 573213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/30 | 1050229 |  | 906683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/01/30 | 991164 |  | 825792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/11/26 | 352595 |  | 327586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/25/31 | 1082490 |  | 957467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 08/15/25 | 502992 |  | 467889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 03/01/26 | 531522 |  | 485393 |
|  |  |  | 7666713 |
| **Auto Manufacturers—0.6%** | **Auto Manufacturers—0.6%** | **Auto Manufacturers—0.6%** | **Auto Manufacturers—0.6%** |
|  General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/15/24 | 410000 |  | 379564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 01/08/26 | 1376000 |  | 1211676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 01/08/31 | 424000 |  | 319702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 06/10/31 | 720000 |  | 551646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 04/07/25 | 390000 |  | 376465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 01/17/27 | 332000 |  | 315463 |
|  Hyundai Capital America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 01/08/26 (144A) | 325000 |  | 284236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 06/15/26 (144A) | 645000 |  | 558824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/25 (144A) | 380000 |  | 341779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 01/10/28 (144A) | 635000 |  | 520762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/15/27 (144A) | 400000 |  | 342213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/10/27 (144A) | 240000 |  | 215381 |
|  Nissan Motor Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.345%, 09/17/27 (144A) | 1519000 |  | 1377347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 09/17/30 (144A) | 868000 |  | 736647 |
|  Stellantis Finance U.S., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.691%, 09/15/31 (144A) | 606000 |  | 462380 |
|  Volkswagen Group of America Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/24/27 (144A) | 300000 |  | 251175 |
|  |  |  | 8245260 |
| **Auto Parts & Equipment—0.0%** | **Auto Parts & Equipment—0.0%** | **Auto Parts & Equipment—0.0%** | **Auto Parts & Equipment—0.0%** |
|  Lear Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 01/15/32 | 355000 |  | 267089 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Banks—6.6%** | **Banks—6.6%** | **Banks—6.6%** |
|  ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.470%, 1Y H15 + 1.100%, 12/13/29 (144A) (a) | 200000 | $161726 |
|  AIB Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263%, 3M LIBOR + 1.874%, 04/10/25 (144A) (a) | 425000 | 410045 |
|  Australia & New Zealand Banking Group, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 05/19/26 (144A) | 200000 | 192018 |
|  Banco Nacional de Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/11/30 (144A) | 950000 | 761425 |
|  Banco Santander S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.722%, 1Y H15 + 0.900%, 09/14/27 (a) | 400000 | 341667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.849%, 03/25/26 | 600000 | 529584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%, 05/28/25 | 600000 | 561534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749%, 12/03/30 | 200000 | 153180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147%, 08/18/25 (d) | 600000 | 593359 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.658%, SOFR + 0.910%, 03/11/27 (a) | 2045000 | 1809219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%, SOFR + 1.530%, 07/23/31 (a) | 445000 | 341540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%, SOFR + 1.060%, 06/14/29 (a) | 1018000 | 856641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, SOFR + 1.210%, 10/20/32 (a) | 855000 | 669638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.366%, 3M LIBOR + 0.810%, 01/23/26 (a) | 600000 | 572089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.705%, 3M LIBOR + 1.512%, 04/24/28 (a) | 2500000 | 2313484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 3M LIBOR + 1.070%, 03/05/29 (a) | 382000 | 352481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/22/26 | 520000 | 502294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, SOFR + 1.580%, 04/27/28 (a) | 1100000 | 1051955 |
|  Bank of Ireland Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (a) | 655000 | 552694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.253%, 1Y H15 + 2.650%, 09/16/26 (144A) (a) | 862000 | 855090 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803%, 5Y USD Swap + 1.432%, 12/15/32 (a) | 433000 | 381265 |
|  Banque Federative du Credit Mutuel S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.604%, 10/04/26 (144A) | 840000 | 730665 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.007%, 1Y H15 + 0.800%, 12/10/24 (a) | 1102000 | 1049002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.894%, 1Y H15 + 1.300%, 11/24/32 (a) | 460000 | 350328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.338%, 3M LIBOR + 1.356%, 05/16/24 (a) | 500000 | 496519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.304%, 1Y H15 + 2.300%, 08/09/26 (a) | 755000 | 749356 |
|  BNP Paribas S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.323%, SOFR + 1.004%, 01/13/27 (144A) (a) | 318000 | 277940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.159%, SOFR + 1.218%, 09/15/29 (144A) (a) | 1346000 | 1097288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.219%, SOFR + 2.074%, 06/09/26 (144A) (a) (d) | 402000 | 369092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%, SOFR + 1.507%, 01/13/31 (144A) (a) | 586000 | 480252 |
|  BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 01/20/26 (144A) | 570000 | 499685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.652%, SOFR + 1.520%, 10/06/26 (144A) (a) | 534000 | 474558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.277%, SOFR + 1.312%, 01/20/32 (144A) (a) | 415000 | 310253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/02/26 | 700000 | 651528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/11/24 (144A) | 400000 | 389284 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%, SOFR + 1.167%, 05/01/32 (a) | 915000 | 722360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%, SOFR + 1.351%, 01/25/33 (a) | 527000 | 425297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%, 3M LIBOR + 1.390%, 07/24/28 (a) | 1952000 | 1792696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.878%, 3M LIBOR + 1.168%, 01/24/39 (a) | 150000 | 123977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%, 3M LIBOR + 1.192%, 04/23/29 (a) | 667000 | 613750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/20/26 | 750000 | 725505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 06/10/25 (d) | 566000 | 555532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 09/29/27 | 1294000 | 1233710 |
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.638%, 09/30/32 | 193000 | 143255 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.305%, 03/11/41† (144A) | 355000 | 240912 |
|  Cooperative Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 07/21/26 | 513000 | 481677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/04/25 | 424000 | 413846 |
|  Credit Agricole S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.247%, SOFR + 0.892%, 01/26/27 (144A) (a) | 2283000 | 1996576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.907%, SOFR + 1.676%, 06/16/26 (144A) (a) | 750000 | 683644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.811%, 01/11/41† (144A) | 410000 | 253246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/17/25 (144A) | 295000 | 284570 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.193%, SOFR + 2.044%, 06/05/26 (144A) (a) | 360000 | 307473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.593%, SOFR + 1.560%, 09/11/25 (144A) (a) | 314000 | 277595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.282%, 01/09/28 (144A) | 783000 | 648990 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.129%, SOFR + 1.870%, 11/24/26 (a) | 615000 | 542558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.222%, SOFR + 2.159%, 09/18/24 (a) | 1145000 | 1105868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.035%, SOFR + 1.718%, 05/28/32 (a) (d) | 1351000 | 1023967 |
|  Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/13/26 | 1229000 | 1168739 |
|  DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.605%, 1Y H15 + 0.680%, 03/30/28 (144A) (a) | 1030000 | 871340 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 03/01/38 | 200000 | 247499 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.431%, SOFR + 0.798%, 03/09/27 (a) | 2000000 | 1753816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948%, SOFR + 0.913%, 10/21/27 (a) | 781000 | 682895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%, SOFR + 1.090%, 01/27/32 (a) | 950000 | 723726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640%, SOFR + 1.114%, 02/24/28 (a) | 920000 | 819155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.691%, 3M LIBOR + 1.510%, 06/05/28 (a) | 2614000 | 2428748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.411%, 3M LIBOR + 1.430%, 04/23/39 (a) | 445000 | 384493 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%, SOFR + 1.285%, 08/17/29 (a) | 630000 | 508524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.357%, SOFR + 1.947%, 08/18/31 (a) | 890000 | 680042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 05/25/26 | 200000 | 190483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.041%, 3M LIBOR + 1.546%, 03/13/28 (a) | 432000 | 398103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.292%, 3M LIBOR + 1.348%, 09/12/26 (a) | 300000 | 286967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 01/14/42 (d) | 370000 | 385738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/15/37 | 930000 | 894752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336%, SOFR + 3.030%, 11/03/26 (a) | 910000 | 946465 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.726%, SOFR + 1.005%, 04/01/27 (a) | 285000 | 251506 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.789%, SOFR + 2.060%, 06/01/33 (a) | 170000 | 160512 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.627%, 1Y H15 + 0.850%, 05/11/27 (a) | 720000 | 623193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/22/28 | 633000 | 600776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/04/24 | 685000 | 668467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.582%, 12/10/25 | 400000 | 387319 |
|  Macquarie Bank, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%, 5Y H15 + 1.700%, 03/03/36 (144A) (a) | 825000 | 596727 |
|  Macquarie Group, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 3M LIBOR + 1.750%, 01/15/30 (144A) (a) | 1820000 | 1711651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.207%, 11/22/24 (144A) | 913000 | 918933 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Mitsubishi UFJ Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.538%, 1Y H15 + 0.750%, 07/20/27 (a) | 660000 | $| 572180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.048%, 07/17/30 | 1020000 |  | 804576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.751%, 07/18/39 (d) | 615000 |  | 499592 |
|  Mizuho Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.234%, 1Y H15 + 0.670%, 05/22/27 (a) | 772000 |  | 668669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.226%, 3M LIBOR + 0.830%, 05/25/26 (a) | 795000 |  | 730187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.869%, SOFR + 1.572%, 09/13/30 (a) | 539000 |  | 450745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%, 1Y H15 + 2.050%, 09/13/28 (a) | 790000 |  | 790144 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720%, SOFR + 1.152%, 07/22/25 (a) | 251000 |  | 239961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.591%, 3M LIBOR + 1.340%, 07/22/28 (a) | 1067000 |  | 978706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%, 3M LIBOR + 1.140%, 01/24/29 (a) | 278000 |  | 254580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/29/24 | 700000 |  | 689126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 01/27/45 (d) | 400000 |  | 340934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%, 3M LIBOR + 1.628%, 01/23/30 (a) | 1157000 |  | 1076824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.457%, 3M LIBOR + 1.431%, 04/22/39 (a) | 850000 |  | 746199 |
|  National Australia Bank, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.332%, 08/21/30 (144A) | 470000 |  | 357801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.933%, 5Y H15 + 1.880%, 08/02/34 (144A) (a) | 800000 |  | 672922 |
|  NatWest Group plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.073%, 1Y H15 + 2.550%, 05/22/28 (a) (d) | 570000 |  | 509380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.754%, 5Y H15 + 2.100%, 11/01/29 (a) | 700000 |  | 649248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269%, 3M LIBOR + 1.762%, 03/22/25 (a) | 480000 |  | 469382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 04/05/26 | 1037000 |  | 1014114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%, 3M LIBOR + 1.754%, 05/18/29 (a) (d) | 290000 |  | 274387 |
|  Nordea Bank Abp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/22/27 (144A) | 555000 |  | 557560 |
|  PNC Bank N.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/27/24 | 580000 |  | 556114 |
|  Santander UK Group Holdings plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.673%, SOFR + 0.989%, 06/14/27 (a) | 680000 |  | 578199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.833%, SOFR + 2.749%, 11/21/26 (a) | 671000 |  | 679670 |
|  Societe Generale S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.488%, 1Y H15 + 1.100%, 12/14/26 (144A) (a) | 1552000 |  | 1348941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (a) | 720000 |  | 619495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 1Y H15 + 1.300%, 06/09/32 (144A) (a) | 1670000 |  | 1284777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/14/25 (144A) | 785000 |  | 752997 |
|  Standard Chartered plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.456%, 1Y H15 + 1.000%, 01/14/27 (144A) (a) | 1073000 |  | 929770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.819%, 3M LIBOR + 1.209%, 01/30/26 (144A) (a) | 740000 |  | 688123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866%, 5Y USD ICE Swap + 1.970%, 03/15/33 (144A) (a) | 300000 |  | 264282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.776%, 1Y H15 + 3.100%, 11/16/25 (144A) (a) | 390000 |  | 401660 |
|  Sumitomo Mitsui Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.010%, 10/19/26 | 212000 |  | 195704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.040%, 07/16/29 | 1020000 |  | 881950 |
| UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.494%, 1Y H15 + 0.850%, 08/10/27 (144A) (a) | 415000 |  | 357049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.095%, 1Y H15 + 1.000%, 02/11/32 (144A) (a) | 1070000 |  | 805596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/24/25 (144A) | 850000 |  | 826476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.703%, 1Y H15 + 2.050%, 08/05/27 (144A) (a) | 720000 |  | 695871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.488%, 1Y H15 + 1.550%, 05/12/26 (144A) (a) | 1335000 |  | 1304780 |
|  UniCredit S.p.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (a) | 345000 |  | 294119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%, 1Y H15 + 2.300%, 09/22/26 (144A) (a) | 710000 |  | 628722 |
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| UniCredit S.p.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.861%, 5Y USD ICE Swap + 3.703%, 06/19/32 (144A) (a) | 455000 |  | 399433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.296%, 5Y USD ICE Swap + 4.914%, 04/02/34 (144A) (a) | 230000 |  | 210793 |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 11/04/44 | 595000 |  | 500857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/02/43 | 1005000 |  | 934323 |
|  Westpac Banking Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.133%, 11/18/41 | 693000 |  | 457115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.322%, 5Y USD ICE Swap + 2.236%, 11/23/31 (a) | 1050000 |  | 988218 |
|  |  |  | 86708502 |
| **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 02/01/36 | 1103000 |  | 1041720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/01/46 | 315000 |  | 286359 |
|  Anheuser-Busch InBev Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/01/44 | 185000 |  | 166268 |
|  Anheuser-Busch InBev Worldwide, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/38 | 1300000 |  | 1162084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.439%, 10/06/48 | 950000 |  | 811326 |
|  Coca-Cola Femsa S.A.B. de C.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 09/01/32 | 515000 |  | 387697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 01/22/30 | 276000 |  | 237705 |
|  Constellation Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/48 | 180000 |  | 168628 |
|  Fomento Economico Mexicano S.A.B. de C.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/16/50 | 790000 |  | 554035 |
|  |  |  | 4815822 |
| **Biotechnology—0.2%** | **Biotechnology—0.2%** | **Biotechnology—0.2%** | **Biotechnology—0.2%** |
|  Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 08/15/28 | 430000 |  | 358537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/52 | 595000 |  | 379750 |
|  Baxalta, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/23/45 | 27000 |  | 25801 |
|  Biogen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/01/30 | 450000 |  | 366611 |
|  Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/01/40 | 945000 |  | 659318 |
|  Regeneron Pharmaceuticals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/15/30 | 1000000 |  | 772368 |
|  Royalty Pharma plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 09/02/25 | 303000 |  | 271167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 09/02/31 | 447000 |  | 338038 |
|  |  |  | 3171590 |
| **Building Materials—0.2%** | **Building Materials—0.2%** | **Building Materials—0.2%** | **Building Materials—0.2%** |
|  CRH America Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 05/09/27 (144A) | 214000 |  | 198344 |
|  Lennox International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 08/01/25 | 1630000 |  | 1475355 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Building Materials—(Continued)** | **Building Materials—(Continued)** | **Building Materials—(Continued)** | **Building Materials—(Continued)** |
| Martin Marietta Materials, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 06/01/27 | 499000 | $| 463146 |
|  Masco Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/30 | 260000 |  | 201520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/32 | 720000 |  | 737042 |
|  |  |  | 3075407 |
| **Chemicals—0.2%** | **Chemicals—0.2%** | **Chemicals—0.2%** | **Chemicals—0.2%** |
|  Albemarle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 12/01/44 | 350000 |  | 316273 |
|  Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/01/25 (144A) | 630000 |  | 629032 |
|  DuPont de Nemours, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319%, 11/15/38 | 945000 |  | 908200 |
|  International Flavors & Fragrances, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.832%, 10/15/27 (144A) | 330000 |  | 276958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/26/48 | 404000 |  | 343038 |
|  Nutrien, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/25 (d) | 200000 |  | 190393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/15/35 | 620000 |  | 534104 |
|  |  |  | 3197998 |
| **Commercial Services—0.6%** | **Commercial Services—0.6%** | **Commercial Services—0.6%** | **Commercial Services—0.6%** |
|  ERAC USA Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 11/15/24 (144A) | 925000 |  | 893738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/37 (144A) | 500000 |  | 543206 |
|  Ford Foundation (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.815%, 06/01/70 | 275000 |  | 160402 |
|  Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 05/15/30 (d) | 211000 |  | 172886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/31 | 404000 |  | 318582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 08/15/29 | 1437000 |  | 1221524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 08/15/29 | 272000 |  | 262962 |
|  Pepperdine University |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.301%, 12/01/59 | 450000 |  | 282216 |
|  Quanta Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 01/15/32 | 855000 |  | 649227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/30 | 1110000 |  | 912665 |
|  S&P Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 03/01/32 (144A) | 581000 |  | 495566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/01/29 (144A) | 1056000 |  | 1007948 |
|  Triton Container International, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 06/07/24 (144A) | 850000 |  | 786095 |
|  University of Southern California |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.226%, 10/01/2120 | 440000 |  | 255132 |
|  |  |  | 7962149 |
| **Computers—0.5%** | **Computers—0.5%** | **Computers—0.5%** | **Computers—0.5%** |
|  Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 08/05/51 | 965000 |  | 636167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/12/47 | 1200000 |  | 996658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/13/47 | 200000 |  | 164633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 08/04/46 | 362000 |  | 307361 |
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| CGI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 09/14/26 | 659000 |  | 582799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 09/14/31 | 1184000 |  | 899004 |
|  Dell International LLC / EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 06/15/23 | 99000 |  | 99063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%, 06/15/26 (d) | 1786000 |  | 1821998 |
|  HP, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/17/27 (d) | 490000 |  | 447244 |
|  Leidos, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 02/15/31 | 365000 |  | 279610 |
|  |  |  | 6234537 |
| **Cosmetics/Personal Care—0.2%** | **Cosmetics/Personal Care—0.2%** | **Cosmetics/Personal Care—0.2%** | **Cosmetics/Personal Care—0.2%** |
|  Estee Lauder Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 04/15/30 | 1470000 |  | 1263309 |
|  GSK Consumer Healthcare Capital U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 03/24/29 | 780000 |  | 701404 |
|  |  |  | 1964713 |
| **Distribution/Wholesale—0.0%** | **Distribution/Wholesale—0.0%** | **Distribution/Wholesale—0.0%** | **Distribution/Wholesale—0.0%** |
|  WW Grainger, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 06/15/45 | 190000 |  | 172766 |
| **Diversified Financial Services—2.4%** | **Diversified Financial Services—2.4%** | **Diversified Financial Services—2.4%** | **Diversified Financial Services—2.4%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/30/26 | 393000 |  | 345754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 | 390000 |  | 341032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/14/24 | 770000 |  | 729024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/28 | 485000 |  | 406321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/30/32 | 460000 |  | 359610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/03/26 | 478000 |  | 456220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/23 | 1830000 |  | 1817980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/25 | 208000 |  | 210762 |
|  Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 01/15/26 | 600000 |  | 555153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/01/25 | 484000 |  | 459268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/01/29 | 1065000 |  | 906822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 07/01/25 | 1266000 |  | 1197409 |
|  Aviation Capital Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/15/24 (144A) | 698000 |  | 685600 |
|  Avolon Holdings Funding, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 02/21/26 (144A) | 445000 |  | 383001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.528%, 11/18/27 (144A) | 5211000 |  | 4165124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 02/15/25 (144A) | 1839000 |  | 1698805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/15/26 (144A) | 885000 |  | 802298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/01/26 (144A) | 540000 |  | 492019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/24 (144A) | 805000 |  | 788964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/26 (144A) | 1140000 |  | 1083801 |
|  Blackstone Secured Lending Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 07/14/23 | 610000 |  | 604306 |
|  BOC Aviation, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/10/24 (144A) | 385000 |  | 371640 |
| Brookfield Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 01/25/28 | 358000 |  | 328252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 09/20/47 | 84000 |  | 67509 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Brookfield Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 03/29/29 | 485000 | $| 462585 |
|  Capital One Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.878%, SOFR + 0.855%, 11/02/27 (a) | 324000 |  | 282170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.618%, SOFR + 1.265%, 11/02/32 (a) | 735000 |  | 562806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/29/25 | 200000 |  | 193267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, SOFR + 2.057%, 05/10/28 (a) | 570000 |  | 551821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.985%, SOFR + 2.160%, 07/24/26 (a) | 540000 |  | 528881 |
|  LSEGA Financing plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/06/28 (144A) | 1445000 |  | 1231328 |
|  Nomura Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.648%, 01/16/25 | 845000 |  | 797832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.679%, 07/16/30 | 540000 |  | 431821 |
|  Park Aerospace Holdings, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/23 (144A) | 320000 |  | 319210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/24 (144A) | 96000 |  | 94748 |
|  Private Export Funding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 01/15/24 | 7383000 |  | 7283586 |
|  |  |  | 31996729 |
| **Electric—2.7%** | **Electric—2.7%** | **Electric—2.7%** | **Electric—2.7%** |
|  AEP Transmission Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 09/15/49 | 225000 |  | 155671 |
|  Alabama Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 12/01/23 | 461000 |  | 454939 |
|  Alexander Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841%, 11/15/23 (144A) | 800000 |  | 766361 |
|  Baltimore Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 06/15/33 | 1510000 |  | 1465802 |
|  Berkshire Hathaway Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/36 | 325000 |  | 341032 |
|  CenterPoint Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 06/01/26 | 699000 |  | 619740 |
|  China Southern Power Grid International Finance BVI Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/08/27 (144A) | 960000 |  | 910096 |
|  Cleveland Electric Illuminating Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 11/15/30 (144A) | 250000 |  | 233872 |
|  Constellation Energy Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/01/41 | 260000 |  | 252274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/01/39 | 160000 |  | 163201 |
|  Consumers Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 08/31/64 | 191000 |  | 155068 |
|  Delmarva Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 05/15/45 | 500000 |  | 401706 |
|  Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 08/15/26 | 183000 |  | 168683 |
|  DTE Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 10/01/37 | 300000 |  | 295480 |
|  Duke Energy Indiana LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/15/46 | 350000 |  | 269078 |
|  Duke Energy Progress LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 08/15/51 | 470000 |  | 307755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 03/15/43 | 200000 |  | 167499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/30/44 | 247000 |  | 212379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 04/01/35 | 360000 |  | 357371 |
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Duquesne Light Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.532%, 10/01/30 (144A) | 450000 |  | 356508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.775%, 01/07/32 (144A) | 280000 |  | 219008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.616%, 08/01/27 (144A) | 1050000 |  | 944309 |
|  Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 11/15/24 | 1180000 |  | 1139144 |
|  Emera U.S. Finance L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/46 | 500000 |  | 385778 |
|  Enel Finance International NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/06/28 (144A) | 465000 |  | 406835 |
|  Entergy Arkansas LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/15/51 | 285000 |  | 171842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 06/01/23 | 765000 |  | 759193 |
|  Entergy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 09/01/26 | 194000 |  | 180111 |
|  Entergy Louisiana LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/01/26 (d) | 414000 |  | 376303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 03/15/51 | 390000 |  | 249509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 06/01/31 | 195000 |  | 166562 |
|  Evergy Metro, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 10/01/41 | 315000 |  | 300645 |
|  Fells Point Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.046%, 01/31/27 (144A) | 1895000 |  | 1724623 |
|  Florida Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/01/34 | 1250000 |  | 1297457 |
|  Fortis, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055%, 10/04/26 | 929000 |  | 861731 |
|  ITC Holdings Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 05/14/30 (144A) | 330000 |  | 278370 |
|  Jersey Central Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 06/01/37 | 200000 |  | 195423 |
|  Massachusetts Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.004%, 08/15/46 (144A) | 402000 |  | 290690 |
|  Mid-Atlantic Interstate Transmission LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 05/15/28 (144A) | 340000 |  | 319946 |
|  Nevada Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/15/40 | 223000 |  | 213064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 04/01/36 | 360000 |  | 392281 |
|  New England Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/05/47 (144A) | 280000 |  | 212559 |
|  New York State Electric & Gas Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/01/26 (144A) | 434000 |  | 407910 |
|  Niagara Mohawk Power Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.960%, 06/27/30 (144A) | 700000 |  | 553340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.508%, 10/01/24 (144A) | 305000 |  | 293005 |
|  Northern States Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/01/28 | 628000 |  | 662430 |
|  NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/02/25 (144A) | 560000 |  | 499493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/02/27 (144A) | 625000 |  | 517847 |
|  OGE Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.703%, 05/26/23 | 435000 |  | 427290 |
|  Ohio Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/51 | 635000 |  | 413144 |
|  Oklahoma Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.553%, 05/26/23 | 525000 |  | 515650 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Oncor Electric Delivery Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 09/15/49 | 670000 | $| 474215 |
|  Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 11/15/23 | 540000 |  | 522623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 03/01/26 | 380000 |  | 348270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/16/24 | 1525000 |  | 1488480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 07/01/25 | 600000 |  | 567994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/15/42 | 245000 |  | 164248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/15/45 | 420000 |  | 297775 |
|  Pennsylvania Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/15/28 (144A) | 113000 |  | 101501 |
|  PG&E Recovery Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%, 07/15/49 | 630000 |  | 638196 |
|  PG&E Wildfire Recovery Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263%, 06/01/36 | 465000 |  | 430872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.099%, 06/01/52 | 675000 |  | 634647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.212%, 12/01/47 | 360000 |  | 347509 |
|  Progress Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/30/31 | 200000 |  | 218071 |
|  Public Service Co. of Colorado |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/15/23 | 400000 |  | 398334 |
|  Public Service Co. of Oklahoma |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/37 | 600000 |  | 628683 |
|  Puget Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.379%, 06/15/28 | 853000 |  | 725796 |
|  San Diego Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 08/15/51 | 635000 |  | 428859 |
|  Sierra Pacific Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/23 | 556000 |  | 550220 |
|  Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 03/01/28 | 500000 |  | 466067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 01/15/36 | 500000 |  | 459774 |
|  Southern Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 09/15/41 | 400000 |  | 361479 |
|  Southwestern Public Service Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/41 | 250000 |  | 217767 |
|  Tampa Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 06/15/49 | 500000 |  | 412529 |
|  Toledo Edison Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 05/15/37 | 400000 |  | 413739 |
|  Tri-State Generation & Transmission Association, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/01/46 | 206000 |  | 152171 |
|  Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 02/15/44 | 126000 |  | 108025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/15/37 | 685000 |  | 708548 |
|  |  |  | 35696399 |
| **Electronics—0.1%** | **Electronics—0.1%** | **Electronics—0.1%** | **Electronics—0.1%** |
|  Arrow Electronics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 09/08/24 | 439000 |  | 421832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/12/28 | 376000 |  | 341569 |
|  |  |  | 763401 |
| **Engineering & Construction—0.0%** | **Engineering & Construction—0.0%** | **Engineering & Construction—0.0%** | **Engineering & Construction—0.0%** |
|  Mexico City Airport Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/31/47 (144A) | 200000 |  | 154000 |
| **Food—0.4%** | **Food—0.4%** | **Food—0.4%** | **Food—0.4%** |
|  Bimbo Bakeries USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/17/51 (144A) | 695000 |  | 522762 |
|  Campbell Soup Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 04/24/50 | 287000 |  | 194316 |
|  Conagra Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 11/01/38 | 205000 |  | 193041 |
|  Kraft Heinz Foods Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/01/46 | 460000 |  | 373797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/01/39 | 600000 |  | 526340 |
|  Kroger Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 09/15/29 | 610000 |  | 687856 |
|  McCormick and Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/15/30 | 1239000 |  | 1033307 |
|  Smithfield Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/30 (144A) | 1160000 |  | 883216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 04/01/29 (144A) | 1100000 |  | 1004850 |
|  Tyson Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 08/15/44 | 100000 |  | 92548 |
|  |  |  | 5512033 |
| **Gas—0.4%** | **Gas—0.4%** | **Gas—0.4%** | **Gas—0.4%** |
|  APA Infrastructure, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 03/23/25 (144A) | 700000 |  | 675901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/15/27 (144A) | 687000 |  | 641542 |
|  Atmos Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 01/15/43 | 460000 |  | 386936 |
|  Brooklyn Union Gas Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.273%, 03/15/48 (144A) | 500000 |  | 374226 |
|  KeySpan Gas East Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742%, 08/15/26 (144A) | 345000 |  | 308231 |
|  NiSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 02/15/31 | 570000 |  | 434525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 09/01/29 | 465000 |  | 403291 |
|  Southern California Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 02/01/30 | 829000 |  | 705468 |
|  Southern Co. Gas Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 10/01/46 | 212000 |  | 158871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 06/01/43 | 375000 |  | 306421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/34 | 1000000 |  | 978849 |
|  Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 09/29/46 | 332000 |  | 228546 |
|  |  |  | 5602807 |
| **Healthcare-Products—0.1%** | **Healthcare-Products—0.1%** | **Healthcare-Products—0.1%** | **Healthcare-Products—0.1%** |
|  Thermo Fisher Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/15/31 | 1065000 |  | 862511 |
| **Healthcare-Services—1.0%** | **Healthcare-Services—1.0%** | **Healthcare-Services—1.0%** | **Healthcare-Services—1.0%** |
|  Aetna, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 06/15/36 | 297000 |  | 315499 |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| Anthem, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 08/15/44 | 324000 | $| 289281 |
|  Bon Secours Mercy Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.205%, 06/01/50 | 625000 |  | 416477 |
|  Children's Hospital Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.585%, 02/01/50 | 430000 |  | 261734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.928%, 07/15/50 | 540000 |  | 340828 |
|  CommonSpirit Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.547%, 10/01/25 | 435000 |  | 391143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782%, 10/01/30 | 430000 |  | 354674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910%, 10/01/50 | 425000 |  | 314537 |
|  Cottage Health Obligated Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.304%, 11/01/49 | 500000 |  | 350722 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.101%, 03/01/28 | 460000 |  | 440829 |
|  Hackensack Meridian Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675%, 09/01/41 | 1180000 |  | 820541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 09/01/50 | 700000 |  | 452484 |
|  Hartford HealthCare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.447%, 07/01/54 | 1100000 |  | 768114 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/51 | 397000 |  | 254702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/39 | 565000 |  | 505553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/26 | 1540000 |  | 1521411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/47 | 445000 |  | 395214 |
|  Memorial Health Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.447%, 11/01/49 (d) | 995000 |  | 721815 |
|  MultiCare Health System |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.803%, 08/15/50 | 365000 |  | 215540 |
|  MyMichigan Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.409%, 06/01/50 | 245000 |  | 168360 |
|  Nationwide Children's Hospital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.556%, 11/01/52 | 181000 |  | 160580 |
|  NYU Langone Hospitals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.380%, 07/01/55 | 410000 |  | 273574 |
|  Piedmont Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.864%, 01/01/52 | 620000 |  | 386665 |
|  Providence St. Joseph Health Obligated Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%, 10/01/26 | 210000 |  | 196772 |
|  Quest Diagnostics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 06/01/26 | 140000 |  | 133515 |
|  Texas Health Resources |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.328%, 11/15/50 | 340000 |  | 194172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330%, 11/15/55 | 250000 |  | 212700 |
|  UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/15/51 | 900000 |  | 643984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/15/35 | 320000 |  | 310235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/53 | 405000 |  | 437305 |
|  Universal Health Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/15/30 | 109000 |  | 86750 |
|  Yale-New Haven Health Services Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%, 07/01/50 | 580000 |  | 346953 |
|  |  |  | 12682663 |
| **Home Builders—0.0%** | **Home Builders—0.0%** | **Home Builders—0.0%** | **Home Builders—0.0%** |
|  Lennar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/30/24 | 280000 |  | 276257 |
| **Insurance—0.9%** | **Insurance—0.9%** | **Insurance—0.9%** | **Insurance—0.9%** |
|  AIA Group, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/09/29 (144A) | 495000 |  | 450116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/06/28 (144A) | 415000 |  | 389655 |
|  AIG SunAmerica Global Financing X |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 03/15/32 (144A) | 500000 |  | 531966 |
|  Aon plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/14/24 | 485000 |  | 473355 |
|  Assurant, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 09/27/23 | 454000 |  | 448941 |
|  Athene Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 01/08/26 (144A) | 420000 |  | 367573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/14/25 (144A) | 115000 |  | 107697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 06/25/24 (144A) | 890000 |  | 846525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/12/26 (144A) | 2125000 |  | 1917183 |
|  Berkshire Hathaway Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 03/15/52 | 620000 |  | 494170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 05/15/43 | 831000 |  | 744948 |
|  Corebridge Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/05/29 (144A) | 390000 |  | 355215 |
|  F&G Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 06/30/26 (144A) | 585000 |  | 520864 |
|  Guardian Life Insurance Co. of America (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 01/24/77† (144A) | 156000 |  | 127299 |
|  Hanover Insurance Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/30 | 380000 |  | 291921 |
|  Hartford Financial Services Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 04/15/43 | 400000 |  | 319834 |
|  Liberty Mutual Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 05/15/25 (144A) | 800000 |  | 837401 |
|  Massachusetts Mutual Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 11/15/23 (144A) | 262000 |  | 266006 |
|  New York Life Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/10/28 (144A) | 485000 |  | 445996 |
|  New York Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 05/15/69 (144A) | 625000 |  | 514365 |
|  Northwestern Mutual Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 06/01/28 (144A) | 620000 |  | 523933 |
|  Pacific Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3M LIBOR + 2.796%, 10/24/67 (144A) (a) (d) | 200000 |  | 152373 |
|  |  |  | 11127336 |
| **Internet—0.2%** | **Internet—0.2%** | **Internet—0.2%** | **Internet—0.2%** |
|  Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 04/13/52 | 1270000 |  | 1051157 |
|  eBay, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 05/10/31 | 2500000 |  | 2049040 |
|  |  |  | 3100197 |
| **Iron/Steel—0.2%** | **Iron/Steel—0.2%** | **Iron/Steel—0.2%** | **Iron/Steel—0.2%** |
|  Nucor Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.979%, 12/15/55 | 250000 |  | 154643 |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Iron/Steel—(Continued)** | **Iron/Steel—(Continued)** | **Iron/Steel—(Continued)** | **Iron/Steel—(Continued)** |
| Reliance Steel & Aluminum Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 08/15/25 | 1810000 | $| 1635286 |
|  Steel Dynamics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/15/27 | 630000 |  | 527847 |
|  |  |  | 2317776 |
| **Machinery-Diversified—0.2%** | **Machinery-Diversified—0.2%** | **Machinery-Diversified—0.2%** | **Machinery-Diversified—0.2%** |
|  Deere & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.100%, 05/15/30 | 400000 |  | 472041 |
|  Nvent Finance Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/15/28 | 562000 |  | 515996 |
|  Otis Worldwide Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.565%, 02/15/30 (d) | 1110000 |  | 932621 |
|  |  |  | 1920658 |
| **Media—0.7%** | **Media—0.7%** | **Media—0.7%** | **Media—0.7%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/42 | 775000 |  | 496586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/51 | 840000 |  | 510777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/50 | 935000 |  | 678762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834%, 10/23/55 | 400000 |  | 369015 |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/01/51 | 1131000 |  | 726379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/01/56 | 663000 |  | 410016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 11/01/63 | 42000 |  | 25396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 03/01/38 | 591000 |  | 509303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 08/15/34 | 556000 |  | 513303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/15/33 | 1880000 |  | 1772007 |
|  COX Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/01/50 (144A) | 630000 |  | 377717 |
|  Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/20/47 | 485000 |  | 360268 |
|  Grupo Televisa S.A.B. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 01/31/46 | 200000 |  | 198604 |
|  Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 07/01/42 | 255000 |  | 188642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/15/40 | 125000 |  | 107870 |
|  TCI Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 02/15/28 | 801000 |  | 874140 |
|  Time Warner Cable LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/41 | 1000000 |  | 829875 |
|  |  |  | 8948660 |
| **Mining—0.2%** | **Mining—0.2%** | **Mining—0.2%** | **Mining—0.2%** |
|  Barrick Gold Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 10/15/35 | 300000 |  | 314372 |
|  Glencore Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/30 (144A) (d) | 2270000 |  | 1842536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/30/23 (144A) | 346000 |  | 344195 |
|  |  |  | 2501103 |
| **Miscellaneous Manufacturing—0.0%** | **Miscellaneous Manufacturing—0.0%** | **Miscellaneous Manufacturing—0.0%** | **Miscellaneous Manufacturing—0.0%** |
|  Parker-Hannifin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 11/21/44 | 333000 |  | 285145 |
| **Oil & Gas—1.0%** | **Oil & Gas—1.0%** | **Oil & Gas—1.0%** | **Oil & Gas—1.0%** |
|  Aker BP ASA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/15/26 (144A) | 389000 |  | 343608 |
|  BP Capital Markets America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939%, 06/04/51 | 1260000 |  | 829587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.017%, 01/16/27 | 655000 |  | 609845 |
|  BP Capital Markets plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%, 09/19/27 | 288000 |  | 270796 |
|  Coterra Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 05/15/27 | 710000 |  | 662942 |
|  Ecopetrol S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/16/25 (d) | 433000 |  | 412372 |
|  Eni S.p.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/12/23 (144A) | 385000 |  | 379615 |
|  EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/01/27 | 200000 |  | 184633 |
|  Exxon Mobil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.995%, 08/16/39 | 690000 |  | 527360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.095%, 08/16/49 | 860000 |  | 614594 |
|  HF Sinclair Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 10/01/23 | 775000 |  | 758873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/26 (d) | 409000 |  | 409343 |
|  Jonah Energy LLC<br>7.800%, 11/10/37 (144A) (f) (g) | 1800000 |  | 1765145 |
|  Marathon Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 05/01/25 | 509000 |  | 501217 |
|  Phillips 66 Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 12/15/29 (144A) | 330000 |  | 287883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/01/26 (144A) | 100000 |  | 93792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/01/46 (144A) | 200000 |  | 177007 |
|  Pioneer Natural Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 08/15/30 | 800000 |  | 626496 |
|  Saudi Arabian Oil Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/24/23 (144A) | 200000 |  | 192253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/24/25 (144A) | 220000 |  | 200379 |
|  Suncor Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 12/01/34 | 668000 |  | 663930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 06/15/26 | 544000 |  | 583935 |
|  TotalEnergies Capital International S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.986%, 06/29/41 | 900000 |  | 670426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 05/29/50 | 870000 |  | 614408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.461%, 07/12/49 | 660000 |  | 493130 |
|  Valero Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 09/15/27 | 391000 |  | 342786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/15/32 | 126000 |  | 141620 |
|  |  |  | 13357975 |
| **Oil & Gas Services—0.1%** | **Oil & Gas Services—0.1%** | **Oil & Gas Services—0.1%** | **Oil & Gas Services—0.1%** |
|  Baker Hughes Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 09/15/40 | 360000 |  | 331934 |
|  Halliburton Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/01/43 | 215000 |  | 183386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/15/35 | 270000 |  | 249781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/01/27 | 200000 |  | 205997 |
|  |  |  | 971098 |

---

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Packaging & Containers—0.1%** | **Packaging & Containers—0.1%** | **Packaging & Containers—0.1%** |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.512%, 04/15/26 (144A) | 894000 | $779842 |
|  WRKCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/15/25 | 300000 | 290139 |
|  |  | 1069981 |
| **Pharmaceuticals—0.9%** | **Pharmaceuticals—0.9%** | **Pharmaceuticals—0.9%** |
|  AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/21/29 | 1583000 | 1427033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/21/39 | 982000 | 840542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/06/42 | 600000 | 520453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 05/14/46 | 220000 | 189075 |
|  AstraZeneca plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 08/06/50 | 390000 | 228411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 09/15/37 | 350000 | 394543 |
|  Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.794%, 05/20/50 | 103000 | 79041 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/39 | 527000 | 468907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 02/20/48 | 427000 | 383938 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 07/15/46 | 156000 | 139171 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/25/28 | 179000 | 173137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/25/48 | 2065000 | 1853430 |
|  CVS Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.704%, 01/10/36 (144A) | 641373 | 576411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.773%, 01/10/33 (144A) | 603097 | 589416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.353%, 07/10/31 (144A) | 119833 | 130992 |
|  Mead Johnson Nutrition Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/25 | 89000 | 87153 |
|  Mylan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/15/28 | 350000 | 323778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 11/29/43 | 400000 | 316636 |
|  Shire Acquisitions Investments Ireland DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 09/23/26 | 2100000 | 1969513 |
|  Takeda Pharmaceutical Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.025%, 07/09/40 | 945000 | 693495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.175%, 07/09/50 | 440000 | 296753 |
|  Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 06/22/40 | 412000 | 276245 |
|  Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/15/30 | 590000 | 478805 |
|  |  | 12436878 |
| **Pipelines—0.8%** | **Pipelines—0.8%** | **Pipelines—0.8%** |
|  ANR Pipeline Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 02/15/24 | 226000 | 226244 |
|  Boardwalk Pipelines L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 02/15/31 | 630000 | 526933 |
|  Buckeye Partners L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/15/43 | 575000 | 428420 |
|  Cameron LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.701%, 01/15/39 (144A) | 769000 | 609139 |
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 05/15/24 | 350000 | 340873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 07/15/26 | 117000 | 110543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 09/15/29 | 443000 | 400192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/15/28 | 290000 | 278151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 01/15/43 | 394000 | 316580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 04/01/44 | 200000 | 168857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/27 | 167000 | 165814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 06/01/41 | 270000 | 253535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 02/15/42 | 500000 | 458463 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/15/54 | 179000 | 148978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 02/15/45 | 200000 | 179740 |
|  Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363%, 06/30/31 (144A) | 1100000 | 858462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.317%, 12/30/39 (144A) | 425000 | 305249 |
|  Galaxy Pipeline Assets Bidco, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.940%, 09/30/40 (144A) | 773224 | 620820 |
|  Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/15/23 (144A) | 415000 | 403699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/15/25 (144A) | 1300000 | 1178864 |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 02/15/46 | 250000 | 212027 |
|  ONEOK Partners L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 10/01/36 | 950000 | 950698 |
|  Plains All American Pipeline L.P. / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 06/15/44 | 560000 | 424724 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/30 (d) | 400000 | 370767 |
|  Southern Natural Gas Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/15/47 (144A) | 244000 | 197956 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 02/01/33 | 290000 | 249505 |
|  TransCanada PipeLines, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/16/23 | 400000 | 395894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/38 | 300000 | 267393 |
|  |  | 11048520 |
| **Real Estate—0.1%** | **Real Estate—0.1%** | **Real Estate—0.1%** |
|  Goodman Australia Industrial Fund Bond Issuer Pty, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 09/30/26 (144A) | 632000 | 580270 |
|  Ontario Teachers' Cadillac Fairview Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/20/27 (144A) | 603000 | 555679 |
|  |  | 1135949 |
| **Real Estate Investment Trusts—1.7%** | **Real Estate Investment Trusts—1.7%** | **Real Estate Investment Trusts—1.7%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/01/33 | 410000 | 304856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/18/32 | 710000 | 543655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 04/15/26 | 175000 | 169221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/50 | 566000 | 428932 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/31/28 | 965000 | 798445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/30 | 845000 | 652082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 06/15/30 | 470000 | 372027 |

---

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/15/51 (d) | 255000 | $| 157873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 06/15/50 | 390000 |  | 245404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/26 | 287000 |  | 268333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/49 | 665000 |  | 471673 |
|  Boston Properties L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 01/15/25 | 380000 |  | 363457 |
|  Brixmor Operating Partnership L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 04/01/28 | 600000 |  | 495145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/16/31 | 325000 |  | 248574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 02/01/25 | 500000 |  | 479760 |
|  Corporate Office Properties L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/15/31 | 1153000 |  | 862907 |
|  Digital Realty Trust L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 08/15/27 (d) | 270000 |  | 250547 |
|  Equinix, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/15/28 | 1388000 |  | 1171680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/18/26 | 875000 |  | 799747 |
|  Essex Portfolio L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 03/15/32 | 565000 |  | 445248 |
|  Goodman U.S. Finance Three LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/15/28 (144A) | 387000 |  | 349161 |
|  Healthcare Realty Holdings L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/15/31 (d) | 470000 |  | 355806 |
|  Healthpeak Properties, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/29 | 600000 |  | 533956 |
|  Life Storage L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/15/31 | 390000 |  | 300027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/26 | 1000000 |  | 934205 |
|  Mid-America Apartments L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 02/15/31 | 470000 |  | 366442 |
|  National Retail Properties, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 12/15/26 | 453000 |  | 422515 |
|  Office Properties Income Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/15/26 | 925000 |  | 716874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 10/15/31 | 365000 |  | 243776 |
|  Physicians Realty L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 11/01/31 | 405000 |  | 316118 |
|  Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 04/15/30 | 200000 |  | 166623 |
|  Public Storage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 11/09/28 | 490000 |  | 417979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/09/31 | 411000 |  | 329598 |
|  Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/27 | 200000 |  | 184890 |
|  Regency Centers L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 09/15/29 | 560000 |  | 470017 |
| Sabra Health Care L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 12/01/31 | 660000 |  | 491084 |
|  Safehold Operating Partnership L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 06/15/31 | 2220000 |  | 1703753 |
|  Scentre Group Trust 1 / Scentre Group Trust 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/12/25 (144A) | 720000 |  | 689072 |
|  Scentre Group Trust 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5Y H15 + 4.379%, 09/24/80 (144A) (a) | 635000 |  | 568642 |
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| SITE Centers Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 06/01/27 | 226000 |  | 212023 |
|  UDR, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 08/01/32 | 470000 |  | 345295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 09/01/26 | 233000 |  | 213862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/31 (d) | 95000 |  | 79217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 01/15/30 | 625000 |  | 542238 |
|  Ventas Realty L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/25 | 197000 |  | 189199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/01/27 | 369000 |  | 346582 |
|  Welltower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 01/15/30 | 445000 |  | 375583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/15/41 | 225000 |  | 224055 |
|  WP Carey, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 04/01/33 (d) | 845000 |  | 625707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/01/26 | 285000 |  | 274487 |
|  |  |  | 22518352 |
| **Retail—0.5%** | **Retail—0.5%** | **Retail—0.5%** | **Retail—0.5%** |
|  7-Eleven, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 02/10/28 (144A) (d) | 405000 |  | 335668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/10/41 (144A) | 409000 |  | 269886 |
|  Alimentation Couche-Tard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.439%, 05/13/41 (144A) | 780000 |  | 555223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/13/51 (144A) | 870000 |  | 581589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 01/25/50 (144A) | 625000 |  | 438893 |
|  AutoZone, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 01/15/31 | 530000 |  | 411198 |
|  Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/52 | 596000 |  | 572065 |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/15/30 (d) | 1085000 |  | 848473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 04/01/31 | 700000 |  | 579993 |
|  McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 03/01/47 | 180000 |  | 156034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/09/35 | 84000 |  | 80333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 10/15/37 | 152000 |  | 165462 |
|  Nordstrom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/01/31 | 908000 |  | 649311 |
|  O'Reilly Automotive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 09/01/27 | 494000 |  | 465566 |
|  |  |  | 6109694 |
| **Semiconductors—0.6%** | **Semiconductors—0.6%** | **Semiconductors—0.6%** | **Semiconductors—0.6%** |
|  Advanced Micro Devices, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 06/01/30 | 700000 |  | 588599 |
| Analog Devices, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 10/01/41 | 722000 |  | 528415 |
|  Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 02/15/28 (144A) | 1800000 |  | 1520316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/35 (144A) | 1685000 |  | 1238923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36 (144A) | 465000 |  | 334004 |
|  KLA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 03/01/50 | 610000 |  | 441728 |
| Microchip Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.972%, 02/15/24 | 264000 |  | 250702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.983%, 09/01/24 | 249000 |  | 230564 |

---

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Semiconductors—(Continued)** | **Semiconductors—(Continued)** | **Semiconductors—(Continued)** | **Semiconductors—(Continued)** |
| Microchip Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670%, 09/01/23 | 291000 | $| 285574 |
|  NXP B.V. / NXP Funding LLC / NXP USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/11/31 | 1085000 |  | 864181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/11/41 | 1115000 |  | 777982 |
|  QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/52 | 460000 |  | 402852 |
|  TSMC Arizona Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/22/52 | 505000 |  | 472766 |
| TSMC Global, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/22/32 (144A) (d) | 444000 |  | 437191 |
|  |  |  | 8373797 |
| **Software—0.5%** | **Software—0.5%** | **Software—0.5%** | **Software—0.5%** |
|  Activision Blizzard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 09/15/30 (d) | 757000 |  | 591542 |
|  Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 07/01/26 | 305000 |  | 285437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 07/01/49 | 295000 |  | 239332 |
|  Microsoft Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 08/08/26 | 400000 |  | 372981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921%, 03/17/52 | 272000 |  | 192440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 03/17/62 | 149000 |  | 102947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/12/35 | 296000 |  | 267369 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 03/25/28 | 630000 |  | 545687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/37 | 900000 |  | 712612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 07/15/36 | 124000 |  | 101396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 05/15/35 | 106000 |  | 88644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 07/08/34 | 103000 |  | 90468 |
|  Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 09/15/27 | 1050000 |  | 888255 |
|  VMware, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 08/15/26 | 1306000 |  | 1138527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 05/15/27 | 425000 |  | 411363 |
|  Workday, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/27 | 852000 |  | 796253 |
|  |  |  | 6825253 |
| **Telecommunications—0.6%** | **Telecommunications—0.6%** | **Telecommunications—0.6%** | **Telecommunications—0.6%** |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 02/01/28 | 80000 |  | 67564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/01/32 | 510000 |  | 399749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/41 | 479000 |  | 357207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/15/55 | 396000 |  | 264228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 06/01/51 | 2795000 |  | 1968553 |
|  Deutsche Telekom AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 01/21/50 (144A) | 276000 |  | 197423 |
|  NBN Co., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 05/05/31 (144A) | 1600000 |  | 1269319 |
|  Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 03/15/52 (144A) | 545000 |  | 422531 |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/60 | 385000 |  | 254205 |
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 03/22/28 (d) | 507000 |  | 440014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355%, 03/15/32 | 109000 |  | 86405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/20/40 | 779000 |  | 525812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/16/27 | 113000 |  | 110055 |
|  Vodafone Group plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/30/48 | 540000 |  | 475594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 02/27/37 | 500000 |  | 506556 |
|  |  |  | 7345215 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
|  Burlington Northern Santa Fe LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 02/15/50 | 233000 |  | 178397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 08/15/30 | 1185000 |  | 1367297 |
|  CSX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/48 | 404000 |  | 364904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/36 | 300000 |  | 314734 |
|  Kansas City Southern |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 05/01/48 | 597000 |  | 513836 |
|  Norfolk Southern Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.942%, 11/01/47 | 219000 |  | 175272 |
|  Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 09/15/67 | 200000 |  | 156229 |
|  |  |  | 3070669 |
| **Water—0.1%** | **Water—0.1%** | **Water—0.1%** | **Water—0.1%** |
|  American Water Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 05/01/30 | 750000 |  | 648476 |
|  Total Corporate Bonds & Notes<br>(Cost $430,010,938) |  |  | 364907931 |
| **Asset-Backed Securities—12.6%** | **Asset-Backed Securities—12.6%** | **Asset-Backed Securities—12.6%** | **Asset-Backed Securities—12.6%** |
| **Asset-Backed - Automobile—3.1%** | **Asset-Backed - Automobile—3.1%** | **Asset-Backed - Automobile—3.1%** | **Asset-Backed - Automobile—3.1%** |
|  Carvana Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.040%, 04/15/25 (144A) | 3169647 |  | 3127397 |
|  Credit Acceptance Auto Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.960%, 02/15/30 (144A) | 2700000 |  | 2596577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450%, 02/15/33 (144A) | 2600000 |  | 2624731 |
|  Credito Real USA Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 02/16/27 (144A) | 427147 |  | 417489 |
| Drive Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.020%, 06/15/27 | 948000 |  | 926725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 01/16/29 | 1600000 |  | 1499392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.180%, 10/15/26 | 1122438 |  | 1109128 |
| DT Auto Owner Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 02/16/27 (144A) | 1432000 |  | 1360370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220%, 01/15/27 (144A) | 3290000 |  | 3197853 |
|  Exeter Automobile Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 12/15/28 | 2800000 |  | 2653666 |
|  Flagship Credit Auto Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.960%, 12/15/27 (144A) | 3650000 |  | 3336952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.180%, 02/16/27 (144A) | 650000 |  | 608896 |

---

*See accompanying notes to financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Asset-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** |
|  GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 01/15/27 (144A) | 625000 | $611855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.420%, 04/15/27 (144A) | 2250000 | 2041239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.480%, 07/15/27 (144A) | 4400000 | 3934755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680%, 01/15/27 (144A) | 1200000 | 1133229 |
|  LP LMS ASSET |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.228%, 10/15/28 | 725081 | 716164 |
|  Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140%, 02/16/27 | 3706000 | 3629228 |
|  Sonoran Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 07/15/24 | 748620 | 729905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/25 | 887492 | 875599 |
|  U.S. Auto Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.790%, 07/15/24 (144A) | 140296 | 140004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.490%, 03/17/25 (144A) | 3189000 | 3154037 |
|  |  | 40425191 |
| **Asset-Backed - Credit Card—0.3%** | **Asset-Backed - Credit Card—0.3%** | **Asset-Backed - Credit Card—0.3%** |
|  Consumer Receivables Asset Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.208%, 3M LIBOR + 3.000%, 03/24/23 (144A) (a) | 835006 | 836564 |
|  Continental Finance Credit Card ABS Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.240%, 12/15/28 (144A) | 1500000 | 1410691 |
|  Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.540%, 03/20/26 (144A) | 1695000 | 1617123 |
|  |  | 3864378 |
| **Asset-Backed - Other—9.2%** | **Asset-Backed - Other—9.2%** | **Asset-Backed - Other—9.2%** |
|  Accelerated LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 10/20/40 (144A) | 1357316 | 1193631 |
|  American Homes 4 Rent Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.467%, 04/17/52 (144A) | 1071619 | 1020461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.678%, 12/17/36 (144A) | 85026 | 81854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.201%, 12/17/36 (144A) | 400000 | 387590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.290%, 10/17/36 (144A) | 300000 | 290223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.596%, 12/17/36 (144A) | 250000 | 243093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.036%, 10/17/52 (144A) | 1900000 | 1811662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.639%, 04/17/52 (144A) | 500000 | 485952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.231%, 10/17/36 (144A) | 650000 | 633050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.418%, 12/17/36 (144A) | 300000 | 295990 |
|  American Tower Trust I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.070%, 03/15/48 (144A) | 920000 | 914849 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.355%, 11/17/37 (144A) | 2300000 | 2058164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.327%, 10/17/38 (144A) | 1694000 | 1417083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.387%, 03/17/39 (144A) | 3000000 | 2625878 |
|  Bridge Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 11/17/37 (144A) | 2257000 | 2048475 |
|  Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.162%, 04/15/36 (144A) | 1207430 | 1060189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.918%, 04/15/36 (144A) | 2329559 | 1974431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.981%, 11/15/35 (144A) | 906580 | 825748 |
| Camillo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/05/23 | 3279586 | 3250070 |
|  Cars Net Lease Mortgage Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/15/50 (144A) | 594000 | 517925 |
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
|  CFIN Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/16/26 (144A) | 3000000 | $2854500 |
|  COOF Securitization Trust, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783%, 06/25/40 (144A) (a) (c) | 341417 | 17908 |
|  CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.705%, 10/15/52 (144A) | 1045485 | 979060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.880%, 03/15/52 (144A) | 2470000 | 2393656 |
|  Crossroads Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.440%, 01/20/26 (144A) | 1650000 | 1576777 |
|  DataBank Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.060%, 02/27/51 (144A) | 1950000 | 1688992 |
|  Diversified ABS Phase III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/28/39 (144A) (f) (g) | 3943429 | 3627954 |
|  Diversified ABS Phase VI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 11/28/39 (144A) (f) (g) | 2005061 | 1952347 |
|  FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.668%, 10/19/37 (144A) | 3700000 | 3260737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.197%, 05/17/39 (144A) | 1320000 | 1213370 |
|  FMC GMSR Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.620%, 07/25/26 (144A) (a) | 3300000 | 2680103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690%, 02/25/24 | 5000000 | 4762500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 10/25/26 (144A) (a) | 2680000 | 2149242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 01/25/26 (144A) (a) | 3100000 | 2707992 |
|  Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.860%, 11/15/34 (144A) | 358698 | 351255 |
|  Freedom Trucking LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 10/14/24 | 25017 | 23766 |
|  Gold Key Resorts LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.220%, 03/17/31 (144A) | 24385 | 23964 |
|  Goodgreen Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.760%, 04/15/55 (144A) | 1039540 | 893961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.260%, 10/15/53 (144A) | 1179438 | 1059633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.740%, 10/15/52 (144A) | 241134 | 223369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/51 (144A) (f) (g) | 1059658 | 980184 |
|  HERO Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.080%, 09/20/42 (144A) | 207701 | 194171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 09/20/48 (144A) | 798987 | 737886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460%, 09/20/47 (144A) | 647120 | 612870 |
|  Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.660%, 12/26/28 (144A) | 172585 | 169873 |
|  Jonah Energy ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 12/10/37 (144A) | 1528800 | 1516471 |
|  KGS-Alpha SBA COOF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.591%, 05/25/39 (144A) (a) (c) | 1494835 | 18014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.716%, 08/25/38 (144A) (a) (c) | 1101903 | 16104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.620%, 03/25/39 (144A) (a) (c) | 1232882 | 43168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.162%, 04/25/40 (144A) (a) (c) | 344521 | 17815 |
|  LFT CRE, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.268%, 1M LIBOR + 1.950%, 06/15/39 (144A) (a) | 3280000 | 3130071 |
|  Nashville 3 Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330%, 11/01/32 | 2700000 | 2651222 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.104%, 07/25/26 (144A) | 4109317 | 3586414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.228%, 05/25/26 (144A) | 1913882 | 1694901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.474%, 11/25/26 (144A) | 2477166 | 2180853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.844%, 12/25/25 (144A) | 1571481 | 1432147 |

---

*See accompanying notes to financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Asset-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
|  OL S.P. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.160%, 02/09/30 | 553463 | $544462 |
|  Oportun Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.210%, 03/08/28 (144A) | 950000 | 884619 |
|  Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 06/09/31 (144A) | 3600000 | 3473330 |
|  Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.180%, 11/15/27 (144A) | 1076745 | 1060619 |
|  PNMAC GMSR Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.178%, SOFR30A + 4.250%, 05/25/27 (144A) (a) | 2650000 | 2543702 |
|  PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.487%, 10/25/51 (144A) (a) | 4469615 | 3908241 |
|  Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.409%, 05/17/38 (144A) | 1960000 | 1636558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.425%, 07/17/38 (144A) | 2535000 | 2101458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.930%, 02/17/41 (144A) | 3150000 | 2451500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 04/17/39 (144A) | 2435000 | 2146275 |
|  Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.040%, 03/17/31 (144A) | 2309000 | 1939493 |
|  Renew Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.670%, 09/20/52 (144A) | 308716 | 279135 |
|  Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.330%, 07/20/37 (144A) | 716213 | 672413 |
|  Trillion Capital III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/15/24 (f) (g) | 4256942 | 4256942 |
|  Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.870%, 03/20/31 (144A) | 71752 | 71530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.890%, 03/20/31 (144A) | 914000 | 891613 |
|  VM Debt Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.460%, 07/18/27 (f) (g) | 4000000 | 3760000 |
|  VOLT C LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%, 05/25/51 (144A) (h) | 1211064 | 1081343 |
|  VOLT CI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%, 05/25/51 (144A) (h) | 1525307 | 1352820 |
|  VOLT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.240%, 03/27/51 (144A) (h) | 904250 | 826273 |
|  VOLT XCII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.893%, 02/27/51 (144A) (h) | 1071206 | 924321 |
|  VOLT XCIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.893%, 02/27/51 (144A) (h) | 3330995 | 2996605 |
|  VOLT XCIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.240%, 02/27/51 (144A) (h) | 2524572 | 2282246 |
|  VOLT XCVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.240%, 04/25/51 (144A) (h) | 2226433 | 1958410 |
|  VSE VOI Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.560%, 02/20/36 (144A) | 374328 | 362938 |
|  |  | 120966414 |
| **Asset-Backed - Student Loan—0.0%** | **Asset-Backed - Student Loan—0.0%** | **Asset-Backed - Student Loan—0.0%** |
|  Academic Loan Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.189%, 1M LIBOR + 0.800%, 12/26/44 (144A) (a) | 485733 | 468707 |
|  Total Asset-Backed Securities<br>(Cost $179,636,693) |  | 165724690 |
| **Mortgage-Backed Securities—4.7%** | **Mortgage-Backed Securities—4.7%** | **Mortgage-Backed Securities—4.7%** |
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Collateralized Mortgage Obligations—2.4%** | **Collateralized Mortgage Obligations—2.4%** | **Collateralized Mortgage Obligations—2.4%** |
|  Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%, 06/25/66 (144A) (h) | 2042598 | $1884308 |
|  Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171%, 05/20/34 (a) | 88766 | 85971 |
|  Global Mortgage Securitization, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1M LIBOR + 0.320%, 11/25/32 (144A) (a) | 114086 | 109998 |
|  HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.928%, 05/19/34 (a) | 307969 | 284738 |
|  Impac CMB Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.129%, 1M LIBOR + 0.740%, 11/25/34 (a) | 686901 | 668317 |
|  JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 08/25/34 (a) | 44151 | 43520 |
|  LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.090%, 02/25/26 (144A) (a) | 1525000 | 1443672 |
|  MASTR Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/25/33 | 108785 | 95990 |
|  Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.849%, 1M LIBOR + 0.460%, 04/25/29 (a) | 116683 | 105582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.889%, 1M LIBOR + 0.500%, 05/25/29 (a) | 243706 | 233187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.009%, 1M LIBOR + 0.620%, 10/25/28 (a) | 150435 | 139092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.029%, 1M LIBOR + 0.640%, 10/25/28 (a) | 208798 | 194099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.905%, 6M LIBOR + 0.680%, 01/25/29 (a) | 196084 | 189049 |
|  MRA Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/05/23 (144A) | 2653672 | 2537547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.856%, 1M LIBOR + 2.750%, 02/15/23 (144A) (a) | 2228863 | 2229192 |
|  Preston Ridge Partners Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.867%, 04/25/26 (144A) (h) | 1322056 | 1178627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.115%, 01/25/26 (144A) (a) | 2136984 | 1998096 |
|  Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/25/61 | 2476530 | 2184076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/25/58 | 3061604 | 2763515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/25/58 | 1328167 | 1127135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/25/57 | 2652856 | 2530731 |
|  Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.953%, 1M LIBOR + 0.600%, 12/20/34 (a) | 429633 | 382861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.993%, 1M LIBOR + 0.640%, 01/20/34 (a) | 229194 | 214203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013%, 1M LIBOR + 0.660%, 07/20/33 (a) | 303339 | 279602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 1M LIBOR + 0.680%, 10/20/34 (a) | 469611 | 415687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 1M LIBOR + 0.760%, 04/20/33 (a) | 222443 | 201744 |
|  Structured Asset Mortgage Investments Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%, 1M LIBOR + 0.900%, 05/19/33 (a) | 351880 | 323689 |
|  Structured Asset Mortgage Investments Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.039%, 1M LIBOR + 0.700%, 01/19/34 (a) | 477184 | 448662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.039%, 1M LIBOR + 0.700%, 03/19/34 (a) | 448173 | 406134 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.988%, 11/25/33 (a) | 121338 | 117339 |
| Thornburg Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.412%, 04/25/45 (a) | 516979 | 480923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.551%, 12/25/44 (a) | 277653 | 256578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.029%, 1M LIBOR + 0.640%, 09/25/43 (a) | 223668 | 208727 |
|  Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.918%, 11/30/60 (144A) (a) | 4501251 | 3611016 |
|  VM Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.163%, 05/24/25 (144A) (a) | 2900000 | 2746684 |
|  |  | 32120291 |

---

*See accompanying notes to financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mortgage-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Commercial Mortgage-Backed Securities—2.3%** | **Commercial Mortgage-Backed Securities—2.3%** | **Commercial Mortgage-Backed Securities—2.3%** |
|  BAMLL Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.214%, 08/15/46 (144A) (a) | 1200000 | $840405 |
|  BB-UBS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.430%, 11/05/36 (144A) | 2950000 | 2741826 |
|  Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.717%, 02/15/53 | 4330000 | 3654994 |
|  Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.190%, 07/10/45 (144A) (a) (c) | 114913865 | 119913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.896%, 02/10/37 (144A) | 3050000 | 2810636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%, 04/10/33 (144A) (a) | 1450000 | 1316688 |
|  Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.373%, 09/15/37 (144A) | 1000000 | 735489 |
|  Independence Plaza Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.763%, 07/10/35 (144A) | 2935000 | 2749349 |
|  Ladder Capital Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.985%, 02/15/36 (144A) | 768000 | 683964 |
|  MRCD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.718%, 12/15/36 (144A) | 1997000 | 1779267 |
|  RBS Commercial Funding, Inc. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.260%, 03/11/31 (144A) | 531000 | 527781 |
|  RR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/26/48 (144A) (b) | 8830000 | 7642953 |
|  SLG Office Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.585%, 07/15/41 (144A) | 3090000 | 2464972 |
|  Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468%, 1M LIBOR + 1.150%, 02/15/40 (144A) (a) | 1545337 | 1443889 |
|  WF-RBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248%, 03/15/45 (144A) (a) | 300000 | 276090 |
|  |  | 29788216 |
|  Total Mortgage-Backed Securities<br>(Cost $67,966,240) |  | 61908507 |
| **Foreign Government—0.5%** | **Foreign Government—0.5%** | **Foreign Government—0.5%** |
| **Sovereign—0.5%** | **Sovereign—0.5%** | **Sovereign—0.5%** |
|  Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 01/27/32 | 394000 | 322362 |
|  Israel Government AID Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/25 | 2500000 | 2207602 |
|  Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659%, 05/24/31 (d) | 848000 | 683936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/12/34 | 577000 | 461755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.771%, 05/24/61 | 625000 | 394706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/21/26 | 189000 | 184280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 01/15/47 | 228000 | 171314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 01/23/46 | 959000 | 747181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 02/10/48 (d) | 200000 | 154235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/12/10 (d) | 500000 | 420552 |
|  Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/16/50 | 350000 | 263842 |
|  Republic of South Africa Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/16/25 | 384000 | 384553 |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
|  Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/02/33 (144A) | 490000 | $397384 |
|  Total Foreign Government<br>(Cost $8,212,083) |  | 6793702 |
| **Short-Term Investment—0.9%** | **Short-Term Investment—0.9%** | **Short-Term Investment—0.9%** |
| **Repurchase Agreement—0.9%** | **Repurchase Agreement—0.9%** | **Repurchase Agreement—0.9%** |
|  Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $12,241,323; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $12,483,656. | 12238875 | 12238875 |
|  Total Short-Term Investments<br>(Cost $12,238,875) |  | 12238875 |
| **Securities Lending Reinvestments (i)—2.2%** | **Securities Lending Reinvestments (i)—2.2%** | **Securities Lending Reinvestments (i)—2.2%** |
| **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** | **Certificates of Deposit—0.5%** |
|  Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (a) | 1000000 | 1000018 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (a) | 1000000 | 1000209 |
|  Natixis S.A. (New York) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, SOFR + 0.500%, 02/13/23 (a) | 1000000 | 1000394 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, SOFR + 0.250%, 01/11/23 (a) | 2000000 | 1999968 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, SOFR + 0.250%, 02/09/23 (a) | 1000000 | 999956 |
|  |  | 6000545 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
|  DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780%, SOFR + 0.480%, 06/02/23 (a) | 1000000 | 1000253 |
|  UBS AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%, SOFR + 0.570%, 03/23/23 (a) | 2000000 | 2000000 |
|  |  | 3000253 |
| **Repurchase Agreements—0.8%** | **Repurchase Agreements—0.8%** | **Repurchase Agreements—0.8%** |
|  HSBC Bank plc<br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $746,491; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $761,719. | 746134 | 746134 |
|  National Bank Financial, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $2,000,960; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $2,047,738. | 2000000 | 2000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (i)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $1,301,092; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $1,329,092. | 1300000 | $1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%,<br>due on 01/06/23 with a maturity value of $2,001,731; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $2,177,657. | 2000000 | 2000000 |
|  Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%,<br>due on 01/03/23 with a maturity value of $100,047; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $102,181. | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%,<br>due on 01/03/23 with a maturity value of $500,244; collateralized by various Common Stock with an aggregate market value of $556,424. | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%,<br>due on 01/06/23 with a maturity value of $1,701,461; collateralized by various Common Stock with an aggregate market value of $1,892,426. | 1700000 | 1700000 |
|  TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $2,000,978; collateralized by various Common Stock with an aggregate market value of $2,229,114. | 2000000 | 2000000 |
|  |  | 10346134 |
| **Mutual Funds—0.7%** | **Mutual Funds—0.7%** | **Mutual Funds—0.7%** |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (j) | 1000000 | 1000000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (j) | 1138770 | 1138770 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (j) | 1000000 | 1000000 |
|  HSBC U.S. Government Money Market Fund, Class I 4.130% (j) | 5000000 | 5000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (j) | 1000000 | 1000000 |
|  |  | 9138770 |
|  Total Securities Lending Reinvestments<br>(Cost $28,484,927) |  | 28485702 |
|  Total Investments—102.6%<br>(Cost $1,523,017,366) |  | 1352046088 |
|  Other assets and liabilities (net)—(2.6)% |  | (34299560) |
| **Net Assets—100.0%** |  | $1317746528 |

---

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $621,457, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. |
| (b) | Principal only security. |
| (c) | Interest only security. |
| (d) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $34,102,544 and the collateral received consisted of cash in the amount of $28,484,932 and non-cash collateral with a value of $6,849,473. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities and agency that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. |
| (e) | Principal amount of security is adjusted for inflation. |
| (f) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (g) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 1.2% of net assets. |
| (h) | Security is a "step-up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate. |
| (i) | Represents investment of cash collateral received from securities on loan as of December 31, 2022. |
| (j) | The rate shown represents the annualized seven-day yield as of December 31, 2022. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $290,695,888, which is 22.1% of net assets. |

---

*See accompanying notes to financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Principal<br>Amount** | **Cost** | **Value** |
|  Commonwealth Bank of Australia, 3.305%, 03/11/41 | 09/27/21 | $355000 | $369157 | $240912 |
|  Credit Agricole S.A., 2.811%, 01/11/41 | 01/05/21 | 410000 | 410000 | 253246 |
|  Guardian Life Insurance Co. of America (The), 4.850%, 01/24/77 | 01/17/17 | 156000 | 154524 | 127299 |
|  |  |  |  | $621457 |

---

**Glossary of Abbreviations** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (H15)— | U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index |
| (LIBOR)— | London Interbank Offered Rate |
| (SOFR)— | Secured Overnight Financing Rate |
| (SOFR30A)— | Secured Overnight Financing Rate 30-Day Average |

---

Other Abbreviations

------

---

| | |
|:---|:---|
| (ARM)— | Adjustable-Rate Mortgage |
| (ACES)— | Alternative Credit Enhancement Securities |
| (CMO)— | Collateralized Mortgage Obligation |
| (DAC)— | Designated Activity Company |
| (ICE)— | Intercontinental Exchange, Inc. |
| (REMIC)— | Real Estate Mortgage Investment Conduit |
| (STACR)— | Structured Agency Credit Risk |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total U.S. Treasury & Government Agencies\* | $— | $711986681 | $— | $711986681 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace/Defense |  | 8470913 |  | 8470913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture |  | 4294940 |  | 4294940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines |  | 7666713 |  | 7666713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Manufacturers |  | 8245260 |  | 8245260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Parts & Equipment |  | 267088 |  | 267088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 86708502 |  | 86708502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages |  | 4815822 |  | 4815822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology |  | 3171590 |  | 3171590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Materials |  | 3075407 |  | 3075407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 3197998 |  | 3197998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 7962149 |  | 7962149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computers |  | 6234537 |  | 6234537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmetics/Personal Care |  | 1964713 |  | 1964713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution/Wholesale |  | 172766 |  | 172766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 31996729 |  | 31996729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 35696399 |  | 35696399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronics |  | 763401 |  | 763401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction |  | 154000 |  | 154000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | $— | $5512033 | $— | $5512033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas |  | 5602807 |  | 5602807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Products |  | 862511 |  | 862511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Services |  | 12682663 |  | 12682663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Builders |  | 276257 |  | 276257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance |  | 11127336 |  | 11127336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet |  | 3100197 |  | 3100197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron/Steel |  | 2317776 |  | 2317776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery-Diversified |  | 1920658 |  | 1920658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media |  | 8948660 |  | 8948660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mining |  | 2501103 |  | 2501103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Manufacturing |  | 285145 |  | 285145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 11592831 | 1765145 | 13357976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services |  | 971098 |  | 971098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging & Containers |  | 1069981 |  | 1069981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 12436878 |  | 12436878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 11048520 |  | 11048520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 1135949 |  | 1135949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts |  | 22518352 |  | 22518352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail |  | 6109694 |  | 6109694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors |  | 8373797 |  | 8373797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software |  | 6825253 |  | 6825253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications |  | 7345215 |  | 7345215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 3070669 |  | 3070669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water |  | 648476 |  | 648476 |
|  Total Corporate Bonds & Notes |  | 363142786 | 1765145 | 364907931 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed—Automobile |  | 40425191 |  | 40425191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed—Credit Card |  | 3864378 |  | 3864378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed—Other |  | 106388987 | 14577427 | 120966414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed—Student Loan |  | 468707 |  | 468707 |
|  Total Asset-Backed Securities |  | 151147263 | 14577427 | 165724690 |
|  Total Mortgage-Backed Securities\* |  | 61908507 |  | 61908507 |
|  Total Foreign Government\* |  | 6793702 |  | 6793702 |
|  Total Short-Term Investment\* |  | 12238875 |  | 12238875 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 6000545 |  | 6000545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 3000253 |  | 3000253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 10346134 |  | 10346134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 9138770 |  |  | 9138770 |
|  Total Securities Lending Reinvestments | 9138770 | 19346932 |  | 28485702 |
|  Total Investments | $9138770 | $1326564746 | $16342572 | $1352046088 |
|  Collateral for Securities Loaned (Liability) | $— | $(28484932) | $— | $(28484932) |

---

\* See Schedule of Investments for additional detailed categorizations.

During the year ended December 31, 2022, a transfer into Level 3 in the amount of $1,542,729 was due to the cessation of a vendor or broker providing prices based on market indications which resulted in a lack of significant observable inputs.

*See accompanying notes to financial statements.* 

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of<br>December 31,<br>2021** | **Transfer<br>in** | **Purchases** | **Sales** | **Realized<br>Gain/<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Balance as of<br>December 31,<br>2022** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>from Investments<br>Held at<br>December 31, 2022** |
| Corporate Bonds |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas | $— | $— | $1765145 | $— | $— | $— | $1765145 | $— |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Other | 17041 | 1542729 | 14923452 | (1419836) | (1055133) | 569174 | 14577427 | (492302) |
| Mortgage-Backed Securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 68661 |  |  | (68661) |  |  |  |  |
|  Total | $85702 | $1542729 | $16688597 | $(1488497) | $(1055133) | $569174 | $16342572 | $(492302) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br>December 31, 2022** | **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Range** | **Weighted<br>Average** | **Relationship Between<br>Fair Value and Input;<br>if input value<br>increases then Fair<br>Value:** |
| Corporate Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas | $1765145 | Market Transaction Method | Purchase Price | $98.06 | $98.06 | $98.06 | Increases |
| Asset-Backed Securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed—Other | 6209289 | Market Transaction Method | Purchase Price | $97.37 | $100.00 | $99.17 | Increases |
|  | 8368138 | Broker Quotations | Bid/Ask Spreads (in basis points) | 10 | 25 | 18 | Decreases |
|  |  | Comparable Bond Analysis | Credit Spreads (in basis points) | 435 | 675 | 537 | Decreases |
|  |  |  | Yield to Maturity | 8.00% | 11.05% | 9.14% | Decreases |

---

*See accompanying notes to financial statements.* 

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1352046088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 404409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 208737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal paydowns | 1267299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 6468581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1360400569 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 28484932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 13002044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 236003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 466229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 89902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 211656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 42654041 |
|  **Net Assets** | $1317746528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1537617873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (219871345) |
|  **Net Assets** | $1317746528 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $900386273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 417360255 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 101976746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 47351125 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 8.81 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,523,017,366.

(b) Includes securities loaned at value of $34,102,544.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (a) | $42449084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 112915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 42561999 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 7821086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 69206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 176255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 1128113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 93552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 41794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 11808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9413375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (1990822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7422553 |
|  **Net Investment Income** | 35139446 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
|  Net realized loss on investments | (18526184) |
|  Net change in unrealized depreciation on investments | (214631012) |
|  Net realized and unrealized gain (loss) | (233157196) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(198017750) |

---

(a) Net of foreign withholding taxes of $1,095.

*See accompanying notes to financial statements.* 

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $35139446 | $31346659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (18526184) | 11180637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (214631012) | (61804345) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (198017750) | (19277049) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (27437186) | (27600955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (10988036) | (12249635) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (38425222) | (39850590) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (58146337) | 104012741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (294589309) | 44885102 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1612335837 | 1567450735 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1317746528 | $1612335837 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 9402920 | $88294682 | 6378564 | $68106711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 3045193 | 27437186 | 2666759 | 27600955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (14556700) | (136493604) | (3018096) | (31542857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (2108587) | $(20761736) | 6027227 | $64164809 |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 3464339 | $31632671 | 7024370 | $74032102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 1220893 | 10988036 | 1184684 | 12249635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (8511141) | (80005308) | (4434739) | (46433805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (3825909) | $(37384601) | 3774315 | $39847932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(58146337) |  | $104012741 |

---

*See accompanying notes to financial statements.* 

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $10.39 | $10.78 | $10.36 | $10.02 | $10.30 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.24 | 0.21 | 0.25 | 0.27 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.54) | (0.33) | 0.57 | 0.57 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.30) | (0.12) | 0.82 | 0.84 | 0.02 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.26) | (0.27) | (0.40) | (0.50) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.26) | (0.27) | (0.40) | (0.50) | (0.30) |
|  **Net Asset Value, End of Period** | $8.83 | $10.39 | $10.78 | $10.36 | $10.02 |
|  **Total Return (%)** (b) | (12.58) | (1.24) | 8.16 | 8.50 | 0.28 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
|  Net ratio of expenses to average net assets (%) (c) | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.55 | 2.01 | 2.36 | 2.67 | 2.62 |
|  Portfolio turnover rate (%) | 55 (d) | 53 (d) | 46 (d) | 30 | 24 |
|  Net assets, end of period (in millions) | $900.4 | $1081.7 | $1057.3 | $1082.2 | $1771.1 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $10.37 | $10.76 | $10.34 | $10.00 | $10.28 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.21 | 0.18 | 0.22 | 0.25 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.54) | (0.33) | 0.58 | 0.56 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.33) | (0.15) | 0.80 | 0.81 | 0.00 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.23) | (0.24) | (0.38) | (0.47) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.23) | (0.24) | (0.38) | (0.47) | (0.28) |
|  **Net Asset Value, End of Period** | $8.81 | $10.37 | $10.76 | $10.34 | $10.00 |
|  **Total Return (%)** (b) | (12.87) | (1.46) | 7.89 | 8.21 | 0.02 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 |
|  Net ratio of expenses to average net assets (%) (c) | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.29 | 1.76 | 2.11 | 2.42 | 2.37 |
|  Portfolio turnover rate (%) | 55 (d) | 53 (d) | 46 (d) | 30 | 24 |
|  Net assets, end of period (in millions) | $417.4 | $530.7 | $510.2 | $449.7 | $434.7 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 33%, 27% and 25% for the years ended December 31, 2022, 2021 and 2020, respectively.

*See accompanying notes to financial statements.* 

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is JPMorgan Core Bond Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Stripped Securities -** The Portfolio may invest in "stripped securities," a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities ("POs"), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities ("IOs"), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

**Collateralized Obligations -** The Portfolio may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Mortgage Dollar Rolls -** The Portfolio may enter into mortgage "dollar rolls" in which a Portfolio sells to-be-announced ("TBA") mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

**TBA Purchase and Forward Sale Commitments -** The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**When-Issued and Delayed-Delivery Securities -** The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $12,238,875. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $10,346,134. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than<br>90 days** | **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $(4674855) | $— | $— | $— | $(4674855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government | (394520) |  |  |  | (394520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury & Government Agencies | (23415557) |  |  |  | (23415557) |
|  **Total Borrowings** | $**(28484932)** | $**—** | $**—** | $**—** | $**(28484932)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(28484932) |

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**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements ("MSFTA") govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $662558732 | $115747640 | $621792915 | $199794344 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $325501508 | $361298523 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.550% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $7,821,086.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| |
|:---|
| **% per annum reduction** |
| 0.140% ALL |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1528427465 |
|  Gross unrealized appreciation | 8160834 |
|  Gross unrealized (depreciation) | (184542211) |
|  Net unrealized appreciation (depreciation) | $(176381377) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $38425222 | $39850590 | $— | $— | $38425222 | $39850590 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary <br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net <br>Unrealized <br>Appreciation <br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $39220350 | $– $| (176381378) | $(82547040) | $(219708068) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $8,358,020 and accumulated long-term capital losses of $74,189,020.

**8. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the JPMorgan Core Bond Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the JPMorgan Core Bond Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the JPMorgan Core Bond Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-38** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** |  |  |  |  |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-40** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-41** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-42** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*JPMorgan Core Bond Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board took into account that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

**BHFTI-43** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Core Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Managed By J.P. Morgan Investment Management, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class B shares of the JPMorgan Global Active Allocation Portfolio returned -17.54%. The Portfolio's benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

**MARKET ENVIRONMENT / CONDITIONS** 

2022 was a difficult year for both equity and fixed income markets. The war in Ukraine and central banks' battle against inflation have been the main sources of bond and equity markets' struggles. However, the final quarter of the year brought some relief, as markets grew more confident with a slowing of the pace of policy tightening. Arguably the most painful move in markets in 2022 was the sharp decline in government bond prices. The unusually large sell-off in government bonds, alongside falling stock prices, made for a challenging environment for multi-asset investors. This was caused in part by central banks having to raise interest rates far more than investors had expected at the beginning of the year in response to runaway inflation.

Global equities finished 2022 down 18.36% based on the MSCI All Country World Index in U.S. dollar terms. Value stocks significantly outperformed growth stocks over the year. This can largely be explained by the high starting valuations for growth stocks, some growth disappointments, and the effect of rising interest rates. One part of the world where we believe a lot of bad news was priced in is China. The MSCI China Index was down 50% from its 2021 peak and was down 22% for the year, despite a 34% fourth quarter rally, as China looked to move beyond its zero-COVID policy.

Global fixed income returns were negative for 2022, as a tighter monetary policy drove interest rates higher through year-end. The 10-year U.S. Treasury yield finished the year at 3.88%, up 236 basis points ("bps") from where it ended in 2021. The 30-year U.S. Treasury finished the year at 3.97%, up 207 bps from the end of 2021. As a result, U.S. 10-year and 30-year Treasury returns were down 16.3% and 33.3%, respectively, in 2022, as per the Bloomberg U.S. Treasury Bellwether 10-year and 30-year indices. Overall, U.S. fixed income markets were down 13.0% over the year, according to the Bloomberg U.S. Aggregate Bond Index.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The foundation of the JPMorgan Global Active Allocation Portfolio is a diversified, growth-oriented asset allocation that reduces exposure to extreme market events, specifically those associated with significant sustained drawdowns. The Portfolio's current long-term Strategic Asset Allocation has exposure of 50% to global equities, 26% to investment-grade fixed income, 20% to convertible debt securities, and 4% to emerging market debt. The strategy seeks to generate consistent capital appreciation over time with better protection against volatility through asset allocation, both strategic and tactical, as well as through employing a de-risking framework, Systematic Exposure Management ("SEM"). SEM aims to reduce the Portfolio's exposure to asset classes exhibiting negative returns or elevated volatility. Portfolio allocations are not only adjusted based on SEM but also on our tactical asset allocation views. These views are informed by quantitative and qualitative inputs and seek to improve upon the Strategic Asset Allocation. These tactical asset allocation views aim to add additional returns within the Portfolio. As a final element to the Portfolio's construction, an extended-duration exposure is achieved through a 10-year interest rate swap. This extended-duration profile provides further balancing of Portfolio risk and additional diversification benefits.

The Portfolio began the year with SEM, the primary de-risking framework, suggesting de-risking only in emerging market equities. By the second quarter, as volatility and negative momentum in markets persisted, SEM was suggesting de-risking in all asset classes. The period ended with SEM suggesting de-risking in all asset classes. The Portfolio came into the year with 55% of the Portfolio invested in equities, but by period end that moved down to 29%, as a result of SEM and tactical asset allocation decisions to reduce risk. The Portfolio started the period with 8% of the Portfolio invested in fixed income. The Portfolio tactically added to fixed income and duration during the middle of the year but brought exposure back down to around 8% by period end. Exposure to convertibles stayed steady at around 21% of the Portfolio. Due to SEM and tactical views, the Portfolio held high levels of cash in the Portfolio, ending the period with 42% in cash.

During the reporting period, the Portfolio underperformed the Dow Jones Moderate Portfolio Index. Security selection and the duration overlay detracted from relative performance. Asset allocation and SEM contributed to relative performance.

Derivatives may be used in the Portfolio to implement tactical decisions. Derivative usage is also permissible for purposes, such as hedging, cash management as a substitute for purchasing or selling securities, and to manage Portfolio characteristics. During the period, the Portfolio utilized equity futures, Treasury futures, and foreign fixed income futures for hedging and investment purposes. The Portfolio also utilized interest rate swaps and currency forwards solely for hedging purposes. All derivatives acted as expected over the period.

As of the end of the period, the Portfolio had an underweight allocation ("underweight") to equities overall. The Portfolio was underweight U.S. equities, split across large cap and small cap. The Portfolio was also underweight Europe, United Kingdom, Japan

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Managed By J.P. Morgan Investment Management, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

equities, and emerging market equites. The Portfolio was also underweight fixed income, though it had an overweight allocation to U.S. government bonds.

**Michael Feser** 

**Jeffrey Geller** 

**Grace Koo** 

**Jonathan Cummings** 

Portfolio Managers

*J.P. Morgan Investment Management, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor's desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index's downside risk over the past 36 months.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**<br>A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g394295g55i91.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**JPMorgan Global Active Allocation Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –17.54 | 1.94 | 4.70 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | –14.97 | 3.26 | 5.66 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Equity Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Financials** | **9.6** |
| **Information Technology** | **8.1** |
| **Health Care** | **7.3** |
| **Consumer Discretionary** | **6.3** |
| **Industrials** | **5.5** |

---

**Top Fixed Income Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Convertible Bonds** | **18.3** |
| **U.S. Treasury & Government Agencies** | **11.5** |
| **Corporate Bonds & Notes** | **4.4** |
| **Asset-Backed Securities** | **2.4** |
| **Mortgage-Backed Securities** | **0.6** |

---

**Top Equity Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Microsoft Corp.** | **1.6** |
| **Bank of America Corp.** | **1.4** |
| **Amazon.com, Inc.** | **1.1** |
| **Danaher Corp.** | **1.0** |
| **LVMH Moet Hennessy Louis Vuitton SE** | **0.9** |

---

**Top Fixed Income Issuers** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Treasury Notes** | **4.6** |
| **U.S. Treasury Bonds** | **1.8** |
| **Barclays Bank plc** | **1.5** |
| **Southwest Airlines Co.** | **1.2** |
| **STMicroelectronics NV** | **1.2** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JPMorgan Global Active Allocation Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,**<br>**2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to**<br>**December 31,<br>2022** |
|  Class B (a) | Actual | 0.97% | $1000.00 | $991.60 | $4.87 |
|  | Hypothetical\* | 0.97% | $1000.00 | $1020.32 | $4.94 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to
Consolidated Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—45.2% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Aerospace & Defense—0.5%** | | |
|  Airbus SE | 29940 | $3559934 |
|  General Dynamics Corp. | 2315 | 574375 |
|  Northrop Grumman Corp. | 843 | 459949 |
|  Raytheon Technologies Corp. | 9091 | 917464 |
|  Safran S.A. | 21759 | 2719074 |
|  |  | 8230796 |
| **Air Freight & Logistics—0.4%** |  |  |
|  FedEx Corp. | 2520 | 436464 |
|  United Parcel Service, Inc. - Class B (a) | 27773 | 4828058 |
|  |  | 5264522 |
| **Auto Components—0.4%** |  |  |
|  Bridgestone Corp. (a) | 52100 | 1854849 |
|  Cie Generale des Etablissements Michelin SCA | 128067 | 3561145 |
|  |  | 5415994 |
| **Automobiles—0.4%** |  |  |
|  Stellantis NV (Milan-Traded Shares) | 233700 | 3310345 |
|  Tesla, Inc. (a) (b) | 17798 | 2192357 |
|  |  | 5502702 |
| **Banks—4.0%** |  |  |
|  Bank Central Asia Tbk PT | 2217000 | 1215470 |
|  Bank of America Corp. | 337588 | 11180915 |
|  Bank Rakyat Indonesia Persero Tbk PT | 5126314 | 1625098 |
|  BNP Paribas S.A. | 39262 | 2234295 |
|  Capitec Bank Holdings, Ltd. | 10014 | 1095382 |
|  Citigroup, Inc. | 9495 | 429459 |
|  Citizens Financial Group, Inc. | 20330 | 800392 |
|  Credicorp, Ltd. | 4555 | 617931 |
|  DBS Group Holdings, Ltd. | 149800 | 3792399 |
|  Erste Group Bank AG | 35934 | 1145849 |
|  FinecoBank Banca Fineco S.p.A. | 72216 | 1203519 |
|  First Republic Bank | 3097 | 377493 |
|  Grupo Financiero Banorte S.A.B. de C.V. - Class O (a) | 141569 | 1018841 |
|  HDFC Bank, Ltd. (ADR) (a) | 61163 | 4184161 |
|  ING Groep NV | 150737 | 1839053 |
|  Itau Unibanco Holding S.A. (ADR) (a) | 163965 | 772275 |
|  KBC Group NV | 63055 | 4048589 |
|  Kotak Mahindra Bank, Ltd. | 67275 | 1479181 |
|  M&T Bank Corp. | 8143 | 1181224 |
|  Mitsubishi UFJ Financial Group, Inc. | 206000 | 1389682 |
|  Nordea Bank Abp | 341548 | 3652695 |
|  PNC Financial Services Group, Inc. (The) | 5577 | 880831 |
|  Sberbank of Russia PJSC † (b) (c) (d) | 2160 | 0 |
|  Sumitomo Mitsui Financial Group, Inc. | 38500 | 1551329 |
|  SVB Financial Group (b) | 940 | 216332 |
|  Svenska Handelsbanken AB - A Shares | 185569 | 1867249 |
|  Truist Financial Corp. | 94096 | 4048951 |
|  U.S. Bancorp | 13843 | 603693 |
|  Wells Fargo & Co. | 131970 | 5449041 |
|  |  | 59901329 |
| **Beverages—1.4%** |  |  |
|  Ambev S.A. (ADR) | 210012 | $571233 |
|  Budweiser Brewing Co. APAC, Ltd. | 409100 | 1286958 |
|  Carlsberg AS - Class B | 33986 | 4498948 |
|  Constellation Brands, Inc. - Class A | 2948 | 683199 |
|  Diageo plc | 240335 | 10613022 |
|  Fomento Economico Mexicano S.A.B. de C.V. (ADR) | 7879 | 615507 |
|  Keurig Dr Pepper, Inc. | 8978 | 320155 |
|  Kweichow Moutai Co., Ltd. - Class A | 6056 | 1498590 |
|  Pernod Ricard S.A. | 5861 | 1152036 |
|  Wuliangye Yibin Co., Ltd. - Class A | 14800 | 383210 |
|  |  | 21622858 |
| **Biotechnology—1.4%** |  |  |
|  AbbVie, Inc. | 66720 | 10782619 |
|  Alnylam Pharmaceuticals, Inc. (b) | 2914 | 692512 |
|  Amgen, Inc. | 1911 | 501905 |
|  Exact Sciences Corp. (a) (b) | 8980 | 444600 |
|  Exelixis, Inc. (b) | 17425 | 279497 |
|  Genmab A/S (b) | 1145 | 484996 |
|  Horizon Therapeutics plc (b) | 9907 | 1127417 |
|  Natera, Inc. (a) (b) | 5799 | 232946 |
|  Regeneron Pharmaceuticals, Inc. (b) | 8547 | 6166575 |
|  Vertex Pharmaceuticals, Inc. (b) | 1339 | 386676 |
|  |  | 21099743 |
| **Building Products—0.5%** |  |  |
|  Assa Abloy AB - Class B | 61580 | 1324950 |
|  Carlisle Cos., Inc. | 1657 | 390472 |
|  Daikin Industries, Ltd. | 13500 | 2076699 |
|  Fortune Brands Home & Security, Inc. | 7500 | 428325 |
|  Trane Technologies plc | 15824 | 2659856 |
|  |  | 6880302 |
| **Capital Markets—1.5%** |  |  |
|  B3 S.A. - Brasil Bolsa Balcao | 268827 | 672228 |
|  Blackstone, Inc. | 8820 | 654356 |
|  Charles Schwab Corp. (The) | 21094 | 1756286 |
|  CME Group, Inc. (a) | 35535 | 5975566 |
|  Deutsche Boerse AG | 12384 | 2136745 |
|  Hong Kong Exchanges & Clearing, Ltd. | 61000 | 2636124 |
|  Invesco, Ltd. | 5943 | 106914 |
|  London Stock Exchange Group plc | 19169 | 1653979 |
|  Morgan Stanley | 11385 | 967953 |
|  Northern Trust Corp. | 5047 | 446609 |
|  S&P Global, Inc. | 13449 | 4504608 |
| T. Rowe Price Group, Inc. | 3452 | 376475 |
|  |  | 21887843 |
| **Chemicals—0.8%** |  |  |
|  Air Liquide S.A. (a) | 11597 | 1649549 |
|  Axalta Coating Systems, Ltd. (b) | 9128 | 232490 |
|  Eastman Chemical Co. | 18197 | 1481964 |
|  LG Chem, Ltd. (b) | 1511 | 722818 |
|  Linde plc (b) | 3839 | 1255242 |
|  Shin-Etsu Chemical Co., Ltd. | 47800 | 5823736 |
|  Symrise AG | 11603 | 1262319 |
|  |  | 12428118 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Commercial Services & Supplies—0.1%** | | | |
|  Copart, Inc. (b) | 13790 | $| 839673 |
| **Communications Equipment—0.0%** |  |  |  |
|  Arista Networks, Inc. (b) | 2284 |  | 277163 |
|  Cisco Systems, Inc. | 6785 |  | 323237 |
|  CommScope Holding Co., Inc. (b) | 13756 |  | 101107 |
|  |  |  | 701507 |
| **Construction & Engineering—0.7%** |  |  |  |
|  Quanta Services, Inc. | 9653 |  | 1375553 |
|  Vinci S.A. | 84415 |  | 8430949 |
|  |  |  | 9806502 |
| **Construction Materials—0.1%** |  |  |  |
|  Martin Marietta Materials, Inc. | 2301 |  | 777669 |
|  Vulcan Materials Co. | 1366 |  | 239200 |
|  |  |  | 1016869 |
| **Consumer Finance—0.3%** |  |  |  |
|  American Express Co. | 26014 |  | 3843568 |
|  Capital One Financial Corp. | 12681 |  | 1178826 |
|  |  |  | 5022394 |
| **Containers & Packaging—0.1%** |  |  |  |
|  Packaging Corp. of America | 4789 |  | 612561 |
|  Westrock Co. | 9461 |  | 332649 |
|  |  |  | 945210 |
| **Diversified Financial Services—0.3%** |  |  |  |
|  Berkshire Hathaway, Inc. - Class B (b) | 5683 |  | 1755479 |
|  Housing Development Finance Corp., Ltd. | 108484 |  | 3459987 |
|  |  |  | 5215466 |
| **Diversified Telecommunication Services—0.4%** |  |  |  |
|  Deutsche Telekom AG | 108085 |  | 2155914 |
|  Nippon Telegraph & Telephone Corp. | 104600 |  | 2985710 |
|  Verizon Communications, Inc. | 20802 |  | 819599 |
|  |  |  | 5961223 |
| **Electric Utilities—0.8%** |  |  |  |
|  American Electric Power Co., Inc. | 3328 |  | 315994 |
|  Edison International | 5411 |  | 344248 |
|  Entergy Corp. | 2895 |  | 325687 |
|  Iberdrola S.A. | 274297 |  | 3208588 |
|  NextEra Energy, Inc. | 70778 |  | 5917041 |
|  PG&E Corp. (b) | 29211 |  | 474971 |
|  Xcel Energy, Inc. | 9732 |  | 682311 |
|  |  |  | 11268840 |
| **Electrical Equipment—0.6%** |  |  |  |
|  AMETEK, Inc. | 6042 |  | 844188 |
|  Eaton Corp. plc | 18326 |  | 2876266 |
|  Hubbell, Inc. (a) | 2248 |  | 527561 |
|  Nidec Corp. | 21100 |  | 1098824 |
| **Electrical Equipment—(Continued)** |  |  |  |
|  Schneider Electric SE | 14773 |  | 2077666 |
|  WEG S.A. | 138625 |  | 1009652 |
|  |  |  | 8434157 |
| **Electronic Equipment, Instruments & Components—0.5%** | **Electronic Equipment, Instruments & Components—0.5%** | **Electronic Equipment, Instruments & Components—0.5%** | **Electronic Equipment, Instruments & Components—0.5%** |
|  Delta Electronics, Inc. | 161867 |  | 1507921 |
|  Keyence Corp. | 13000 |  | 5089561 |
|  Keysight Technologies, Inc. (b) | 2635 |  | 450769 |
|  Largan Precision Co., Ltd. | 6000 |  | 397921 |
|  TD SYNNEX Corp. | 3805 |  | 360372 |
|  Zebra Technologies Corp. - Class A (b) | 1511 |  | 387435 |
|  |  |  | 8193979 |
| **Energy Equipment & Services—0.2%** |  |  |  |
|  Baker Hughes Co. (a) | 92021 |  | 2717380 |
| **Entertainment—0.1%** |  |  |  |
|  NetEase, Inc. | 62975 |  | 917958 |
|  Sea, Ltd. (ADR) (b) | 15241 |  | 792989 |
|  |  |  | 1710947 |
| **Equity Real Estate Investment Trusts—0.8%** |  |  |  |
|  American Homes 4 Rent- Class A - Class A | 16033 |  | 483235 |
|  Apple Hospitality REIT, Inc. | 16080 |  | 253742 |
|  Brixmor Property Group, Inc. | 22763 |  | 516037 |
|  EastGroup Properties, Inc. | 1163 |  | 172194 |
|  Federal Realty Investment Trust | 4048 |  | 409010 |
|  JBG SMITH Properties | 10938 |  | 207603 |
|  Kimco Realty Corp. | 31666 |  | 670686 |
|  Lamar Advertising Co. - Class A | 3882 |  | 366461 |
|  Mid-America Apartment Communities, Inc. | 3323 |  | 521678 |
|  Prologis, Inc. | 48446 |  | 5461317 |
|  Public Storage | 1023 |  | 286634 |
|  Rayonier, Inc. (a) | 15227 |  | 501882 |
|  Sun Communities, Inc. | 11360 |  | 1624480 |
|  Welltower, Inc. | 3194 |  | 209367 |
|  Weyerhaeuser Co. | 24220 |  | 750820 |
|  |  |  | 12435146 |
| **Food & Staples Retailing—0.3%** |  |  |  |
|  Albertsons Cos., Inc. - Class A | 10427 |  | 216256 |
|  Bid Corp., Ltd. | 48553 |  | 942090 |
|  President Chain Store Corp. | 106000 |  | 936590 |
|  Raia Drogasil S.A. | 104366 |  | 469201 |
|  Sysco Corp. | 3826 |  | 292498 |
|  Wal-Mart de Mexico S.A.B. de C.V. | 316420 |  | 1118467 |
|  |  |  | 3975102 |
| **Food Products—0.6%** |  |  |  |
|  Foshan Haitian Flavouring & Food Co., Ltd. - Class A | 58110 |  | 665226 |
|  Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | 73500 |  | 326826 |
|  Kraft Heinz Co. (The) (a) | 17723 |  | 721503 |
|  Nestle S.A. | 58503 |  | 6756247 |
|  Post Holdings, Inc. (b) | 5752 |  | 519176 |
|  |  |  | 8988978 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Health Care Equipment & Supplies—1.2%** | | | |
|  Boston Scientific Corp. (b) | 140718 | $| 6511022 |
|  Coloplast A/S - Class B | 10234 |  | 1199104 |
|  Cooper Cos., Inc. (The) | 1921 |  | 635217 |
|  DexCom, Inc. (b) | 6140 |  | 695294 |
|  Hoya Corp. | 44200 |  | 4276580 |
|  Insulet Corp. (b) | 1813 |  | 533729 |
|  Intuitive Surgical, Inc. (b) | 12943 |  | 3434425 |
|  Medtronic plc | 3864 |  | 300310 |
|  Straumann Holding AG | 4776 |  | 540849 |
|  Zimmer Biomet Holdings, Inc. | 2694 |  | 343485 |
|  |  |  | 18470015 |
| **Health Care Providers & Services—0.9%** |  |  |  |
|  AmerisourceBergen Corp. | 5806 |  | 962112 |
|  Centene Corp. (b) | 4139 |  | 339440 |
|  Cigna Corp. | 1527 |  | 505956 |
|  CVS Health Corp. | 9309 |  | 867506 |
|  HCA Healthcare, Inc. | 2764 |  | 663250 |
|  Laboratory Corp. of America Holdings | 2259 |  | 531949 |
|  McKesson Corp. | 2134 |  | 800506 |
|  UnitedHealth Group, Inc. (a) | 16751 |  | 8881045 |
|  |  |  | 13551764 |
| **Hotels, Restaurants & Leisure—1.3%** |  |  |  |
|  Aramark | 13098 |  | 541471 |
|  Booking Holdings, Inc. (b) | 2549 |  | 5136949 |
|  H World Group, Ltd. (ADR) (a) | 10765 |  | 456651 |
|  Hilton Worldwide Holdings, Inc. | 5615 |  | 709511 |
|  Marriott International, Inc. - Class A | 36688 |  | 5462476 |
|  McDonald's Corp. | 8691 |  | 2290339 |
|  Royal Caribbean Cruises, Ltd. (a) (b) | 5712 |  | 282344 |
|  Sands China, Ltd. (a) (b) | 176400 |  | 584408 |
|  Texas Roadhouse, Inc. (a) | 3843 |  | 349521 |
|  Yum China Holdings, Inc. | 19758 |  | 1079775 |
|  Yum! Brands, Inc. | 23630 |  | 3026531 |
|  |  |  | 19919976 |
| **Household Durables—0.3%** |  |  |  |
|  Garmin, Ltd. | 3403 |  | 314063 |
|  Midea Group Co., Ltd. - Class A | 102600 |  | 762116 |
|  Mohawk Industries, Inc. (b) | 4246 |  | 434026 |
|  Newell Brands, Inc. | 28855 |  | 377424 |
|  Persimmon plc | 5349 |  | 78957 |
|  Sony Group Corp. | 37900 |  | 2890099 |
|  |  |  | 4856685 |
| **Household Products—0.1%** |  |  |  |
|  Energizer Holdings, Inc. (a) | 9026 |  | 302822 |
|  Procter & Gamble Co. (The) | 5001 |  | 757952 |
|  Unilever Indonesia Tbk PT | 516800 |  | 155864 |
|  |  |  | 1216638 |
| **Independent Power and Renewable Electricity Producers—0.3%** | **Independent Power and Renewable Electricity Producers—0.3%** | **Independent Power and Renewable Electricity Producers—0.3%** | **Independent Power and Renewable Electricity Producers—0.3%** |
|  RWE AG | 114985 |  | 5113014 |
| **Industrial Conglomerates—0.1%** |  |  |  |
|  Bidvest Group, Ltd. (The) | 29220 |  | 368263 |
|  Honeywell International, Inc. | 2612 |  | 559751 |
|  Jardine Matheson Holdings, Ltd. | 10500 |  | 533902 |
|  |  |  | 1461916 |
| **Insurance—2.3%** |  |  |  |
|  AIA Group, Ltd. | 779400 |  | 8586653 |
|  Allianz SE | 15182 |  | 3264528 |
|  American International Group, Inc. | 3651 |  | 230889 |
|  AXA S.A. | 95929 |  | 2673611 |
|  Chubb, Ltd. | 2811 |  | 620107 |
|  CNA Financial Corp. | 5251 |  | 222012 |
|  Fairfax Financial Holdings, Ltd. | 854 |  | 507379 |
|  Hartford Financial Services Group, Inc. (The) | 5286 |  | 400837 |
|  HDFC Life Insurance Co., Ltd. (144A) | 118591 |  | 809555 |
|  Loews Corp. | 20888 |  | 1218397 |
|  Marsh & McLennan Cos., Inc. | 823 |  | 136190 |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 8027 |  | 2610090 |
|  Ping An Insurance Group Co. of China, Ltd. - Class H | 284000 |  | 1874454 |
|  Progressive Corp. (The) | 44917 |  | 5826184 |
|  Prudential plc | 154124 |  | 2085704 |
|  Tokio Marine Holdings, Inc. | 116300 |  | 2489584 |
|  Travelers Cos., Inc. (The) | 4840 |  | 907452 |
|  |  |  | 34463626 |
| **Interactive Media & Services—0.9%** |  |  |  |
|  Alphabet, Inc. - Class C (b) | 33710 |  | 2991088 |
|  Bumble, Inc. - Class A (a) (b) | 16153 |  | 340021 |
|  IAC, Inc. (b) | 9010 |  | 400044 |
|  Meta Platforms, Inc. - Class A (b) | 42981 |  | 5172334 |
|  NAVER Corp. | 5331 |  | 757155 |
|  Tencent Holdings, Ltd. | 93000 |  | 3952705 |
|  |  |  | 13613347 |
| **Internet & Direct Marketing Retail—1.4%** |  |  |  |
|  Alibaba Group Holding, Ltd. (b) | 104000 |  | 1148281 |
|  Allegro.eu S.A. (144A) (b) | 30422 |  | 175233 |
|  Amazon.com, Inc. (b) | 191612 |  | 16095408 |
|  Delivery Hero SE (144A) (b) | 14724 |  | 705388 |
|  JD.com, Inc. - Class A | 51700 |  | 1453305 |
|  MercadoLibre, Inc. (b) | 2057 |  | 1740716 |
|  |  |  | 21318331 |
| **IT Services—1.4%** |  |  |  |
|  Capgemini SE | 11549 |  | 1936927 |
|  EPAM Systems, Inc. (b) | 3748 |  | 1228370 |
|  FleetCor Technologies, Inc. (b) | 1832 |  | 336502 |
|  Global Payments, Inc. | 4529 |  | 449820 |
|  Globant S.A. (a) (b) | 2405 |  | 404425 |
|  Infosys, Ltd. (ADR) (a) | 177216 |  | 3191660 |
|  International Business Machines Corp. (a) | 3105 |  | 437463 |
|  MasterCard, Inc. - Class A | 29262 |  | 10175275 |
|  MongoDB, Inc. (b) | 1876 |  | 369272 |
|  Tata Consultancy Services, Ltd. | 77565 |  | 3052187 |
|  |  |  | 21581901 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Life Sciences Tools & Services—0.3%** | | |
|  Lonza Group AG | 3046 | $1499174 |
|  Mettler-Toledo International, Inc. (a) (b) | 379 | 547825 |
|  Thermo Fisher Scientific, Inc. | 1519 | 836498 |
|  Wuxi Biologics Cayman, Inc. | 125500 | 963472 |
|  |  | 3846969 |
| **Machinery—1.7%** |  |  |
|  Atlas Copco AB - A Shares | 133973 | 1586154 |
|  Deere & Co. | 16399 | 7031235 |
|  Dover Corp. | 5138 | 695737 |
|  FANUC Corp. | 12400 | 1850600 |
|  Ingersoll Rand, Inc. | 12641 | 660492 |
|  ITT, Inc. | 3341 | 270955 |
|  Kone Oyj - Class B | 24419 | 1264816 |
|  Makita Corp. (a) | 26800 | 627490 |
|  Middleby Corp. (The) (b) | 2291 | 306765 |
|  SMC Corp. | 3100 | 1312012 |
|  Techtronic Industries Co., Ltd. | 206500 | 2299380 |
|  Timken Co. (The) (a) | 3923 | 277238 |
|  Toro Co. (The) | 4220 | 477704 |
|  Volvo AB - B Shares | 388117 | 7027502 |
|  |  | 25688080 |
| **Media—0.3%** |  |  |
|  Charter Communications, Inc. - Class A (b) | 8577 | 2908461 |
|  Liberty Broadband Corp. - Class C (b) | 5824 | 444196 |
|  Liberty Media Corp. - Class C (b) | 12150 | 475430 |
|  Nexstar Media Group, Inc. - Class A | 1233 | 215812 |
|  Trade Desk, Inc. (The) - Class A (b) | 5915 | 265169 |
|  |  | 4309068 |
| **Metals & Mining—0.6%** |  |  |
|  Anglo American plc | 50259 | 1965764 |
|  BHP Group, Ltd. | 119505 | 3700021 |
|  Freeport-McMoRan, Inc. | 12637 | 480206 |
|  Rio Tinto plc | 38558 | 2705469 |
|  |  | 8851460 |
| **Multi-Utilities—0.0%** |  |  |
|  Public Service Enterprise Group, Inc. | 4468 | 273754 |
| **Multiline Retail—0.2%** |  |  |
|  Dollar General Corp. | 1113 | 274076 |
|  Target Corp. | 15483 | 2307587 |
|  |  | 2581663 |
| **Oil, Gas & Consumable Fuels—2.3%** |  |  |
|  BP plc | 855345 | 4974031 |
|  Cheniere Energy, Inc. | 4122 | 618135 |
|  Chevron Corp. | 42658 | 7656684 |
|  ConocoPhillips | 41971 | 4952578 |
|  Coterra Energy, Inc. (a) | 17200 | 422604 |
|  EOG Resources, Inc. | 12162 | 1575222 |
|  Kinder Morgan, Inc. (a) | 36653 | 662686 |
|  Phillips 66 | 6743 | 701811 |
| **Oil, Gas & Consumable Fuels—(Continued)** |  |  |
|  Shell plc | 195118 | 5544809 |
|  TotalEnergies SE | 84736 | 5288811 |
|  Williams Cos., Inc. (The) | 19075 | 627568 |
|  Woodside Energy Group, Ltd. | 62978 | 1523759 |
|  |  | 34548698 |
| **Personal Products—0.3%** |  |  |
|  BellRing Brands, Inc. (b) | 11405 | 292424 |
|  Estee Lauder Cos., Inc. (The) - Class A | 2347 | 582314 |
|  Haleon plc (b) | 25678 | 102709 |
|  L'Oreal S.A. | 7168 | 2571469 |
|  LG Household & Health Care, Ltd. (b) | 697 | 401055 |
|  |  | 3949971 |
| **Pharmaceuticals—2.5%** |  |  |
|  AstraZeneca plc | 80544 | 10931058 |
|  Bristol-Myers Squibb Co. | 118635 | 8535788 |
|  Eli Lilly and Co. | 2289 | 837408 |
|  Jazz Pharmaceuticals plc (b) | 3039 | 484143 |
|  Johnson & Johnson | 5739 | 1013794 |
|  Kyowa Kirin Co., Ltd. | 66100 | 1520575 |
|  Merck & Co., Inc. | 5260 | 583597 |
|  Novo Nordisk A/S - Class B | 58546 | 7927126 |
|  Roche Holding AG | 16413 | 5157980 |
|  Royalty Pharma plc - Class A (a) | 14358 | 567428 |
|  |  | 37558897 |
| **Professional Services—0.3%** |  |  |
|  Equifax, Inc. | 1998 | 388331 |
|  Leidos Holdings, Inc. | 3031 | 318831 |
|  Recruit Holdings Co., Ltd. | 43800 | 1393009 |
|  RELX plc | 95886 | 2644062 |
|  |  | 4744233 |
| **Real Estate Management & Development—0.0%** |  |  |
|  CBRE Group, Inc. - Class A (b) | 6525 | 502164 |
| **Road & Rail—0.6%** |  |  |
|  Norfolk Southern Corp. | 1234 | 304082 |
|  Old Dominion Freight Line, Inc. | 1141 | 323793 |
|  Uber Technologies, Inc. (b) | 166171 | 4109409 |
|  Union Pacific Corp. | 22839 | 4729272 |
|  |  | 9466556 |
| **Semiconductors & Semiconductor Equipment—3.3%** |  |  |
|  Advanced Micro Devices, Inc. (b) | 51198 | 3316094 |
|  Analog Devices, Inc. | 43060 | 7063132 |
|  ASML Holding NV | 22206 | 12020173 |
|  Entegris, Inc. | 5408 | 354711 |
|  Infineon Technologies AG | 44113 | 1343580 |
|  Lam Research Corp. | 1104 | 464011 |
|  Marvell Technology, Inc. | 9152 | 338990 |
|  NVIDIA Corp. | 8285 | 1210770 |
|  NXP Semiconductors NV | 61163 | 9665589 |
|  QUALCOMM, Inc. | 6603 | 725934 |
|  SolarEdge Technologies, Inc. (b) | 2521 | 714124 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 89630 | $6676539 |
|  Texas Instruments, Inc. | 4462 | 737212 |
|  Tokyo Electron, Ltd. (a) | 13400 | 3980650 |
|  Wolfspeed, Inc. (a) (b) | 3588 | 247715 |
|  |  | 48859224 |
|  **Software—2.1%** |  |  |
|  Confluent, Inc. - Class A (a) (b) | 16287 | 362223 |
|  Crowdstrike Holdings, Inc. - Class A (b) | 2417 | 254486 |
|  HubSpot, Inc. (b) | 999 | 288841 |
|  Intuit, Inc. | 12739 | 4958274 |
|  Microsoft Corp. | 97423 | 23363984 |
|  Palo Alto Networks, Inc. (a) (b) | 5717 | 797750 |
|  ServiceNow, Inc. (b) | 1595 | 619291 |
|  Synopsys, Inc. (b) | 2277 | 727023 |
|  Zoom Video Communications, Inc. - Class A (b) | 6888 | 466593 |
|  Zscaler, Inc. (a) (b) | 1919 | 214736 |
|  |  | 32053201 |
|  **Specialty Retail—0.7%** |  |  |
|  AutoZone, Inc. (b) | 333 | 821238 |
|  Bath & Body Works, Inc. | 9030 | 380524 |
|  Best Buy Co., Inc. | 3461 | 277607 |
|  Burlington Stores, Inc. (b) | 3661 | 742304 |
|  Dick's Sporting Goods, Inc. | 3809 | 458185 |
|  Gap, Inc. (The) (a) | 12668 | 142895 |
|  Home Depot, Inc. (The) | 867 | 273851 |
|  Lojas Renner S.A. | 106362 | 400657 |
|  Lowe's Cos., Inc. | 3042 | 606088 |
|  Murphy USA, Inc. | 1189 | 332373 |
|  National Vision Holdings, Inc. (a) (b) | 3984 | 154420 |
|  Ross Stores, Inc. | 45771 | 5312640 |
|  Tractor Supply Co. | 2616 | 588522 |
|  |  | 10491304 |
|  **Technology Hardware, Storage & Peripherals—0.7%** |  |  |
|  Apple, Inc. (a) | 51148 | 6645660 |
|  Samsung Electronics Co., Ltd. (GDR) (144A) | 2994 | 3308370 |
|  |  | 9954030 |
|  **Textiles, Apparel & Luxury Goods—1.5%** |  |  |
|  Adidas AG | 8412 | 1148323 |
|  Columbia Sportswear Co. | 3641 | 318879 |
|  Kering S.A. | 3982 | 2037918 |
|  LVMH Moet Hennessy Louis Vuitton SE | 17923 | 13020072 |
|  NIKE, Inc. - Class B | 50683 | 5930418 |
|  Ralph Lauren Corp. (a) | 3886 | 410633 |
|  |  | 22866243 |
|  **Thrifts & Mortgage Finance—0.0%** |  |  |
|  MGIC Investment Corp. | 18838 | 244894 |
|  **Tobacco—0.1%** |  |  |
|  ITC, Ltd. | 327127 | 1309060 |
|  Philip Morris International, Inc. | 4962 | 502204 |
|  |  | 1811264 |
|  **Trading Companies & Distributors—0.1%** |  |  |
|  Ferguson plc | 15100 | $1907781 |
| **Wireless Telecommunication Services—0.2%** |  |  |
|  T-Mobile U.S., Inc. (b) | 22595 | 3163300 |
|  Total Common Stocks<br>(Cost $689,496,759) |  | 678707547 |
| **Convertible Bonds—18.3%** |  |  |
| **Aerospace/Defense—1.6%** |  |  |
|  MTU Aero Engines AG<br>0.125%, 05/17/23 (EUR) | 5700000 | 10056595 |
|  Safran S.A.<br>0.875%, 05/15/27 (EUR) | 10140545 | 14200213 |
|  |  | 24256808 |
| **Airlines—1.2%** |  |  |
|  Southwest Airlines Co.<br>1.250%, 05/01/25 (a) | 15387000 | 18479787 |
| **Banks—1.8%** |  |  |
|  Barclays Bank plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/04/25 | 9793000 | 12670183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/18/25 | 9000000 | 9362340 |
|  BofA Finance LLC<br>0.250%, 05/01/23 | 4566000 | 4566000 |
|  |  | 26598523 |
| **Beverages—0.7%** |  |  |
|  Remy Cointreau S.A.<br>0.125%, 09/07/26 (EUR) | 5725000 | 10000198 |
| **Biotechnology—0.3%** |  |  |
|  Illumina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/23 (a) | 4797000 | 4633786 |
| **Building Materials—1.0%** |  |  |
|  Sika AG<br>0.150%, 06/05/25 (CHF) | 11020000 | 15045312 |
| **Commercial Services—1.7%** |  |  |
|  Amadeus IT Group S.A.<br>1.500%, 04/09/25 (EUR) | 12500000 | 14844625 |
|  Edenred<br>Zero Coupon, 09/06/24 (EUR) | 2870100 | 1889202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/14/28 (EUR) | 6690200 | 4684288 |
|  Euronet Worldwide, Inc.<br>0.750%, 03/15/49 | 4424000 | 4183445 |
|  |  | 25601560 |
| **Diversified Financial Services—0.5%** |  |  |
|  Oliver Capital Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/29/23 (EUR) | 2900000 | 3243718 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Convertible Bonds—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Diversified Financial Services—(Continued)** | | | |
|  SBI Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/13/23 (JPY) | 540000000 | $| 4114599 |
|  |  |  | 7358317 |
| **Electrical Components & Equipment—0.4%** |  |  |  |
|  Schneider Electric SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/15/26 (EUR) | 3129400 |  | 6156285 |
| **Engineering & Construction—0.5%** |  |  |  |
|  Cellnex Telecom S.A.<br>1.500%, 01/16/26 (EUR) | 6400000 |  | 7998597 |
| **Food—0.3%** |  |  |  |
|  Mondelez International Holdings Netherlands B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/20/24 (EUR) | 4200000 |  | 4384390 |
| **Healthcare-Services—0.6%** |  |  |  |
|  Elevance Health, Inc.<br>2.750%, 10/15/42 | 1232000 |  | 9009246 |
| **Internet—1.6%** |  |  |  |
|  Booking Holdings, Inc.<br>0.750%, 05/01/25 (a) | 9626000 |  | 12820908 |
|  Expedia Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/26 | 3073000 |  | 2676364 |
|  Palo Alto Networks, Inc.<br>0.750%, 07/01/23 | 5456000 |  | 8620480 |
|  |  |  | 24117752 |
| **Investment Companies—0.6%** |  |  |  |
|  Ares Capital Corp.<br>4.625%, 03/01/24 (a) | 4923000 |  | 5221457 |
|  Sagerpar S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/01/26 (EUR) | 3600000 |  | 3485228 |
|  |  |  | 8706685 |
| **Iron/Steel—0.2%** |  |  |  |
|  POSCO Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/26 (EUR) | 3600000 |  | 3628181 |
| **Mining—0.3%** |  |  |  |
|  Glencore Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/27/25 | 3200000 |  | 3744176 |
| **Oil & Gas—0.8%** |  |  |  |
|  Pioneer Natural Resources Co.<br>0.250%, 05/15/25 | 5305000 |  | 12371260 |
| **Real Estate—0.4%** |  |  |  |
|  LEG Immobilien AG<br>0.875%, 09/01/25 (EUR) | 6100000 |  | 5914497 |
| **Retail—0.6%** |  |  |  |
|  Zalando SE<br>0.050%, 08/06/25 (EUR) | 10300000 |  | 9492534 |
| **Semiconductors—1.4%** |  |  |  |
|  Microchip Technology, Inc.<br>0.125%, 11/15/24 (a) | 3267000 |  | 3503857 |
|  STMicroelectronics NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/04/25 | 16600000 |  | 17387720 |
|  |  |  | 20891577 |
| **Software—0.8%** |  |  |  |
|  Akamai Technologies, Inc.<br>0.125%, 05/01/25 | 4600000 |  | 4830000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 09/01/27 (a) | 7770000 |  | 7482510 |
|  |  |  | 12312510 |
| **Telecommunications—1.0%** |  |  |  |
|  America Movil B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/02/24 (EUR) | 13500000 |  | 14656528 |
|  Total Convertible Bonds<br>(Cost $274,698,714) |  |  | 275358509 |
| **U.S. Treasury & Government Agencies—11.5%** | **U.S. Treasury & Government Agencies—11.5%** | **U.S. Treasury & Government Agencies—11.5%** | **U.S. Treasury & Government Agencies—11.5%** |
| **Agency Sponsored Mortgage - Backed—5.0%** |  |  |  |
|  Fannie Mae 15 Yr. Pool<br>1.930%, 11/01/31 | 900000 |  | 730632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.960%, 09/01/33 | 750000 |  | 585005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/32 | 1800000 |  | 1466141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.540%, 11/01/32 | 600000 |  | 555958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%, 10/01/32 | 790000 |  | 749157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 10/01/32 | 748164 |  | 719446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%, 12/01/32 | 1000000 |  | 1055763 |
|  Fannie Mae 30 Yr. Pool<br>2.500%, 05/01/50 | 815336 |  | 698501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50 | 1386917 |  | 1181568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 505218 |  | 431483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 412178 |  | 350405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/52 | 629171 |  | 553411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/50 | 610385 |  | 566768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/52 | 992770 |  | 907375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.895%, 09/01/35 | 750000 |  | 735352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/46 | 458124 |  | 439417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/47 | 533424 |  | 509197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/47 | 219272 |  | 209075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/47 | 344026 |  | 328027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/48 | 346229 |  | 331763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/48 | 111267 |  | 105955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/49 | 403788 |  | 386851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/52 | 846842 |  | 796204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/61 | 945993 |  | 896722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/39 | 99631 |  | 97328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/40 | 119161 |  | 118128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/48 | 43565 |  | 42504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/48 | 73389 |  | 71841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/48 | 21956 |  | 21449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/48 | 1400620 |  | 1369081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/49 | 167393 |  | 165449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/49 | 133810 |  | 129979 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage - Backed—(Continued)** | | |
|  Fannie Mae 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/44 | 321883 | $329233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/48 | 42323 | 42240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/48 | 189420 | 191657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/48 | 256864 | 257416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/48 | 114028 | 113587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/49 | 264975 | 266705 |
|  Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/01/31 | 500000 | 398467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/01/33 | 500000 | 392095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.130%, 11/01/28 | 1229023 | 1082969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.140%, 12/01/33 | 450000 | 367123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.160%, 12/01/33 | 500000 | 400788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/61 | 410681 | 339717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/61 | 943718 | 780644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.510%, 10/01/30 | 1050000 | 913753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%, 03/01/32 | 498686 | 426915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/01/31 | 350000 | 300644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730%, 09/01/29 | 1149393 | 1036171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.770%, 08/01/33 | 921000 | 789687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.230%, 01/01/30 | 460061 | 428260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.330%, 04/01/35 | 477228 | 419860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 06/01/34 | 2353143 | 2156287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/61 | 935954 | 848892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.510%, 09/01/32 | 300000 | 277413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.620%, 05/01/32 | 990967 | 927656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.660%, 03/01/27 | 710902 | 684345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.680%, 09/01/32 | 613000 | 575106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.740%, 02/01/29 | 800000 | 768460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/01/32 | 1030000 | 973754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 09/01/32 | 720672 | 682976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870%, 06/01/37 | 764000 | 685027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/59 | 663837 | 632735 |
|  Fannie Mae REMICS (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/25/46 | 128438 | 119131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/25/49 | 468286 | 438427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/25/42 | 166360 | 157012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/25/43 | 123341 | 120968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/25/37 | 28012 | 27591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/25/39 | 250000 | 251462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/25/40 | 65000 | 64205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/25/34 | 101236 | 103533 |
|  Fannie Mae Whole Loan Trust (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.620%, 11/25/33 | 232639 | 231982 |
|  Fannie Mae-ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.670%, 10/25/30 | 132110 | 118990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 09/25/28 | 346778 | 319704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/25/33 | 849326 | 798990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/25/30 | 80000 | 68615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.707%, 11/25/31 (e) | 1000000 | 786781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.893%, 10/25/30 (e) (f) | 1302583 | 112489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.943%, 11/25/33 (e) (f) | 8580820 | 766672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.984%, 07/25/30 (e) (f) | 2070788 | 173957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.082%, 04/25/32 (e) | 1620000 | 1327009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.593%, 06/25/32 (e) | 966000 | 815657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.751%, 08/25/32 (e) | 800000 | 753514 |
| **Agency Sponsored Mortgage - Backed—(Continued)** |  |  |
|  Freddie Mac 30 Yr. Gold Pool<br>4.000%, 12/01/47 | 160437 | 153149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/47 | 364057 | 358039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/48 | 136711 | 137310 |
|  Freddie Mac 30 Yr. Pool<br>2.500%, 07/01/50 | 1401317 | 1194327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/52 | 389006 | 343077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/49 | 146913 | 135239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/48 | 206446 | 202485 |
|  Freddie Mac Multifamily Structured Credit Risk<br>8.178%, SOFR30A + 4.250%, 05/25/52 (144A) (e) | 596334 | 590371 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates 3.600%, 02/25/28 | 1000000 | 956221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 05/25/28 (e) | 585000 | 565526 |
|  Freddie Mac Multifamily WI Certificates<br>3.820%, 01/25/33 | 600000 | 563991 |
|  Freddie Mac Pool<br>1.800%, 11/01/28 | 1000000 | 861857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 06/01/34 | 750000 | 694332 |
|  Freddie Mac REMICS (CMO)<br>2.500%, 01/15/42 | 20166 | 17517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/25/49 | 263381 | 234732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/15/35 | 600000 | 561641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/15/38 | 250000 | 239891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/41 | 661289 | 633265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/40 | 117000 | 118835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/41 | 426517 | 427244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/15/37 | 166123 | 169138 |
|  Freddie Mac STACR Trust (CMO)<br>3.500%, 05/25/57 | 423443 | 397660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/25/57 | 413991 | 390803 |
|  FREMF Mortgage Trust<br>3.531%, 12/25/51 (144A) (e) | 500000 | 419941 |
|  Ginnie Mae I 30 Yr. Pool<br>4.500%, 07/15/39 | 230489 | 228812 |
|  Ginnie Mae II 30 Yr. Pool<br>2.500%, 08/20/51 | 461172 | 400552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 | 126175 | 109490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/51 | 489919 | 444114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/20/52 | 787029 | 692994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/52 | 562187 | 515333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/49 | 274639 | 264856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/20/52 | 382368 | 361854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/52 | 529505 | 501094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 01/20/49 | 1197506 | 1139162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/20/47 | 638720 | 616886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/20/48 | 1518231 | 1459631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/20/48 | 723321 | 688587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/20/50 | 857310 | 815422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/20/48 | 2135027 | 2080983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/48 | 60976 | 59016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/20/48 | 706821 | 690155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/48 | 259111 | 251935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/20/49 | 284272 | 276696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/49 | 658909 | 650173 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies —(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage - Backed—(Continued)** | | |
| Ginnie Mae II 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/20/52 | 744364 | $736928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/20/48 | 111315 | 110989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/20/48 | 346939 | 349199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/20/49 | 677177 | 682271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/20/49 | 720287 | 735415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/20/52 | 1268287 | 1267126 |
|  Ginnie Mae II ARM Pool<br>5.656%, 1Y H15 + 1.568%, 11/20/71 (e) | 442063 | 455226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739%, 1Y H15 + 1.625%, 11/20/71 (e) | 486080 | 502040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.772%, 1Y H15 + 1.683%, 04/20/72 (e) | 447185 | 464815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790%, 1Y H15 + 1.704%, 02/20/72 (e) | 597909 | 621424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.830%, 1Y H15 + 1.784%, 09/20/71 (e) | 396596 | 412983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.834%, 1Y H15 + 1.751%, 10/20/71 (e) | 482387 | 501370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%, 1Y H15 + 1.753%, 11/20/71 (e) | 448427 | 466847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.859%, 1Y H15 + 1.777%, 12/20/71 (e) | 398309 | 415320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.916%, 1Y H15 + 1.835%, 08/20/71 (e) | 396996 | 414246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.084%, 1Y H15 + 1.972%, 03/20/72 (e) | 350832 | 369217 |
|  Government National Mortgage Association (CMO)<br>2.500%, 05/20/43 | 14546 | 13858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.678%, 1M LIBOR + 0.610%, 03/20/70 (e) | 418688 | 406411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/49 | 343720 | 323810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/20/37 | 82472 | 83445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/16/37 | 88237 | 89758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/16/39 | 200000 | 205977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/17/34 | 49069 | 50262 |
|  |  | 75646479 |
| **U.S. Treasury—6.5%** |  |  |
|  U.S. Treasury Bonds<br>1.125%, 05/15/40 | 1365000 | 854298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/15/50 | 831000 | 447214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 08/15/50 | 135000 | 75015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/15/41 | 560000 | 383228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/41 | 940000 | 664389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/51 (a) | 2298000 | 1460487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 1545000 | 978540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 | 135000 | 96393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/15/50 | 367000 | 242378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/15/51 | 500000 | 327383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/46 | 236000 | 167016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/49 | 115000 | 80841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/42 | 625000 | 477197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 (a) | 570000 | 411959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/51 | 175000 | 125549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45 | 2810000 | 2115513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/42 | 1600000 | 1286438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/42 (a) | 9630000 | 7719047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/43 | 1000000 | 816211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/45 (a) | 5000 | 4026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/52 | 6505000 | 5212131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 | 79000 | 65200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/47 | 65000 | 53206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/15/42 (a) | 1400000 | 1227406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 | 852000 | 798550 |
| **U.S. Treasury—(Continued)** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/40 | 410000 | 399942 |
|  U.S. Treasury Coupon Strips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/32 | 2375000 | 1645049 |
|  U.S. Treasury Notes<br>0.375%, 01/31/26 | 120000 | 106767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 09/30/27 | 2330000 | 1964299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 02/28/26 | 1780000 | 1586077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 08/15/30 | 250000 | 196787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 06/30/26 | 1305000 | 1166956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 09/30/26 (a) | 147000 | 130526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 03/31/28 | 1695000 | 1473193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 06/30/28 | 13090000 | 11318248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 127000 | 103366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/30 (a) | 225000 | 191742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/31 | 610000 | 512996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 05/15/23 | 2892000 | 2861724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/28/29 | 1300000 | 1151262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/32 | 7675000 | 6510858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/25 | 14920000 | 14121547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/31/24 | 7000000 | 6791367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/28/26 | 30000 | 28494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 05/31/27 (a) | 8670000 | 8172491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/31/27 | 1850000 | 1750346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/30/29 | 4865000 | 4556377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/27 | 2485000 | 2390065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/29 | 2455000 | 2330620 |
|  |  | 97550714 |
|  Total U.S. Treasury & Government Agencies<br>(Cost $190,727,281) |  | 173197193 |
| **Corporate Bonds & Notes—4.4%** |  |  |
| **Aerospace/Defense—0.2%** |  |  |
|  BAE Systems plc<br>1.900%, 02/15/31 (144A) | 200000 | 155092 |
|  Boeing Co. (The)<br>1.167%, 02/04/23 | 80000 | 79693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 02/04/26 | 1165000 | 1058476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/01/26 | 102000 | 94526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/01/26 | 80000 | 75277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/01/28 | 100000 | 89384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/25 | 100000 | 99234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/01/30 (a) | 150000 | 146346 |
|  L3Harris Technologies, Inc.<br>1.800%, 01/15/31 | 100000 | 76744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.854%, 04/27/35 | 50000 | 46589 |
|  Northrop Grumman Corp.<br>3.250%, 01/15/28 | 150000 | 138337 |
|  Raytheon Technologies Corp.<br>4.150%, 05/15/45 | 253000 | 210912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 04/15/47 | 140000 | 119067 |
|  |  | 2389677 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agriculture—0.1%** | | |
|  Altria Group, Inc.<br>2.450%, 02/04/32 | 170000 | $128247 |
|  BAT Capital Corp.<br>2.259%, 03/25/28 | 95000 | 78843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.222%, 08/15/24 | 200000 | 192577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 09/25/40 | 65000 | 44136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 08/15/37 | 65000 | 50538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 08/15/47 | 146000 | 103160 |
|  BAT International Finance plc<br>1.668%, 03/25/26 (a) | 70000 | 62024 |
|  Bunge, Ltd. Finance Corp.<br>2.750%, 05/14/31 (a) | 250000 | 205180 |
|  |  | 864705 |
| **Airlines—0.2%** |  |  |
|  Air Canada Pass-Through Trust<br>3.550%, 07/15/31 (144A) | 556640 | 447202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 06/15/29 (144A) | 411937 | 358782 |
|  American Airlines Pass-Through Trust<br>3.200%, 06/15/28 | 287800 | 249586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 09/22/27 | 138419 | 124158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/28 | 345439 | 298130 |
|  British Airways Pass-Through Trust<br>3.300%, 06/15/34 (144A) | 115775 | 98229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/20/33 (144A) | 434068 | 361313 |
|  Continental Airlines Pass-Through Trust<br>4.000%, 04/29/26 | 465350 | 444008 |
|  Delta Air Lines Pass-Through Trust<br>3.625%, 01/30/29 | 90388 | 82516 |
|  United Airlines Pass-Through Trust<br>3.450%, 12/01/27 | 342853 | 304878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 09/01/31 | 56638 | 47188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/11/25 | 308805 | 299068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/25/31 | 173972 | 153879 |
|  |  | 3268937 |
| **Auto Manufacturers—0.1%** |  |  |
|  General Motors Financial Co., Inc.<br>1.250%, 01/08/26 | 209000 | 184041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 01/08/31 | 50000 | 37701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 06/10/31 | 85000 | 65125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 04/07/25 | 65000 | 62744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 01/17/27 | 51000 | 48460 |
|  Hyundai Capital America<br>1.300%, 01/08/26 (144A) | 50000 | 43729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 06/15/26 (144A) | 35000 | 30324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/25 (144A) | 250000 | 224854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 01/10/28 (144A) | 100000 | 82010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/15/27 (144A) | 70000 | 59887 |
|  Nissan Motor Co., Ltd.<br>4.345%, 09/17/27 (144A) | 200000 | 181349 |
|  Stellantis Finance U.S., Inc.<br>1.711%, 01/29/27 (144A) | 200000 | 171612 |
|  |  | 1191836 |
| **Auto Parts & Equipment—0.0%** |  |  |
|  Lear Corp.<br>2.600%, 01/15/32 | 45000 | 33856 |
| **Banks—1.1%** |  |  |
|  Banco Santander S.A.<br>2.746%, 05/28/25 | 200000 | 187178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147%, 08/18/25 | 200000 | 197786 |
|  Bank of America Corp.<br>2.551%, SOFR + 1.050%, 02/04/28 (e) | 780000 | 692786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, SOFR + 1.210%, 10/20/32 (e) | 670000 | 524746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%, SOFR + 1.930%, 06/19/41 (e) | 130000 | 87451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, SOFR + 1.320%, 04/22/32 (e) | 240000 | 192092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%, SOFR + 1.330%, 02/04/33 (e) | 105000 | 84590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.705%, 3M LIBOR + 1.512%, 04/24/28 (e) | 300000 | 277618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%, 3M LIBOR + 1.575%, 01/20/28 (e) | 300000 | 279935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, SOFR + 1.580%, 04/27/28 (e) | 145000 | 138667 |
|  Bank of Ireland Group plc<br>2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (e) | 200000 | 168762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.253%, 1Y H15 + 2.650%, 09/16/26 (144A) (e) | 200000 | 198397 |
|  Bank of Montreal<br>3.803%, 5Y USD Swap + 1.432%, 12/15/32 (e) | 100000 | 88052 |
|  Barclays plc<br>1.007%, 1Y H15 + 0.800%, 12/10/24 (e) | 200000 | 190381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.304%, 1Y H15 + 2.300%, 08/09/26 (e) | 225000 | 223318 |
|  BNP Paribas S.A.<br>2.159%, SOFR + 1.218%, 09/15/29 (144A) (e) | 200000 | 163044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.588%, 5Y H15 + 2.050%, 08/12/35 (144A) (e) | 200000 | 146377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%, SOFR + 1.507%, 01/13/31 (144A) (e) | 270000 | 221277 |
|  BPCE S.A.<br>3.116%, SOFR + 1.730%, 10/19/32 (144A) (e) | 250000 | 182416 |
|  Citigroup, Inc.<br>2.520%, SOFR + 1.177%, 11/03/32 (e) | 365000 | 283849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%, SOFR + 1.167%, 05/01/32 (e) | 240000 | 189472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%, SOFR + 1.351%, 01/25/33 (e) | 71000 | 57298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%, 3M LIBOR + 1.390%, 07/24/28 (e) | 745000 | 684200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 3M LIBOR + 1.563%, 01/10/28 (a) (e) | 300000 | 280340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 06/10/25 (a) | 120000 | 117781 |
|  Cooperative Rabobank UA<br>3.750%, 07/21/26 | 315000 | 295766 |
|  Credit Agricole S.A.<br>1.247%, SOFR + 0.892%, 01/26/27 (144A) (e) | 250000 | 218635 |
|  Credit Suisse Group AG<br>4.282%, 01/09/28 (144A) | 380000 | 314963 |
|  Deutsche Bank AG<br>2.129%, SOFR + 1.870%, 11/24/26 (e) | 150000 | 132331 |
|  Federation des Caisses Desjardins du Quebec<br>4.400%, 08/23/25 (144A) | 200000 | 195119 |
|  Goldman Sachs Group, Inc. (The)<br>1.948%, SOFR + 0.913%, 10/21/27 (e) | 1050000 | 918104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%, SOFR + 1.248%, 07/21/32 (e) | 400000 | 310364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640%, SOFR + 1.114%, 02/24/28 (e) | 124000 | 110408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.272%, 3M LIBOR + 1.201%, 09/29/25 (e) | 350000 | 337270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.411%, 3M LIBOR + 1.430%, 04/23/39 (e) | 140000 | 120964 |
|  HSBC Holdings plc<br>2.206%, SOFR + 1.285%, 08/17/29 (e) | 200000 | 161436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.357%, SOFR + 1.947%, 08/18/31 (e) | 200000 | 152818 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Banks—(Continued)** | | | |
|  HSBC Holdings plc<br>4.292%, 3M LIBOR + 1.348%, 09/12/26 (e) | 250000 | $| 239139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210%, SOFR + 2.610%, 08/11/28 (e) | 310000 |  | 299073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/15/37 | 100000 |  | 101960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336%, SOFR + 3.030%, 11/03/26 (e) | 200000 |  | 208014 |
|  Lloyds Banking Group plc<br>1.627%, 1Y H15 + 0.850%, 05/11/27 (e) | 200000 |  | 173109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/22/28 | 283000 |  | 268593 |
|  Macquarie Group, Ltd.<br>1.340%, SOFR + 1.069%, 01/12/27 (144A) (e) | 60000 |  | 52293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.207%, 11/22/24 (144A) | 198000 |  | 199287 |
|  Mitsubishi UFJ Financial Group, Inc.<br>1.538%, 1Y H15 + 0.750%, 07/20/27 (e) | 270000 |  | 234074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.751%, 07/18/39 | 250000 |  | 203086 |
|  Mizuho Financial Group, Inc.<br>1.234%, 1Y H15 + 0.670%, 05/22/27 (a) (e) | 200000 |  | 173230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.869%, SOFR + 1.572%, 09/13/30 (e) | 200000 |  | 167252 |
|  Morgan Stanley<br>1.794%, SOFR + 1.034%, 02/13/32 (e) | 440000 |  | 330687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.591%, 3M LIBOR + 1.340%, 07/22/28 (e) | 1000000 |  | 917251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 01/27/45 (a) | 70000 |  | 59663 |
|  National Australia Bank, Ltd.<br>3.933%, 5Y H15 + 1.880%, 08/02/34 (144A) (e) | 390000 |  | 328050 |
|  NatWest Group plc<br>3.754%, 5Y H15 + 2.100%, 11/01/29 (e) | 200000 |  | 185499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269%, 3M LIBOR + 1.762%, 03/22/25 (e) | 200000 |  | 195576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%, 3M LIBOR + 1.754%, 05/18/29 (e) | 200000 |  | 189232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.472%, 1Y H15 + 2.850%, 11/10/26 (a) (e) | 200000 |  | 208120 |
|  Nordea Bank Abp<br>5.375%, 09/22/27 (144A) | 200000 |  | 200923 |
|  Northern Trust Corp.<br>3.375%, 3M LIBOR + 1.131%, 05/08/32 (e) | 100000 |  | 90827 |
|  Santander UK Group Holdings plc<br>1.673%, SOFR + 0.989%, 06/14/27 (e) | 200000 |  | 170059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.833%, SOFR + 2.749%, 11/21/26 (e) | 200000 |  | 202584 |
|  Societe Generale S.A.<br>1.488%, 1Y H15 + 1.100%, 12/14/26 (144A) (e) | 200000 |  | 173833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/14/25 (144A) | 350000 |  | 335731 |
|  Standard Chartered plc<br>7.776%, 1Y H15 + 3.100%, 11/16/25 (144A) (e) | 200000 |  | 205980 |
|  UBS Group AG<br>1.494%, 1Y H15 + 0.850%, 08/10/27 (144A) (e) | 200000 |  | 172072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/24/25 (144A) | 200000 |  | 194465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.488%, 1Y H15 + 1.550%, 05/12/26 (144A) (e) | 500000 |  | 488682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.703%, 1Y H15 + 2.050%, 08/05/27 (144A) (e) | 200000 |  | 193298 |
|  UniCredit S.p.A.<br>1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (e) | 200000 |  | 170504 |
|  Wells Fargo & Co.<br>4.400%, 06/14/46 | 115000 |  | 92371 |
|  Westpac Banking Corp.<br>3.133%, 11/18/41 | 593000 |  | 391153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.322%, 5Y USD ICE Swap + 2.236%, 11/23/31 (e) | 100000 |  | 94116 |
|  |  |  | 17035777 |
| **Beverages—0.1%** |  |  |  |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.<br>4.700%, 02/01/36 | 425000 |  | 401388 |
| **Beverages—(Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/01/46 | 70000 |  | 63635 |
|  Anheuser-Busch InBev Finance, Inc.<br>4.700%, 02/01/36 | 90000 |  | 85000 |
|  Anheuser-Busch InBev Worldwide, Inc.<br>4.439%, 10/06/48 | 235000 |  | 200696 |
|  Constellation Brands, Inc.<br>5.250%, 11/15/48 | 25000 |  | 23421 |
|  Keurig Dr Pepper, Inc.<br>3.430%, 06/15/27 | 75000 |  | 69793 |
|  |  |  | 843933 |
| **Biotechnology—0.0%** | **Biotechnology—0.0%** | **Biotechnology—0.0%** | **Biotechnology—0.0%** |
|  Amgen, Inc.<br>2.300%, 02/25/31 | 200000 |  | 162896 |
|  Biogen, Inc.<br>2.250%, 05/01/30 | 68000 |  | 55399 |
|  Gilead Sciences, Inc.<br>2.600%, 10/01/40 | 150000 |  | 104654 |
|  Regeneron Pharmaceuticals, Inc.<br>1.750%, 09/15/30 | 250000 |  | 193092 |
|  Royalty Pharma plc<br>1.200%, 09/02/25 | 54000 |  | 48327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 09/02/31 | 80000 |  | 60499 |
|  |  |  | 624867 |
| **Building Materials—0.0%** | **Building Materials—0.0%** | **Building Materials—0.0%** | **Building Materials—0.0%** |
|  Martin Marietta Materials, Inc.<br>3.200%, 07/15/51 | 50000 |  | 34020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 06/01/27 | 100000 |  | 92815 |
|  Masco Corp.<br>2.000%, 10/01/30 | 50000 |  | 38754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/32 | 150000 |  | 153550 |
|  |  |  | 319139 |
| **Chemicals—0.1%** | **Chemicals—0.1%** | **Chemicals—0.1%** | **Chemicals—0.1%** |
|  Celanese U.S. Holdings LLC<br>6.050%, 03/15/25 | 139000 |  | 138459 |
|  CF Industries, Inc.<br>4.950%, 06/01/43 | 190000 |  | 162550 |
|  DuPont de Nemours, Inc.<br>5.319%, 11/15/38 | 120000 |  | 115327 |
|  Eastman Chemical Co.<br>4.500%, 12/01/28 | 150000 |  | 142045 |
|  International Flavors & Fragrances, Inc.<br>3.468%, 12/01/50 (144A) (a) | 187000 |  | 126579 |
|  Nutrien, Ltd.<br>4.200%, 04/01/29 | 50000 |  | 46965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/49 | 75000 |  | 67330 |
|  |  |  | 799255 |
| **Commercial Services—0.1%** | **Commercial Services—0.1%** | **Commercial Services—0.1%** | **Commercial Services—0.1%** |
|  Ford Foundation (The)<br>2.815%, 06/01/70 | 55000 |  | 32080 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
|  Global Payments, Inc.<br>2.900%, 05/15/30 (a) | 42000 | $| 34413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/31 | 83000 |  | 65451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 08/15/29 | 99000 |  | 84155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 08/15/29 | 57000 |  | 55106 |
|  Pepperdine University<br>3.301%, 12/01/59 | 100000 |  | 62715 |
|  Quanta Services, Inc.<br>2.350%, 01/15/32 | 115000 |  | 87323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/30 | 180000 |  | 148000 |
|  S&P Global, Inc.<br>2.900%, 03/01/32 (144A) | 81000 |  | 69089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/01/29 (144A) | 147000 |  | 140311 |
|  Triton Container International, Ltd.<br>1.150%, 06/07/24 (144A) | 115000 |  | 106354 |
|  University of Southern California<br>3.226%, 10/01/2120 | 100000 |  | 57985 |
|  |  |  | 942982 |
| **Computers—0.1%** | **Computers—0.1%** | **Computers—0.1%** | **Computers—0.1%** |
|  Apple, Inc.<br>2.700%, 08/05/51 | 480000 |  | 316436 |
|  CGI, Inc.<br>2.300%, 09/14/31 | 156000 |  | 118450 |
|  Dell International LLC / EMC Corp.<br>5.450%, 06/15/23 (a) | 142000 |  | 142090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%, 06/15/26 | 215000 |  | 219333 |
|  Leidos, Inc.<br>2.300%, 02/15/31 | 55000 |  | 42133 |
|  |  |  | 838442 |
| **Cosmetics/Personal Care—0.0%** | **Cosmetics/Personal Care—0.0%** | **Cosmetics/Personal Care—0.0%** | **Cosmetics/Personal Care—0.0%** |
|  GSK Consumer Healthcare Capital U.S. LLC<br>3.375%, 03/24/29 | 250000 |  | 224809 |
| **Diversified Financial Services—0.3%** | **Diversified Financial Services—0.3%** | **Diversified Financial Services—0.3%** | **Diversified Financial Services—0.3%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>1.750%, 01/30/26 | 551000 |  | 484760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/03/26 | 150000 |  | 143165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/23 | 245000 |  | 243391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/25 | 837000 |  | 848114 |
|  Air Lease Corp.<br>2.875%, 01/15/26 | 50000 |  | 46263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/15/23 | 60000 |  | 58982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/01/29 | 150000 |  | 127721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 07/01/25 | 261000 |  | 246859 |
|  Aviation Capital Group LLC<br>3.875%, 05/01/23 (144A) | 100000 |  | 99187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/25 (144A) | 80000 |  | 74630 |
|  Avolon Holdings Funding, Ltd.<br>2.125%, 02/21/26 (144A) | 70000 |  | 60247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.528%, 11/18/27 (144A) | 382000 |  | 305331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 02/15/25 (144A) | 164000 |  | 151498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/15/26 (144A) | 105000 |  | 95188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/01/26 (144A) | 145000 |  | 132116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/26 (144A) | 185000 |  | 175880 |
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
|  Brookfield Finance, Inc.<br>4.850%, 03/29/29 | 137000 |  | 130668 |
|  GTP Acquisition Partners I LLC<br>3.482%, 06/15/50 (144A) | 325000 |  | 302748 |
|  Huntington National Bank (The)<br>5.650%, 01/10/30 | 267000 |  | 269038 |
|  Mitsubishi HC Capital, Inc.<br>3.559%, 02/28/24 (144A) | 200000 |  | 195365 |
|  Nomura Holdings, Inc<br>2.648%, 01/16/25 | 375000 |  | 354068 |
|  Nuveen LLC<br>4.000%, 11/01/28 (144A) | 100000 |  | 92875 |
|  Park Aerospace Holdings, Ltd.<br>4.500%, 03/15/23 (144A) | 190000 |  | 189531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/24 (144A) | 10000 |  | 9870 |
|  |  |  | 4837495 |
| **Electric—0.4%** | **Electric—0.4%** | **Electric—0.4%** | **Electric—0.4%** |
|  AEP Transmission Co. LLC<br>3.150%, 09/15/49 | 30000 |  | 20756 |
|  Alexander Funding Trust<br>1.841%, 11/15/23 (144A) | 200000 |  | 191590 |
|  Ameren Illinois Co.<br>4.500%, 03/15/49 | 225000 |  | 204752 |
|  Arizona Public Service Co.<br>4.700%, 01/15/44 | 50000 |  | 39952 |
|  Ausgrid Finance Pty, Ltd.<br>3.850%, 05/01/23 (144A) | 150000 |  | 149237 |
|  Baltimore Gas & Electric Co.<br>3.200%, 09/15/49 | 205000 |  | 144208 |
|  Cleveland Electric Illuminating Co. (The)<br>4.550%, 11/15/30 (144A) | 60000 |  | 56129 |
|  Consolidated Edison Co. of New York, Inc.<br>4.650%, 12/01/48 | 150000 |  | 130573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/15/52 | 150000 |  | 160581 |
|  Constellation Energy Generation LLC<br>5.750%, 10/01/41 | 120000 |  | 116434 |
|  Duke Energy Corp.<br>4.500%, 08/15/32 (a) | 150000 |  | 140505 |
|  Duke Energy Florida LLC<br>5.950%, 11/15/52 | 190000 |  | 202217 |
|  Duke Energy Progress LLC<br>2.900%, 08/15/51 | 315000 |  | 206261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/46 | 120000 |  | 90834 |
|  Duquesne Light Holdings, Inc.<br>3.616%, 08/01/27 (144A) | 150000 |  | 134901 |
|  Edison International<br>3.550%, 11/15/24 | 251000 |  | 242309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/15/27 | 55000 |  | 55170 |
|  Emera U.S. Finance L.P.<br>4.750%, 06/15/46 | 110000 |  | 84871 |
|  Entergy Louisiana LLC<br>2.900%, 03/15/51 | 145000 |  | 92766 |
|  Entergy Mississippi LLC<br>3.850%, 06/01/49 | 120000 |  | 91588 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Evergy Missouri West, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 12/15/27 (144A) | 223000 | $| 222168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 09/15/41 | 100000 |  | 90370 |
|  Evergy, Inc.<br>2.900%, 09/15/29 | 235000 |  | 202932 |
|  Eversource Energy<br>4.600%, 07/01/27 | 209000 |  | 206091 |
|  Fells Point Funding Trust<br>3.046%, 01/31/27 (144A) | 245000 |  | 222972 |
|  ITC Holdings Corp.<br>2.950%, 05/14/30 (144A) | 170000 |  | 143403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/22/27 (144A) | 200000 |  | 197235 |
|  Jersey Central Power & Light Co.<br>4.300%, 01/15/26 (144A) | 115000 |  | 111074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 06/01/37 | 100000 |  | 97712 |
|  NextEra Energy Capital Holdings, Inc.<br>5.000%, 07/15/32 | 365000 |  | 357971 |
|  NRG Energy, Inc.<br>2.000%, 12/02/25 (144A) | 90000 |  | 80276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/02/27 (144A) | 100000 |  | 82855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 06/15/29 (144A) | 100000 |  | 88435 |
|  OGE Energy Corp.<br>0.703%, 05/26/23 | 60000 |  | 58937 |
|  Oklahoma Gas and Electric Co.<br>0.553%, 05/26/23 | 70000 |  | 68753 |
|  Pacific Gas and Electric Co.<br>1.700%, 11/15/23 | 75000 |  | 72587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 03/01/26 | 55000 |  | 50408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/16/24 | 210000 |  | 204971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 07/01/25 | 90000 |  | 85199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/15/42 | 37000 |  | 24805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/15/45 | 60000 |  | 42539 |
|  PG&E Recovery Funding LLC<br>5.536%, 07/15/49 | 135000 |  | 136756 |
|  PG&E Wildfire Recovery Funding LLC<br>4.263%, 06/01/38 | 65000 |  | 60229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.099%, 06/01/54 | 165000 |  | 155136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.212%, 12/01/49 | 85000 |  | 82051 |
|  Public Service Co. of Oklahoma<br>3.150%, 08/15/51 | 155000 |  | 102739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/37 | 100000 |  | 104781 |
|  Puget Energy, Inc.<br>2.379%, 06/15/28 | 60000 |  | 51052 |
|  San Diego Gas & Electric Co.<br>2.950%, 08/15/51 | 230000 |  | 155335 |
|  Southern California Edison Co.<br>4.050%, 03/15/42 | 150000 |  | 119322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/01/27 | 229000 |  | 235707 |
|  Southwestern Electric Power Co.<br>3.900%, 04/01/45 | 40000 |  | 30404 |
|  Tucson Electric Power Co.<br>4.850%, 12/01/48 | 150000 |  | 128303 |
|  |  |  | 6629142 |
| **Electronics—0.0%** | **Electronics—0.0%** | **Electronics—0.0%** | **Electronics—0.0%** |
|  Arrow Electronics, Inc.<br>3.875%, 01/12/28 | 80000 |  | 72674 |
| **Food—0.0%** | **Food—0.0%** | **Food—0.0%** | **Food—0.0%** |
|  Campbell Soup Co.<br>3.125%, 04/24/50 | 28000 |  | 18958 |
|  Kraft Heinz Foods Co.<br>4.375%, 06/01/46 | 64000 |  | 52006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/01/39 | 85000 |  | 74565 |
|  Kroger Co. (The)<br>4.450%, 02/01/47 | 120000 |  | 100763 |
|  Smithfield Foods, Inc.<br>3.000%, 10/15/30 (144A) | 200000 |  | 152279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 04/01/29 (144A) | 150000 |  | 137025 |
|  Tyson Foods, Inc.<br>4.875%, 08/15/34 | 60000 |  | 57351 |
|  |  |  | 592947 |
| **Gas—0.1%** | **Gas—0.1%** | **Gas—0.1%** | **Gas—0.1%** |
|  APT Pipelines, Ltd.<br>4.200%, 03/23/25 (144A) | 100000 |  | 96557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/15/27 (144A) | 70000 |  | 65368 |
|  Atmos Energy Corp.<br>4.125%, 03/15/49 | 145000 |  | 118582 |
|  Brooklyn Union Gas Co. (The)<br>3.865%, 03/04/29 (144A) | 170000 |  | 152758 |
|  NiSource, Inc.<br>1.700%, 02/15/31 (a) | 100000 |  | 76232 |
|  ONE Gas, Inc.<br>4.500%, 11/01/48 | 142000 |  | 116202 |
|  Southern California Gas Co.<br>6.350%, 11/15/52 | 225000 |  | 246127 |
|  Southern Co. Gas Capital Corp.<br>3.950%, 10/01/46 | 185000 |  | 138638 |
|  |  |  | 1010464 |
| **Healthcare-Products—0.0%** | **Healthcare-Products—0.0%** | **Healthcare-Products—0.0%** | **Healthcare-Products—0.0%** |
|  Boston Scientific Corp.<br>4.550%, 03/01/39 | 60000 |  | 53818 |
|  DH Europe Finance II Sarl<br>3.250%, 11/15/39 | 115000 |  | 91675 |
|  Thermo Fisher Scientific, Inc.<br>2.000%, 10/15/31 | 140000 |  | 113382 |
|  |  |  | 258875 |
| **Healthcare-Services—0.1%** | **Healthcare-Services—0.1%** | **Healthcare-Services—0.1%** | **Healthcare-Services—0.1%** |
|  AHS Hospital Corp.<br>5.024%, 07/01/45 | 110000 |  | 105791 |
|  Children's Hospital Corp. (The)<br>2.928%, 07/15/50 | 100000 |  | 63116 |
|  CommonSpirit Health<br>1.547%, 10/01/25 | 65000 |  | 58447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782%, 10/01/30 | 70000 |  | 57738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910%, 10/01/50 | 65000 |  | 48106 |
|  Cottage Health Obligated Group<br>3.304%, 11/01/49 | 110000 |  | 77159 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
|  Elevance Health, Inc.<br>4.101%, 03/01/28 | 140000 | 134165 |
|  Hartford HealthCare Corp.<br>3.447%, 07/01/54 | 240000 | 167589 |
|  HCA, Inc. 3.500%, 07/15/51 | 21000 | 13473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/39 | 110000 | 98426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/26 | 335000 | 330956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/47 | 85000 | 75490 |
|  MidMichigan Health<br>3.409%, 06/01/50 | 40000 | 27487 |
|  NYU Langone Hospitals<br>3.380%, 07/01/55 | 90000 | 60053 |
|  Piedmont Healthcare, Inc.<br>2.864%, 01/01/52 | 95000 | 59247 |
|  UnitedHealth Group, Inc.<br>5.875%, 02/15/53 | 90000 | 97179 |
|  Universal Health Services, Inc.<br>2.650%, 10/15/30 | 17000 | 13530 |
|  Yale-New Haven Health Services Corp.<br>2.496%, 07/01/50 | 110000 | 65801 |
|  |  | 1553753 |
| **Home Builders—0.0%** | **Home Builders—0.0%** | **Home Builders—0.0%** |
|  Lennar Corp.<br>4.500%, 04/30/24 | 45000 | 44398 |
|  MDC Holdings, Inc.<br>2.500%, 01/15/31 | 165000 | 118995 |
|  |  | 163393 |
| **Insurance—0.1%** | **Insurance—0.1%** | **Insurance—0.1%** |
|  AIA Group, Ltd.<br>3.900%, 04/06/28 (144A) | 210000 | 197175 |
|  Athene Global Funding<br>1.450%, 01/08/26 (144A) | 65000 | 56886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/14/25 (144A) | 16000 | 14984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/12/26 (144A) | 370000 | 333815 |
|  Berkshire Hathaway Finance Corp.<br>3.850%, 03/15/52 | 85000 | 67749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 05/15/42 | 200000 | 182407 |
|  Corebridge Financial, Inc.<br>3.850%, 04/05/29 (144A) | 55000 | 50094 |
|  F&G Global Funding<br>1.750%, 06/30/26 (144A) | 80000 | 71229 |
|  Hanover Insurance Group, Inc. (The)<br>2.500%, 09/01/30 | 70000 | 53775 |
|  Hartford Financial Services Group, Inc. (The)<br>4.300%, 04/15/43 | 25000 | 19990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 10/01/41 | 25000 | 25234 |
|  New York Life Global Funding<br>3.000%, 01/10/28 (144A) | 125000 | 114947 |
|  New York Life Insurance Co.<br>4.450%, 05/15/69 (144A) | 75000 | 61724 |
|  Northwestern Mutual Global Funding<br>1.700%, 06/01/28 (144A) | 85000 | 71830 |
|  Pacific Life Insurance Co.<br>4.300%, 3M LIBOR + 2.796%, 10/24/67 (144A) (e) | 97000 | 73901 |
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
|  Prudential Insurance Co. of America (The)<br>8.300%, 07/01/25 (144A) | 250000 | 264210 |
|  Teachers Insurance & Annuity Association of America<br>4.270%, 05/15/47 (144A) | 100000 | 81766 |
|  |  | 1741716 |
| **Internet—0.0%** | **Internet—0.0%** | **Internet—0.0%** |
|  Amazon.com, Inc.<br>3.950%, 04/13/52 (a) | 280000 | 231751 |
| **Machinery-Diversified—0.0%** | **Machinery-Diversified—0.0%** | **Machinery-Diversified—0.0%** |
|  Otis Worldwide Corp.<br>2.565%, 02/15/30 (a) | 235000 | 197447 |
| **Media—0.1%** | **Media—0.1%** | **Media—0.1%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital Corp.<br>3.500%, 03/01/42 | 105000 | 67279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/51 | 285000 | 173299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/50 | 240000 | 174228 |
|  Comcast Corp.<br>2.887%, 11/01/51 | 439000 | 281946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/01/56 | 58000 | 35869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 11/01/63 | 22000 | 13303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/01/39 | 115000 | 89589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 02/01/50 | 190000 | 137796 |
| Discovery Communications LLC<br>5.200%, 09/20/47 | 215000 | 159707 |
| Time Warner Cable LLC<br>6.550%, 05/01/37 | 50000 | 47603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/39 | 265000 | 250956 |
|  |  | 1431575 |
| **Metal Fabricate/Hardware—0.0%** | **Metal Fabricate/Hardware—0.0%** | **Metal Fabricate/Hardware—0.0%** |
|  Precision Castparts Corp.<br>4.200%, 06/15/35 | 60000 | 54842 |
| **Mining—0.0%** | **Mining—0.0%** | **Mining—0.0%** |
|  Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/30 (144A) (a) | 200000 | 162338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/30/23 (144A) | 61000 | 60682 |
|  |  | 223020 |
| **Miscellaneous Manufacturing—0.0%** | **Miscellaneous Manufacturing—0.0%** | **Miscellaneous Manufacturing—0.0%** |
|  Eaton Corp.<br>5.800%, 03/15/37 | 100000 | 99077 |
|  Siemens Financieringsmaatschappij NV<br>2.350%, 10/15/26 (144A) | 250000 | 227462 |
|  |  | 326539 |
| **Oil & Gas—0.1%** | **Oil & Gas—0.1%** | **Oil & Gas—0.1%** |
|  BP Capital Markets America, Inc.<br>2.939%, 06/04/51 | 505000 | 332493 |
|  Eni USA, Inc.<br>7.300%, 11/15/27 | 100000 | 105931 |
|  Exxon Mobil Corp.<br>2.995%, 08/16/39 | 140000 | 107000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.095%, 08/16/49 | 175000 | 125063 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
|  HF Sinclair Corp.<br>2.625%, 10/01/23 | 120000 | $117503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/26 (a) | 56000 | 56047 |
|  Marathon Petroleum Corp.<br>4.700%, 05/01/25 | 23000 | 22648 |
|  Phillips 66 Co.<br>3.150%, 12/15/29 (144A) | 40000 | 34895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/01/46 (144A) | 80000 | 70803 |
|  Pioneer Natural Resources Co.<br>1.900%, 08/15/30 | 150000 | 117468 |
|  TotalEnergies Capital International S.A.<br>2.986%, 06/29/41 | 200000 | 148984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 05/29/50 | 95000 | 67091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.461%, 07/12/49 | 55000 | 41094 |
|  Valero Energy Corp.<br>2.150%, 09/15/27 | 67000 | 58738 |
|  |  | 1405758 |
| **Oil & Gas Services—0.0%** |  |  |
|  Baker Hughes Holding LLC / Baker Hughes Co-Obligor, Inc.<br>3.138%, 11/07/29 (a) | 170000 | 149977 |
|  Baker Hughes Holdings LLC<br>5.125%, 09/15/40 | 25000 | 23051 |
|  Schlumberger Holdings Corp.<br>3.900%, 05/17/28 (144A) | 80000 | 74535 |
|  |  | 247563 |
| **Packaging & Containers—0.0%** |  |  |
|  Graphic Packaging International LLC<br>1.512%, 04/15/26 (144A) | 115000 | 100315 |
|  Packaging Corp. of America<br>4.050%, 12/15/49 (a) | 135000 | 102920 |
|  |  | 203235 |
| **Pharmaceuticals—0.2%** |  |  |
|  AbbVie, Inc.<br>4.050%, 11/21/39 | 300000 | 256785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/06/42 | 205000 | 177822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 05/14/46 | 45000 | 38674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 03/15/35 | 60000 | 56105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/01/42 | 90000 | 79869 |
|  AstraZeneca plc<br>4.000%, 09/18/42 | 40000 | 34577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 09/15/37 | 50000 | 56363 |
|  Bristol-Myers Squibb Co.<br>4.125%, 06/15/39 | 105000 | 93425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 02/20/48 | 150000 | 134873 |
|  CVS Health Corp.<br>4.300%, 03/25/28 | 66000 | 63838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/25/48 | 175000 | 157070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/05/43 | 200000 | 186732 |
|  CVS Pass-Through Trust<br>4.704%, 01/10/36 (144A) | 249423 | 224160 |
| **Pharmaceuticals—(Continued)** |  |  |
|  CVS Pass-Through Trust<br>5.880%, 01/10/28 | 250542 | 247786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.353%, 07/10/31 (144A) | 119833 | 130992 |
|  Takeda Pharmaceutical Co., Ltd.<br>3.025%, 07/09/40 | 515000 | 377936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.175%, 07/09/50 | 200000 | 134888 |
|  Zoetis, Inc.<br>2.000%, 05/15/30 | 140000 | 113615 |
|  |  | 2565510 |
| **Pipelines—0.2%** |  |  |
|  Cameron LNG LLC<br>3.701%, 01/15/39 (144A) | 163000 | 129115 |
|  DT Midstream, Inc.<br>4.300%, 04/15/32 (144A) | 160000 | 140567 |
|  Energy Transfer L.P.<br>4.150%, 09/15/29 | 90000 | 81303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 03/15/27 | 70000 | 66495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/26 | 46000 | 44805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/15/28 | 80000 | 76731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 01/15/43 | 150000 | 120526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/27 | 36000 | 35744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/49 | 70000 | 65091 |
|  Enterprise Products Operating LLC<br>4.950%, 10/15/54 | 33000 | 27465 |
|  Flex Intermediate Holdco LLC<br>3.363%, 06/30/31 (144A) | 140000 | 109259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.317%, 12/30/39 (144A) | 60000 | 43094 |
|  Gray Oak Pipeline LLC<br>3.450%, 10/15/27 (144A) | 500000 | 442187 |
|  Kinder Morgan Energy Partners L.P.<br>5.000%, 08/15/42 | 170000 | 145508 |
|  Kinder Morgan, Inc.<br>5.050%, 02/15/46 | 80000 | 67848 |
|  ONEOK Partners L.P.<br>5.000%, 09/15/23 | 70000 | 69921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 10/01/36 | 140000 | 140103 |
|  Plains All American Pipeline L.P. / PAA Finance Corp.<br>3.850%, 10/15/23 | 113000 | 111411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 06/15/44 | 120000 | 91012 |
|  Sabine Pass Liquefaction LLC<br>4.500%, 05/15/30 (a) | 185000 | 171480 |
|  Southern Natural Gas Co. LLC<br>4.800%, 03/15/47 (144A) | 102000 | 82752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 03/01/32 | 70000 | 76783 |
|  Targa Resources Corp.<br>4.200%, 02/01/33 | 40000 | 34415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 07/01/27 | 209000 | 204848 |
|  Texas Eastern Transmission L.P.<br>3.500%, 01/15/28 (144A) | 45000 | 40905 |
|  TransCanada PipeLines, Ltd.<br>6.200%, 10/15/37 | 130000 | 132545 |
|  Williams Cos., Inc. (The)<br>2.600%, 03/15/31 | 100000 | 80925 |
|  |  | 2832838 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Real Estate—0.0%** | **Real Estate—0.0%** | **Real Estate—0.0%** |
|  Ontario Teachers' Cadillac Fairview Properties Trust<br>3.875%, 03/20/27 (144A) | 243000 | $223930 |
| **Real Estate Investment Trusts—0.2%** | **Real Estate Investment Trusts—0.2%** | **Real Estate Investment Trusts—0.2%** |
|  Alexandria Real Estate Equities, Inc.<br>3.800%, 04/15/26 | 23000 | 22240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/50 | 111000 | 84119 |
|  American Tower Corp.<br>1.500%, 01/31/28 | 150000 | 124111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/30 | 130000 | 100320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/15/51 (a) | 39000 | 24145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 06/15/50 | 61000 | 38384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/49 | 210000 | 148950 |
|  American Tower Trust<br>3.652%, 03/15/48 (144A) | 160000 | 144725 |
|  Boston Properties L.P.<br>4.500%, 12/01/28 | 100000 | 92704 |
|  Brixmor Operating Partnership L.P.<br>2.250%, 04/01/28 | 80000 | 66019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/16/31 | 45000 | 34418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 02/01/25 | 60000 | 57571 |
|  Corporate Office Properties L.P.<br>2.750%, 04/15/31 | 132000 | 98789 |
|  Crown Castle International Corp.<br>4.450%, 02/15/26 | 100000 | 97725 |
|  Equinix, Inc.<br>2.900%, 11/18/26 | 135000 | 123390 |
|  ERP Operating L.P.<br>4.150%, 12/01/28 | 120000 | 111899 |
|  Essex Portfolio L.P.<br>2.650%, 03/15/32 | 120000 | 94566 |
|  Goodman U.S. Finance Three LLC<br>3.700%, 03/15/28 (144A) | 110000 | 99245 |
|  Healthcare Realty Holdings L.P.<br>2.000%, 03/15/31 (a) | 80000 | 60563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 02/15/30 | 200000 | 166993 |
|  Healthpeak Properties, Inc.<br>2.125%, 12/01/28 | 142000 | 119035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/30 | 110000 | 94599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/29 | 118000 | 105011 |
|  Life Storage L.P.<br>2.400%, 10/15/31 | 55000 | 42311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/29 | 137000 | 122715 |
|  National Retail Properties, Inc.<br>4.000%, 11/15/25 | 100000 | 96084 |
|  Office Properties Income Trust<br>3.450%, 10/15/31 | 95000 | 63449 |
|  Physicians Realty L.P.<br>2.625%, 11/01/31 | 55000 | 42930 |
|  Public Storage<br>1.950%, 11/09/28 | 66000 | 56299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/09/31 | 55000 | 44107 |
|  Regency Centers L.P.<br>2.950%, 09/15/29 | 195000 | 163667 |
|  Sabra Health Care L.P.<br>3.200%, 12/01/31 | 90000 | 66966 |
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
|  Safehold Operating Partnership L.P.<br>2.850%, 01/15/32 | 167000 | 126744 |
|  SITE Centers Corp.<br>4.700%, 06/01/27 | 60000 | 56289 |
|  UDR, Inc.<br>3.000%, 08/15/31 (a) | 40000 | 33354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/27 | 100000 | 92961 |
|  Ventas Realty L.P.<br>4.875%, 04/15/49 | 88000 | 72874 |
|  Welltower, Inc.<br>3.100%, 01/15/30 | 90000 | 75961 |
|  WP Carey, Inc.<br>2.250%, 04/01/33 | 135000 | 99965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 02/01/32 | 70000 | 54699 |
|  |  | 3420896 |
| **Retail—0.1%** | **Retail—0.1%** | **Retail—0.1%** |
|  7-Eleven, Inc.<br>1.300%, 02/10/28 (144A) | 56000 | 46413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/10/41 (144A) | 196000 | 129334 |
|  Alimentation Couche-Tard, Inc.<br>3.439%, 05/13/41 (144A) | 20000 | 14236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/13/51 (144A) | 25000 | 16712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 01/25/50 (144A) | 135000 | 94801 |
|  AutoZone, Inc.<br>1.650%, 01/15/31 | 180000 | 139652 |
|  Home Depot, Inc. (The)<br>4.950%, 09/15/52 | 126000 | 120940 |
|  Lowe's Cos., Inc.<br>3.000%, 10/15/50 | 105000 | 66795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/01/32 (a) | 100000 | 88954 |
|  McDonald's Corp.<br>6.300%, 10/15/37 | 90000 | 97971 |
|  Nordstrom, Inc.<br>4.250%, 08/01/31 | 121000 | 86527 |
|  O'Reilly Automotive, Inc.<br>3.550%, 03/15/26 | 60000 | 57621 |
|  |  | 959956 |
| **Semiconductors—0.1%** |  |  |
|  Advanced Micro Devices, Inc.<br>2.375%, 06/01/30 | 261000 | 219463 |
|  Analog Devices, Inc.<br>2.800%, 10/01/41 | 96000 | 70260 |
|  Broadcom, Inc.<br>1.950%, 02/15/28 (144A) | 265000 | 223824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/35 (144A) | 270000 | 198522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36 (144A) | 120000 | 86195 |
|  KLA Corp.<br>3.300%, 03/01/50 | 100000 | 72414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 07/15/32 (a) | 221000 | 216470 |
|  Marvell Technology, Inc.<br>2.950%, 04/15/31 | 70000 | 56304 |
|  Microchip Technology, Inc.<br>0.983%, 09/01/24 | 31000 | 28705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.972%, 02/15/24 | 39000 | 37035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670%, 09/01/23 | 38000 | 37291 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Semiconductors—(Continued)** | | |
|  NXP B.V. / NXP Funding LLC / NXP USA, Inc.<br>2.500%, 05/11/31 | 145000 | $115490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/11/41 | 150000 | 104661 |
|  QUALCOMM, Inc.<br>4.500%, 05/20/52 | 100000 | 87577 |
|  |  | 1554211 |
| **Software—0.1%** |  |  |
|  Activision Blizzard, Inc.<br>1.350%, 09/15/30 | 101000 | 78924 |
|  Fiserv, Inc.<br>4.400%, 07/01/49 | 60000 | 48678 |
|  Oracle Corp.<br>3.600%, 04/01/40 | 300000 | 220083 |
|  Roper Technologies, Inc.<br>2.000%, 06/30/30 | 240000 | 192335 |
|  Take-Two Interactive Software, Inc.<br>3.550%, 04/14/25 | 55000 | 52930 |
|  VMware, Inc.<br>1.400%, 08/15/26 | 172000 | 149944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 05/15/27 | 55000 | 53235 |
|  Workday, Inc.<br>3.500%, 04/01/27 | 114000 | 106541 |
|  |  | 902670 |
| **Telecommunications—0.2%** |  |  |
|  AT&T, Inc.<br>1.650%, 02/01/28 | 50000 | 42228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/01/32 | 505000 | 395830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 06/01/27 | 210000 | 186772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/41 | 115000 | 85759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/15/55 | 173000 | 115433 |
|  Corning, Inc.<br>3.900%, 11/15/49 | 252000 | 183440 |
|  Crown Castle Towers LLC<br>3.663%, 05/15/45 (144A) | 225000 | 217962 |
|  Rogers Communications, Inc.<br>4.550%, 03/15/52 (144A) | 75000 | 58146 |
|  T-Mobile USA, Inc.<br>3.875%, 04/15/30 | 190000 | 172105 |
|  Telefonica Emisiones S.A.U.<br>4.665%, 03/06/38 | 150000 | 118498 |
|  Verizon Communications, Inc.<br>2.100%, 03/22/28 (a) | 284000 | 246477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355%, 03/15/32 | 145000 | 114942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/20/40 | 119000 | 80323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/16/27 | 56000 | 54541 |
|  Vodafone Group plc<br>6.250%, 11/30/32 | 160000 | 167337 |
|  |  | 2239793 |
| **Toys/Games/Hobbies—0.0%** |  |  |
|  Hasbro, Inc.<br>3.900%, 11/19/29 (a) | 149000 | 132414 |
| **Transportation—0.0%** |  |  |
|  Burlington Northern Santa Fe LLC<br>3.550%, 02/15/50 | 69000 | 52830 |
|  Canadian Pacific Railway Co.<br>5.750%, 03/15/33 | 120000 | 119823 |
|  CSX Corp.<br>4.750%, 11/15/48 | 95000 | 85807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 05/01/37 | 60000 | 64168 |
|  Kansas City Southern<br>4.700%, 05/01/48 | 80000 | 68856 |
|  Norfolk Southern Corp.<br>3.050%, 05/15/50 (a) | 150000 | 100467 |
|  Union Pacific Corp.<br>4.100%, 09/15/67 | 70000 | 54680 |
|  |  | 546631 |
|  Total Corporate Bonds & Notes<br>(Cost $75,844,047) |  | 65939253 |
| **Asset-Backed Securities—2.4%** |  |  |
| **Asset-Backed-Automobile—0.8%** |  |  |
|  American Credit Acceptance Receivables Trust<br>4.410%, 06/13/28 (144A) | 550000 | 537120 |
|  Avis Budget Rental Car Funding AESOP LLC<br>4.000%, 03/20/25 (144A) | 500000 | 491558 |
|  CarNow Auto Receivables Trust<br>1.300%, 01/15/26 (144A) | 351141 | 344889 |
|  Credit Acceptance Auto Loan Trust<br>2.390%, 04/16/29 (144A) | 342093 | 340745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450%, 02/15/33 (144A) | 600000 | 605707 |
|  DT Auto Owner Trust<br>0.870%, 05/17/27 (144A) | 266000 | 248928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730%, 07/15/25 (144A) | 1347 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220%, 01/15/27 (144A) | 600000 | 583195 |
|  Exeter Automobile Receivables Trust<br>3.110%, 08/15/25 (144A) | 360930 | 355215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%, 12/15/28 | 700000 | 675637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 09/15/27 | 560000 | 549130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 12/15/28 | 600000 | 568643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.760%, 09/15/28 | 700000 | 678417 |
|  Flagship Credit Auto Trust<br>4.080%, 02/18/25 (144A) | 625000 | 616922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.710%, 10/16/28 (144A) | 600000 | 606411 |
|  GLS Auto Receivables Trust<br>3.970%, 01/18/28 (144A) | 500000 | 458659 |
|  Santander Drive Auto Receivables Trust<br>6.690%, 03/17/31 | 825000 | 841271 |
|  Sonoran Auto Receivables Trust<br>4.750%, 06/15/25 | 136534 | 134705 |
|  U.S. Auto Funding Trust<br>5.130%, 12/15/25 (144A) | 700000 | 683818 |
|  Westlake Automobile Receivables Trust<br>2.120%, 01/15/27 (144A) | 1000000 | 905301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.480%, 09/15/27 (144A) | 1000000 | 954591 |
|  |  | 11182207 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Asset-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Asset-Backed—Credit Card—0.0%** | | |
|  Continental Finance Credit Card ABS Master Trust<br>6.190%, 10/15/30 (144A) | 575000 | $550331 |
| **Asset-Backed—Other—1.6%** |  |  |
|  American Homes 4 Rent Trust<br>3.786%, 10/17/36 (144A) | 175502 | 169335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.691%, 10/17/52 (144A) | 100000 | 95334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.705%, 10/17/36 (144A) | 100000 | 96501 |
|  AMSR Trust<br>1.355%, 11/17/37 (144A) | 782000 | 699776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.218%, 04/17/37 (144A) | 700000 | 639932 |
|  Bridge Trust<br>4.450%, 11/17/37 (144A) | 700000 | 635327 |
|  Business Jet Securities LLC<br>2.162%, 04/15/36 (144A) | 161459 | 141769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.981%, 11/15/35 (144A) | 121875 | 111009 |
|  BXG Receivables Note Trust<br>4.440%, 02/02/34 (144A) | 267200 | 247595 |
|  Cars Net Lease Mortgage Notes<br>3.100%, 12/15/50 (144A) | 128700 | 112217 |
|  CoreVest American Finance Trust<br>2.705%, 10/15/52 (144A) | 341848 | 320129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.163%, 10/15/52 (144A) | 650000 | 550332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.880%, 03/15/52 (144A) | 320000 | 310109 |
|  Diamond Resorts Owner Trust<br>3.530%, 02/20/32 (144A) | 208667 | 203542 |
|  FirstKey Homes Trust<br>1.266%, 10/19/37 (144A) | 791105 | 700973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.668%, 10/19/37 (144A) | 1250000 | 1101600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/17/26 (144A) | 496000 | 456620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/17/39 (144A) | 750000 | 649844 |
|  FMC GMSR Issuer Trust<br>3.620%, 07/25/26 (144A) (e) | 400000 | 324861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690%, 02/25/24 | 1065000 | 1014412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 10/25/26 (144A) (e) | 360000 | 288704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 01/25/26 (144A) (e) | 500000 | 436773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.190%, 04/25/27 (144A) | 400000 | 355644 |
|  Foundation Finance Trust<br>3.860%, 11/15/34 (144A) | 48913 | 47898 |
|  FREED ABS Trust<br>2.370%, 11/20/28 (144A) | 500000 | 454903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790%, 08/20/29 (144A) | 720000 | 709271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.580%, 12/18/29 (144A) | 700000 | 699653 |
|  Lendmark Funding Trust<br>1.900%, 11/20/31 (144A) | 1100000 | 933273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 07/20/32 (144A) | 700000 | 668702 |
|  LL ABS Trust<br>5.050%, 11/15/29 (144A) | 400000 | 382257 |
|  LP LMS Asset Securitization Trust<br>1.750%, 01/15/29 (144A) | 211157 | 204163 |
|  Marlette Funding Trust<br>1.810%, 12/15/31 (144A) | 650000 | 582014 |
|  Nashville 3 Senior<br>4.330%, 11/01/32 | 800000 | 785547 |
|  NRZ Excess Spread-Collateralized Notes<br>3.474%, 11/25/26 (144A) | 342992 | 301964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.844%, 12/25/25 (144A) | 253465 | 230991 |
| **Asset-Backed—Other—(Continued)** |  |  |
|  Oportun Issuance Trust<br>5.050%, 06/09/31 (144A) | 500000 | 482407 |
|  Orange Lake Timeshare Trust<br>3.610%, 04/09/38 (144A) | 421828 | 396878 |
|  Pagaya AI Technology in Housing Trust<br>4.250%, 08/25/25 (144A) | 1000000 | 935985 |
|  Pretium Mortgage Credit Partners LLC<br>2.240%, 09/27/60 (144A) (g) | 331625 | 302040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.487%, 07/25/51 (144A) (g) | 273032 | 252244 |
|  Progress Residential Trust<br>1.052%, 04/17/38 (144A) | 633764 | 546138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/17/27 | 750000 | 641137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 04/17/39 (144A) | 330000 | 290871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.618%, 06/17/39 (144A) | 724000 | 657869 |
|  SCF Equipment Leasing LLC<br>3.790%, 11/20/31 (144A) | 220000 | 190217 |
|  Sierra Timeshare Receivables Funding LLC<br>2.750%, 08/20/36 (144A) | 205596 | 193842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.120%, 05/20/36 (144A) | 117237 | 109261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.940%, 10/20/38 (144A) | 147194 | 138481 |
|  Theorem Funding Trust<br>1.210%, 12/15/27 (144A) | 107340 | 105613 |
|  Tricon American Homes Trust<br>3.198%, 03/17/38 (144A) | 525000 | 471726 |
|  VM Debt Trust<br>7.460%, 07/18/27 (c)(d) | 500000 | 470000 |
|  VOLT CI LLC<br>1.992%, 05/25/51 (144A) (g) | 217901 | 193260 |
|  VOLT XCII LLC<br>1.893%, 02/27/51 (144A) (g) | 362632 | 312907 |
|  VOLT XCIV LLC<br>2.240%, 02/27/51 (144A) (g) | 846036 | 764828 |
|  VOLT XCVI LLC<br>2.116%, 03/27/51 (144A) (g) | 1188287 | 1077246 |
|  VOLT XCVII LLC<br>2.240%, 04/25/51 (144A) (g) | 278304 | 244801 |
|  |  | 24440725 |
|  Total Asset-Backed Securities<br>(Cost $37,622,821) |  | 36173263 |
| **Convertible Preferred Stocks—2.2%** |  |  |
| **Banks—0.6%** |  |  |
|  Bank of America Corp.<br>7.250%, 12/31/49 | 7971 | 9246360 |
| **Capital Markets—0.4%** |  |  |
|  KKR & Co., Inc.<br>6.000%, 09/15/23 | 101635 | 5818604 |
| **Diversified Financial Services—0.2%** |  |  |
|  AMG Capital Trust II<br>5.150%, 10/15/37 | 39936 | 2056704 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Convertible Preferred Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares/**<br> **Principal<br>Amount\*** | **Value** | **Value** |
| **Life Sciences Tools & Services—1.0%** | | | |
|  Danaher Corp.<br>5.000%, 04/15/23 (a) | 11237 | $| 15243552 |
|  Total Convertible Preferred Stocks<br>(Cost $36,419,509) |  |  | 32365220 |
| **Preferred Stocks—0.6%** |  |  |  |
| **Automobiles—0.1%** |  |  |  |
|  Volkswagen AG | 16460 |  | 2051555 |
| **Electric Utilities—0.5%** |  |  |  |
|  NextEra Energy, Inc., 6.926%, 09/01/25 | 136750 |  | 6863482 |
|  Total Preferred Stocks<br>(Cost $9,608,936) |  |  | 8915037 |
| **Mortgage-Backed Securities—0.6%** |  |  |  |
| **Collateralized Mortgage Obligations—0.3%** |  |  |  |
|  HOME RE, Ltd.<br>6.778%, SOFR30A + 2.850%, 10/25/34 (144A) (e) | 320000 |  | 316713 |
|  Seasoned Credit Risk Transfer Trust<br>3.250%, 11/25/61 | 366893 |  | 323567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/25/58 | 622704 |  | 594256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/25/58 | 411049 |  | 371028 |
|  Seasoned Loans Structured Transaction<br>3.500%, 11/25/28 | 936411 |  | 893231 |
|  Towd Point Mortgage Trust<br>2.918%, 11/30/60 (144A) (e) | 562656 |  | 451377 |
|  TVC Mortgage Trust<br>3.474%, 09/25/24 (144A) | 240082 |  | 239270 |
|  VM Master Issuer LLC<br>5.163%, 05/24/25 (144A) (e) | 400000 |  | 378853 |
|  |  |  | 3568295 |
| **Commercial Mortgage-Backed Securities—0.3%** |  |  |  |
|  Commercial Mortgage Trust<br>2.896%, 02/10/37 (144A) | 650000 |  | 598988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.402%, 02/10/37 (144A) | 420000 |  | 378324 |
|  CSMC Trust<br>3.953%, 09/15/37 (144A) | 210000 |  | 188664 |
|  GS Mortgage Securities Trust<br>3.805%, 10/10/35 (144A) (e) | 440000 |  | 390967 |
|  MRCD Mortgage Trust<br>2.718%, 12/15/36 (144A) | 1420000 |  | 1293402 |
|  One Lincon Street Commercial Mortgage<br>5.724%, 10/15/30 (144A) (e) | 1200000 |  | 1194637 |
|  SBALR Commercial Mortgage Trust<br>2.825%, 02/13/53 (144A) | 806180 |  | 681561 |
|  SLG Office Trust<br>2.585%, 07/15/41 (144A) | 390000 |  | 311113 |
|  |  |  | 5037656 |
|  Total Mortgage-Backed Securities<br>(Cost $9,546,164) |  |  | 8605951 |
| **Short-Term Investments—12.5%** | **Short-Term Investments—12.5%** | **Short-Term Investments—12.5%** | **Short-Term Investments—12.5%** |
| **Security Description** | **Shares/**<br> **Principal<br>Amount\*** | **Value** | **Value** |
| **Mutual Funds—0.0%** |  |  |  |
|  State Street U.S. Treasury Liquidity Fund, 4.170% (h) | 25492 |  | 25492 |
|  |  |  | 25492 |
| **Repurchase Agreement—10.2%** |  |  |  |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $152,644,622; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 3.000%, maturity dates ranging from 02/15/24 - 08/15/48, and an aggregate market value of<br>$155,666,539 | 152614099 |  | 152614099 |
| **U.S. Treasury—2.3%** |  |  |  |
|  U.S. Treasury Bill<br>3.964%, 04/06/23 (a) (i) (j) | 35000000 |  | 34620250 |
|  Total Short-Term Investments<br>(Cost $187,273,518) |  |  | 187259841 |
| **Securities Lending Reinvestments (k)—5.1%** | **Securities Lending Reinvestments (k)—5.1%** | **Securities Lending Reinvestments (k)—5.1%** | **Securities Lending Reinvestments (k)—5.1%** |
| **Certificates of Deposit—1.6%** |  |  |  |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (e) | 1000000 |  | 1001351 |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e) | 3000000 |  | 3000000 |
|  Bank of Nova Scotia<br>4.710%, FEDEFF PRV + 0.380%, 01/06/23 (e) | 1000000 |  | 1000018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (e) | 2000000 |  | 2000840 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.550%, SOFR + 0.250%, 02/03/23 (e) | 1000000 |  | 1000066 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (e) | 2000000 |  | 2000142 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (e) | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (e) | 2000000 |  | 2000418 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (e) | 2000000 |  | 1999968 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (e) | 1000000 |  | 1001518 |
|  Toronto-Dominion Bank (The)<br>4.550%, SOFR + 0.250%, 02/09/23 (e) | 1000000 |  | 999956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.660%, SOFR + 0.360%, 03/21/23 (e) | 2000000 |  | 2000000 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (e) | 4000000 |  | 3999560 |
|  |  |  | 24003837 |
| **Commercial Paper—0.5%** |  |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (e) | 2000000 |  | 2000506 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (e) | 2000000 |  | 2002724 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (e) | 2000000 |  | 2000540 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (k)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Commercial Paper—(Continued)** | | |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (e) | 2000000 | $2000000 |
|  |  | 8003770 |
| **Repurchase Agreements—2.7%** |  |  |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000. | 2000000 | 2000000 |
|  HSBC Bank plc<br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $11,021,639; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $11,246,475. | 11016376 | 11016376 |
|  National Bank Financial, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $200,096; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $204,774. | 200000 | 200000 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $3,102,604; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $3,169,372. | 3100000 | 3100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $7,006,057; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $7,621,800. | 7000000 | 7000000 |
|  Royal Bank of Canada Toronto<br>Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $2,009,042; collateralized by various Common Stock with an aggregate market value of $2,222,509. | 2000000 | 2000000 |
|  Societe Generale | Societe Generale | Societe Generale |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $900,425; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $919,626. | 900000 | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $527,901; collateralized by various Common Stock with an aggregate market value of $587,187. | 527644 | 527644 |
| **Repurchase Agreements—(Continued)** |  |  |
|  Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $1,099,797; collateralized by various Common Stock with an aggregate market value of $1,223,685. | 1099258 | 1099258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $2,201,891; collateralized by various Common Stock with an aggregate market value of $2,449,022. | 2200000 | 2200000 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $10,505,133; collateralized by various Common Stock with an aggregate market value of $11,654,123.  | 10500000 | 10500000 |
|  |  | 40543278 |
| **Mutual Funds—0.3%** |  |  |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares<br>4.110% (h) | 2000000 | 2000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Class<br>4.220% (h) | 2000000 | 2000000 |
|  |  | 4000000 |
|  Total Securities Lending Reinvestments<br>(Cost $76,543,323) |  | 76550885 |
|  Total Investments—102.8%<br>(Cost $1,587,781,072) |  | 1543072699 |
|  Other assets and liabilities (net)—(2.8)% |  | (41585361) |
|  **Net Assets**—100.0% |  | $1501487338 |

---

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $81,477,715 and the collateral received consisted of cash in the amount of $76,543,332 and non-cash collateral with a value of $7,078,645. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities. |
| (b) | Non-income producing security. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets. |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published
reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and
mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(f) Interest only security.

(g) Security is a "step-up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.

(h) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(i) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $21,244,964.

(j) The rate shown represents current yield to maturity.

(k) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of
December 31, 2022, the market value of 144A securities was $58,617,310, which is 3.9% of net assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Shares** | **Cost** | **Value** |
|  Sberbank of Russia PJSC | 06/15/17 | 2160 | $5440 | $0 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| CHF | 1488800 | CBNA | 01/30/23 | USD | 1608087 | $6516 |
| EUR | 8333914 | SSBT | 01/30/23 | USD | 8689187 | 247262 |
| **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** |
| CHF | 1645005 | CBNA | 01/30/23 | USD | 1755029 | (28978) |
| CHF | 14138829 | SSBT | 01/30/23 | USD | 14496003 | (837551) |
| EUR | 1729250 | CBNA | 01/30/23 | USD | 1765295 | (88979) |
| EUR | 4403862 | RBC | 01/30/23 | USD | 4345538 | (376721) |
| EUR | 3307513 | RBC | 01/30/23 | USD | 3385071 | (161573) |
| EUR | 2940039 | RBC | 01/30/23 | USD | 2975223 | (177379) |
| EUR | 101200824 | SSBT | 01/30/23 | USD | 102311320 | (6206242) |
| EUR | 1899394 | SSBT | 01/30/23 | USD | 1872197 | (164521) |
| EUR | 1600962 | SSBT | 01/30/23 | USD | 1673894 | (42815) |
| JPY | 703451644 | SSBT | 01/30/23 | USD | 4846984 | (530633) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(8361614) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  MSCI EAFE Index Mini Futures | 03/17/23 | 623 | USD | 60723810 | $(501920) |
|  U.S. Treasury Long Bond Futures | 03/22/23 | 801 | USD | 100400344 | (1873066) |
|  U.S. Treasury Note 10 Year Futures | 03/22/23 | 1 | USD | 112297 | (1502) |
| **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** |
|  Euro STOXX 50 Index Futures | 03/17/23 | (1063) | EUR | (40234550) | 2783740 |
|  Euro-Bund Futures | 03/08/23 | (1127) | EUR | (149812110) | 10379966 |
|  FTSE 100 Index Futures | 03/17/23 | (162) | GBP | (12094920) | 51704 |
|  Japanese Government 10 Year Bond Futures | 03/13/23 | (100) | JPY | (14546000000) | 2040956 |
|  MSCI Emerging Markets Index Mini Futures | 03/17/23 | (471) | USD | (22593870) | 230900 |
|  Russell 2000 Index E-Mini Futures | 03/17/23 | (854) | USD | (75617430) | 1736803 |
|  S&P 500 Index E-Mini Futures | 03/17/23 | (731) | USD | (141119550) | 3944763 |
|  TOPIX Index Futures | 03/09/23 | (151) | JPY | (2856165000) | 549770 |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $19342114 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Swap Agreements** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating<br>Rate Index** | **Payment <br>Frequency** | **Fixed<br>Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 12M SOFR | Annually | 2.587% | Annually | 07/28/32 | USD | 120700000 | $(9515059) | $(253) | $(9514806) |
|  Pay | 12M SOFR | Annually | 2.912% | Annually | 08/31/32 | USD | 94600000 | (5022777) | (4081) | (5018697) |
|  Pay | 12M SOFR | Annually | 3.250% | Annually | 12/05/32 | USD | 101300000 | (4801731) | 5982 | (4807713) |
|  Pay | 12M SOFR | Annually | 3.469% | Annually | 09/26/32 | USD | 54800000 | (439644) | 10789 | (450432) |
|  Pay | 12M SOFR | Annually | 3.805% | Annually | 11/04/32 | USD | 90200000 | 1771582 | 7732 | 1763850 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(18007629) | $20169 | $(18027798) |

---

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (CBNA)— | Citibank N.A. |
| (RBC)— | Royal Bank of Canada |
| (SSBT)— | State Street Bank and Trust Co. |

---

Currencies

------

---

| | |
|:---|:---|
| (CHF)— | Swiss Franc |
| (EUR)— | Euro |
| (GBP)— | British Pound |
| (JPY)— | Japanese Yen |
| (USD)— | United States Dollar |

---

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (H15)— | U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index |
| (LIBOR)— | London Interbank Offered Rate |
| (SOFR)— | Secured Overnight Financing Rate |
| (SOFR30A)— | Secured Overnight Financing Rate 30-Day Average |

---

Other Abbreviations

------

---

| | |
|:---|:---|
| (ACES)— | Alternative Credit Enhancement Securities |
| (ADR)— | American Depositary Receipt |
| (ARM)— | Adjustable-Rate Mortgage |
| (CMO)— | Collateralized Mortgage Obligation |
| (DAC)— | Designated Activity Company |
| (GDR)— | Global Depositary Receipt |
| (ICE)— | Intercontinental Exchange, Inc. |
| (REIT)— | Real Estate Investment Trust |
| (REMIC)— | Real Estate Mortgage Investment Conduit |
| (STACR)— | Structured Agency Credit Risk |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $1951788 | $6279008 | $— | $8230796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 5264522 |  |  | 5264522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Components |  | 5415994 |  | 5415994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 2192357 | 3310345 |  | 5502702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 31761539 | 28139790 | 0 | 59901329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 2190094 | 19432764 |  | 21622858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 20614747 | 484996 |  | 21099743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 3478653 | 3401649 |  | 6880302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 14788767 | 7099076 |  | 21887843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 1714454 | 10713664 |  | 12428118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 839673 |  |  | 839673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 701507 |  |  | 701507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 1375553 | 8430949 |  | 9806502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 1016869 |  |  | 1016869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 5022394 |  |  | 5022394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 945210 |  |  | 945210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 1755479 | 3459987 |  | 5215466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 819599 | 5141624 |  | 5961223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 8060252 | 3208588 |  | 11268840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 4248015 | 4186142 |  | 8434157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 1198576 | 6995403 |  | 8193979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 2717380 |  |  | 2717380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 792989 | 917958 |  | 1710947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts | 12435146 |  |  | 12435146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 1627221 | 2347881 |  | 3975102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 1240679 | 7748299 |  | 8988978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 12453482 | 6016533 |  | 18470015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 13551764 |  |  | 13551764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 19335568 | 584408 |  | 19919976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 1125513 | 3731172 |  | 4856685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 1060774 | 155864 |  | 1216638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers |  | 5113014 |  | 5113014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 559751 | 902165 |  | 1461916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 10069447 | 24394179 |  | 34463626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 8903487 | 4709860 |  | 13613347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 17836124 | 3482207 |  | 21318331 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 16592787 | 4989114 |  | 21581901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 1384323 | 2462646 |  | 3846969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 9720126 | 15967954 |  | 25688080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 4309068 |  |  | 4309068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 480206 | 8371254 |  | 8851460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 273754 |  |  | 273754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 2581663 |  |  | 2581663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 17217288 | 17331410 |  | 34548698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 874738 | 3075233 |  | 3949971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 12022158 | 25536739 |  | 37558897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 707162 | 4037071 |  | 4744233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 502164 |  |  | 502164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 9466556 |  |  | 9466556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 31514821 | 17344403 |  | 48859224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 32053201 |  |  | 32053201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 10090647 | 400657 |  | 10491304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 9954030 |  |  | 9954030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 6659930 | 16206313 |  | 22866243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance | 244894 |  |  | 244894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 502204 | 1309060 |  | 1811264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors |  | 1907781 |  | 1907781 |
|  Wireless Telecommunication Services | 3163300 |  |  | 3163300 |
|  Total Common Stocks | 383964393 | 294743154 | 0 | 678707547 |
|  Total Convertible Bonds\* |  | 275358509 |  | 275358509 |
|  Total U.S. Treasury & Government Agencies\* |  | 173197193 |  | 173197193 |
|  Total Corporate Bonds & Notes\* |  | 65939253 |  | 65939253 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Automobile | $— | $11182207 | $— | $11182207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Credit Card |  | 550331 |  | 550331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Other |  | 23970725 | 470000 | 24440725 |
|  Total Asset-Backed Securities |  | 35703263 | 470000 | 36173263 |
|  Total Convertible Preferred Stocks\* | 32365220 |  |  | 32365220 |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 2051555 |  | 2051555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 6863482 |  |  | 6863482 |
|  Total Preferred Stocks | 6863482 | 2051555 |  | 8915037 |
|  Total Mortgage-Backed Securities\* |  | 8605951 |  | 8605951 |
| Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 25492 |  |  | 25492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 152614099 |  | 152614099 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury |  | 34620250 |  | 34620250 |
|  Total Short-Term Investments | 25492 | 187234349 |  | 187259841 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 24003837 |  | 24003837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 8003770 |  | 8003770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 40543278 |  | 40543278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 4000000 |  |  | 4000000 |
|  Total Securities Lending Reinvestments | 4000000 | 72550885 |  | 76550885 |
|  Total Investments | $427218587 | $1115384112 | $470000 | $1543072699 |
|  Collateral for Securities Loaned (Liability) | $— | $(76543332) | $— | $(76543332) |
| Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $253778 | $— | $253778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (8615392) |  | (8615392) |
|  Total Forward Contracts | $— | $(8361614) | $— | $(8361614) |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $21718602 | $— | $— | $21718602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (2376488) |  |  | (2376488) |
|  Total Futures Contracts | $19342114 | $— | $— | $19342114 |
| Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | $— | $1763850 | $— | $1763850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) |  | (19791648) |  | (19791648) |
|  Total Centrally Cleared Swap Contracts | $— | $(18027798) | $— | $(18027798) |

---

\* See Consolidated Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a)(b) | $1390458600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement at value which equals cost | 152614099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 9282485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for futures contracts | 32795003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 253778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 486365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 68673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 4151659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1837986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 6016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1591954664 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 183492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 8615392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 76543332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1888146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 210299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes | 386662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 834259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 862432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 323538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 210017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 409757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 90467326 |
|  **Net Assets** | $1501487338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1645184128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) (d) | (143696790) |
|  **Net Assets** | $1501487338 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $1501487338 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 159742064 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $9.40 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $1,435,166,973.

(b) Includes securities loaned at value of $81,477,715.

(c) Identified cost of cash denominated in foreign currencies was $9,229,359.

(d) Includes foreign capital gains tax of $386,662.

**Consolidated§ Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $18917033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (b) | 13989251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 918010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 33824294 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 12156667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 99812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 425005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees - Class B | 4189881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 120859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 50900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 49594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 14560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 66130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17182982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (1012976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16170006 |
|  **Net Investment Income** | 17654288 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (c) | (45921563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 8213160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (80177179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3730229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 30273225 |
|  Net realized gain (loss) | (91342586) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (d) | (257986779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 12755376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (17619092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (112950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (11604334) |
|  Net change in unrealized appreciation (depreciation) | (274567779) |
|  Net realized and unrealized gain (loss) | (365910365) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(348256077) |

---

(a) Net of foreign withholding taxes of $1,116,153.

(b) Net of foreign withholding taxes of $40,993.

(c) Net of foreign capital gains tax of $(8).

(d) Includes change in foreign capital gains tax of $50,842.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17654288 | $16434755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (91342586) | 232588457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (274567779) | (57875825) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (348256077) | 191147387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (252733531) | (119954822) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (252733531) | (119954822) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 56221617 | (95441025) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (544767991) | (24248460) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2046255329 | 2070503789 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1501487338 | $2046255329 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1586968 | $17253793 | 2542186 | $33805838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 26772620 | 252733531 | 9213120 | 119954822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (20083181) | (213765707) | (18732596) | (249201685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 8276407 | $56221617 | (6977290) | $(95441025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $56221617 |  | $(95441025) |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Consolidated§ Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.51 | $13.07 | $12.27 | $10.79 | $12.45 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.11 | 0.11 | 0.12 | 0.16 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.46) | 1.12 | 1.28 | 1.64 | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.35) | 1.23 | 1.40 | 1.80 | (0.83) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.29) | (0.07) | (0.28) | (0.32) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.47) | (0.72) | (0.32) | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.76) | (0.79) | (0.60) | (0.32) | (0.83) |
|  **Net Asset Value, End of Period** | $9.40 | $13.51 | $13.07 | $12.27 | $10.79 |
|  **Total Return (%)** (b) | (17.54) | 9.64 | 12.23 | 16.91 | (7.19) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 1.03 | 1.02 | 1.03 | 1.02 | 1.03 |
|  Net ratio of expenses to average net assets (%) (c) | 0.96 | 0.96 | 0.97 | 0.96 | 0.96 (d) |
|  Ratio of net investment income (loss) to average net assets (%) | 1.05 | 0.79 | 1.04 | 1.39 | 1.53 |
|  Portfolio turnover rate (%) | 58 (e) | 61 (e) | 51 (e) | 51 | 89 |
|  Net assets, end of period (in millions) | $1501.5 | $2046.3 | $2070.5 | $2080 | $2005.9 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the year ended December 31, 2018.

(e) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 53%, 60% and 49% for the years ended December 31, 2022, 2021 and 2020, respectively.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is JPMorgan Global Active Allocation Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

**2. Consolidation of Subsidiary — JPMorgan Global Active Allocation Portfolio, Ltd.** 

The Portfolio may invest up to 10% of its total assets in the JPMorgan Global Active Allocation Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the "Subsidiary"). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio's annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio's business of investing in stock, securities or currencies.

The Subsidiary invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio's transactions in derivatives. In addition, the Portfolio and the Subsidiary will be subject to the Portfolio's fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by J.P. Morgan Investment Management, Inc. (the "Subadviser"), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio's prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $25,664 in the Subsidiary, representing 0.0% of the Portfolio's total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

**3. Significant Accounting Policies** 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to controlled foreign corporation adjustments. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Floating Rate Loans -** The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Collateralized Obligations -** The Portfolio may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Consolidated Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Consolidated Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**TBA Purchase and Forward Sale Commitments -** The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**When-Issued and Delayed-Delivery Securities -** The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Due to Custodian -** Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio's assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $183,492 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at December 31, 2022. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio's average overdraft advances during the year ended December 31, 2022 were not significant.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $152,614,099, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $40,543,278, which is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending** - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 3. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than<br>90 days** | **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $(31758717) | $— | $— | $— | $(31758717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds | (28860855) |  |  |  | (28860855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | (2499865) |  |  |  | (2499865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | (1853808) |  |  |  | (1853808) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury & Government Agencies | (11570087) |  |  |  | (11570087) |
|  **Total Borrowings** | $**(76543332)** | $**—** | $**—** | $**—** | $**(76543332)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(76543332) |

---

**4. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**Commodity Futures Contracts and Swaps on Commodity Futures Contracts -** The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Interest Rate Swaps:* The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of<br>Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of<br>Assets & Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) (b) | $1763850 | Unrealized depreciation on centrally cleared swap contracts (a)(b) | $19791648 |
|  | Unrealized appreciation on futures contracts (b) (c) | 12420922 | Unrealized depreciation on futures contracts (b) (c) | 1874568 |
|  Equity | Unrealized appreciation on futures contracts (b) (c) | 9297680 | Unrealized depreciation on futures contracts (b) (c) | 501920 |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 253778 | Unrealized depreciation on forward foreign currency exchange contracts | 8615392 |
| Total |  | $23736230 |  | $30783528 |

---

(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets
and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of
Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its consolidated financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Citibank N.A. | $6516 | $(6516) | $– $|  |
|  State Street Bank and Trust Co. | 247262 | (247262) | – |  |
|  | $253778 | $(253778) | $– $|  |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  Citibank N.A. | $117957 | $(6516) | $– $| 111441 |
|  Royal Bank of Canada | 715673 |  | – | 715673 |
|  State Street Bank and Trust Co. | 7781762 | (247262) | – | 7534500 |
|  | $8615392 | $(253778) | $– $| 8361614 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

**BHFTI-38** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net**<br> **Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Foreign**<br>**Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $— | $30273225 | $30273225 |
|  Futures contracts | 18612578 | (10399418) |  | 8213160 |
|  Swap contracts | (80177179) |  |  | (80177179) |
|  | $(61564601) | $(10399418) | $30273225 | $(41690794) |
| **Consolidated Statement of Operations Location—Net**<br> **Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Foreign**<br>**Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $— | $(11604334) | $(11604334) |
|  Futures contracts | 9083312 | 3672064 |  | 12755376 |
|  Swap contracts | (17619092) |  |  | (17619092) |
|  | $(8535780) | $3672064 | $(11604334) | $(16468050) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Forward foreign currency transactions | $178405705 |
|  Futures contracts long | 141054569 |
|  Futures contracts short | (544311509) |
|  Swap contracts | 511922500 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**5. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global

**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Commodities Risk:* Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

**BHFTI-40** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**BHFTI-41** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**6. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $216653777 | $599594785 | $125865143 | $826631753 |

---

Purchases and sales of TBA transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $81897541 | $83319483 |

---

**7. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $12156667 | 0.800% | First $250 million |
|  | 0.750% | $250 million to $500 million |
|  | 0.720% | $500 million to $750 million |
|  | 0.700% | Over $750 million |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver** - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.125% | First $250 million |
| 0.075% | $250 million to $500 million |
| 0.045% | $500 million to $750 million |
| 0.025% | $750 million to $1 billion |
| 0.050% | $1 billion to $3 billion |
| 0.075% | $3 billion to $5 billion |
| 0.100% | Over $5 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average

**BHFTI-42** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Consolidated Statement of Assets and Liabilities.

**8. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**9. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1594976101 |
|  Gross unrealized appreciation | 88129494 |
|  Gross unrealized (depreciation) | (155856632) |
|  Net unrealized appreciation (depreciation) | $(67727138) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $55527350 | $69847111 | $197206181 | $50107711 | $252733531 | $119954822 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $25302279 | $– $| (67820613) | $(100968438) | $(143486772) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $100,968,438.

**10. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate

**BHFTI-43** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the JPMorgan Global Active Allocation Portfolio and subsidiary:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the JPMorgan Global Active Allocation Portfolio and subsidiary (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the JPMorgan Global Active Allocation Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-45** 

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**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

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**BHFTI-46** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-47** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-48** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-49** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*JPMorgan Global Active Allocation Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio underperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and outperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also considered that the Portfolio outperformed its blended benchmark for the one- and three-year periods and underperformed its blended benchmark for the five-year period ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-50** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Global Active Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-51** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Managed By J.P. Morgan Investment Management Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the JPMorgan Small Cap Value Portfolio returned -13.21% and -13.50%, respectively. The Portfolio's benchmark, the Russell 2000 Value Index¹, returned -14.48%.

**MARKET ENVIRONMENT / CONDITIONS** 

The S&P 500 Index faced its worst year since 2008, returning -18.1% for the year. Communication Services and Consumer Discretionary were the worst performing sectors in 2022, returning -39.9% and -37.0% respectively. Energy and Utilities were the only sectors which closed in the green, returning 65.7% and 1.55% respectively.

After three years of strength, equity markets were whiplashed with a volatile year, beginning with developing geopolitical tensions leading to a war in Ukraine. As a result, rising oil and gas prices led to energy being the best performing sector while pressure started to mount on manufacturing costs and supply chain disruptions. Moreover, concerns over high inflation and a shrinking economy in April further tested equity markets. Developed equity markets saw the worst first half in over two decades. The U.S. Federal Reserve hiked the federal funds rate by a cumulative 425 basis points in 2022 to curb record high inflation. The Consumer Price Index peaked at 9.1% in June and trended downward to 7.1% in November. Corporate America battled high interest rates, contraction in manufacturing and dampened consumer sentiment. Finally, earnings forecasts for 2023 witnessed sharp cuts towards the end of the year as recession fears mounted.

Large cap stocks as represented by the S&P 500 Index outperformed the small cap Russell 2000 Index, as they returned -18.1% vs. -20.4 %, respectively. Value outperformed Growth by a massive margin, as the Russell 3000 Value Index returned -8% and the Russell 3000 Growth Index returned -29%.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

Strong stock selection in the Industrials and Information Technology sectors contributed most to relative performance during the period. On a stock specific basis, an overweight allocation in Nuvalent and Ping Identity Holding were top contributors to performance. Nuvalent, a clinical stage biopharmaceutical company, benefited results after positive news was reported from the phase 1 part of a phase 1/2 trial of NVL-520 to treat patients with advanced non-small cell lung cancer and other solid tumors. The treatment with NVL-520 across five evaluated dose levels — ranging from 25 milligrams once daily to 125 milligrams — led to exposures above all target efficacy thresholds. Additionally, an overweight in Ping Identity Holding, a software company, contributed to returns after it was announced the company would be acquired by private equity firm Thoma Bravo for $2.8 billion in cash.

Stock selection in the Energy and Consumer Staples sectors detracted most from performance during the period. On a stock specific basis, an overweight in Avaya Holdings and an underweight in Tegna were top detractors from performance. An overweight in Avaya Holdings, which provides business collaboration and communications software solutions, detracted on news that it's nearing a chapter 11 bankruptcy filing to help its balance sheet. The potential bankruptcy filing comes after Avaya said it was having constructive discussions with its financial stakeholders regarding a resolution to its balance sheet issues. Additionally, an underweight in Tegna, a television broadcaster, hindered results after shares rallied when it was announced the company would be sold to Standard General and Apollo Global. That agreement was for $24 per share in cash in a deal valued at $8.6 billion including debt.

The Portfolio is run in a systematic manner that utilizes an alpha model comprised of three different factors: quality, valuation and momentum. Quality seeks companies that generate quality earnings and assesses how well they're converted into cash flows. The quality factor also favors companies that utilize these cash flows for the best possible return based on its peer group. Additionally, all companies are assessed through multiple valuation and momentum metrics to ensure the Portfolio is investing in attractively valued companies with underlying or improving strength in the business. During the period, quality, valuation and momentum were all additive.

As of December 31, 2022, the Portfolio's largest relative sector overweights were in the Industrials and Information Technology sectors, and the Portfolio's largest relative underweights were in the Consumer Discretionary and Energy sectors.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Managed By J.P. Morgan Investment Management Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

Futures contracts are utilized to effectively gain targeted equity exposure from cash positions. All derivatives performed as the Portfolio managers expected over the period.

**Phillip Hart** 

**Wonseok Choi** 

**Jonathan Tse** 

**Akash Gupta** 

Portfolio Managers

*J.P. Morgan Investment Management Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX**![LOGO](g382964g70b19.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**JPMorgan Small Cap Value Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -13.21 | 4.82 | 8.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -13.50 | 4.56 | 8.02 |
| &nbsp;&nbsp;&nbsp;**Russell 2000 Value Index** | -14.48 | 4.13 | 8.48 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Agree Realty Corp.** | **1.2** |
| **Old National Bancorp** | **1.1** |
| **OceanFirst Financial Corp.** | **1.0** |
| **Academy Sports & Outdoors, Inc.** | **0.9** |
| **New Jersey Resources Corp.** | **0.9** |
| **Hub Group, Inc.- Class A** | **0.9** |
| **Hancock Whitney Corp.** | **0.9** |
| **OFG Bancorp** | **0.8** |
| **Taylor Morrison Home Corp.** | **0.8** |
| **Calix, Inc.** | **0.8** |

---

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Financials** | **28.3** |
| **Industrials** | **15.3** |
| **Health Care** | **11.7** |
| **Real Estate** | **9.7** |
| **Consumer Discretionary** | **7.8** |
| **Information Technology** | **7.0** |
| **Energy** | **4.9** |
| **Utilities** | **4.8** |
| **Materials** | **3.1** |
| **Consumer Staples** | **2.7** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JPMorgan Small Cap Value Portfolio** <br>|  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.75% | $1000.00 | $1052.40 | $3.88 |
|  | Hypothetical\* | 0.75% | $1000.00 | $1021.43 | $3.82 |
|  Class B (a) | Actual | 1.00% | $1000.00 | $1050.30 | $5.17 |
|  | Hypothetical\* | 1.00% | $1000.00 | $1020.16 | $5.09 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—97.5% of Net Assets** 

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Air Freight & Logistics—1.2%** | **Air Freight & Logistics—1.2%** | **Air Freight & Logistics—1.2%** |
|  Atlas Air Worldwide Holdings, Inc. (a) | 9300 | $937440 |
|  Hub Group, Inc. - Class A (a) | 41900 | 3330631 |
|  Radiant Logistics, Inc. (a) | 26700 | 135903 |
|  |  | 4403974 |
| **Airlines—0.3%** |  |  |
|  Hawaiian Holdings, Inc. (a) | 12800 | 131328 |
|  SkyWest, Inc. (a) | 60400 | 997204 |
|  |  | 1128532 |
| **Auto Components—0.4%** |  |  |
|  Adient plc (a) | 31500 | 1092735 |
|  American Axle & Manufacturing Holdings, Inc. (a) | 12300 | 96186 |
|  Dana, Inc.  | 31600 | 478108 |
|  |  | 1667029 |
| **Banks—17.7%** |  |  |
|  American National Bankshares, Inc.  | 3400 | 125562 |
|  Ameris Bancorp  | 21900 | 1032366 |
|  Associated Banc-Corp.  | 39900 | 921291 |
|  Atlantic Union Bankshares Corp.  | 23300 | 818762 |
|  Banc of California, Inc.  | 28100 | 447633 |
|  Bancorp, Inc. (The) (a) | 8100 | 229878 |
|  Bank of NT Butterfield & Son, Ltd. (The)  | 27000 | 804870 |
|  BankUnited, Inc.  | 5400 | 183438 |
|  Banner Corp.  | 5900 | 372880 |
|  Brookline Bancorp, Inc.  | 69300 | 980595 |
|  Business First Bancshares, Inc.  | 22748 | 503641 |
|  Byline Bancorp, Inc.  | 45800 | 1052026 |
|  Cadence Bank  | 4260 | 105052 |
|  Capital City Bank Group, Inc.  | 7534 | 244855 |
|  Capstar Financial Holdings, Inc.  | 40000 | 706400 |
|  Cathay General Bancorp  | 8900 | 363031 |
|  Central Pacific Financial Corp.  | 21801 | 442124 |
|  Civista Bancshares, Inc.  | 5200 | 114452 |
|  Columbia Banking System, Inc.  | 26300 | 792419 |
|  Community Trust Bancorp, Inc.  | 16816 | 772359 |
|  ConnectOne Bancorp, Inc.  | 75300 | 1823013 |
|  Customers Bancorp, Inc. (a) | 35300 | 1000402 |
|  CVB Financial Corp.  | 80800 | 2080600 |
|  Eastern Bankshares, Inc.  | 87200 | 1504200 |
|  Enterprise Financial Services Corp.  | 29600 | 1449216 |
|  Equity Bancshares, Inc. - Class A  | 10000 | 326700 |
|  FB Financial Corp.  | 7200 | 260208 |
|  Financial Institutions, Inc.  | 9699 | 236268 |
|  First Bancorp  | 3500 | 149940 |
|  First BanCorp. (Puerto Rico)  | 99300 | 1263096 |
|  First Bancshares, Inc. (The)  | 6000 | 192060 |
|  First Citizens BancShares, Inc. - Class A  | 1140 | 864530 |
|  First Commonwealth Financial Corp.  | 99700 | 1392809 |
|  First Financial Corp.  | 20400 | 940032 |
|  First Internet Bancorp  | 13300 | 322924 |
|  First Interstate BancSystem, Inc. - Class A  | 32219 | 1245264 |
|  First Merchants Corp.  | 30900 | 1270299 |
|  First Western Financial, Inc. (a) | 2700 | 76005 |
| **Banks—(Continued)** |  |  |
|  FNB Corp.  | 16400 | 214020 |
|  Glacier Bancorp, Inc.  | 13100 | 647402 |
|  Hancock Whitney Corp.  | 67500 | 3266325 |
|  Heritage Commerce Corp.  | 55900 | 726700 |
|  Home BancShares, Inc.  | 39100 | 891089 |
|  HomeTrust Bancshares, Inc.  | 17200 | 415724 |
|  Independent Bank Corp. (MA)  | 8472 | 715291 |
|  Independent Bank Corp. (MI)  | 7700 | 184184 |
|  Mercantile Bank Corp.  | 2600 | 87048 |
|  Metropolitan Bank Holding Corp. (a) | 3000 | 176010 |
|  Mid Penn Bancorp, Inc.  | 4800 | 143856 |
|  Midland States Bancorp, Inc.  | 13400 | 356708 |
|  MVB Financial Corp.  | 3500 | 77070 |
|  National Bank Holdings Corp. - Class A  | 17500 | 736225 |
|  Nicolet Bankshares, Inc. (a) | 2600 | 207454 |
|  OceanFirst Financial Corp. | 183500 | 3899375 |
|  OFG Bancorp  | 115645 | 3187176 |
|  Old National Bancorp  | 239645 | 4308817 |
|  Old Second Bancorp, Inc.  | 93900 | 1506156 |
|  Origin Bancorp, Inc.  | 4800 | 176160 |
|  Orrstown Financial Services, Inc.  | 6000 | 138960 |
|  Peapack Gladstone Financial Corp.  | 29700 | 1105434 |
|  Peoples Bancorp, Inc.  | 2500 | 70625 |
|  Pinnacle Financial Partners, Inc.  | 9800 | 719320 |
|  Preferred Bank  | 1900 | 141778 |
|  Premier Financial Corp.  | 11780 | 317707 |
|  QCR Holdings, Inc.  | 20500 | 1017620 |
|  Republic Bancorp, Inc. - Class A  | 4100 | 167772 |
|  Sandy Spring Bancorp, Inc.  | 9700 | 341731 |
|  Sierra Bancorp  | 7100 | 150804 |
|  Simmons First National Corp. - Class A  | 15900 | 343122 |
|  SmartFinancial, Inc.  | 11400 | 313500 |
|  South Plains Financial, Inc.  | 2900 | 79837 |
|  SouthState Corp.  | 39536 | 3018969 |
|  TriCo Bancshares  | 13800 | 703662 |
|  Trustmark Corp.  | 9000 | 314190 |
|  UMB Financial Corp.  | 14500 | 1211040 |
|  United Community Banks, Inc.  | 6900 | 233220 |
|  Veritex Holdings, Inc.  | 108100 | 3035448 |
|  Washington Federal, Inc.  | 40500 | 1358775 |
|  Webster Financial Corp.  | 3800 | 179892 |
|  WesBanco, Inc.  | 3900 | 144222 |
|  Western Alliance Bancorp  | 18900 | 1125684 |
|  Wintrust Financial Corp.  | 20900 | 1766468 |
|  |  | 67333770 |
| **Beverages—0.3%** |  |  |
|  Primo Water Corp.  | 62800 | 975912 |
| **Biotechnology—6.7%** |  |  |
|  2seventy bio, Inc. (a) | 18866 | 176774 |
|  Agios Pharmaceuticals, Inc.  | 28600 | 803088 |
|  Allovir, Inc. (a) (b) | 102797 | 527349 |
|  Arcellx, Inc. (a) | 50800 | 1573784 |
|  Arcus Biosciences, Inc. (a) | 65978 | 1364425 |
|  BioCryst Pharmaceuticals, Inc. (a) (b) | 50400 | 578592 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Biotechnology—(Continued)** | | |
|  Biohaven, Ltd. (a) (b) | 1650 | $22902 |
|  Bluebird Bio, Inc. (a) | 56500 | 390980 |
|  CTI BioPharma Corp. (a) (b) | 94620 | 568666 |
|  Cytokinetics, Inc. (a) | 20700 | 948474 |
|  Enanta Pharmaceuticals, Inc. (a) | 4000 | 186080 |
|  EQRx, Inc. (a) (b) | 184900 | 454854 |
|  Fate Therapeutics, Inc. (a) | 19900 | 200791 |
|  Iovance Biotherapeutics, Inc. (a) | 27400 | 175086 |
|  iTeos Therapeutics, Inc. (a) | 51200 | 999936 |
|  IVERIC bio, Inc. (a) | 73900 | 1582199 |
|  Kezar Life Sciences, Inc. (a) | 136303 | 959573 |
|  Kymera Therapeutics, Inc. (a) | 62300 | 1555008 |
|  Lexicon Pharmaceuticals, Inc. (a) | 410605 | 784256 |
|  Lyell Immunopharma, Inc. (a) (b) | 70000 | 242900 |
|  MoonLake Immunotherapeutics (a) | 5880 | 61740 |
|  Nuvalent, Inc. - Class A (a) | 71100 | 2117358 |
|  Prothena Corp. plc (a) | 30400 | 1831600 |
|  REGENXBIO, Inc. (a) | 45700 | 1036476 |
|  Relay Therapeutics, Inc. (a) | 77900 | 1163826 |
|  SpringWorks Therapeutics, Inc. (a) | 41700 | 1084617 |
|  Travere Therapeutics, Inc. (a) | 65400 | 1375362 |
|  Twist Bioscience Corp. (a) (b) | 61700 | 1469077 |
|  Veracyte, Inc. (a) | 44100 | 1046493 |
|  |  | 25282266 |
| **Building Products—0.6%** |  |  |
|  Resideo Technologies, Inc. (a) | 28500 | 468825 |
|  UFP Industries, Inc.  | 24100 | 1909925 |
|  |  | 2378750 |
| **Capital Markets—1.5%** |  |  |
|  AssetMark Financial Holdings, Inc. (a) | 13400 | 308200 |
|  BGC Partners, Inc. - Class A  | 49900 | 188123 |
|  Blucora, Inc. (a) | 62900 | 1605837 |
|  Cowen, Inc. - Class A  | 9000 | 347580 |
|  Donnelley Financial Solutions, Inc. (a) | 13600 | 525640 |
|  Piper Sandler Cos.  | 2800 | 364532 |
|  Stifel Financial Corp.  | 9450 | 551596 |
|  Stonex Group, Inc. (a) | 9000 | 857700 |
|  Victory Capital Holdings, Inc. - Class A  | 10900 | 292447 |
|  Virtus Investment Partners, Inc.  | 4200 | 804048 |
|  |  | 5845703 |
| **Chemicals—0.9%** |  |  |
|  AdvanSix, Inc.  | 16200 | 615924 |
|  Avient Corp.  | 15400 | 519904 |
|  Ecovyst, Inc. (a) | 16200 | 143532 |
|  HB Fuller Co.  | 8500 | 608770 |
|  Minerals Technologies, Inc.  | 9900 | 601128 |
|  Tronox Holding plc - Class A  | 73900 | 1013169 |
|  |  | 3502427 |
| **Commercial Services & Supplies—1.8%** |  |  |
|  ABM Industries, Inc.  | 55500 | 2465310 |
|  ACCO Brands Corp.  | 128550 | 718595 |
| **Commercial Services & Supplies—(Continued)** |  |  |
|  Cimpress plc (a) | 1500 | 41415 |
|  Ennis, Inc.  | 9900 | 219384 |
|  Heritage-Crystal Clean, Inc. (a) | 15511 | 503797 |
|  MillerKnoll, Inc.  | 112300 | 2359423 |
|  Steelcase, Inc. - Class A  | 81000 | 572670 |
|  |  | 6880594 |
| **Communications Equipment—1.4%** |  |  |
|  Aviat Networks, Inc. (a) | 7880 | 245777 |
|  Calix, Inc.  | 44900 | 3072507 |
|  Comtech Telecommunications Corp.  | 114100 | 1385174 |
|  NETGEAR, Inc. (a) | 40400 | 731644 |
|  |  | 5435102 |
| **Construction & Engineering—1.5%** |  |  |
|  Argan, Inc.  | 44300 | 1633784 |
|  Comfort Systems USA, Inc.  | 7700 | 886116 |
|  MasTec, Inc. (a) | 14400 | 1228752 |
|  MYR Group, Inc. (a) | 13550 | 1247548 |
|  Primoris Services Corp.  | 24500 | 537530 |
|  |  | 5533730 |
| **Construction Materials—0.3%** |  |  |
|  Summit Materials, Inc. - Class A (a) | 34273 | 973008 |
| **Consumer Finance—1.7%** |  |  |
|  Bread Financial Holdings, Inc.  | 36200 | 1363292 |
|  Encore Capital Group, Inc. (a) | 37300 | 1788162 |
|  Enova International, Inc. (a) | 29800 | 1143426 |
|  Green Dot Corp. - Class A  | 13800 | 218316 |
|  LendingClub Corp. (a) | 30800 | 271040 |
|  PROG Holdings, Inc. (a) | 99200 | 1675488 |
|  |  | 6459724 |
| **Containers & Packaging—0.3%** |  |  |
|  Greif, Inc. - Class A  | 10900 | 730954 |
|  Myers Industries, Inc.  | 5000 | 111150 |
|  O-I Glass, Inc. (a) | 20900 | 346313 |
|  |  | 1188417 |
| **Diversified Consumer Services—0.4%** |  |  |
|  2U, Inc.  | 181100 | 1135497 |
|  Stride, Inc. (a) | 17600 | 550528 |
|  |  | 1686025 |
| **Diversified Financial Services—0.2%** |  |  |
|  Jackson Financial, Inc. - Class A  | 19600 | 681884 |
| **Diversified Telecommunication Services—0.7%** |  |  |
|  EchoStar Corp. - Class A (a) | 68800 | 1147584 |
|  Liberty Latin America, Ltd. - Class A (a) | 27000 | 203310 |
|  Liberty Latin America, Ltd. - Class C (a) | 162323 | 1233655 |
|  |  | 2584549 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Electric Utilities—1.1%** | | |
|  IDACORP, Inc.  | 13500 | $1455975 |
|  Otter Tail Corp.  | 5200 | 305292 |
|  Portland General Electric Co.  | 49500 | 2425500 |
|  Via Renewables, Inc.  | 21600 | 110376 |
|  |  | 4297143 |
| **Electrical Equipment—0.6%** |  |  |
|  Encore Wire Corp.  | 11100 | 1526916 |
|  Powell Industries, Inc.  | 24300 | 854874 |
|  |  | 2381790 |
| **Electronic Equipment, Instruments & Components—1.8%** |  |  |
|  Belden, Inc.  | 13700 | 985030 |
|  Benchmark Electronics, Inc.  | 40900 | 1091621 |
|  Knowles Corp. (a) | 97400 | 1599308 |
|  OSI Systems, Inc. (a) | 24700 | 1964144 |
|  ScanSource, Inc. (a) | 46100 | 1347042 |
|  |  | 6987145 |
| **Energy Equipment & Services—0.9%** |  |  |
|  Bristow Group, Inc. (a) | 3899 | 105780 |
|  ChampionX Corp.  | 27700 | 803023 |
|  Helmerich & Payne, Inc.  | 19100 | 946787 |
|  Nabors Industries, Ltd. (a) | 900 | 139383 |
|  NexTier Oilfield Solutions, Inc. (a) | 56746 | 524333 |
|  Patterson-UTI Energy, Inc.  | 24800 | 417632 |
|  Solaris Oilfield Infrastructure, Inc. - Class A  | 21100 | 209523 |
|  U.S. Silica Holdings, Inc. (a) | 20700 | 258750 |
|  |  | 3405211 |
| **Entertainment—0.1%** |  |  |
|  Lions Gate Entertainment Corp. - Class A (a) (b) | 32100 | 183291 |
| **Equity Real Estate Investment Trusts—9.2%** |  |  |
|  Acadia Realty Trust  | 43800 | 628530 |
|  Agree Realty Corp. (b) | 66400 | 4709752 |
|  Alexander & Baldwin, Inc.  | 14089 | 263887 |
|  American Assets Trust, Inc.  | 10700 | 283550 |
|  Apple Hospitality REIT, Inc.  | 93300 | 1472274 |
|  Armada Hoffler Properties, Inc.  | 22800 | 262200 |
|  Broadstone Net Lease, Inc.  | 21000 | 340410 |
|  Centerspace  | 8100 | 475227 |
|  City Office REIT, Inc.  | 14400 | 120672 |
|  Corporate Office Properties Trust  | 40600 | 1053164 |
|  CTO Realty Growth, Inc.  | 16000 | 292480 |
|  DiamondRock Hospitality Co.  | 91200 | 746928 |
|  Equity Commonwealth  | 49200 | 1228524 |
|  Essential Properties Realty Trust, Inc.  | 34100 | 800327 |
|  First Industrial Realty Trust, Inc.  | 8300 | 400558 |
|  Getty Realty Corp.  | 20629 | 698291 |
|  Global Medical REIT, Inc.  | 17100 | 162108 |
|  Healthcare Realty Trust, Inc. - Class A  | 67200 | 1294944 |
|  Independence Realty Trust, Inc.  | 105700 | 1782102 |
|  Kite Realty Group Trust  | 62734 | 1320551 |
|  Macerich Co. (The)  | 67300 | 757798 |
| **Equity Real Estate Investment Trusts—(Continued)** |  |  |
|  NETSTREIT Corp.  | 30900 | 566397 |
|  NexPoint Residential Trust, Inc.  | 1588 | 69110 |
|  Paramount Group, Inc.  | 34800 | 206712 |
|  Pebblebrook Hotel Trust (b) | 16500 | 220935 |
|  Phillips Edison & Co., Inc.  | 15500 | 493520 |
|  Physicians Realty Trust (b) | 73400 | 1062098 |
|  Piedmont Office Realty Trust, Inc. - Class A  | 65000 | 596050 |
|  Plymouth Industrial REIT, Inc.  | 8700 | 166866 |
|  PotlatchDeltic Corp.  | 40825 | 1795892 |
|  Retail Opportunity Investments Corp.  | 14200 | 213426 |
|  RLJ Lodging Trust  | 121257 | 1284111 |
|  Ryman Hospitality Properties, Inc.  | 22000 | 1799160 |
|  Sabra Health Care REIT, Inc.  | 91500 | 1137345 |
|  SITE Centers Corp.  | 110300 | 1506698 |
|  STAG Industrial, Inc.  | 70200 | 2268162 |
|  Terreno Realty Corp.  | 13700 | 779119 |
|  UMH Properties, Inc.  | 48200 | 776020 |
|  Uniti Group, Inc.  | 102300 | 565719 |
|  Xenia Hotels & Resorts, Inc.  | 35800 | 471844 |
|  |  | 35073461 |
| **Food & Staples Retailing—0.7%** |  |  |
|  Andersons, Inc. (The)  | 24900 | 871251 |
|  SpartanNash Co.  | 7400 | 223776 |
|  Sprouts Farmers Market, Inc. (a) | 35700 | 1155609 |
|  United Natural Foods, Inc. (a) | 9800 | 379358 |
|  |  | 2629994 |
| **Food Products—0.5%** |  |  |
|  Darling Ingredients, Inc. (a) | 30200 | 1890218 |
| **Gas Utilities—2.0%** |  |  |
|  Brookfield Infrastructure Corp. - Class A (b) | 9100 | 353990 |
|  Chesapeake Utilities Corp.  | 3500 | 413630 |
|  New Jersey Resources Corp.  | 72200 | 3582564 |
|  Northwest Natural Holding Co.  | 23200 | 1104088 |
|  ONE Gas, Inc.  | 9900 | 749628 |
|  Southwest Gas Holdings, Inc.  | 1400 | 86632 |
|  Spire, Inc.  | 19539 | 1345456 |
|  |  | 7635988 |
| **Health Care Equipment & Supplies—1.5%** |  |  |
|  Alphatec Holdings, Inc. (a) | 122500 | 1512875 |
|  AngioDynamics, Inc. (a) | 24800 | 341496 |
|  Bioventus, Inc. - Class A (a) (b) | 40800 | 106488 |
|  Cue Health, Inc. (a) (b) | 35400 | 73278 |
|  Embecta Corp.  | 27100 | 685359 |
|  Inari Medical, Inc. (a) | 14500 | 921620 |
|  SeaSpine Holdings Corp. (a) | 65700 | 548595 |
|  Sight Sciences, Inc. (a) | 72400 | 884004 |
|  Utah Medical Products, Inc.  | 3100 | 311643 |
|  Varex Imaging Corp. (a) | 15700 | 318710 |
|  |  | 5704068 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Health Care Providers & Services—0.6%** | | |
|  AdaptHealth Corp. (a) | 85800 | $1649076 |
|  Fulgent Genetics, Inc. (a) | 23500 | 699830 |
|  |  | 2348906 |
| **Health Care Technology—2.1%** |  |  |
|  Allscripts Healthcare Solutions, Inc. (a) | 157100 | 2771244 |
|  Computer Programs & Systems, Inc. (a) | 38700 | 1053414 |
|  Evolent Health, Inc. - Class A (a) | 50700 | 1423656 |
|  Health Catalyst, Inc. (a) | 165100 | 1755013 |
|  Phreesia, Inc. (a) | 24500 | 792820 |
|  |  | 7796147 |
| **Hotels, Restaurants & Leisure—1.3%** |  |  |
|  Bloomin' Brands, Inc.  | 35700 | 718284 |
|  Bluegreen Vacations Holding Corp.  | 37000 | 923520 |
|  Dine Brands Global, Inc.  | 17200 | 1111120 |
|  Full House Resorts, Inc. (a) | 74100 | 557232 |
|  Marriott Vacations Worldwide Corp.  | 6200 | 834458 |
|  Scientific Games Corp. - Class A  | 7500 | 439500 |
|  SeaWorld Entertainment, Inc.  | 7100 | 379921 |
|  |  | 4964035 |
| **Household Durables—2.0%** |  |  |
|  GoPro, Inc. - Class A  | 245900 | 1224582 |
|  Lifetime Brands, Inc.  | 11400 | 86526 |
|  Meritage Homes Corp. (a) | 19700 | 1816340 |
|  Taylor Morrison Home Corp. (a) | 101300 | 3074455 |
|  TRI Pointe Group, Inc. (a) | 83300 | 1548547 |
|  |  | 7750450 |
| **Household Products—0.5%** |  |  |
|  Central Garden and Pet Co. (Non-Voting Shares) - Class A (a) | 57264 | 2050051 |
| **Independent Power and Renewable Electricity Producers—0.6%** | **Independent Power and Renewable Electricity Producers—0.6%** |  |
|  Clearway Energy, Inc. - Class A  | 36100 | 1080112 |
|  Clearway Energy, Inc. - Class C  | 35900 | 1144133 |
|  |  | 2224245 |
| **Insurance—1.5%** |  |  |
|  American Equity Investment Life Holding Co.  | 28400 | 1295608 |
|  CNO Financial Group, Inc.  | 18300 | 418155 |
|  Employers Holdings, Inc.  | 18300 | 789279 |
|  James River Group Holdings, Ltd.  | 19500 | 407745 |
|  RLI Corp.  | 9275 | 1217529 |
|  Stewart Information Services Corp.  | 33300 | 1422909 |
|  |  | 5551225 |
| **Interactive Media & Services—0.4%** |  |  |
|  Cars.com, Inc. (a) | 20600 | 283662 |
|  QuinStreet, Inc. (a) | 40000 | 574000 |
|  Yelp, Inc. (a) | 26500 | 724510 |
|  |  | 1582172 |
| **IT Services—0.6%** |  |  |
|  IBEX Holdings, Ltd. (a) | 9000 | 223650 |
|  Information Services Group, Inc.  | 249200 | 1146320 |
|  Repay Holdings Corp. (a) | 104800 | 843640 |
|  SolarWinds Corp. (a) | 6400 | 59904 |
|  |  | 2273514 |
| **Leisure Products—0.3%** |  |  |
|  Topgolf Callaway Brands Corp. (a) | 63400 | 1252150 |
| **Life Sciences Tools & Services—0.4%** |  |  |
|  NeoGenomics, Inc. (a) | 75400 | 696696 |
|  Pacific Biosciences of California, Inc. (a) | 76500 | 625770 |
|  |  | 1322466 |
| **Machinery—2.0%** |  |  |
|  3D Systems Corp. (a) (b) | 102900 | 761460 |
|  AGCO Corp.  | 13400 | 1858446 |
|  Albany International Corp. - Class A  | 4300 | 423937 |
|  EnPro Industries, Inc.  | 3400 | 369546 |
|  Greenbrier Cos., Inc. (The)  | 44400 | 1488732 |
|  Luxfer Holdings plc  | 7900 | 108388 |
|  Mueller Industries, Inc.  | 16250 | 958750 |
|  Terex Corp.  | 17300 | 739056 |
|  Wabash National Corp.  | 35557 | 803588 |
|  |  | 7511903 |
| **Marine—0.4%** |  |  |
|  Matson, Inc.  | 20300 | 1268953 |
|  Safe Bulkers, Inc.  | 57700 | 167907 |
|  |  | 1436860 |
| **Media—0.8%** |  |  |
|  AMC Networks, Inc. - Class A (a) | 51000 | 799170 |
|  Entravision Communications Corp. - Class A  | 80200 | 384960 |
|  Gray Television, Inc.  | 98900 | 1106691 |
|  John Wiley & Sons, Inc. - Class A  | 17400 | 697044 |
|  |  | 2987865 |
| **Metals & Mining—1.5%** |  |  |
|  Arconic Corp. (a) | 46900 | 992404 |
|  ATI, Inc. (a) | 8900 | 265754 |
|  Commercial Metals Co.  | 60600 | 2926980 |
|  Constellium SE (a) | 47100 | 557193 |
|  Materion Corp.  | 2800 | 245028 |
|  Olympic Steel, Inc.  | 3700 | 124246 |
|  Schnitzer Steel Industries, Inc. - Class A  | 17600 | 539440 |
|  Warrior Met Coal, Inc.  | 5200 | 180128 |
|  |  | 5831173 |
| **Mortgage Real Estate Investment Trusts—2.5%** |  |  |
|  Arbor Realty Trust, Inc. (b) | 48000 | 633120 |
|  Ares Commercial Real Estate Corp. (b) | 108100 | 1112349 |
|  Blackstone Mortgage Trust, Inc. - Class A (b) | 111400 | 2358338 |
|  Dynex Capital, Inc.  | 135600 | 1724832 |
|  Ellington Financial, Inc.  | 19100 | 236267 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Mortgage Real Estate Investment Trusts—(Continued)** | | |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | 11600 | $336168 |
|  KKR Real Estate Finance Trust, Inc.  | 83600 | 1167056 |
|  Ladder Capital Corp.  | 121900 | 1223876 |
|  Ready Capital Corp. (b) | 23100 | 257334 |
|  Redwood Trust, Inc. (b) | 37800 | 255528 |
|  TPG RE Finance Trust, Inc.  | 49100 | 333389 |
|  |  | 9638257 |
| **Multi-Utilities—0.8%** |  |  |
|  Avista Corp.  | 23500 | 1041990 |
|  Black Hills Corp.  | 12600 | 886284 |
|  NorthWestern Corp.  | 10500 | 623070 |
|  Unitil Corp.  | 10251 | 526491 |
|  |  | 3077835 |
| **Oil, Gas & Consumable Fuels—4.0%** |  |  |
|  Antero Resources Corp. (a) | 5200 | 161148 |
|  Arch Resources, Inc.  | 6850 | 978112 |
|  Berry Corp.  | 8600 | 68800 |
|  Chord Energy Corp.  | 11446 | 1565927 |
|  CNX Resources Corp. (a) | 19100 | 321644 |
|  CONSOL Energy, Inc.  | 2600 | 169000 |
|  CVR Energy, Inc.  | 18700 | 586058 |
|  Delek U.S. Holdings, Inc.  | 19829 | 535383 |
|  Dorian LPG, Ltd.  | 48800 | 924760 |
|  Green Plains, Inc. (a) | 37800 | 1152900 |
|  Murphy Oil Corp.  | 57300 | 2464473 |
|  Ovintiv, Inc.  | 45440 | 2304262 |
|  Par Pacific Holdings, Inc. (a) | 9600 | 223200 |
|  PBF Energy, Inc. - Class A  | 5300 | 216134 |
|  Peabody Energy Corp. (a) | 43200 | 1141344 |
|  Range Resources Corp.  | 14400 | 360288 |
|  REX American Resources Corp. (a) | 13000 | 414180 |
|  SM Energy Co.  | 15400 | 536382 |
|  Talos Energy, Inc. (a) | 12900 | 243552 |
|  W&T Offshore, Inc. (a) | 9500 | 53010 |
|  World Fuel Services Corp.  | 30100 | 822633 |
|  |  | 15243190 |
| **Paper & Forest Products—0.1%** |  |  |
|  Louisiana-Pacific Corp.  | 3400 | 201280 |
| **Personal Products—0.8%** |  |  |
|  Edgewell Personal Care Co.  | 29600 | 1140784 |
|  Herbalife Nutrition, Ltd. (a) | 113700 | 1691856 |
|  |  | 2832640 |
| **Pharmaceuticals—0.5%** |  |  |
|  CinCor Pharma, Inc. (a) | 29900 | 367471 |
|  Intra-Cellular Therapies, Inc. (a) | 15200 | 804384 |
|  NGM Biopharmaceuticals, Inc. (a) | 55200 | 277104 |
|  Supernus Pharmaceuticals, Inc. (a) | 15500 | 552885 |
|  |  | 2001844 |
| **Professional Services—2.9%** |  |  |
|  Barrett Business Services, Inc.  | 24560 | 2290957 |
| **Professional Services—(Continued)** |  |  |
|  Heidrick & Struggles International, Inc.  | 19400 | 542618 |
|  Huron Consulting Group, Inc. (a) | 17500 | 1270500 |
|  Insperity, Inc.  | 1500 | 170400 |
|  KBR, Inc.  | 39700 | 2096160 |
|  Kelly Services, Inc. - Class A  | 90300 | 1526070 |
|  Korn Ferry  | 25900 | 1311058 |
|  TrueBlue, Inc. (a) | 83700 | 1638846 |
|  |  | 10846609 |
| **Real Estate Management & Development—0.4%** |  |  |
|  Anywhere Real Estate, Inc. (a) | 56600 | 361674 |
|  Forestar Group, Inc. (a) | 44300 | 682663 |
|  Kennedy-Wilson Holdings, Inc.  | 38800 | 610324 |
|  |  | 1654661 |
| **Road & Rail—0.9%** |  |  |
|  ArcBest Corp.  | 32000 | 2241280 |
|  Covenant Logistics Group, Inc.  | 6000 | 207420 |
|  Heartland Express, Inc.  | 35600 | 546104 |
|  Werner Enterprises, Inc.  | 6400 | 257664 |
|  |  | 3252468 |
| **Semiconductors & Semiconductor Equipment—0.9%** |  |  |
|  ACM Research, Inc. - Class A (a) | 105400 | 812634 |
|  Cohu, Inc. (a) | 50800 | 1628140 |
|  Veeco Instruments, Inc. (a) | 60200 | 1118516 |
|  |  | 3559290 |
| **Software—1.2%** |  |  |
|  eGain Corp. (a) | 118600 | 1070958 |
|  LiveRamp Holdings, Inc. (a) | 102800 | 2409632 |
|  Marathon Digital Holdings, Inc. (a) (b) | 24073 | 82330 |
|  Riot Blockchain, Inc. (a) (b) | 98600 | 334254 |
|  SecureWorks Corp. - Class A (a) | 11751 | 75089 |
|  Upland Software, Inc. (a) | 68300 | 486979 |
|  |  | 4459242 |
| **Specialty Retail—3.1%** |  |  |
|  Abercrombie & Fitch Co. - Class A (a) | 7600 | 174116 |
|  Academy Sports & Outdoors, Inc.  | 68300 | 3588482 |
|  Bed Bath & Beyond, Inc. (a) (b) | 16800 | 42168 |
|  Conn's, Inc. (a) | 49600 | 341248 |
|  Genesco, Inc. (a) | 6200 | 285324 |
|  MarineMax, Inc. (a) | 43900 | 1370558 |
|  ODP Corp. (The) (a) | 29100 | 1325214 |
|  Sally Beauty Holdings, Inc. (a) | 65600 | 821312 |
|  Signet Jewelers, Ltd.  | 31300 | 2128400 |
|  Sleep Number Corp. (a) | 6900 | 179262 |
|  Sonic Automotive, Inc. - Class A  | 18300 | 901641 |
|  Zumiez, Inc. (a) | 19300 | 419582 |
|  |  | 11577307 |
| **Technology Hardware, Storage & Peripherals—1.0%** |  |  |
|  Avid Technology, Inc.  | 32900 | 874811 |
|  Xerox Holdings Corp.  | 207600 | 3030960 |
|  |  | 3905771 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** | **Value** |
| **Textiles, Apparel & Luxury Goods—0.2%** | | | |
|  G-III Apparel Group, Ltd. (a) | 47300 | $| 648483 |
|  Wolverine World Wide, Inc.  | 23900 |  | 261227 |
|  |  |  | 909710 |
| **Thrifts & Mortgage Finance—3.1%** |  |  |  |
|  Axos Financial, Inc. (a) | 26400 |  | 1009008 |
|  Capitol Federal Financial, Inc.  | 38400 |  | 332160 |
|  Essent Group, Ltd.  | 69800 |  | 2713824 |
|  Kearny Financial Corp.  | 42000 |  | 426300 |
|  Luther Burbank Corp.  | 3271 |  | 36341 |
|  Merchants Bancorp  | 36800 |  | 894976 |
|  Mr Cooper Group, Inc. (a) | 32900 |  | 1320277 |
|  NMI Holdings, Inc. - Class A (a) | 55100 |  | 1151590 |
|  Northfield Bancorp, Inc.  | 65000 |  | 1022450 |
|  PennyMac Financial Services, Inc.  | 9400 |  | 532604 |
|  Radian Group, Inc.  | 123200 |  | 2349424 |
|  Waterstone Financial, Inc.  | 6500 |  | 112060 |
|  |  |  | 11901014 |
| **Trading Companies & Distributors—3.3%** |  |  |  |
|  BlueLinx Holdings, Inc. (a) | 13730 |  | 976340 |
|  Boise Cascade Co.  | 18100 |  | 1242927 |
|  GATX Corp.  | 3600 |  | 382824 |
|  GMS, Inc. (a) | 29500 |  | 1469100 |
|  MRC Global, Inc. (a) | 98500 |  | 1140630 |
|  NOW, Inc. (a) | 191200 |  | 2428240 |
|  Rush Enterprises, Inc. - Class A  | 32400 |  | 1693872 |
|  Titan Machinery, Inc. (a) | 14900 |  | 591977 |
|  Veritiv Corp.  | 4460 |  | 542827 |
|  WESCO International, Inc. (a) | 14900 |  | 1865480 |
|  |  |  | 12334217 |
| **Water Utilities—0.3%** |  |  |  |
|  American States Water Co.  | 12400 |  | 1147620 |
| **Wireless Telecommunication Services—0.2%** |  |  |  |
|  Gogo, Inc. (a) | 58600 |  | 864936 |
|  Total Common Stocks <br>(Cost $376,950,643) |  |  | 370420758 |
| **Short-Term Investment—2.3%** | **Short-Term Investment—2.3%** | **Short-Term Investment—2.3%** | **Short-Term Investment—2.3%** |
| **Repurchase Agreement—2.3%** | **Repurchase Agreement—2.3%** | **Repurchase Agreement—2.3%** | **Repurchase Agreement—2.3%** |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $8,822,806; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $8,997,524. | 8821041 |  | 8821041 |
|  Total Short-Term Investments <br>(Cost $8,821,041) |  |  | 8821041 |
| **Securities Lending Reinvestments (c)—2.7%** | **Securities Lending Reinvestments (c)—2.7%** |  |  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—2.1%** | **Repurchase Agreements—2.1%** | **Repurchase Agreements—2.1%** |
|  Barclays Capital, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $2,000,947; collateralized by U.S. Treasury Obligations with rate 0.000%, maturity dates ranging from 11/15/29 - 02/15/40, and an aggregate market value of $2,040,000. | 2000000 | $2000000 |
|  BofA Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $2,000,933; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $2,040,000. | 2000000 | 2000000 |
|  Goldman Sachs & Co. <br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,163,957; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 7.625%, maturity dates ranging from 01/24/23 - 11/15/52, and an aggregate market value of $1,186,676. | 1163407 | 1163407 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $2,000,956; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $2,041,774. | 2000000 | 2000000 |
|  National Bank of Canada <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $100,084; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $102,238. | 100000 | 100000 |
|  Societe Generale | Societe Generale | Societe Generale |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $100,049; collateralized by various Common Stock with an aggregate market value of $111,285. | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $125,061; collateralized by various Common Stock with an aggregate market value of $139,149. | 125000 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $500,430; collateralized by various Common Stock with an aggregate market value of $556,596. | 500000 | 500000 |
|  TD Prime Services LLC <br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $50,024; collateralized by various Common Stock with an aggregate market value of $55,471. | 50000 | 50000 |
|  |  | 8038407 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Mutual Funds—0.6%** | | |
|  Allspring Government Money Market Fund, Select Class<br>4.090% (d) | 300000 | $300000 |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (d) | 310000 | 310000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (d) | 310000 | 310000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (d) | 300000 | 300000 |
|  HSBC U.S. Government Money Market Fund, Class I 4.130% (d) | 200000 | 200000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (d) | 300000 | 300000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (d) | 300000 | 300000 |
|  |  | 2020000 |
|  Total Securities Lending Reinvestments <br>(Cost $10,058,407) |  | 10058407 |
|  Total Investments—102.5% <br>(Cost $395,830,091) |  | 389300206 |
|  Other assets and liabilities (net)—(2.5)% |  | (9441407) |
| **Net Assets—100.0%** |  | $379858799 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $11,289,835 and the collateral received consisted of cash in the amount of $10,058,407 and non-cash collateral with a value of $1,521,966. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(d) The rate shown represents the annualized seven-day yield as of December 31, 2022.

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Russell 2000 Index E-Mini Futures  | 03/17/23 | 92 | USD | 8146140 | $(79876) |

---

**Glossary of Abbreviations** 

Currencies

------

(USD)— United States Dollar

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Common Stocks\* | $370420758 | $— | $— | $370420758 |
|  Total Short-Term Investment\* |  | 8821041 |  | 8821041 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 8038407 |  | 8038407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 2020000 |  |  | 2020000 |
|  Total Securities Lending Reinvestments | 2020000 | 8038407 |  | 10058407 |
|  Total Investments | $372440758 | $16859448 | $— | $389300206 |
|  Collateral for Securities Loaned (Liability) | $— | $(10058407) | $— | $(10058407) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | $(79876) | $— | $— | $(79876) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $389300206.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3934.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 7088.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for futures contracts | 544000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 146585.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1706.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 721070.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1574.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 390726163.0 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 10058407.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 251479.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 14204.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 28479.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 224051.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 5064.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 122405.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 10867364.0 |
|  **Net Assets** | $379858799.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $351371145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 28487654.0 |
|  **Net Assets** | $379858799.0 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $356589578.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 23269221.0 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 32275238.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 2143938.0 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $11.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 10.85 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $395,830,091.

(b) Includes securities loaned at value of $11,289,835.

(c) Identified cost of cash denominated in foreign currencies was $7,285.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $8564785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 47315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 150363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 8762463 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 3383915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 31787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 89123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 65382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 63680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 30010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3733934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (433168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (40304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3260462 |
|  **Net Investment Income** | 5502001 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 35080189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (916321) |
|  Net realized gain (loss) | 34163868 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (104035267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (320343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (498) |
|  Net change in unrealized appreciation (depreciation) | (104356108) |
|  Net realized and unrealized gain (loss) | (70192240) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(64690239) |

---

(a) Net of foreign withholding taxes of $12,222.

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5502001 | $4034107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 34163868 | 147042229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (104356108) | 8156736 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (64690239) | 159233072 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (140144584) | (18090895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (8928104) | (1110594) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (149072688) | (19201489) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 70702627 | (161956479) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (143060300) | (21924896) |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 522919099 | 544843995 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $379858799 | $522919099 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 130841 | $1843124 | 650709 | $12511250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 12928467 | 140144584 | 913220 | 18090895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (5332432) | (76159381) | (9980306) | (185204843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 7726876 | $65828327 | (8416377) | $(154602698) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 130247 | $1818588 | 188430 | $3643730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 837533 | 8928104 | 56692 | 1110594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (409937) | (5872392) | (654035) | (12108105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 557843 | $4874300 | (408913) | $(7353781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $70702627 |  | $(161956479) |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $20.02 | $15.60 | $14.89 | $14.16 | $17.61 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.18 | 0.14 | 0.16 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.95) | 5.00 | 0.72 | 2.33 | (2.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.77) | 5.14 | 0.88 | 2.57 | (2.17) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.21) | (0.23) | (0.17) | (0.22) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (5.99) | (0.49) | 0.00 | (1.62) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (6.20) | (0.72) | (0.17) | (1.84) | (1.28) |
|  **Net Asset Value, End of Period** | $11.05 | $20.02 | $15.60 | $14.89 | $14.16 |
|  **Total Return (%)** (b) | (13.21) | 33.01 | 6.34 | 19.53 | (13.76) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.85 | 0.85 | 0.85 | 0.85 | 0.84 |
|  Net ratio of expenses to average net assets (%) (c) | 0.75 | 0.75 | 0.75 | 0.75 | 0.74 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.28 | 0.76 | 1.32 | 1.61 | 1.31 |
|  Portfolio turnover rate (%) | 64 | 63 | 76 | 52 | 53 |
|  Net assets, end of period (in millions) | $356.6 | $491.6 | $514.1 | $472.7 | $398.1 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $19.78 | $15.42 | $14.71 | $14.01 | $17.42 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.14 | 0.10 | 0.13 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.92) | 4.94 | 0.72 | 2.29 | (2.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.78) | 5.04 | 0.85 | 2.49 | (2.18) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.16) | (0.19) | (0.14) | (0.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (5.99) | (0.49) | 0.00 | (1.62) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (6.15) | (0.68) | (0.14) | (1.79) | (1.23) |
|  **Net Asset Value, End of Period** | $10.85 | $19.78 | $15.42 | $14.71 | $14.01 |
|  **Total Return (%)** (b) | (13.50) | 32.74 | 6.11 | 19.15 | (13.91) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 1.10 | 1.10 | 1.10 | 1.10 | 1.09 |
|  Net ratio of expenses to average net assets (%) (c) | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.04 | 0.52 | 1.07 | 1.35 | 1.05 |
|  Portfolio turnover rate (%) | 64 | 63 | 76 | 52 | 53 |
|  Net assets, end of period (in millions) | $23.3 | $31.4 | $30.8 | $29.8 | $27.2 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is JPMorgan Small Cap Value Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $8,821,041. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $8,038,407. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**Directed Brokerage Agreement -** The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

**3. Investments in Derivative Instruments** 

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & <br>Liabilities Location** | **Fair Value** |
|  Equity | Unrealized depreciation on futures contracts (a) | $79876 |

---

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
|  Futures contracts | $(916321) |
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
|  Futures contracts | $(320343) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Futures contracts long | $7663453 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $273411615 | $0 | $340354185 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers**<br>**for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $3383915 | 0.800% | First $100 million |
|  | 0.775% | $100 million to $500 million |
|  | 0.750% | $500 million to $1 billion |
|  | 0.725% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -**Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.075% | First $50 million |
| 0.125% | $50 million to $100 million |
| 0.100% | $100 million to $500 million |
| 0.075% | $500 million to $1 billion |
| 0.050% | Over $1 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $397863633 |
|  Gross unrealized appreciation | 35394430 |
|  Gross unrealized (depreciation) | (43957856) |
|  Net unrealized appreciation (depreciation) | $(8563426) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $81551420 | $18027346 | $67521268 | $1174143 | $149072688 | $19201489 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $5849528 | $31365026 | $(8563623) | $– $| 28650931 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the JPMorgan Small Cap Value Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the JPMorgan Small Cap Value Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the JPMorgan Small Cap Value Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*JPMorgan Small Cap Value Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one- and five-year periods ended June 30, 2022 and outperformed the median of its Performance Universe for the three-year period ended June 30, 2022. The Board considered that the Portfolio underperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and outperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Russell 2000 Value Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**JPMorgan Small Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the average of the Sub-advised Expense Universe and above the average of the Sub-advised Expense Group, each at the Portfolio's current size.

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Managed by Loomis, Sayles & Company, L.P.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the Loomis Sayles Global Allocation Portfolio returned -23.12% and -23.30%, respectively. The Portfolio's benchmarks, the MSCI World Index¹ and the FTSE World Government Bond Index², returned -18.14% and -18.26%, respectively.

**MARKET ENVIRONMENT / CONDITIONS** 

Market sentiment weakened considerably during the first half of the year, leading to losses in nearly every major asset category except for commodities. Russia's invasion of Ukraine was a key driver of the negative tone. The military action, together with the sanctions that followed, intensified disruptions in global supply chains and led to concerns about the supply of oil, natural gas and other key commodities. Rising prices, in turn, led to worries that consumer spending would decline, and that Europe could move into a recession. The prospect of tighter monetary policy by the U.S. Federal Reserve (the "Fed") and other central banks was a second key issue weighing on the markets.

As we entered the second half of the year, global financial markets experienced weak performance and high volatility. However, investor sentiment turned upbeat in the final quarter of 2022. This was particularly evident early in the quarter, as a consensus emerged that the Fed had completed the majority of its interest rate increases and was likely to pivot toward a less restrictive posture in 2023. In Europe, warmer than average temperatures helped ease energy crisis concerns. In addition, China began to move away from the zero-COVID policy that had impeded economic growth globally in 2022. Not least, inflation—while still high—showed signs of cooling. Investors appeared to grow more cautious in December, however, due to mounting worries that economic growth and corporate earnings could decline in the year ahead.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The equity portion of the Portfolio underperformed the MSCI World Index, which declined 18.14%. In equities, the Information Technology ("IT") sector was the largest detractor from relative results, due to both security selection and an overweight allocation. Not having direct exposure to the Energy sector was also a significant detractor on a relative basis. The Consumer Staples, Consumer Discretionary and Health Care sectors detracted from relative returns as well.

On an individual basis, the largest detractors from performance in equities were Amazon.com and Airbnb. As consumers made more in-store purchases as the economy reopened, inflation impacted the consumer overall spend. Amazon's overexpansion of its fulfilment network and revenue deceleration and margin compression in its Amazon Web Services business also pressured shares. Management began to address its elevated fulfilment infrastructure, reduced headcount, and normalized capital expenditures. Shares of Airbnb lagged as more challenging economic conditions cast doubt on the health of the consumer. Fundamentally, however, Airbnb continues to gain market share. Airbnb has supply growth, average daily rate growth, and strong operating leverage. We believe the company continues to have numerous opportunities to grow revenues such as increasing its market share, offering its users ancillary travel services, and entering new verticals, such as the hotel market.

Security selection in the Industrials sector contributed to relative results. Not having direct exposure to the Real Estate sector also contributed. The largest individual equity contributors to performance were Cummins and UnitedHealth Group. Cummins is the leader in designing, manufacturing, and selling engines, related components and power systems for trucks and machinery. In the first half of the year, shares outperformed following Cummins' quarterly earnings. Demand outside of China was strong. North America saw improved pricing, higher volumes and stronger after market demand. Later in the period, Cummins outperformed on strong third quarter results reported by Paccar and Daimler, two of Cummins' largest customers. UnitedHealth Group is the largest managed care operator in the U.S. It benefits from scale advantages, specifically greater underwriting experience, and the ability to leverage non-medical costs. Shares outperformed over the period as the company's traditional health insurance business continued to demonstrate strong execution, highlighted by continued positive enrollment trends in both Medicare Advantage and Commercial segments, as well as better-than-expected medical costs.

The fixed income portion of the Portfolio underperformed its benchmark during the period. In fixed income, allocation to corporate credit sectors and issuers, including High Yield ("HY") bonds, was the main source of negative performance. Overweight allocations to the Communications, Finance Companies, and Consumer Non-Cyclical sectors detracted from relative returns. Within Communications, holdings of Dish Network Corp. weighed on performance as it significantly underperformed the broader telemedia space, reflecting the secular decline of the company's challenged satellite video business. Within the Finance Companies sector, holdings of Unifin detracted as the Mexican leasing firm announced plans to restructure its debt. Holdings of pharmaceutical companies such as Bausch Health and Teladoc Health in the Consumer Non-Cyclical sector detracted due to political headwinds within the industry. Overweight positioning in the South Korean won and Australian dollar modestly detracted from performance.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Managed by Loomis, Sayles & Company, L.P.** 

**Portfolio Manager Commentary\*—(Continued)** 

Yield curve and duration positioning was the primary source of positive relative performance for the period. In particular, underweight duration positioning in the euro, British pound sterling, and Japanese yen-pay markets contributed to performance. Positioning towards the long end of the yield curve in the U.S. dollar-pay market was beneficial. Currency allocation was another driver of positive relative performance during the period, as the U.S. dollar strengthened against the majority of developed market currencies. Particularly helpful to performance was an underweight allocation to the Japanese yen, euro, and British pound sterling, all of which depreciated significantly against the U.S. dollar over the period.

As a result of our fundamental analysis, the following equity securities were added and sold out of the Portfolio during the 12-month period: We added Azenta, Adobe, Vinci (France), JPMorgan Chase, BlackRock, Schneider Electric (France), and Nike. We eliminated PayPal, Mercari (Japan), Descartes Group (Canada), Vail Resorts, Verisign, Meta Platforms, Copart, Canada Goose (Canada), Azenta, HDFC Bank (India), Dropbox, and AIA Group (Hong Kong).

In the fixed income portion of the Portfolio, we increased credit beta when global corporate spreads approached roughly 150 basis points based on increasingly attractive valuations and a view towards a short-term resolution of the geopolitical conflict in Ukraine. The spread widening quickly reversed and tightening occurred rapidly. As a result, we reduced credit beta risk as valuations had approached fair value given the current market backdrop. The Portfolio began the year with a defensive underweight duration position. As yields and spreads moved sharply higher, we reduced the duration underweight. Later in the year, we moved to a neutral duration positioning given our expectation for further monetary policy tightening by major central banks.

During the reporting period, foreign exchange forwards were used to manage active currency positions, which detracted from performance during the year. They were used primarily to limit exposure to non-U.S. dollar currencies, but on occasion to gain exposure to a benchmark currency lacking attractive cash bonds. U.S. Treasury futures were used to allow flexibility in changing the overall duration of the Portfolio without having to alter the underlying investments in the Portfolio.

The Portfolio was positioned largely toward equities at the end of the period, which aligned with its long-term performance objective; the target asset allocation was 68% equities, 14.5% U.S. fixed income, and 17.5% non-U.S. fixed income. Equity exposure was primarily concentrated in the IT, Consumer Discretionary, and Health Care sectors. We did not own securities in the Real Estate, Utilities and Energy sectors. In fixed income, we continued to sell shorter government bond positions to buy higher yielding corporate bonds in a variety of markets, including the Eurozone. This portion of the Portfolio held a 63% allocation in Investment Grade bonds and 37% in HY bonds at period end.

**Matt Eagan** 

**David Rolley** 

**Eileen Riley** 

**Lee Rosenbaum** 

Portfolio Managers

*Loomis, Sayles & Company, L.P.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI World Index is a capitalization weighted index that measures performance of stocks from developed countries around the world. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

² The FTSE World Government Bond Index measures the performance of fixed-rate, local currency, investment-grade sovereign bonds.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MSCI WORLD INDEX & THE FTSE WORLD GOVERNMENT BOND INDEX**![LOGO](g394295g84w73.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Loomis Sayles Global Allocation Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –23.12 | 4.21 | 7.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –23.30 | 3.95 | 6.73 |
| &nbsp;&nbsp;&nbsp;**MSCI World Index** | –18.14 | 6.14 | 8.85 |
| &nbsp;&nbsp;&nbsp;**FTSE World Government Bond Index** | –18.26 | –2.54 | –1.22 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Equity Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Information Technology** | **21.0** |
| **Consumer Discretionary** | **10.4** |
| **Health Care** | **9.2** |
| **Financials** | **8.7** |
| **Industrials** | **7.2** |

---

**Top Fixed Income Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Corporate Bonds & Notes** | **18.1** |
| **Foreign Government** | **7.1** |
| **U.S. Treasury & Government Agencies** | **3.3** |
| **Convertible Bonds** | **2.4** |
| **Municipals** | **0.2** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loomis Sayles Global Allocation Portfolio** <br>|  | **<br>Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,**<br>**2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022**<br>**to<br>December 31, 2022** |
|  Class A (a) | Actual | 0.79% | $1000.00 | $1021.30 | $4.02 |
|  | Hypothetical\* | 0.79% | $1000.00 | $1021.22 | $4.02 |
|  Class B (a) | Actual | 1.04% | $1000.00 | $1020.00 | $5.30 |
|  | Hypothetical\* | 1.04% | $1000.00 | $1019.96 | $5.30 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—67.1% of Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Banks—2.4%** | | | |
|  JPMorgan Chase & Co. | 45917 | $| 6157470 |
|  Zions Bancorp N.A. | 49587 |  | 2437697 |
|  |  |  | 8595167 |
| **Capital Markets—6.4%** |  |  |  |
|  BlackRock, Inc. | 8245 |  | 5842654 |
|  Goldman Sachs Group, Inc. (The) | 18883 |  | 6484045 |
|  S&P Global, Inc. | 31329 |  | 10493335 |
|  |  |  | 22820034 |
| **Chemicals—4.6%** |  |  |  |
|  Linde plc | 33081 |  | 10790361 |
|  Sherwin-Williams Co. (The) | 24594 |  | 5836894 |
|  |  |  | 16627255 |
| **Construction & Engineering—1.5%** |  |  |  |
|  Vinci S.A. | 54904 |  | 5483538 |
| **Electrical Equipment—0.5%** |  |  |  |
|  Schneider Electric SE | 12423 |  | 1747164 |
| **Electronic Equipment, Instruments & Components—0.6%** |  |  |  |
|  Halma plc | 88062 |  | 2104208 |
| **Food & Staples Retailing—1.9%** |  |  |  |
|  Costco Wholesale Corp. | 14985 |  | 6840652 |
| **Health Care Providers & Services—2.5%** |  |  |  |
|  UnitedHealth Group, Inc. | 16636 |  | 8820074 |
| **Hotels, Restaurants & Leisure—2.0%** |  |  |  |
|  Airbnb, Inc. - Class A (a) | 85128 |  | 7278444 |
| **Interactive Media & Services—2.5%** |  |  |  |
|  Alphabet, Inc. - Class A (a) | 101072 |  | 8917583 |
| **Internet & Direct Marketing Retail—2.2%** |  |  |  |
|  Amazon.com, Inc. (a) | 92040 |  | 7731360 |
| **IT Services—7.3%** |  |  |  |
|  Accenture plc - Class A | 34891 |  | 9310314 |
|  MasterCard, Inc. - Class A | 30225 |  | 10510139 |
|  Nomura Research Institute, Ltd. | 268400 |  | 6380533 |
|  |  |  | 26200986 |
| **Life Sciences Tools & Services—6.8%** |  |  |  |
|  Danaher Corp. | 35936 |  | 9538133 |
|  IQVIA Holdings, Inc. (a) | 38859 |  | 7961821 |
|  Mettler-Toledo International, Inc. (a) | 4707 |  | 6803733 |
|  |  |  | 24303687 |
| **Machinery — 5.2%** |  |  |  |
|  Atlas Copco AB - A Shares | 718521 |  | 8506828 |
| **Machinery—(Continued)** |  |  |  |
|  Cummins, Inc. | 41142 |  | 9968295 |
|  |  |  | 18475123 |
| **Personal Products—1.5%** |  |  |  |
|  Estee Lauder Cos., Inc. (The) - Class A | 22148 |  | 5495140 |
| **Semiconductors & Semiconductor Equipment—7.4%** |  |  |  |
|  ASML Holding NV | 20402 |  | 11043663 |
|  NVIDIA Corp. | 40967 |  | 5986917 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 396000 |  | 5771561 |
|  Texas Instruments, Inc. | 22895 |  | 3782712 |
|  |  |  | 26584853 |
| **Software—5.7%** |  |  |  |
|  Adobe, Inc. (a) | 11485 |  | 3865047 |
|  Dassault Systemes SE | 59376 |  | 2141518 |
|  Roper Technologies, Inc. | 16054 |  | 6936773 |
|  Salesforce, Inc. (a) | 56832 |  | 7535355 |
|  |  |  | 20478693 |
| **Specialty Retail—2.7%** |  |  |  |
|  Home Depot, Inc. (The) | 31074 |  | 9815034 |
| **Textiles, Apparel & Luxury Goods—3.4%** |  |  |  |
|  LVMH Moet Hennessy Louis Vuitton SE | 12816 |  | 9310118 |
|  NIKE, Inc. - Class B | 26011 |  | 3043547 |
|  |  |  | 12353665 |
|  Total Common Stocks <br>(Cost $213,518,055) |  |  | 240672660 |
| **Corporate Bonds & Notes—18.1%** | **Corporate Bonds & Notes—18.1%** | **Corporate Bonds & Notes—18.1%** | **Corporate Bonds & Notes—18.1%** |
| **Aerospace/Defense — 0.2%** |  |  |  |
|  Boeing Co. (The)<br>3.100%, 05/01/26 | 20000 |  | 18819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/01/35 | 5000 |  | 3803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/01/38 | 20000 |  | 14735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/01/48 | 5000 |  | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/01/50 | 10000 |  | 6866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 11/01/48 | 85000 |  | 58344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 08/01/59 | 70000 |  | 47006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/01/30 | 5000 |  | 4878 |
|  Embraer Netherlands Finance B.V.<br>5.050%, 06/15/25 | 370000 |  | 359089 |
|  TransDigm, Inc.<br>6.250%, 03/15/26 (144A) | 55000 |  | 54240 |
|  |  |  | 571051 |
| **Agriculture — 0.0%** |  |  |  |
|  Darling Ingredients, Inc.<br>6.000%, 06/15/30 (144A) | 10000 |  | 9775 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Airlines—0.3%** | **Airlines—0.3%** | **Airlines—0.3%** |
|  Air Canada Pass-Through Trust<br>3.300%, 01/15/30 (144A) | 182896 | $156134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/15/27 (144A) | 120148 | 98387 |
|  American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/25 | 65403 | 58768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/15/25 | 139521 | 124437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 02/15/25 | 87635 | 82404 |
|  Mileage Plus Holdings LLC /Mileage Plus Intellectual Property Assets, Ltd.<br>6.500%, 06/20/27 (144A) | 256500 | 255013 |
|  U.S. Airways Pass-Through Trust<br>5.900%, 10/01/24 | 31674 | 30635 |
|  United Airlines Pass-Through Trust<br>3.650%, 10/07/25 | 57176 | 50395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/27 | 205500 | 202611 |
|  |  | 1058784 |
| **Auto Manufacturers—0.5%** |  |  |
|  Allison Transmission, Inc.<br>4.750%, 10/01/27 (144A) | 105000 | 97371 |
|  Ford Motor Co.<br>3.250%, 02/12/32 | 25000 | 18749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/01/28 (b) | 215000 | 212551 |
|  General Motors Co.<br>5.200%, 04/01/45 | 265000 | 215384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/02/43 | 55000 | 50849 |
|  General Motors Financial of Canada, Ltd.<br>3.250%, 11/07/23 (CAD) | 110000 | 79534 |
|  Hyundai Capital America<br>0.875%, 06/14/24 (144A) | 350000 | 326449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 02/10/25 (144A) (b) | 110000 | 103443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 09/27/26 (144A) | 500000 | 446916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/08/30 (144A) | 175000 | 177327 |
|  Kia Corp.<br>1.750%, 10/16/26 (144A) | 200000 | 171834 |
|  |  | 1900407 |
| **Auto Parts & Equipment—0.1%** |  |  |
|  Aptiv plc<br>1.600%, 09/15/28 (EUR) | 100000 | 93267 |
|  Goodyear Tire & Rubber Co. (The)<br>7.000%, 03/15/28 | 105000 | 104550 |
|  |  | 197817 |
| **Banks—2.8%** |  |  |
|  ANZ New Zealand International Ltd.<br>1.250%, 06/22/26 (144A) (b) | 375000 | 327608 |
|  Banco de Chile<br>2.990%, 12/09/31 (144A) | 200000 | 170115 |
|  Banco Santander Chile<br>3.177%, 10/26/31 (144A) | 250000 | 212813 |
|  Banco Santander S.A.<br>1.722%, 1Y H15 + 0.900%, 09/14/27 (c) | 200000 | 170833 |
|  Bank of America Corp.<br>2.482%, 5Y H15 + 1.200%, 09/21/36 (c) | 102000 | 74946 |
|  Bank of Montreal<br>0.949%, SOFR + 0.603%, 01/22/27 (c) | 500000 | 441445 |
| **Banks—(Continued)** |  |  |
|  Barclays plc<br>3.650%, 03/16/25 | 225000 | $216145 |
|  BNP Paribas S.A.<br>4.625%, 03/13/27 (144A) | 355000 | 336638 |
|  Cooperative Rabobank UA<br>4.375%, 08/04/25 | 350000 | 341618 |
|  Credit Agricole S.A.<br>4.375%, 03/17/25 (144A) | 200000 | 192929 |
|  Credit Suisse Group AG<br>2.193%, SOFR + 2.044%, 06/05/26 (144A) (c) | 250000 | 213523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%, SOFR + 1.730%, 05/14/32 (144A) (c) | 520000 | 359292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.016%, SOFR + 5.020%, 11/15/33 (144A) (c) | 250000 | 255967 |
|  Deutsche Bank AG<br>2.552%, SOFR + 1.318%, 01/07/28 (c) | 170000 | 144508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%, SOFR + 2.757%, 01/14/32 (c) | 404000 | 296218 |
|  DNB Bank ASA<br>1.535%, 1Y H15 + 0.720%, 05/25/27 (144A) (c) | 410000 | 356364 |
|  ING Groep NV<br>1.400%, 1Y H15 + 1.100%, 07/01/26 (144A) (c) | 205000 | 184299 |
|  Kookmin Bank<br>1.375%, 05/06/26 (144A) | 315000 | 280397 |
|  Kreditanstalt fuer Wiederaufbau<br>1.250%, 08/28/23 (NOK) | 4220000 | 424856 |
|  Lloyds Banking Group plc<br>3.870%, 1Y H15 + 3.500%, 07/09/25 (c) | 200000 | 193574 |
|  Macquarie Group, Ltd.<br>1.629%, SOFR + 0.910%, 09/23/27 (144A) (c) | 425000 | 362011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%, SOFR + 1.532%, 01/14/33 (144A) (c) | 505000 | 387427 |
|  Mitsubishi UFJ Financial Group, Inc.<br>1.640%, 1Y H15 + 0.670%, 10/13/27 (b)(c) | 300000 | 259819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.341%, 1Y H15 + 0.830%, 01/19/28 (c) | 245000 | 215645 |
|  Mizuho Financial Group, Inc.<br>2.564%, 09/13/31 | 205000 | 156212 |
|  NatWest Markets plc<br>0.800%, 08/12/24 (144A) | 200000 | 185295 |
|  Nordea Bank Abp<br>0.750%, 08/28/25 (144A) | 410000 | 365807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 06/06/25 (144A) | 205000 | 197823 |
|  Santander Holdings U.S.A., Inc.<br>3.450%, 06/02/25 | 100000 | 95289 |
|  Societe Generale S.A.<br>4.750%, 11/24/25 (144A) | 260000 | 249559 |
|  Standard Chartered plc<br>3.125%, 11/19/24 (EUR) | 250000 | 262621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.971%, 1Y H15 + 1.650%, 03/30/26 (144A) (c) | 200000 | 191029 |
|  Sumitomo Mitsui Financial Group, Inc.<br>1.402%, 09/17/26 | 310000 | 269953 |
|  TC Ziraat Bankasi AS<br>5.375%, 03/02/26 (144A) | 250000 | 225708 |
|  Toronto-Dominion Bank (The)<br>1.950%, 01/12/27 (b) | 730000 | 650445 |
|  UniCredit S.p.A.<br>7.296%, 5Y USD ICE Swap + 4.914%,<br>04/02/34 (144A) (b) (c) | 325000 | 297860 |
|  Westpac Banking Corp.<br>1.953%, 11/20/28 | 400000 | 340157 |
|  |  | 9906748 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Beverages—0.1%** | | |
|  Anheuser-Busch InBev S.A.<br>2.000%, 01/23/35 (EUR) | 345000 | $298765 |
|  Diageo Capital plc<br>2.125%, 04/29/32 (b) | 200000 | 159280 |
|  |  | 458045 |
| **Building Materials—0.2%** |  |  |
|  Cemex S.A.B. de C.V.<br>3.875%, 07/11/31 (144A) | 400000 | 337614 |
|  JELD-WEN, Inc.<br>4.875%, 12/15/27 (144A) | 75000 | 56450 |
|  Masco Corp.<br>6.500%, 08/15/32 | 8000 | 8189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 08/01/29 | 94000 | 102744 |
|  Summit Materials LLC / Summit Materials Finance Corp.<br>5.250%, 01/15/29 (144A) | 295000 | 274653 |
|  |  | 779650 |
| **Chemicals—0.3%** |  |  |
|  Albemarle Corp.<br>5.050%, 06/01/32 | 200000 | 188498 |
|  Ashland LLC<br>3.375%, 09/01/31 (144A) | 160000 | 127883 |
|  Braskem Netherlands Finance B.V.<br>4.500%, 01/10/28 | 200000 | 179342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/31/30 | 200000 | 170092 |
|  Celanese U.S. Holdings LLC<br>6.330%, 07/15/29 | 40000 | 38866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.379%, 07/15/32 | 30000 | 28528 |
|  Orbia Advance Corp. S.A.B. de C.V.<br>1.875%, 05/11/26 (144A) | 210000 | 181387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/04/27 | 200000 | 184366 |
|  |  | 1098962 |
| **Commercial Services—0.1%** |  |  |
|  Adani Ports & Special Economic Zone, Ltd.<br>3.100%, 02/02/31 (144A) | 200000 | 146624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 08/04/27 | 280000 | 245776 |
|  Block, Inc.<br>3.500%, 06/01/31 | 55000 | 43886 |
|  Gartner, Inc.<br>3.625%, 06/15/29 (144A) | 10000 | 8787 |
|  TriNet Group, Inc.<br>3.500%, 03/01/29 (144A) | 85000 | 69887 |
|  |  | 514960 |
| **Computers—0.0%** |  |  |
|  Seagate HDD Cayman<br>4.091%, 06/01/29 | 10000 | 8290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 12/01/32 | 7650 | 8390 |
|  Western Digital Corp.<br>2.850%, 02/01/29 | 10000 | 7737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 02/01/32 | 10000 | 7188 |
|  |  | 31605 |
| **Cosmetics/Personal Care—0.0%** |  |  |
|  Avon Products, Inc.<br>8.450%, 03/15/43 | 40000 | $38296 |
| **Diversified Financial Services—1.3%** |  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>3.000%, 10/29/28 | 160000 | 134044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/30/32 | 260000 | 203258 |
|  Aircastle, Ltd.<br>5.250%, 5Y H15 + 4.410%, 06/15/26 (144A) (c) | 35000 | 26950 |
|  Ally Financial, Inc.<br>4.700%, 5Y H15 + 3.868%, 05/15/26 (c) | 125000 | 83594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 7Y H15 + 3.481%, 05/15/28 (c) | 105000 | 65756 |
|  Antares Holdings L.P.<br>6.000%, 08/15/23 (144A) | 255000 | 251371 |
|  Brookfield Finance I U.K. plc / Brookfield Finance, Inc.<br>2.340%, 01/30/32 | 175000 | 133226 |
|  Brookfield Finance, Inc.<br>3.900%, 01/25/28 | 185000 | 169628 |
|  Nationstar Mortgage Holdings, Inc.<br>5.500%, 08/15/28 (144A) | 130000 | 106004 |
|  Navient Corp.<br>5.625%, 08/01/33 | 215000 | 153163 |
|  Nomura Holdings, Inc.<br>2.710%, 01/22/29 | 245000 | 204138 |
|  OneMain Finance Corp.<br>3.500%, 01/15/27 (b) | 295000 | 244251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/15/30 | 40000 | 29846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/15/23 | 135000 | 134515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 10/01/23 | 65000 | 65321 |
|  Power Finance Corp., Ltd.<br>3.950%, 04/23/30 (144A) | 200000 | 175123 |
|  Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.<br>2.875%, 10/15/26 (144A) | 495000 | 424295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/01/29 (144A) | 15000 | 11887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/01/29 | 720000 | 570555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/01/31 (144A) | 1330000 | 1015156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/33 (144A) | 370000 | 276338 |
|  Shriram Finance, Ltd.<br>4.400%, 03/13/24 | 245000 | 235719 |
|  Unifin Financiera S.A.B. de C.V.<br>7.250%, 09/27/23 (d) | 245000 | 7656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 01/28/29 (d) | 250000 | 6250 |
|  |  | 4728044 |
| **Electric—0.6%** |  |  |
|  AES Corp. (The)<br>3.950%, 07/15/30 (144A) | 20000 | 17640 |
|  CEZ A/S<br>0.875%, 12/02/26 (EUR) | 175000 | 160728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/05/28 (EUR) | 125000 | 120456 |
|  Colbun S.A.<br>3.150%, 03/06/30 | 295000 | 254966 |
|  Edison International<br>4.950%, 04/15/25 | 20000 | 19668 |
|  EDP Finance B.V.<br>1.710%, 01/24/28 (144A) | 205000 | 169190 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Electric—(Continued)** | | |
|  Empresas Publicas de Medellin E.S.P.<br>4.250%, 07/18/29 (144A) | 200000 | $158750 |
|  Enel Chile S.A.<br>4.875%, 06/12/28 | 110000 | 107195 |
|  Engie Energia Chile S.A.<br>3.400%, 01/28/30 | 305000 | 249030 |
|  Engie S.A.<br>1.250%, 10/24/41 (EUR) | 200000 | 126163 |
|  Korea East-West Power Co., Ltd.<br>1.750%, 05/06/25 (144A) | 200000 | 184439 |
|  Naturgy Finance B.V.<br>1.500%, 01/29/28 (EUR) | 200000 | 190000 |
|  Orsted AS<br>2.125%, 05/17/27 (GBP) | 215000 | 232869 |
|  Pacific Gas and Electric Co.<br>5.450%, 06/15/27 | 35000 | 34514 |
|  |  | 2025608 |
| **Energy-Alternate Sources—0.0%** |  |  |
|  Aydem Yenilenebilir Enerji AS<br>7.750%, 02/02/27 (144A) | 210000 | 170957 |
| **Engineering & Construction—0.2%** |  |  |
|  Cellnex Telecom S.A.<br>1.750%, 10/23/30 (EUR) | 400000 | 331540 |
|  Fraport AG Frankfurt Airport Services Worldwide<br>1.875%, 03/31/28 (EUR) | 355000 | 326012 |
|  Sydney Airport Finance Co. Pty, Ltd.<br>3.375%, 04/30/25 (144A) | 40000 | 37927 |
|  TopBuild Corp.<br>4.125%, 02/15/32 (144A) | 40000 | 32504 |
|  |  | 727983 |
| **Entertainment—0.1%** |  |  |
|  Everi Holdings, Inc.<br>5.000%, 07/15/29 (144A) | 10000 | 8590 |
|  Scientific Games International, Inc.<br>7.000%, 05/15/28 (144A) | 110000 | 104930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 11/15/29 (144A) | 60000 | 57600 |
|  Warnermedia Holdings, Inc.<br>4.279%, 03/15/32 (144A) | 155000 | 127683 |
|  |  | 298803 |
| **Environmental Control—0.1%** |  |  |
|  Covanta Holding Corp.<br>4.875%, 12/01/29 (144A) | 230000 | 188432 |
| **Food—0.3%** |  |  |
|  BRF S.A.<br>4.875%, 01/24/30 | 365000 | 307821 |
|  Fonterra Co-operative Group, Ltd.<br>5.500%, 02/26/24 (AUD) | 500000 | 343791 |
|  JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.<br>3.750%, 12/01/31 (144A) (b) | 85000 | 69437 |
| **Food—(Continued)** |  |  |
|  Pilgrim's Pride Corp.<br>3.500%, 03/01/32 (144A) | 125000 | 97813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/15/31 (144A) | 40000 | 34022 |
|  Post Holdings, Inc.<br>4.500%, 09/15/31 (144A) | 105000 | 88269 |
|  Sigma Alimentos S.A. de C.V.<br>4.125%, 05/02/26 | 200000 | 189501 |
|  |  | 1130654 |
| **Forest Products & Paper—0.3%** |  |  |
|  Celulosa Arauco y Constitucion S.A.<br>4.500%, 08/01/24 (b) | 200000 | 196912 |
|  Inversiones CMPC S.A.<br>4.375%, 05/15/23 (144A) | 400000 | 397600 |
|  Suzano Austria GmbH<br>2.500%, 09/15/28 | 255000 | 214549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 01/15/32 | 125000 | 97451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 01/15/31 | 60000 | 50336 |
|  |  | 956848 |
| **Healthcare-Products—0.0%** |  |  |
|  DH Europe Finance II S.a.r.l.<br>0.750%, 09/18/31 (EUR) | 140000 | 116923 |
| **Healthcare-Services—0.1%** |  |  |
|  Catalent Pharma Solutions, Inc.<br>3.125%, 02/15/29 (144A) | 55000 | 43793 |
|  Centene Corp.<br>2.500%, 03/01/31 | 275000 | 215180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 08/01/31 | 5000 | 3929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/30 | 115000 | 94271 |
|  Charles River Laboratories International, Inc.<br>3.750%, 03/15/29 (144A) | 20000 | 17688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/31 (144A) | 20000 | 17300 |
|  Molina Healthcare, Inc.<br>3.875%, 05/15/32 (144A) | 55000 | 45674 |
|  Tenet Healthcare Corp.<br>6.250%, 02/01/27 (144A) | 15000 | 14408 |
|  |  | 452243 |
| **Holding Companies-Diversified—0.1%** |  |  |
|  CK Hutchison International 19, Ltd.<br>3.625%, 04/11/29 (144A) (b) | 225000 | 207700 |
| **Home Builders — 0.0%** |  |  |
|  Beazer Homes USA, Inc.<br>7.250%, 10/15/29 | 120000 | 106738 |
| **Household Products/Wares—0.0%** |  |  |
|  Kimberly-Clark de Mexico S.A.B. de C.V.<br>2.431%, 07/01/31 | 200000 | 159882 |
| **Insurance—0.3%** |  |  |
|  AIA Group, Ltd.<br>3.200%, 03/11/25 (144A) | 200000 | 191776 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Insurance—(Continued)** | | |
|  AIA Group, Ltd.<br>3.600%, 04/09/29 | 200000 | $181865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/06/28 (144A) | 260000 | 244121 |
|  Athene Global Funding<br>1.608%, 06/29/26 (144A) | 100000 | 86257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.716%, 01/07/25 (144A) | 230000 | 212201 |
|  |  | 916220 |
| **Internet—1.3%** |  |  |
|  Alibaba Group Holding, Ltd.<br>3.400%, 12/06/27 (b) | 240000 | 220768 |
|  Baidu, Inc.<br>3.875%, 09/29/23 | 200000 | 197620 |
|  Expedia Group, Inc.<br>2.950%, 03/15/31 (b) | 400000 | 321652 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc.<br>3.500%, 03/01/29 (144A) | 95000 | 79533 |
|  Netflix, Inc.<br>4.875%, 04/15/28 | 140000 | 135182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/15/30 (144A) | 265000 | 247139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/29 (144A) | 30000 | 29100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/28 | 25000 | 25338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/15/29 | 45000 | 46318 |
|  Tencent Holdings, Ltd.<br>2.985%, 01/19/23 (144A) | 200000 | 199824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.280%, 04/11/24 (144A) | 200000 | 195131 |
|  Uber Technologies, Inc.<br>4.500%, 08/15/29 (144A) | 1285000 | 1119563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/28 (144A) (b) | 780000 | 748800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 09/15/27 (144A) | 730000 | 730511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/01/26 (144A) | 15000 | 15051 |
|  Weibo Corp.<br>3.500%, 07/05/24 | 200000 | 193731 |
|  |  | 4505261 |
| **Investment Companies—0.7%** |  |  |
|  Ares Capital Corp.<br>3.200%, 11/15/31 | 235000 | 172455 |
|  Barings BDC, Inc.<br>3.300%, 11/23/26 | 60000 | 50855 |
|  Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.<br>4.375%, 02/01/29 | 1185000 | 1002095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/27 | 180000 | 164808 |
|  Owl Rock Capital Corp.<br>2.875%, 06/11/28 | 225000 | 176664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/15/26 | 480000 | 440649 |
|  Owl Rock Technology Finance Corp.<br>2.500%, 01/15/27 | 160000 | 130430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/15/25 (144A) | 230000 | 208260 |
|  |  | 2346216 |
| **Iron/Steel—0.0%** |  |  |
|  ArcelorMittal<br>6.750%, 03/01/41 | 95000 | 91609 |
| **Leisure Time—0.3%** |  |  |
|  Carnival Corp.<br>5.750%, 03/01/27 (144A) | 55000 | 39272 |
| **Leisure Time—(Continued)** |  |  |
|  NCL Corp., Ltd.<br>5.875%, 03/15/26 (144A) | 425000 | 333825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/27 (144A) | 220000 | 190586 |
|  NCL Finance, Ltd.<br>6.125%, 03/15/28 (144A) | 85000 | 62749 |
|  Royal Caribbean Cruises, Ltd.<br>4.250%, 07/01/26 (144A) | 260000 | 210170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/28 (144A) | 450000 | 359120 |
|  |  | 1195722 |
| **Lodging—0.3%** |  |  |
|  Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower ESC<br>4.875%, 07/01/31 (144A) | 70000 | 57131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/29 (144A) | 50000 | 43000 |
|  Marriott Ownership Resorts, Inc.<br>4.500%, 06/15/29 (144A) | 95000 | 78814 |
|  Travel + Leisure Co.<br>4.500%, 12/01/29 (144A) | 1195000 | 973722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/30 (144A) | 65000 | 53903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/31/26 (144A) | 5000 | 4891 |
|  |  | 1211461 |
| **Machinery-Diversified—0.0%** |  |  |
|  John Deere Capital Corp.<br>0.450%, 06/07/24 | 125000 | 117478 |
| **Media—1.6%** |  |  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>4.250%, 02/01/31 (144A) | 1325000 | 1062802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/15/34 (144A) | 225000 | 166060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/30 (144A) | 275000 | 227193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/32 (144A) | 135000 | 109444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/01/27 (144A) | 60000 | 55924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/26 (144A) | 25000 | 24203 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital Corp.<br>2.300%, 02/01/32 (b) | 15000 | 11048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 04/01/31 | 30000 | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 06/30/62 | 115000 | 67839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 04/01/33 (b) | 20000 | 17113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 12/01/61 | 635000 | 406193 |
|  CSC Holdings LLC<br>4.625%, 12/01/30 (144A) | 2495000 | 1378822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/28 (144A) | 200000 | 161250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/29 (144A) | 200000 | 163500 |
|  Directv Financing LLC / Directv Financing Co-Obligor, Inc.<br>5.875%, 08/15/27 (144A) | 40000 | 35786 |
|  DISH DBS Corp.<br>5.125%, 06/01/29 | 395000 | 254818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/01/26 (144A) | 560000 | 471708 |
|  Grupo Televisa S.A.B.<br>7.250%, 05/14/43 (MXN) | 6000000 | 188746 |
|  iHeartCommunications, Inc.<br>4.750%, 01/15/28 (144A) | 135000 | 109936 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Media—(Continued)** | | |
|  iHeartCommunications, Inc.<br>5.250%, 08/15/27 (144A) | 75000 | $63531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 05/01/27 | 210000 | 178590 |
|  Telecomunicaciones Digitales S.A.<br>4.500%, 01/30/30 (144A) | 200000 | 179650 |
|  Time Warner Cable LLC<br>4.500%, 09/15/42 | 45000 | 32945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/41 | 30000 | 24896 |
|  Videotron, Ltd.<br>5.125%, 04/15/27 (144A) | 230000 | 217242 |
|  |  | 5632594 |
| **Mining—0.7%** |  |  |
|  Anglo American Capital plc<br>2.625%, 09/10/30 (144A) | 200000 | 162537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/01/30 (144A) | 200000 | 198547 |
|  AngloGold Ashanti Holdings plc<br>3.375%, 11/01/28 | 300000 | 261512 |
|  Antofagasta plc<br>5.625%, 05/13/32 | 200000 | 196159 |
|  Corp. Nacional del Cobre de Chile<br>3.000%, 09/30/29 (144A) | 285000 | 248934 |
|  FMG Resources Pty, Ltd.<br>4.375%, 04/01/31 (144A) | 85000 | 70693 |
|  Freeport-McMoRan, Inc.<br>4.375%, 08/01/28 | 325000 | 303345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 11/14/34 (b) | 745000 | 703565 |
|  Glencore Funding LLC<br>1.625%, 09/01/25 (144A) | 410000 | 371087 |
|  Novelis Corp.<br>4.750%, 01/30/30 (144A) (b) | 50000 | 44328 |
|  |  | 2560707 |
| **Multi-National—0.4%** |  |  |
|  International Bank for Reconstruction & Development<br>1.200%, 07/22/26 (CAD) | 1315000 | 883060 |
|  Nordic Investment Bank<br>1.500%, 03/13/25 (NOK) | 4930000 | 484097 |
|  |  | 1367157 |
| **Oil & Gas—1.0%** |  |  |
|  Continental Resources, Inc.<br>2.875%, 04/01/32 (144A) | 296000 | 219244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/31 (144A) | 485000 | 451467 |
|  Ecopetrol S.A.<br>5.875%, 05/28/45 | 325000 | 226219 |
|  Empresa Nacional del Petroleo<br>3.450%, 09/16/31 (144A) | 205000 | 172351 |
|  EQT Corp.<br>3.125%, 05/15/26 (144A) | 10000 | 9190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/31 (144A) | 155000 | 131353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/01/27 | 60000 | 55390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/29 | 35000 | 32856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%, 10/01/25 | 30000 | 29854 |
| **Oil & Gas—(Continued)** |  |  |
|  EQT Corp.<br>5.700%, 04/01/28 | 20000 | 19892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/01/25 | 20000 | 20047 |
|  Equinor ASA<br>3.625%, 04/06/40 | 355000 | 291773 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/01/30 | 285000 | 294513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/01/31 | 5000 | 5342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/15/31 | 40000 | 44160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 07/15/30 | 235000 | 265316 |
|  Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/34 | 105000 | 105656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/38 | 5000 | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 08/15/37 | 25000 | 25144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 11/01/31 | 5000 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 11/01/31 | 10000 | 10644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 09/15/30 | 10000 | 10973 |
|  Petroleos Mexicanos<br>5.950%, 01/28/31 | 450000 | 340582 |
|  QatarEnergy Trading LLC<br>2.250%, 07/12/31 (144A) | 305000 | 252376 |
|  Raizen Fuels Finance S.A.<br>5.300%, 01/20/27 (144A) | 200000 | 194250 |
|  Southwestern Energy Co.<br>4.750%, 02/01/32 | 30000 | 25638 |
|  Thaioil Treasury Center Co., Ltd.<br>3.625%, 01/23/23 (144A) | 350000 | 349657 |
|  |  | 3594089 |
| **Packaging & Containers—0.0%** |  |  |
|  Silgan Holdings, Inc.<br>3.250%, 03/15/25 (EUR) | 100000 | 103511 |
| **Pharmaceuticals—0.9%** |  |  |
|  Bausch Health Cos., Inc.<br>4.875%, 06/01/28 (144A) | 805000 | 512014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/30/28 (144A) | 340000 | 163198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/28 (144A) | 275000 | 132921 |
|  Teva Pharmaceutical Finance Co. LLC<br>6.150%, 02/01/36 | 250000 | 219767 |
|  Teva Pharmaceutical Finance Netherlands III B.V.<br>3.150%, 10/01/26 | 495000 | 432877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/01/46 | 2080000 | 1271764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/09/27 | 750000 | 677925 |
|  |  | 3410466 |
| **Pipelines—0.3%** |  |  |
|  Abu Dhabi Crude Oil Pipeline LLC<br>3.650%, 11/02/29 | 385000 | 359975 |
|  DCP Midstream Operating L.P.<br>3.250%, 02/15/32 | 230000 | 190240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/15/29 | 55000 | 53005 |
|  EnLink Midstream Partners L.P.<br>5.450%, 06/01/47 | 60000 | 48195 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Pipelines—(Continued)** | | |
|  Hess Midstream Operations L.P.<br>4.250%, 02/15/30 (144A) | 65000 | $55570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 02/15/26 (144A) | 40000 | 38964 |
|  Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.<br>4.875%, 02/01/31 | 15000 | 13544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/30 | 20000 | 18818 |
|  Western Midstream Operating L.P.<br>4.300%, 02/01/30 | 60000 | 52375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 03/01/48 | 80000 | 65778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 04/01/44 | 15000 | 12461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/15/48 | 10000 | 8300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/50 | 50000 | 41190 |
|  |  | 958415 |
| **Real Estate—0.3%** |  |  |
|  Blackstone Property Partners Europe Holdings Sarl<br>1.625%, 04/20/30 (EUR) | 215000 | 157111 |
|  Goodman Australia Industrial Fund Bond Issuer Pty, Ltd.<br>3.400%, 09/30/26 (144A) | 215000 | 197402 |
|  Heimstaden Bostad Treasury B.V.<br>1.375%, 07/24/28 (EUR) | 210000 | 167795 |
|  Logicor Financing Sarl<br>1.625%, 01/17/30 (EUR) | 215000 | 167299 |
|  Shimao Group Holdings, Ltd.<br>3.450%, 01/11/31 (d) | 285000 | 50448 |
|  Sunac China Holdings, Ltd.<br>5.950%, 04/26/24 (d) | 225000 | 47596 |
|  Vonovia SE<br>0.750%, 09/01/32 (EUR) | 200000 | 141826 |
|  |  | 929477 |
| **Real Estate Investment Trusts—0.3%** |  |  |
|  EPR Properties<br>3.600%, 11/15/31 | 30000 | 21735 |
|  GLP Capital L.P. / GLP Financing II, Inc.<br>3.250%, 01/15/32 (b) | 45000 | 35972 |
|  Iron Mountain, Inc.<br>4.875%, 09/15/29 (144A) | 125000 | 109025 |
|  Prologis Euro Finance LLC<br>0.250%, 09/10/27 (EUR) | 320000 | 286696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 02/06/28 (EUR) | 110000 | 97614 |
|  Prologis L.P.<br>2.250%, 06/30/29 (GBP) | 135000 | 136477 |
|  Realty Income Corp.<br>1.625%, 12/15/30 (GBP) | 125000 | 112553 |
|  SBA Communications Corp.<br>3.125%, 02/01/29 | 175000 | 145511 |
|  VICI Properties L.P. / VICI Note Co., Inc.<br>4.250%, 12/01/26 (144A) | 90000 | 83963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/26 (144A) | 75000 | 70581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/25 (144A) | 60000 | 57525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/01/24 (144A) (b) | 60000 | 59415 |
|  |  | 1217067 |
| **Retail—0.1%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc.<br>4.000%, 10/15/30 (144A) | 80000 | 64785 |
|  Lithia Motors, Inc.<br>3.875%, 06/01/29 (144A) | 35000 | 28774 |
|  Yum! Brands, Inc.<br>4.625%, 01/31/32 | 175000 | 154687 |
|  |  | 248246 |
| **Semiconductors—0.2%** |  |  |
|  Broadcom, Inc.<br>3.187%, 11/15/36 (144A) | 85000 | 61055 |
|  SK Hynix, Inc.<br>2.375%, 01/19/31 (144A) | 300000 | 219949 |
|  TSMC Arizona Corp.<br>2.500%, 10/25/31 | 200000 | 163674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/22/29 | 330000 | 313420 |
|  |  | 758098 |
| **Software—0.1%** |  |  |
|  MSCI, Inc.<br>3.250%, 08/15/33 (144A) | 50000 | 38613 |
|  Open Text Corp.<br>6.900%, 12/01/27 | 85000 | 85000 |
|  Oracle Corp.<br>3.950%, 03/25/51 | 140000 | 99741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/09/29 | 130000 | 134936 |
|  |  | 358290 |
| **Telecommunications—1.5%** |  |  |
|  America Movil S.A.B. de C.V.<br>2.125%, 03/10/28 (EUR) | 235000 | 231144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/07/30 | 200000 | 169788 |
|  Bharti Airtel, Ltd.<br>3.250%, 06/03/31 | 305000 | 257789 |
|  CommScope Technologies LLC<br>5.000%, 03/15/27 (144A) | 580000 | 393937 |
|  CommScope, Inc.<br>4.750%, 09/01/29 (144A) | 900000 | 725580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 07/01/28 (144A) (b) | 65000 | 46466 |
|  KT Corp.<br>2.500%, 07/18/26 (144A) | 210000 | 191625 |
|  Millicom International Cellular S.A.<br>6.250%, 03/25/29 (144A) | 180000 | 172084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/26 | 180000 | 177944 |
|  MTN Mauritius Investments, Ltd.<br>4.755%, 11/11/24 | 200000 | 194460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.755%, 11/11/24 (144A) | 400000 | 388920 |
|  Ooredoo International Finance, Ltd.<br>2.625%, 04/08/31 (144A) (b) | 250000 | 214590 |
|  T-Mobile USA, Inc.<br>2.400%, 03/15/29 | 40000 | 33757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 03/15/32 | 75000 | 60596 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Telecommunications—(Continued)** | | | |
|  T-Mobile USA, Inc.<br>3.375%, 04/15/29 | 970000 | $| 854346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/15/31 | 425000 |  | 367115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/30 | 355000 |  | 321564 |
|  Turk Telekomunikasyon AS<br>6.875%, 02/28/25 | 360000 |  | 338969 |
|  Turkcell Iletisim Hizmetleri AS<br>5.800%, 04/11/28 | 215000 |  | 184879 |
|  |  |  | 5325553 |
| **Transportation—0.1%** |  |  |  |
|  Canadian Pacific Railway Co.<br>1.750%, 12/02/26 | 265000 |  | 236152 |
|  Total Corporate Bonds & Notes <br>(Cost $76,605,268) |  |  | 64920704 |
| **Foreign Government—7.1%** | **Foreign Government—7.1%** | **Foreign Government—7.1%** | **Foreign Government—7.1%** |
| **Banks—0.2%** |  |  |  |
|  Corp. Financiera de Desarrollo S.A.<br>2.400%, 09/28/27 (144A) | 365000 |  | 304319 |
|  Export-Import Bank of India<br>2.250%, 01/13/31 (144A) | 310000 |  | 243554 |
|  |  |  | 547873 |
| **Oil & Gas—0.1%** |  |  |  |
|  Korea National Oil Corp.<br>2.125%, 04/18/27 (144A) | 240000 |  | 211601 |
| **Regional Government—0.3%** |  |  |  |
|  New South Wales Treasury Corp.<br>2.000%, 03/08/33 (AUD) | 1480000 |  | 779816 |
|  Province of Quebec Canada<br>2.300%, 09/01/29 (CAD) | 310000 |  | 207608 |
|  |  |  | 987424 |
| **Sovereign—6.5%** |  |  |  |
|  Australia Government Bonds<br>0.500%, 09/21/26 (AUD) | 1150000 |  | 699230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/21/23 (AUD) | 950000 |  | 651038 |
|  Brazil Notas do Tesouro Nacional<br>10.000%, 01/01/31 (BRL) | 5875000 |  | 918559 |
|  Brazilian Government International Bonds<br>4.500%, 05/30/29 | 340000 |  | 315029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/13/28 | 290000 |  | 277674 |
|  Canadian Government Bond<br>0.500%, 09/01/25 (CAD) | 915000 |  | 619436 |
|  Chile Government International Bond<br>2.550%, 01/27/32 | 350000 |  | 286362 |
|  Colombia Government International Bond<br>3.875%, 04/25/27 | 200000 |  | 176991 |
| **Sovereign—(Continued)** |  |  |  |
|  Colombian TES<br>6.250%, 11/26/25 (COP) | 1305500000 |  | 230366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 08/26/26 (COP) | 4868600000 |  | 857421 |
|  Dominican Republic International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/30/30 (144A) | 235000 |  | 200060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/23/32 (144A) | 150000 |  | 124509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/19/28 (144A) | 200000 |  | 192484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/20/27 (144A) | 200000 |  | 207989 |
|  Ecuador Government International Bond<br>5.500%, 07/31/30 (e) | 435000 |  | 279517 |
|  Indonesia Government International Bonds<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 02/14/30 | 200000 |  | 177524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/15/25 (144A) | 200000 |  | 197808 |
|  Indonesia Treasury Bonds<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 09/15/30 (IDR) | 5500000000 |  | 356664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/15/38 (IDR) | 6358000000 |  | 420293 |
|  Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/18/31 (EUR) | 405000 |  | 334140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/18/24 (EUR) | 65000 |  | 70136 |
|  Israel Government Bond<br>1.000%, 03/31/30 (ILS) | 1130000 |  | 267985 |
|  Italy Buoni Poliennali Del Tesoro<br>1.350%, 04/01/30 (EUR) | 895000 |  | 786768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/28 (EUR) | 325000 |  | 317949 |
|  Japanese Government CPI Linked Bond<br>0.100%, 03/10/28 (JPY) (f) | 87497980 |  | 691703 |
|  Korea Treasury Bonds<br>0.875%, 12/10/23 (KRW) | 500000000 |  | 384843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 09/10/25 (KRW) | 500000000 |  | 368835 |
|  Mexican Bonos<br>5.750%, 03/05/26 (MXN) | 24011500 |  | 1092297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/03/27 (MXN) | 8252400 |  | 397218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 12/07/23 (MXN) | 1835000 |  | 91385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 05/31/29 (MXN) | 14420800 |  | 719549 |
|  Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/12/34 | 200000 |  | 160054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/15 (EUR) | 100000 |  | 74808 |
|  New Zealand Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 05/15/24 (NZD) | 1150000 |  | 686137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 05/15/31 (NZD) | 690000 |  | 348581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/29 (NZD) | 455000 |  | 265509 |
|  Nigeria Government International Bond<br>6.125%, 09/28/28 (144A) | 200000 |  | 154272 |
|  Norway Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 02/17/27 (144A) (NOK) | 4250000 |  | 412087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/26/28 (144A) (NOK) | 3965000 |  | 383152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/14/24 (144A) (NOK) | 1477000 |  | 150492 |
|  Paraguay Government International Bond<br>4.950%, 04/28/31 (144A) | 200000 |  | 193276 |
|  Peruvian Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.392%, 01/23/26 | 125000 |  | 115058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/34 | 245000 |  | 192975 |
|  Republic of Italy Government International Bond<br>2.375%, 10/17/24 | 280000 |  | 263533 |
|  Republic of Poland Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 10/25/30 (PLN) | 3000000 |  | 459516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 07/25/25 (PLN) | 1445000 |  | 302532 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Foreign Government—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Sovereign—(Continued)** | | | |
|  Republic of South Africa Government International Bond<br>5.750%, 09/30/49 | 965000 | $| 706091 |
|  Romanian Government International Bond<br>2.000%, 04/14/33 (144A) (EUR) | 120000 |  | 82072 |
|  Singapore Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 06/01/26 (SGD) | 1120000 |  | 816461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/01/23 (SGD) | 515000 |  | 382230 |
|  South Africa Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/28/31 (ZAR) | 11655000 |  | 553280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 02/28/35 (ZAR) | 5960000 |  | 295347 |
|  Spain Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 04/30/25 (144A) (EUR) | 180000 |  | 187113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 07/30/30 (144A) (EUR) | 310000 |  | 301771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 10/31/23 (144A) (EUR) | 525000 |  | 569691 |
|  Sweden Government Bond<br>0.125%, 05/12/31 (144A) (SEK) | 4200000 |  | 333894 |
|  Turkey Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/13/30 | 950000 |  | 762375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/26/29 | 200000 |  | 188172 |
|  United Kingdom Gilt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 07/22/26 (GBP) | 640000 |  | 719026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 09/07/24 (GBP) | 215000 |  | 255935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/07/32 (GBP) | 125000 |  | 158104 |
|  Uruguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/23/31 | 170000 |  | 168858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 05/21/31 (UYU) | 9950000 |  | 214930 |
|  |  |  | 23569094 |
|  Total Foreign Government <br>(Cost $30,359,272) |  |  | 25315992 |
| **U.S. Treasury & Government Agencies—3.3%** | **U.S. Treasury & Government Agencies—3.3%** | **U.S. Treasury & Government Agencies—3.3%** | **U.S. Treasury & Government Agencies—3.3%** |
| **U.S. Treasury—3.3%** | **U.S. Treasury—3.3%** | **U.S. Treasury—3.3%** | **U.S. Treasury—3.3%** |
|  U.S. Treasury Bond<br>2.250%, 02/15/52 | 2100000 |  | 1460320 |
|  U.S. Treasury Inflation Indexed Notes<br>0.375%, 07/15/27 (f) | 1242472 |  | 1170938 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/31/23 (g) | 335000 |  | 333991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 03/31/23 | 845000 |  | 836346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 04/30/23 | 510000 |  | 502988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 11/30/23 | 1115000 |  | 1072752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 01/31/24 | 2195000 |  | 2106085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/29/24 | 530000 |  | 510870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/32 | 880000 |  | 746522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 03/31/24 | 3105000 |  | 3012578 |
|  Total U.S. Treasury & Government Agencies <br>(Cost $11,994,414) |  |  | 11753390 |
| **Convertible Bonds—2.4%** | **Convertible Bonds—2.4%** | **Convertible Bonds—2.4%** | **Convertible Bonds—2.4%** |
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Airlines—0.3%** |  |  |  |
|  JetBlue Airways Corp.<br>0.500%, 04/01/26 | 35000 |  | 25518 |
|  Southwest Airlines Co.<br>1.250%, 05/01/25 (b) | 885000 |  | 1062885 |
|  |  |  | 1088403 |
| **Biotechnology—0.6%** |  |  |  |
|  BioMarin Pharmaceutical, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.599%, 08/01/24 | 1590000 |  | 1687467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/15/27 (b) | 50000 |  | 53728 |
|  Ionis Pharmaceuticals, Inc.<br>Zero Coupon, 04/01/26 | 85000 |  | 78466 |
|  Livongo Health, Inc.<br>0.875%, 06/01/25 | 520000 |  | 454376 |
|  |  |  | 2274037 |
| **Entertainment—0.0%** |  |  |  |
|  Penn Entertainment, Inc.<br>2.750%, 05/15/26 | 20000 |  | 29480 |
| **Healthcare-Services—0.4%** |  |  |  |
|  Teladoc Health, Inc.<br>1.250%, 06/01/27 | 1985000 |  | 1524867 |
| **Internet—0.2%** |  |  |  |
|  Snap, Inc.<br>Zero Coupon, 05/01/27 | 80000 |  | 55880 |
|  Spotify USA, Inc.<br>Zero Coupon, 03/15/26 | 70000 |  | 56350 |
|  Uber Technologies, Inc.<br>Zero Coupon, 12/15/25 | 830000 |  | 699073 |
|  Zillow Group, Inc.<br>1.375%, 09/01/26 | 10000 |  | 10075 |
|  |  |  | 821378 |
| **Leisure Time—0.1%** |  |  |  |
|  NCL Corp., Ltd.<br>1.125%, 02/15/27 | 540000 |  | 366552 |
|  Peloton Interactive, Inc.<br>Zero Coupon, 02/15/26 | 15000 |  | 10632 |
|  |  |  | 377184 |
| **Media—0.7%** |  |  |  |
|  Dish Network Corp.<br>Zero Coupon, 12/15/25 | 975000 |  | 622050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/26 | 2945000 |  | 1845042 |
|  |  |  | 2467092 |
| **Software—0.1%** |  |  |  |
|  Bentley Systems, Inc.<br>0.375%, 07/01/27 | 5000 |  | 4070 |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Convertible Bonds—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares/**<br> **Principal<br>Amount\*** | **Value** | **Value** |
| **Software—(Continued)** | | | |
|  Nutanix, Inc.<br>0.250%, 10/01/27 | 55000 | $| 46007 |
|  RingCentral, Inc.<br>Zero Coupon, 03/15/26 | 60000 |  | 47100 |
|  Splunk, Inc.<br>1.125%, 06/15/27 | 135000 |  | 113913 |
|  |  |  | 211090 |
|  Total Convertible Bonds <br>(Cost $11,197,192) |  |  | 8793531 |
| **Municipals—0.2%** |  |  |  |
|  Tobacco Settlement Financing Corp.<br>6.706%, 06/01/46 <br>(Cost $520,101) | 625000 |  | 563026 |
| **Convertible Preferred Stocks—0.1%** |  |  |  |
| **Pipelines—0.0%** |  |  |  |
|  El Paso Energy Capital Trust I<br>4.750%, 03/31/28 | 2834 |  | 127641 |
| **Wireless Telecommunication Services—0.1%** |  |  |  |
|  T-Mobile U.S., Inc.<br>5.250%, 06/01/23 (144A) | 250 |  | 286005 |
|  Total Convertible Preferred Stocks <br>(Cost $387,094) |  |  | 413646 |
| **Mortgage-Backed Securities—0.0%** |  |  |  |
| **Commercial Mortgage-Backed Securities—0.0%** |  |  |  |
|  Institutional Mortgage Securities Canada, Inc.<br>2.616%, 07/12/47 (144A) (CAD) | 67455 |  | 48983 |
|  Total Mortgage-Backed Securities <br>(Cost $62,948) |  |  | 48983 |
| **Short-Term Investment—1.2%** | **Short-Term Investment—1.2%** | **Short-Term Investment—1.2%** | **Short-Term Investment—1.2%** |
| **Repurchase Agreement—1.2%** |  |  |  |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $4,419,121; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $4,506,634. | 4418237 |  | 4418237 |
|  Total Short-Term Investments <br>(Cost $4,418,237) |  |  | 4418237 |

---

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (h)—0.7%** | **Securities Lending Reinvestments (h)—0.7%** | **Securities Lending Reinvestments (h)—0.7%** |
| **Security Description** | **Shares/**<br> **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—0.3%** | | |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $239,830; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $244,722. | 239715 | $239715 |
|  HSBC Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $200,094; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $204,096. | 200000 | 200000 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $50,024; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $51,193. | 50000 | 50000 |
|  National Bank of Canada <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $100,084; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $102,238. | 100000 | 100000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $200,098; collateralized by various Common Stock with an aggregate market value of $222,569. | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $200,172; collateralized by various Common Stock with an aggregate market value of $222,638. | 200000 | 200000 |
|  TD Prime Services LLC <br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $200,098; collateralized by various Common Stock with an aggregate market value of $221,886. | 200000 | 200000 |
|  |  | 1189715 |
| **Mutual Funds—0.4%** |  |  |
|  Allspring Government Money Market Fund, Select Class 4.090% (i) | 400000 | 400000 |
|  Fidelity Investments Money Market Government Portfolio, Class I 4.060% (i) | 250000 | 250000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (i) | 200000 | 200000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (i) | 300000 | 300000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (i) | 200000 | 200000 |
|  |  | 1350000 |
|  Total Securities Lending Reinvestments <br>(Cost $2,539,715) |  | 2539715 |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

---

| | |
|:---|:---|
|  Total Investments—100.2% <br>(Cost $351,602,296) | 359439884 |
|  Other assets and liabilities (net)—(0.2)% | (714774) |
| **Net Assets—100.0%** | $358725110 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $3,746,096 and the collateral received consisted of cash in the amount of $2,539,715 and non-cash collateral with a value of $1,323,262. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(d) Non-income producing; security is in default and/or issuer is in bankruptcy.

(e) Security is a "step-up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.

(f) Principal amount of security is adjusted for inflation.

(g) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $179,458.

(h) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(i) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $35,861,711, which is 10.0% of net assets.

---

| | |
|:---|:---|
| **Country Diversification as of<br>December 31, 2022 (Unaudited)** | **% of<br>Net Assets** |
|  United States | 64.1 |
|  France | 5.5 |
|  United Kingdom | 4.3 |
|  Netherlands | 3.2 |
|  Sweden | 2.5 |
|  Japan | 2.3 |
|  Taiwan | 1.7 |
|  Mexico | 1.3 |
|  Australia | 1.1 |
|  Canada | 1 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| EUR | 9079000 | MSC | 03/15/23 | USD | 9727449 | $37775 |
| GBP | 46000 | UBSA | 03/15/23 | USD | 57208 | (1500) |
| JPY | 992160000 | MSC | 03/15/23 | USD | 7298270 | 332498 |
| **Contracts to Deliver** | **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |
| AUD | 938000 | HSBCU | 03/15/23 | USD | 628582 | (11858) |
| COP | 5516862000 | BOA | 03/15/23 | USD | 1119380 | (3405) |
| IDR | 12100000000 | UBSA | 03/15/23 | USD | 775293 | (1259) |
| KRW | 935594000 | BOA | 03/15/23 | USD | 716771 | (24545) |
| MXN | 29008000 | BOA | 03/15/23 | USD | 1439867 | (29854) |
| NZD | 660000 | MSC | 03/15/23 | USD | 421769 | 2402 |
| **Cross Currency Contracts to Buy** | **Cross Currency Contracts to Buy** | **Cross Currency Contracts to Buy** |  |  |  |  |
| EUR | 359587 | MSC | 03/15/23 | NOK | 3786000 | (851) |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $299403 |

---

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Value/<br>Unrealized<br>Appreciation/**<br>**(Depreciation)** |
|  U.S. Treasury Note Ultra 10 Year Futures | 03/22/23 | 15 | USD | 1774219 | $(11762) |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | 20 | USD | 2686250 | (23943) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(35705) |

---

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (BOA)— | Bank of America N.A. |
| (HSBCU)— | HSBC Bank USA |
| (MSC)— | Morgan Stanley & Co. |
| (UBSA)— | UBS AG |

---

Currencies

------

---

| | |
|:---|:---|
| (AUD)— | Australian Dollar |
| (BRL)— | Brazilian Real |
| (CAD)— | Canadian Dollar |
| (COP)— | Colombian Peso |
| (EUR)— | Euro |
| (GBP)— | British Pound |
| (IDR)— | Indonesian Rupiah |
| (ILS)— | Israeli Shekel |
| (JPY)— | Japanese Yen |
| (KRW)— | South Korean Won |
| (MXN)— | Mexican Peso |
| (NOK)— | Norwegian Krone |
| (NZD)— | New Zealand Dollar |
| (PLN)— | Polish Zloty |
| (SEK)— | Swedish Krona |
| (SGD)— | Singapore Dollar |
| (USD)— | United States Dollar |
| (UYU)— | Uruguayan Peso |
| (ZAR)— | South African Rand |

---

Index Abbreviations

------

(H15)— U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index <br> (SOFR)— Secured Overnight Financing Rate

Other Abbreviations

------

(DAC)— Designated Activity Company <br> (ICE)— Intercontinental Exchange, Inc.

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | $8595167 | $— | $— | $8595167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 22820034 |  |  | 22820034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 16627255 |  |  | 16627255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering |  | 5483538 |  | 5483538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment |  | 1747164 |  | 1747164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components |  | 2104208 |  | 2104208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 6840652 |  |  | 6840652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 8820074 |  |  | 8820074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 7278444 |  |  | 7278444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 8917583 |  |  | 8917583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 7731360 |  |  | 7731360 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 19820453 | 6380533 |  | 26200986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 24303687 |  |  | 24303687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 9968295 | 8506828 |  | 18475123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 5495140 |  |  | 5495140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 9769629 | 16815224 |  | 26584853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 18337175 | 2141518 |  | 20478693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 9815034 |  |  | 9815034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 3043547 | 9310118 |  | 12353665 |
|  Total Common Stocks | 188183529 | 52489131 |  | 240672660 |
|  Total Corporate Bonds & Notes\* |  | 64920704 |  | 64920704 |
|  Total Foreign Government\* |  | 25315992 |  | 25315992 |
|  Total U.S. Treasury & Government Agencies\* |  | 11753390 |  | 11753390 |
|  Total Convertible Bonds\* |  | 8793531 |  | 8793531 |
|  Total Municipals\* |  | 563026 |  | 563026 |
| Convertible Preferred Stocks | Convertible Preferred Stocks | Convertible Preferred Stocks | Convertible Preferred Stocks | Convertible Preferred Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Pipelines | 127641 |  |  | 127641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 286005 |  | 286005 |
|  Total Convertible Preferred Stocks | 127641 | 286005 |  | 413646 |
|  Total Mortgage-Backed Securities\* |  | 48983 |  | 48983 |
|  Total Short-Term Investment\* |  | 4418237 |  | 4418237 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1189715 |  | 1189715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 1350000 |  |  | 1350000 |
|  Total Securities Lending Reinvestments | 1350000 | 1189715 |  | 2539715 |
|  Total Investments | $189661170 | $169778714 | $— | $359439884 |
|  Collateral for Securities Loaned (Liability) | $— | $(2539715) | $— | $(2539715) |
| Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $372675 | $— | $372675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (73272) |  | (73272) |
|  Total Forward Contracts | $— | $299403 | $— | $299403 |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | $(35705) | $— | $— | $(35705) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $359439884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 824535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 372675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for:<br>Fund shares sold | 17838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 1481118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 18184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 362155642 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 29141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 73272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 2539715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for:<br>Fund shares redeemed | 161644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 214284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 54096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 196417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 154620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3430532 |
|  **Net Assets** | $358725110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of:<br>Paid in surplus | $337966196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) (d) | 20758914 |
|  **Net Assets** | $358725110 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $110313021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 248412089 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 8517334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 19522690 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $12.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 12.72 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $351,602,296.

(b) Includes securities loaned at value of $3,746,096.

(c) Identified cost of cash denominated in foreign currencies was $831,264.

(d) Includes foreign capital gains tax of $7,343.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $2799736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (b) | 5088754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 17938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 7906428 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2805718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 36742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 137331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 690434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 71312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 31573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 32901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3864164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (50031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (4480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3809653 |
|  **Net Investment Income** | 4096775 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (c) | 13338207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 66335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (92307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (3827486) |
|  Net realized gain (loss) | 9484749 |
|  Net change in unrealized appreciation (depreciation) on:<br>Investments (d) | (130510394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (6474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 261162 |
|  Net change in unrealized appreciation (depreciation) | (130253868) |
|  Net realized and unrealized gain (loss) | (120769119) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(116672344) |

---

(a) Net of foreign withholding taxes of $124,984.

(b) Net of foreign withholding taxes of $13,288.

(c) Net of foreign capital gains tax of $126,015.

(d) Includes change in foreign capital gains tax of $139,838.

*See accompanying notes to financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4096775 | $2192494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9484749 | 54548655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (130253868) | 10835230 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (116672344) | 67576379 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (17348063) | (16906144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (38863155) | (35968557) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (56211218) | (52874701) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 22178954 | 9110315 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (150704608) | 23811993 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 509429718 | 485617725 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $358725110 | $509429718 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 230208 | $3613871 | 343774 | $6676732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 1361700 | 17348063 | 915330 | 16906144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (1231329) | (18279463) | (1252261) | (24417125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 360579 | $2682471 | 6843 | $(834249) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 893483 | $13663310 | 1321622 | $25661086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 3099135 | 38863155 | 1969801 | 35968557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (2288517) | (33029982) | (2677666) | (51685079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1704101 | $19496483 | 613757 | $9944564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $22178954 |  | $9110315 |

---

*See accompanying notes to financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $19.79 | $19.30 | $18.14 | $15.81 | $18.15 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.18 | 0.12 | 0.18 | 0.25 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.79) | 2.54 | 2.32 | 3.96 | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.61) | 2.66 | 2.50 | 4.21 | (0.78) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | (0.21) | (0.17) | (0.32) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.23) | (1.96) | (1.17) | (1.56) | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.23) | (2.17) | (1.34) | (1.88) | (1.56) |
|  **Net Asset Value, End of Period** | $12.95 | $19.79 | $19.30 | $18.14 | $15.81 |
|  **Total Return (%)** (b) | (23.12) | 14.57 | 15.11 | 27.86 | (5.20) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.79 | 0.78 | 0.79 | 0.78 | 0.78 |
|  Net ratio of expenses to average net assets (%) (c) | 0.78 | 0.77 | 0.78 | 0.78 | 0.78 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.19 | 0.60 | 1.00 | 1.45 | 1.85 |
|  Portfolio turnover rate (%) | 26 | 46 | 43 | 27 | 29 |
|  Net assets, end of period (in millions) | $110.3 | $161.4 | $157.3 | $153.3 | $134.7 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $19.53 | $19.08 | $17.95 | $15.65 | $17.98 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.14 | 0.07 | 0.13 | 0.21 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.72) | 2.51 | 2.29 | 3.92 | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.58) | 2.58 | 2.42 | 4.13 | (0.82) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | (0.17) | (0.12) | (0.27) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.23) | (1.96) | (1.17) | (1.56) | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.23) | (2.13) | (1.29) | (1.83) | (1.51) |
|  **Net Asset Value, End of Period** | $12.72 | $19.53 | $19.08 | $17.95 | $15.65 |
|  **Total Return (%)** (b) | (23.30) | 14.26 | 14.79 | 27.52 | (5.39) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 1.04 | 1.03 | 1.04 | 1.03 | 1.03 |
|  Net ratio of expenses to average net assets (%) (c) | 1.03 | 1.02 | 1.03 | 1.03 | 1.03 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.95 | 0.36 | 0.75 | 1.20 | 1.60 |
|  Portfolio turnover rate (%) | 26 | 46 | 43 | 27 | 29 |
|  Net assets, end of period (in millions) | $248.4 | $348 | $328.3 | $309.1 | $271.3 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Loomis Sayles Global Allocation Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the amount of $43,629 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**High-Yield Debt Securities -** The Portfolio may invest in high-yield debt securities, or "junk bonds," which are securities that are rated below "investment grade" or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio's subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

**Floating Rate Loans -** The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Collateralized Obligations -** The Portfolio may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Due to Custodian -** Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio's assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $29,141 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio's average overdraft advances during the year ended December 31, 2022 were not significant.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying

**BHFTI-24** 

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**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $4,418,237. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $1,189,715. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight<br>and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than<br>90 days** | **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds | $(1113488) | $— | $— | $— | $(1113488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | (1426227) |  |  |  | (1426227) |
|  **Total Borrowings** | $**(2539715)** | $**—** | $**—** | $**—** | $**(2539715)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(2539715) |

---

**Directed Brokerage Agreement -** The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of

**BHFTI-25** 

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**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

**3. Investments in Derivative Instruments** 

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate |  |  | Unrealized depreciation on futures contracts (a) (b) | $35705 |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | $372675 | Unrealized depreciation on forward foreign currency exchange contracts | 73272 |
| Total |  | $372675 |  | $108977 |

---

(a) Financial instrument not subject to a master netting agreement.

(b) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

**BHFTI-26** 

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**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
| Morgan Stanley & Co. | $372675 | $(851) | $– $| 371824 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  Bank of America N.A. | $57804 | $— | $– $| 57804 |
|  HSBC Bank USA | 11858 |  | – | 11858 |
|  Morgan Stanley & Co. | 851 | (851) | – |  |
|  UBS AG | 2759 |  | – | 2759 |
|  | $73272 | $(851) | $– $| 72421 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location-Net<br>Realized Gain (Loss)** | **Interest<br>Rate** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $(3827486) | $(3827486) |
|  Futures contracts | 66335 |  | 66335 |
|  | $66335 | $(3827486) | $(3761151) |
| **Statement of Operations Location-Net<br>Change in Unrealized Appreciation (Depreciation)** | **Interest<br>Rate** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $261162 | $261162 |
|  Futures contracts | 1838 |  | 1838 |
|  | $1838 | $261162 | $263000 |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Forward foreign currency transactions | $34544380 |
|  Futures contracts long | 2910969 |
|  Futures contracts short | (2261625) |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

**BHFTI-27** 

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**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the

**BHFTI-28** 

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**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The

**BHFTI-29** 

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**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $12614415 | $91908186 | $14516124 | $123677587 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $2805718 | 0.700% | First $500 million |
|  | 0.650% | $500 million to $1 billion |
|  | 0.600% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net<br>Assets** |
|  0.020% | First $250 million |
|  0.025% | $500 million to $1 billion |
|  0.050% | Over $1.5 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $353044218 |
|  Gross unrealized appreciation | 44938528 |
|  Gross unrealized (depreciation) | (38542862) |
|  Net unrealized appreciation (depreciation) | $6395666 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $655413 | $6281824 | $55555805 | $46592877 | $56211218 | $52874701 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $— | $14570903 | $6384428 | $– $| 20955331 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**9. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Loomis Sayles Global Allocation Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Loomis Sayles Global Allocation Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Global Allocation Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Loomis Sayles Global Allocation Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-and three-year periods ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the five-year period ended June 30, 2022. The Board further considered that the Portfolio underperformed its blended index, the 60% MSCI World Index/40% FTSE World Government Bond Index, for the one-year period ended October 31, 2022 and outperformed its blended index for the three- and five-year periods ended October 31, 2022. The Board further noted that the Portfolio underperformed its other blended benchmark for the one- and three-year periods ended October 31, 2022 and outperformed its other blended benchmark for the five-year period ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including

**BHFTI-38** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Global Allocation Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Managed By Loomis, Sayles & Company, L.P.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Loomis Sayles Growth Portfolio returned -27.86%, -28.00%, and -27.95%, respectively. The Portfolio's benchmark, the Russell 1000 Growth Index¹, returned -29.14%.

**MARKET ENVIRONMENT / CONDITIONS** 

Domestic equities posted sizable losses with elevated volatility in 2022. The U.S. Federal Reserve (the "Fed") sought to contain rising price pressures by winding down its quantitative easing program and raising interest rates seven times. While the economy remained resilient through 2022, the Fed's aggressive approach fueled concerns about the potential for a recession in 2023. Geopolitical factors may have also contributed to the downturn in stocks. Russia's invasion of Ukraine, together with its adverse impact on supply chains and commodity prices, may have weighed on sentiment. China was another source of concern, as the government's zero-COVID policy hindered growth within China and across the globe. These developments led to a decline in valuations for U.S. equities, with growth stocks hit hardest in the downturn.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio outperformed the Russell 1000 Growth Index (the "Index") during the reporting period. Stock selection in Communication Services, Healthcare, Industrials, Consumer Staples, Financials, and Consumer Discretionary, as well as our allocations in Healthcare, Industrials, Consumer Discretionary, and Information Technology ("IT"), contributed positively to relative performance. Stock selection in IT, as well as our allocations in Communication Services and Consumer Staples, detracted from relative performance. Vertex Pharmaceuticals and Boeing were the biggest contributors to relative returns. Meta Platforms and Nvidia were the biggest detractors.

Vertex Pharmaceuticals is the leader in creating therapies for patients suffering from cystic fibrosis ("CF") and is building its capabilities to address related diseases that lever its core expertise. A Portfolio holding since June 2021, Vertex's financial results reflected continued penetration of Trikafta, its latest and most efficacious CF therapy. In the U.S., the company continued to reach younger patients with newer generation therapies, while also penetrating a broader scope of international markets. Outside of CF, the company has significant clinical efforts targeting type-1 diabetes, non-opioid pain relief, kidney disease, and blood disorders. We believe Vertex's strong and sustainable competitive advantages include its unparalleled understanding of CF, its partnerships with the CF Foundation and other entities that enhance its solutions capabilities, and its serial approach to drug development. We trimmed the position in 2022 but continue to believe the shares embed expectations for revenue and free cash flow ("FCF") that are below our long-term expectations.

Boeing is a global leader in the commercial and defense aerospace industries. Along with Airbus, Boeing is part of a global duopoly that accounts for almost all commercial planes sold with greater than 125 seats—the largest market segment. A Portfolio holding since March 2020, Boeing generated significant positive quarterly free cash flow for only the second time since the 737 MAX was grounded in 2019, and the company expects FCF to be positive for the full year in 2022. Shares responded positively to the company's November projection that Boeing could generate $10 billion in annual FCF by the middle of the decade. Boeing continues to face execution issues across several programs. We believe Boeing's strong and sustainable competitive advantages include its significant cumulative knowledge and experience in aeronautical development, scale, and a client base that faces high switching costs. We believe Boeing is one of only two companies which possess the requisite expertise and scale to profitably serve the global demand for commercial aircraft. We believe the current market price embeds expectations that are well below our long-term assumptions. As a result, we believe the company is selling at a significant discount to our estimate of intrinsic value and offers a compelling reward-to-risk opportunity. We added to our position during the year.

With over 3.7 billion monthly users and 200 million businesses worldwide using its family of apps, the scale and reach of Meta Platform's network is unrivaled. A Portfolio holding since inception, over the past year Meta faced headwinds arising from privacy restrictions by Apple, the impact of macro weakness on advertising spending, and elevated investments. Management previously addressed the changes by Apple, which decreased the accuracy of Facebook's ad targeting, and believes it has closed a substantial portion of the measurement gap. Apple's changes impact not just Meta, but the broader mobile advertising ecosystem. As a function of its competitive advantages, we believe Meta remains well positioned relative to its peers, and there are no changes to our assessment of the company's quality or secular growth opportunities. Another near-term headwind is the company's transition to a new product format—short-form video. During our ownership, Facebook has gone through several product transitions, each requiring capital expenditures followed by a gradual revenue ramp-up, creating pressure on financials. Over time, the required investment decreases and revenues increase. We believe this is a necessary cycle for maintaining sustainable competitive advantages and long-term growth. Finally, the company continues to invest significantly in its early-stage Reality Labs segment, which includes products that the company views as building its long-term vision for the metaverse. While the segment has incurred year-to-date operating expenses of $10.9 billion, the investment represented only one-third of the operating profit generated by the company's core business. And while successful development of a metaverse is not an explicit part of our investment thesis for Meta, given the potential size of the opportunity, which we estimate could eventually impact over $1 trillion of spending, we believe Meta's current balanced approach makes sense. Based on its core business alone, we believe the company is substantially undervalued, even accounting for elevated levels of investment. We added to our position on multiple occasions in 2022.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Managed By Loomis, Sayles & Company, L.P.** 

**Portfolio Manager Commentary\*—(Continued)** 

Nvidia is the world leader in graphic processing units ("GPUs"), which enable computers to produce and utilize 3D graphic imagery. We believe the company's competitive advantages include its intellectual property, brands, and a large and growing ecosystem of developers utilizing GPU technology. A Portfolio holding since January 2019, Nvidia shares were pressured in 2022 given the weak market backdrop, despite financial results that were generally better than consensus expectations and included quarterly revenue records in multiple segments. However, the company recently experienced lower demand for its gaming cards, which reflected global demand for PCs returning to pre-pandemic levels after a period of excess, and the impact of macroeconomic weakness and Covid restrictions on China consumer spending. We believe Nvidia remains strongly positioned to benefit from secular growth in PC gaming and growth in its data center business. We believe Nvidia's strong growth prospects are not reflected in its share price. As a result, we believe the company's shares are trading at a significant discount to our estimate of intrinsic value, offering a compelling reward-to-risk opportunity.

During the period, the team initiated new positions in Block, Netflix, PayPal, Shopify, and Tesla. The team added to Boeing, Disney, Illumina, Intuitive Surgical, and Meta. The team trimmed Deere, Expeditors, Monster Beverage, Novartis, Oracle, Regeneron, Roche, Vertex, and Yum China. The team also trimmed Alphabet as it approached the maximum allowable position size. The team sold Automatic Data Processing, Cisco, Colgate Palmolive, and Schlumberger during the reporting period.

The nature of the team's process leads to a lower turnover portfolio where sector positioning is the result of stock selection. Relative to the Russell 1000 Growth Index, as of year-end, the Portfolio was overweight in Communication Services, Healthcare, Industrials, and Financials and underweight in IT, Consumer Staples, and Consumer Discretionary. The Portfolio held no positions in Energy, Real Estate, Materials or Utilities. The Portfolio held 35 positions with the weight of the top 10 holdings accounting for 50.8% of the total Portfolio at period end.

**Aziz Hamzaogullari** 

Portfolio Manager

*Loomis, Sayles & Company, L.P.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX**![LOGO](g382964g25d64.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Loomis Sayles Growth Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -27.86 | 5.54 | 10.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -28.00 | 5.28 | 10.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -27.95 | 5.38 | 10.19 |
| &nbsp;&nbsp;&nbsp;**Russell 1000 Growth Index** | -29.14 | 10.96 | 14.10 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Visa, Inc. - Class A** | **6.8** |
| **Boeing Co. (The)** | **6.4** |
| **Meta Platforms, Inc. - Class A** | **5.1** |
| **Microsoft Corp.** | **4.9** |
| **Oracle Corp.** | **4.7** |
| **NVIDIA Corp.** | **4.7** |
| **Amazon.com, Inc.** | **4.3** |
| **Netflix, Inc.** | **4.1** |
| **Monster Beverage Corp.** | **4.0** |
| **Autodesk, Inc.** | **3.7** |

---

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Information Technology** | **34.8** |
| **Communication Services** | **18.1** |
| **Health Care** | **16.2** |
| **Consumer Discretionary** | **13.7** |
| **Industrials** | **9.3** |
| **Consumer Staples** | **4.0** |
| **Financials** | **3.6** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loomis Sayles Growth Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.57% | $1000.00 | $1015.10 | $2.90 |
|  | Hypothetical\* | 0.57% | $1000.00 | $1022.33 | $2.91 |
|  Class B (a) | Actual | 0.82% | $1000.00 | $1013.90 | $4.16 |
|  | Hypothetical\* | 0.82% | $1000.00 | $1021.07 | $4.18 |
|  Class E (a) | Actual | 0.72% | $1000.00 | $1014.60 | $3.66 |
|  | Hypothetical\* | 0.72% | $1000.00 | $1021.58 | $3.67 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—99.6% of Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** | **Value** |
| **Aerospace & Defense—6.4%** | | | |
|  Boeing Co. (The) (a) | 823455 | $| 156859943 |
| **Air Freight & Logistics—1.9%** |  |  |  |
|  Expeditors International of Washington, Inc. (b) | 445648 |  | 46311740 |
| **Automobiles—2.8%** |  |  |  |
|  Tesla, Inc. (a) | 569738 |  | 70180327 |
| **Beverages—4.0%** |  |  |  |
|  Monster Beverage Corp. (a) | 959489 |  | 97416918 |
| **Biotechnology—5.9%** |  |  |  |
|  Regeneron Pharmaceuticals, Inc. (a) | 88490 |  | 63844650 |
|  Vertex Pharmaceuticals, Inc. (a) | 280596 |  | 81030513 |
|  |  |  | 144875163 |
| **Capital Markets—3.6%** |  |  |  |
|  FactSet Research Systems, Inc. | 120272 |  | 48254329 |
|  SEI Investments Co. | 687949 |  | 40107427 |
|  |  |  | 88361756 |
| **Entertainment—7.1%** |  |  |  |
|  Netflix, Inc. (a) | 343041 |  | 101155930 |
|  Walt Disney Co. (The) (a) | 839260 |  | 72914909 |
|  |  |  | 174070839 |
| **Health Care Equipment & Supplies—1.6%** |  |  |  |
|  Intuitive Surgical, Inc. (a) | 145091 |  | 38499897 |
| **Hotels, Restaurants & Leisure—5.1%** |  |  |  |
|  Starbucks Corp. | 662627 |  | 65732598 |
|  Yum China Holdings, Inc. | 368701 |  | 20149510 |
|  Yum! Brands, Inc. | 316573 |  | 40546670 |
|  |  |  | 126428778 |
| **Interactive Media & Services—11.0%** |  |  |  |
|  Alphabet, Inc. - Class A (a) | 938320 |  | 82787974 |
|  Alphabet, Inc. - Class C (a) | 724285 |  | 64265808 |
|  Meta Platforms, Inc. - Class A (a) | 1037600 |  | 124864784 |
|  |  |  | 271918566 |
| **Internet & Direct Marketing Retail—5.7%** |  |  |  |
|  Alibaba Group Holding, Ltd. (ADR) (a) | 415049 |  | 36561666 |
|  Amazon.com, Inc. (a) | 1249623 |  | 104968332 |
|  |  |  | 141529998 |
| **IT Services—11.0%** |  |  |  |
|  Block, Inc. (a) | 521692 |  | 32783125 |
|  PayPal Holdings, Inc. (a) | 514314 |  | 36629443 |
|  Shopify, Inc. - Class A (a) | 1034828 |  | 35918880 |
|  Visa, Inc. - Class A (b) | 802115 |  | 166647413 |
|  |  |  | 271978861 |
| **Life Sciences Tools & Services—1.9%** |  |  |  |
|  Illumina, Inc. (a) | 236450 | $| 47810190 |
| **Machinery—1.0%** |  |  |  |
|  Deere & Co. | 59016 |  | 25303700 |
| **Pharmaceuticals—6.8%** |  |  |  |
|  Novartis AG (ADR) | 772580 |  | 70088458 |
|  Novo Nordisk A/S (ADR) | 340980 |  | 46148233 |
|  Roche Holding AG (ADR) | 1343741 |  | 52607460 |
|  |  |  | 168844151 |
| **Semiconductors & Semiconductor Equipment—6.7%** |  |  |  |
|  NVIDIA Corp. | 788361 |  | 115211076 |
|  QUALCOMM, Inc. | 444670 |  | 48887020 |
|  |  |  | 164098096 |
| **Software—17.1%** |  |  |  |
|  Autodesk, Inc. (a) | 482524 |  | 90169260 |
|  Microsoft Corp. | 506615 |  | 121496409 |
|  Oracle Corp. | 1411063 |  | 115340290 |
|  Salesforce.com, Inc. (a) | 491399 |  | 65154593 |
|  Workday, Inc. - Class A (a) | 179242 |  | 29992564 |
|  |  |  | 422153116 |
|  Total Common Stocks <br>(Cost $2,469,736,952) |  |  | 2456642039 |
| **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** |
| **Repurchase Agreement—0.4%** |  |  |  |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $10,077,413; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $10,276,935. | 10075398 |  | 10075398 |
|  Total Short-Term Investments <br>(Cost $10,075,398) |  |  | 10075398 |
| **Securities Lending Reinvestments (c)—6.5%** | **Securities Lending Reinvestments (c)—6.5%** | **Securities Lending Reinvestments (c)—6.5%** | **Securities Lending Reinvestments (c)—6.5%** |
| **Repurchase Agreements—4.8%** |  |  |  |
|  Cantor Fitzgerald & Co. <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $15,007,167; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $15,300,000. | 15000000 |  | 15000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
|  Citigroup Global Markets, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $1,004,492; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $1,020,000. | 1000000 | $1000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $15,715,222; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $16,035,804. | 15707717 | 15707717 |
|  HSBC Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,000,944; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $2,040,963. | 2000000 | 2000000 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $25,012,000; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $25,596,731. | 25000000 | 25000000 |
|  National Bank of Canada <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $6,455,418; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $6,594,339. | 6450000 | 6450000 |
|  Royal Bank of Canada Toronto <br>Repurchase Agreement dated 12/30/22 at 4.570%, due on 02/03/23 with a maturity value of $4,017,772; collateralized by various Common Stock with an aggregate market value of $4,445,009. | 4000000 | 4000000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,501,181; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $2,554,516. | 2500000 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $4,209,741; collateralized by various Common Stock with an aggregate market value of $4,682,514. | 4207688 | 4207688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $15,007,350; collateralized by various Common Stock with an aggregate market value of $16,696,154. | 15000000 | 15000000 |
| **Repurchase Agreements—(Continued)** |  |  |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $500,430; collateralized by various Common Stock with an aggregate market value of $556,596. | 500000 | 500000 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $26,216,495; collateralized by various Common Stock with an aggregate market value of $29,083,447. | 26203684 | 26203684 |
|  |  | 117569089 |
| **Mutual Funds—1.7%** |  |  |
|  AB Government Money Market Portfolio, Institutional Class 4.110% (d) | 4000000 | 4000000 |
|  Allspring Government Money Market Fund, Select Class <br>4.090% (d) | 1000000 | 1000000 |
|  BlackRock Liquidity Funds FedFund, Institutional Shares <br>4.020% (d) | 5000000 | 5000000 |
|  Fidelity Investments Money Market Government Portfolio, Class I <br>4.060% (d) | 3000000 | 3000000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (d) | 500000 | 500000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (d) | 10000000 | 10000000 |
|  HSBC U.S. Government Money Market Fund, Class I 4.130% (d) | 5000000 | 5000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (d) | 3000000 | 3000000 |
|  STIT-Government & Agency Portfolio, Institutional Class <br>4.220% (d) | 5000000 | 5000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (d) | 5000000 | 5000000 |
|  |  | 41500000 |
|  Total Securities Lending Reinvestments <br>(Cost $159,069,089) |  | 159069089 |
|  Total Investments—106.5% <br>(Cost $2,638,881,439) |  | 2625786526 |
|  Other assets and liabilities (net)—(6.5)% |  | (160945750) |
| **Net Assets—100.0%** |  | $2464840776 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $155,277,214 and the collateral received consisted of cash in the amount of $159,069,089. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(d) The rate shown represents the annualized seven-day yield as of December 31, 2022.

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Glossary of Abbreviations** 

Other Abbreviations

------

(ADR)— American Depositary Receipt

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Common Stocks\* | $2456642039 | $— | $— | $2456642039 |
|  Total Short-Term Investment\* |  | 10075398 |  | 10075398 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 117569089 |  | 117569089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 41500000 |  |  | 41500000 |
|  Total Securities Lending Reinvestments | 41500000 | 117569089 |  | 159069089 |
|  Total Investments | $2498142039 | $127644487 | $— | $2625786526 |
|  Collateral for Securities Loaned (Liability) | $— | $(159069089) | $— | $(159069089) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $2625786526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 6988867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 522547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 2886187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2636193230 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 159069089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 9929732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 568710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1183085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 155289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 218720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 227829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 171352454 |
|  **Net Assets** | $2464840776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $2326137018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 138703758 |
|  **Net Assets** | $2464840776 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $1747659480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 695338106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 21843190 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 161901583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 68153285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 2093753 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 10.43 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,638,881,439.

(b) Includes securities loaned at value of $155,277,214.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $17022921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 97915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 131159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 17251995 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 15751760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 113869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 132676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees — Class B | 2006620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees — Class E | 38929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 129790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 24794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 18323382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (405830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (43851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 17873701 |
|  **Net Investment Loss** | (621706) |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
|  Net realized gain on investments | 169534630 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (1153299639) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (921) |
|  Net change in unrealized appreciation (depreciation) | (1153300560) |
|  Net realized and unrealized gain (loss) | (983765930) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(984387636) |

---

(a) Net of foreign withholding taxes of $500,787.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(621706) | $(1584287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 169534630 | 235049967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1153300560) | 333048707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (984387636) | 566514387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (173294989) | (83411380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (74512618) | (33642916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (2333067) | (1160500) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (250140674) | (118214796) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 103898301 | 266551860 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (1130630009) | 714851451 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3595470785 | 2880619334 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2464840776 | $3595470785 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 2790393 | $35190908 | 2301933 | $35631860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund subscription in kind (a) | 0 | 0 | 35654942 | 560852239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 16302445 | 173294989 | 5377910 | 83411380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (9480442) | (121100392) | (22633881) | (362155981) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 9612396 | $87385505 | 20700904 | $317739498 |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 3652102 | $42086519 | 2028196 | $29810573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund subscription in kind (a) | 0 | 0 | 4772276 | 71584136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 7406821 | 74512618 | 2273170 | 33642916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (8370124) | (98828660) | (11976497) | (180493298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 2688799 | $17770477 | (2902855) | $(45455673) |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 41680 | $478295 | 35724 | $536101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 226952 | 2333067 | 77007 | 1160500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (332230) | (4069043) | (484152) | (7428566) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (63598) | $(1257681) | (371421) | $(5731965) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $103898301 |  | $266551860 |

---

(a) Includes cash and securities amounting to $1,599,139 and $630,837,236 respectively. Securities were valued at market as of April 30, 2021.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $16.59 | $14.45 | $17.14 | $16.26 | $18.40 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.01 | 0.00 (b) | 0.04 | 0.14 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.65) | 2.66 | 4.01 | 3.37 | (1.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.64) | 2.66 | 4.05 | 3.51 | (1.11) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | (0.03) | (0.16) | (0.19) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.16) | (0.49) | (6.58) | (2.44) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.16) | (0.52) | (6.74) | (2.63) | (1.03) |
|  **Net Asset Value, End of Period** | $10.79 | $16.59 | $14.45 | $17.14 | $16.26 |
|  **Total Return (%)** (c) | (27.86) | 18.66 | 32.54 | 23.83 | (6.81) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.58 | 0.57 | 0.59 | 0.59 | 0.58 |
|  Net ratio of expenses to average net assets (%) (d) | 0.57 | 0.56 | 0.57 | 0.57 | 0.56 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.05 | 0.02 | 0.28 | 0.86 | 0.93 |
|  Portfolio turnover rate (%) | 19 | 24 (f) | 18 | 100 | 0 (e) |
|  Net assets, end of period (in millions) | $1747.7 | $2526.1 | $1901.7 | $1747.2 | $1566.4 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $15.80 | $13.80 | $16.64 | $15.84 | $17.95 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.02) | (0.03) | 0.00 (b) | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.42) | 2.52 | 3.85 | 3.28 | (1.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.44) | 2.49 | 3.85 | 3.38 | (1.13) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | 0.00 | (0.11) | (0.14) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.16) | (0.49) | (6.58) | (2.44) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.16) | (0.49) | (6.69) | (2.58) | (0.98) |
|  **Net Asset Value, End of Period** | $10.20 | $15.80 | $13.80 | $16.64 | $15.84 |
|  **Total Return (%)** (c) | (28.00) | 18.27 | 32.23 | 23.57 | (7.06) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.83 | 0.82 | 0.84 | 0.84 | 0.83 |
|  Net ratio of expenses to average net assets (%) (d) | 0.82 | 0.81 | 0.82 | 0.82 | 0.81 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.20) | (0.21) | 0.03 | 0.60 | 0.68 |
|  Portfolio turnover rate (%) | 19 | 24 (f) | 18 | 100 | 0 (e) |
|  Net assets, end of period (in millions) | $695.3 | $1034.6 | $943.3 | $912.5 | $853.6 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $16.11 | $14.05 | $16.84 | $16.01 | $18.13 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.01) | (0.01) | 0.02 | 0.12 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.51) | 2.57 | 3.90 | 3.31 | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.52) | 2.56 | 3.92 | 3.43 | (1.12) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | (0.01) | (0.13) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.16) | (0.49) | (6.58) | (2.44) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.16) | (0.50) | (6.71) | (2.60) | (1.00) |
|  **Net Asset Value, End of Period** | $10.43 | $16.11 | $14.05 | $16.84 | $16.01 |
|  **Total Return (%)** (c) | (27.95) | 18.46 | 32.30 | 23.66 | (6.94) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.73 | 0.72 | 0.74 | 0.74 | 0.73 |
|  Net ratio of expenses to average net assets (%) (d) | 0.72 | 0.71 | 0.72 | 0.72 | 0.71 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.10) | (0.10) | 0.12 | 0.70 | 0.78 |
|  Portfolio turnover rate (%) | 19 | 24 (f) | 18 | 100 | 0 (e) |
|  Net assets, end of period (in millions) | $21.8 | $34.8 | $35.5 | $33.6 | $31.2 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts.
If these charges were included, the returns would be lower.

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(e) Rounds to less than 1%.

(f) Excludes the effect of subscriptions in kind activity for the year ended December 31, 2021.

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Loomis Sayles Growth Portfolio (the "Portfolio"), which is non-diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $10,075,398. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $117,569,089. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**Directed Brokerage Agreement -** The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $532855953 | $0 | $620449827 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31,<br>2022** | **% per annum** | **Average Daily Net Assets** |
| $15751760 | 0.650% | First $500 million |
|  | 0.600% | $500 million to $1 billion |
|  | 0.550% | $1 billion to $2 billion |
|  | 0.500% | Over $2 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period effective April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.102% | First $500 million |
| 0.052% | $500 million to $1 billion |
| 0.002% | $1 billion to $2 billion |
| (0.048%) | $2 billion to $3.645 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $2656037846 |
|  Gross unrealized appreciation | 369011502 |
|  Gross unrealized (depreciation) | (399262824) |
|  Net unrealized appreciation (depreciation) | $(30251322) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $— | $61681513 | $250140674 | $56533283 | $250140674 | $118214796 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $6499348 | $162677827 | $(30254696) | $– $| 138922479 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**8. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-17** 

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**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Loomis Sayles Growth Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Loomis Sayles Growth Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Growth Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-18** 

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**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-20** 

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**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-22** 

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**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Loomis Sayles Growth Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2022. The Board considered that the Portfolio outperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Growth Index (from December 16, 2019) and the Russell 3000 Growth Index (before December 16, 2019), for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. The Board also noted that the Sub-Adviser did not manage the Portfolio for all of the periods referenced.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Loomis Sayles Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe, each at the Portfolio's current size.

**BHFTI-24** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC and MetLife Investment Management, LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class B shares of the MetLife Multi-Index Targeted Risk Portfolio returned -21.09%. The Portfolio's benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

**MARKET ENVIRONMENT / CONDITIONS** 

During the first half of the year, equity markets within the U.S. had the worst semi-annual performance since 2008. As COVID-19 restrictions continued to ease and consumer spending remained elevated, record inflation numbers followed. The tight labor market, rising wages, and high inflation drove the U.S. Federal Reserve (the "Fed") to begin an aggressive hiking cycle. This, combined with the Russian invasion of Ukraine and global political tensions, increased volatility and lead to a rapid decline in equities. The Fed increased the Target Federal Funds Rate a total of 1.50% during the first half of 2022. The yield curve has aggressively flattened in 2022 and interest rates rose across the curve. However, in the latter half of the year, markets seesawed due to market optimism, mixed economic reports, and a hawkish Fed. In July, markets sold off as inflation numbers came in higher than expected; However, as the Consumer Price Index showed signs of peaking, markets rallied, and financial conditions loosened. Market optimism faded when Fed Chairman Powell warned the markets that rates could be higher for longer.

Overall, U.S. equities sold-off across the board in 2022. The S&P 500 Index, which measures U.S. large cap companies declined 18.1%. Mid and small cap stocks also posted large losses with the S&P Mid Cap 400 Index falling 13.1% and the small cap Russell 2000 Index decreasing 20.4%. International equities in developed markets also fell, declining 14.5% as measured by the MSCI EAFE Index. U.S. fixed income assets, as proxied by the Bloomberg U.S. Aggregate Bond Index, declined 13.0%.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio consists of two segments, the "Base Sleeve" and the "Overlay Sleeve." The first segment, (the "Base Sleeve") is managed by the Investment Committee of Brighthouse Investment Advisers, LLC. Approximately 75% of the Portfolio's assets are invested into a variety of Brighthouse Funds Trust II index portfolios. The assets within the Base Sleeve maintain a broad target allocation of 40% Fixed Income and 35% Equity. The second segment (the "Overlay Sleeve") contains the remaining 25% of the Portfolio's assets. The Overlay Sleeve invests in equity derivatives, interest rate derivatives, and cash and money market instruments. Equity derivatives are used to keep the Portfolio's volatility within a desired range by changing the total equity exposure, while interest rate derivatives are used to increase duration exposure, and the cash and money market instruments serve as the collateral for the derivative instruments.

The Portfolio uses a target equity contribution to volatility of 10% that may fluctuate within an 8% to 12% band, with a maximum equity allocation of 73%. Early in 2022, we managed through large changes in the realized volatility measure that drives our strategy. The Portfolio began the year in a period of moderate realized volatility, with the equity allocation near 70%. As volatility rose and equities sold off in the early months of the year, the Portfolio decreased equity allocations in February. In March, continued market volatility drove the equity contribution to volatility above the 12% constraint and we reduced equity exposure again. Following the de-risk in March, the Portfolio equity allocation remained around 45%. After a few weeks of lower volatility, volatility rose again and the Portfolio de-risked to 36%. In the summer, volatility began to fall and in August, the Portfolio re-risked partially after the 8% lower band was breached and equity exposure was increased to 50%. Volatility returned in the fourth quarter, and in October and again in November, the Portfolio de-risked and we reduced the equity exposure 34%. However, in December volatility began to fall once again, the Portfolio increased the equity exposure again to end the year around 42%.

The equity derivatives decreased Portfolio returns in 2022. Being underweight equity during the equity sell off drove outperformance versus the Dow Jones Moderate Portfolio Index benchmark. However, a lower equity weight versus the benchmark when equities rallied muted returns, resulting in underperformance. The Portfolio uses interest rate derivatives to add duration relative to the benchmark, which was a negative contributor to the Portfolio as rates rose during the period.

The Portfolio holds a significant amount of equity and interest rate derivatives to manage market exposure. Equity futures were used to change the Portfolio's equity exposure by either buying or selling the contracts. The contracts used in the Portfolio were meant to capture a broad market exposure. The Portfolio uses S&P 500 e-mini, S&P 400 e-mini, and Russell 2000 mini contracts listed on the Chicago Mercantile Exchange to capture the exposure in the U.S. large cap, mid cap, and small cap markets, respectively. In addition, the MSCI EAFE contract listed on the Intercontinental Exchange was used for exposure to international equity markets. Interest rate derivatives were used as an additional source of diversification and added exposure to interest rates. The increase in interest rates during the period caused the value of the swaps to decrease and contributed a -3.9% loss to the Portfolio.

As of December 30, 2022, the allocation of the Portfolio was 41.5% in equity and 40.3% in fixed income. The equity allocation was invested in a variety of U.S. and foreign equity indices. The allocation was as follows: 19.2% invested in the S&P 500, representing U.S.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Managed By Brighthouse Investment Advisers, LLC and MetLife Investment Management, LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

Large Cap; 5.8% invested in the S&P 400, representing U.S. Mid Cap; 3.5% in the Russell 2000, representing U.S. Small Cap; and 13.0% in MSCI EAFE, representing foreign equity. The fixed income exposure was invested in an index portfolio that tracks the Bloomberg U.S. Aggregate Bond Index.

The Base Sleeve is managed by:

**Investment Committee** 

*Brighthouse Investment Advisers, LLC* 

The Overlay Sleeve is managed by:

**Chris Johnson** 

Portfolio Manager

*MetLife Investment Management, LLC* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor's desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index's downside risk over the past 36 months.

**BHFTI-2** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g394295g33y73.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**MetLife Multi-Index Targeted Risk Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –21.09 | 0.83 | 4.36 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | –14.97 | 3.26 | 5.66 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **MetLife Aggregate Bond Index Portfolio (Class A)** | **40.4** |
| **MetLife Stock Index Portfolio (Class A)** | **16.3** |
| **MetLife MSCI EAFE Index Portfolio (Class A)** | **11.2** |
| **MetLife Mid Cap Stock Index Portfolio (Class A)** | **4.9** |
| **MetLife Russell 2000 Index Portfolio (Class A)** | **2.9** |

---

**Exposure by Asset Class** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Investment Grade Fixed Income** | **40.4** |
| **U.S. Large Cap Equities** | **19.3** |
| **International Developed Market Equities** | **13.1** |
| **U.S. Mid Cap Equities** | **5.8** |
| **U.S. Small Cap Equities** | **3.5** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MetLife Multi-Index Targeted Risk Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class B (a) | Actual | 0.66% | $1000.00 | $972.60 | $3.28 |
|  | Hypothetical\* | 0.66% | $1000.00 | $1021.88 | $3.36 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it
invests.

**BHFTI-4** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mutual Funds—75.7% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/**<br> **Principal<br>Amount\*** | **Value** |
| **Affiliated Investment Companies—75.7%** | | |
|  MetLife Aggregate Bond Index Portfolio (Class A) (a) | 55614582 | $518327901 |
|  MetLife Mid Cap Stock Index Portfolio (Class A) (a) | 3966609 | 62394752 |
|  MetLife MSCI EAFE Index Portfolio (Class A) (a) | 11162661 | 143998327 |
|  MetLife Russell 2000 Index Portfolio (Class A) (a) | 2399189 | 36947507 |
|  MetLife Stock Index Portfolio (Class A) (a) | 3988909 | 208340722 |
|  Total Mutual Funds<br>(Cost $1,058,975,820) |  | 970009209 |
| **Short-Term Investments—24.5%** |  |  |
| **Repurchase Agreement—0.2%** |  |  |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $2,945,256; collateralized by U.S. Treasury Note at 2.750%, maturing 02/15/24, with a market value of $3,003,653. | 2944667 | 2944667 |
| **U.S. Treasury—24.3%** |  |  |
| U.S. Treasury Bills<br>3.836%, 01/17/23 (b) | 118200000 | 118030900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.104%, 02/23/23 (b) (c) (d) | 195000000 | 193826455 |
|  |  | 311857355 |
|  Total Short-Term Investments<br>(Cost $314,757,165) |  | 314802022 |
|  Total Investments—100.2%<br>(Cost $1,373,732,985) |  | 1284811231 |
|  Other assets and liabilities (net)—(0.2)% |  | (2829158) |
| **Net Assets—100.0%** |  | $1281982073 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) A Portfolio of Brighthouse Funds Trust II. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)

(b) The rate shown represents current yield to maturity.

(c) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $26,042,324.

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $4,969,909.

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Value/**<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
|  MSCI EAFE Index Mini Futures | 03/17/23 | 240 | USD | 23392800 | $(543084) |
|  Russell 2000 Index E-Mini Futures | 03/17/23 | 86 | USD | 7614870 | (242653) |
|  S&P 500 Index E-Mini Futures | 03/17/23 | 202 | USD | 38996100 | (1421463) |
|  S&P Midcap 400 Index E-Mini Futures | 03/17/23 | 47 | USD | 11480220 | (324753) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(2531953) |

---

**Swap Agreements** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating<br>Rate Index** | **Payment<br>Frequency** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 12M SOFR | Annually | 2.680% | Annually | 11/17/32 | USD | 69000000 | $(5005453) | $22871 | $(5028324) |
|  Pay | 12M SOFR | Annually | 2.800% | Annually | 10/18/32 | USD | 69000000 | (4299245) | 15452 | (4314697) |
|  Pay | 12M SOFR | Annually | 3.250% | Annually | 12/21/32 | USD | 69000000 | (1767946) | (26415) | (1741531) |
|  Pay | 12M SOFR | Annually | 3.250% | Annually | 03/15/33 | USD | 69000000 | (1781235) | 12851 | (1794086) |
|  Pay | 12M SOFR | Annually | 3.440% | Annually | 02/15/33 | USD | 69000000 | (673123) | (9499) | (663624) |
|  Pay | 12M SOFR | Annually | 3.710% | Annually | 01/11/33 | USD | 69000000 | 879826 | 17329 | 862497 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(12647176) | $32589 | $(12679765) |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Glossary of Abbreviations** 

Currencies

------

(USD)— United States Dollar

Index Abbreviations

------

(SOFR)— Secured Overnight Financing Rate

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investment Companies | $970009209 | $— | $— | $970009209 |
|  Total Short-Term Investments\* |  | 314802022 |  | 314802022 |
|  Total Investments | $970009209 | $314802022 | $— | $1284811231 |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | $(2531953) | $— | $— | $(2531953) |
| Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | $— | $862497 | $— | $862497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) |  | (13542262) |  | (13542262) |
|  Total Centrally Cleared Swap Contracts | $— | $(12679765) | $— | $(12679765) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-6** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

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| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) | $314802022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (b) | 970009209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments sold | 181896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1284994848 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 182113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 439384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 1689033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 190504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 278764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 139328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 93649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3012775 |
|  **Net Assets** | $1281982073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1543726082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (261744009) |
|  **Net Assets** | $1281982073 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $1281982073 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 138983160 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $9.22 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $314,757,165.

(b) Identified cost of affiliated investments was $1,058,975,820.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | $26844231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5060627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 31904858 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2429500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 52872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 49168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 3643219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 48144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 10403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 17762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6308950 |
|  **Net Investment Income** | 25595908 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 7523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (1305188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (80744808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (76422896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated investments | 44617545 |
|  Net realized gain (loss) | (113847824) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 43793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (260581621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9851405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (13312222) |
|  Net change in unrealized appreciation (depreciation) | (283701455) |
|  Net realized and unrealized gain (loss) | (397549279) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(371953371) |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,**<br>**2022** | **Year Ended<br>December 31,**<br>**2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $25595908 | $20491839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (113847824) | 142616003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (283701455) | 9673027 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (371953371) | 172780869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (162548607) | (101089371) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (162548607) | (101089371) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (2453147) | (138623534) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (536955125) | (66932036) |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1818937198 | 1885869234 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1281982073 | $1818937198 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1881393 | $19297712 | 1321024 | $17082434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 17329276 | 162548607 | 7978640 | 101089371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (17568033) | (184299466) | (19781670) | (256795339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1642636 | $(2453147) | (10482006) | $(138623534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(2453147) |  | $(138623534) |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Financial Highlights** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.24 | $12.76 | $13.47 | $11.31 | $13.26 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.18 | 0.14 | 0.21 | 0.26 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.95) | 1.07 | 0.52 | 2.17 | (1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.77) | 1.21 | 0.73 | 2.43 | (0.88) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.20) | (0.24) | (0.29) | (0.27) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.05) | (0.49) | (1.15) | 0.00 | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.25) | (0.73) | (1.44) | (0.27) | (1.07) |
|  **Net Asset Value, End of Period** | $9.22 | $13.24 | $12.76 | $13.47 | $11.31 |
|  **Total Return (%)** (b) | (21.09) | 9.72 | 6.56 | 21.71 | (7.18) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (c) | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 1.76 | 1.10 | 1.68 | 2.08 | 1.98 |
|  Portfolio turnover rate (%) | 7 | 7 | 7 | 7 | 8 |
|  Net assets, end of period (in millions) | $1282 | $1818.9 | $1885.9 | $1947.5 | $1756.9 |

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(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Multi-Index Targeted Risk Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio invests approximately 75% of its assets (the "Base Portion") in other Portfolios of the Brighthouse Funds Trust II ("Underlying Portfolios") and approximately 25% of its assets (the "Overlay Portion") in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures and interest rate swaps.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses for such Underlying Portfolios.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

**BHFTI-10** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gains in the Statement of Operations. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had investments in repurchase agreements with a gross value of $2,944,667, which is included in Investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**BHFTI-11** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**3. Investments in Derivative Instruments** 

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio's investment in equity derivative instruments, consisting primarily of stock index futures, was used to increase or decrease the Portfolio's overall equity exposure. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master

**BHFTI-12** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Interest Rate Swaps:* The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) | $862497 | Unrealized depreciation on centrally cleared swap contracts (a) | $13542262 |
|  Equity |  |  | Unrealized depreciation on futures contracts (b) | 2531953 |
|  Total |  | $862497 |  | $16074215 |

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(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

(b) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location-Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Total** |
|  Futures contracts | $— | $(80744808) | $(80744808) |
|  Swap contracts | (76422896) |  | (76422896) |
|  | $(76422896) | $(80744808) | $(157167704) |
| **Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Total** |
|  Futures contracts | $— | $(9851405) | $(9851405) |
|  Swap contracts | (13312222) |  | (13312222) |
|  | $(13312222) | $(9851405) | $(23163627) |

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For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

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| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Futures contracts long | $179884990 |
|  Futures contracts short | (31567892) |
|  Swap contracts | 449833333 |

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‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**BHFTI-13** 

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**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $73048014 | $0 | $199364857 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the "Management Agreement") for investment management services in connection with the investment management of the Portfolio. The Adviser is responsible for managing the Base Portion of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with MetLife Investment Management, LLC ("MIM") for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

Under the terms of the Portfolio's Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio's average daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse Investment<br>Advisers (Overlay<br>Portion managed by MIM)<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets<br>of the Overlay Portion** |
| $1725494 | 0.500% | First $250 million |
|  | 0.485% | $250 million to $500 million |
|  | 0.470% | $500 million to $1 billion |
|  | 0.450% | Over $1 billion |

---

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment<br>Advisers (Base<br>Portion managed by the Adviser)<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets<br>of the Base Portion** |
| $704006 | 0.070% | First $500 million |
|  | 0.060% | $500 million to $1 billion |
|  | 0.050% | Over $1 billion |

---

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

In addition to the above management fees paid to the Adviser, the Portfolio indirectly pays the Adviser a management fee through its investment in the Underlying Portfolios.

For providing subadvisory services to the Portfolio, the Adviser has agreed to pay MIM an investment subadvisory fee based upon annual rates applied to the Overlay Portion of the Portfolio's average daily net assets as follows:

---

| | |
|:---|:---|
| **% per annum** | **Average Daily Net Assets** |
| 0.200% | First $250 million |
| 0.185% | $250 million to $500 million |
| 0.170% | $500 million to $1 billion |
| 0.150% | Over $1 billion |

---

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2022 were $681,374.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Transactions in Securities of Affiliated Issuers** 

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios' net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2022 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending Value<br>as of<br>December 31, 2022** | **Capital Gain<br>Distributions from<br>Affiliated<br>Investments** | **Income earned<br>from affiliates<br>during the period** | **Number of**<br>**shares held at**<br>**December 31, 2022** |
|  MetLife Aggregate Bond Index Portfolio | $716585440 | $16512634 | $(108511111) | $(13093013) | $(93166049) | $518327901 | $— | $16512634 | 55614582 |
|  MetLife Mid Cap Stock Index Portfolio | 86354388 | 12273149 | (13064376) | 59935 | (23228344) | 62394752 | 11445210 | 795907 | 3966609 |
|  MetLife MSCI EAFE Index Portfolio | 211612057 | 10427585 | (38630821) | 3115494 | (42525988) | 143998327 | 4236258 | 6007153 | 11162661 |
|  MetLife Russell 2000 Index Portfolio | 51279436 | 9431510 | (5593991) | (1033211) | (17136237) | 36947507 | 7641670 | 462939 | 2399189 |
|  MetLife Stock Index Portfolio | 292381540 | 24403136 | (33564558) | 9645607 | (84525003) | 208340722 | 21294407 | 3065598 | 3988909 |
|  | $1358212861 | $73048014 | $(199364857) | $(1305188) | $(260581621) | $970009209 | $44617545 | $26844231 |  |

---

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**8. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**9. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1404724611 |
|  Gross unrealized appreciation | 15977494 |
|  Gross unrealized (depreciation) | (135890874) |
|  Net unrealized appreciation (depreciation) | $(119913380) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $27934383 | $75643216 | $134614224 | $25446155 | $162548607 | $101089371 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $28942231 | $– $| (132593145) | $(157953765) | $(261604679) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $125,985,418 and accumulated long-term capital losses of $31,968,347.

**10. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the MetLife Multi-Index Targeted Risk Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Multi-Index Targeted Risk Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the MetLife Multi-Index Targeted Risk Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent, custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*MetLife Multi-Index Targeted Risk Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio:

The Board considered the Adviser's provision of investment advisory services to a portion of the Portfolio (*i.e.*, investing in underlying Portfolios). The Board noted that a committee, consisting of investment professionals from the Adviser, meets periodically to review the asset allocations and discuss the performance of this Portfolio's investments in other Portfolios.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests. The Board also considered the Adviser's analysis of its profitability that was attributable to its management of the underlying Portfolios of the Trust in which the Portfolio invests.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**MetLife Multi-Index Targeted Risk Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also took into account that the Portfolio underperformed its other benchmark, the MITR Blended Benchmark, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median and the Sub-advised Expense Universe median. The Board considered that the Portfolio's actual management fees were equal to the Expense Universe median and that the Portfolio's total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Managed by Massachusetts Financial Services Company** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the MFS Research International Portfolio returned -17.30%, -17.57%, and -17.43%, respectively. The Portfolio's benchmarks, the MSCI EAFE Index¹ and the MSCI All Country World (ex-U.S.) Index², returned -14.45% and -16.00%, respectively.

**MARKET ENVIRONMENT / CONDITIONS** 

During the past year, markets continued to grapple with the strongest global inflationary pressures in decades along with signs of slowing economic growth. Intermittent COVID-19 flareups, particularly in China, where home-grown vaccines have proved less effective than elsewhere, kept supply chains stretched for a considerable period. At the same time, the reopening of the economy in the parts of the world where the pandemic has been better contained has led to a shift in consumption patterns in favor of services, straining already tight labor markets in most developed economies, while reducing demand for manufactured goods, primarily from Asia. As a result of Russia's invasion of Ukraine, geopolitical considerations, such as sanctions and trade bans, have resulted in additional supply chain disruptions and volatile global energy prices. Taken together, these factors have contributed to market volatility during the reporting period.

The ripple effects from the Russian invasion further complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers found themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, policymakers remained focused on controlling inflation, although investors appeared to have expected varying degrees of action from the central banks. The U.S. Federal Reserve (the "Fed") has been among the most aggressive developed market central banks, tightening policy at the fastest rate in decades, although it slowed its hiking pace at the end of the period, as did the European Central Bank. After remaining on the monetary sidelines for much of the period, the Bank of Japan widened its yield curve control band, capping the yield on its 10-year bond at 0.50%, up from 0.25%, an action that investors interpreted as a first step toward monetary policy normalization.

Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that supply chain bottlenecks (particularly semiconductors) may be moderating, the easing of COVID-19 restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels may be near a peak were supportive factors for the macroeconomic backdrop during the period.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio underperformed its benchmark, the MSCI EAFE Index (the "Index"), during the period. Stock selection in the Industrials sector detracted from relative performance. However, there were no individual stocks within this sector, either in the Portfolio or in the benchmark, that were among the Portfolio's largest relative detractors during the period.

Security selection within both the Materials and Real Estate sectors also held back relative results. Within the Materials sector, the Portfolio's overweight position in specialty chemical products maker Croda International (U.K.) and not owning shares of mining giant BHP Group (Australia) dampened relative returns. Within the Real Estate sector, an overweight position in real estate company LEG Immobilien (Germany) and out-of-benchmark real estate development company Grand City Properties (Germany) harmed relative returns.

Elsewhere, the Portfolio's holdings of out-of-benchmark software engineering solutions and technology services provider EPAM Systems (which was not held in the Portfolio at period end), and not owning strong-performing global energy and petrochemicals company Shell (U.K.) and biopharmaceutical company AstraZeneca (U.K.) hurt relative results. Additionally, an overweight position in shares of healthcare, lighting, and consumer well-being technology firm Koninklijke Philips (Netherlands), which was not held in the Portfolio at the period end, business system services company Nomura Research Institute (Japan) and sportswear and sports equipment manufacturer Adidas (Germany), which was not held in the Portfolio at period end, weakened relative returns.

An underweight allocation to the Consumer Discretionary sector contributed to relative performance over the reporting period. Here, avoiding a poor-performing electronic equipment manufacturer Sony (Japan) aided relative results.

Stocks in other sectors that contributed to relative performance included overweight holdings of pharmaceutical company Novo Nordisk (Denmark), oil and gas company Galp Energia (Portugal), commodity trading and mining company Glencore (U.K.), international banking and financial services provider NatWest Group (U.K.), oil & gas firm Woodside Energy Group (Australia) and tobacco distributor British American Tobacco (U.K.). Additionally, an underweight position in lithography systems manufacturer for the semiconductor industry ASML (Netherlands) and holdings of out-of-benchmark industrial gas supplier Linde (Germany) and out-of-benchmark risk management and human capital consulting services provider Aon (Ireland) further helped relative returns.

During the reporting period, the Portfolio's relative currency exposure, resulting primarily from differences between the Portfolio's and the benchmark's exposures to holdings of securities denominated

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Managed by Massachusetts Financial Services Company** 

**Portfolio Manager Commentary\*—(Continued)** 

in foreign currencies, was a contributor to relative performance. The Portfolio's cash and/or cash equivalents position during the period was also a contributor to relative performance. Under normal market conditions, the Portfolio strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity.

During the reporting period, the Portfolio maintained its sector neutral positioning across eight broad global sectors, relative to the Index. At period end, the Portfolio was most overweight Materials, owning a diversified group of companies in chemical subindustries such as industrial gases, paints & coatings, and flavors and fragrances. Within Information Technology ("IT"), we were overweight to IT Services, where we favored several well positioned specialty service providers. The Portfolio was underweight Consumer Discretionary, where we have avoided the auto manufacturers. Within Consumer Staples, we were most underweight personal products and food & staples retailing.

**Camille Humphries Lee** 

**Victoria Higley^** 

**Nicholas Paul^** 

Portfolio Managers

*Massachusetts Financial Services Company* 

^ Victoria Higley relinquished her portfolio management responsibilities for the Portfolio effective December 31, 2022. On the same effective date, Nicholas Paul assumed portfolio management responsibilities for the Portfolio.

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

² The MSCI All Country World (ex-U.S.) Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. The Index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX & THE MSCI ALL COUNTRY WORLD (EX-U.S.) INDEX**![LOGO](g382964g49g42.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**MFS Research International Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -17.30 | 3.08 | 5.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -17.57 | 2.81 | 4.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -17.43 | 2.91 | 4.85 |
| &nbsp;&nbsp;&nbsp;**MSCI EAFE Index** | -14.45 | 1.54 | 4.67 |
| &nbsp;&nbsp;&nbsp;**MSCI All Country World (ex-U.S.) Index** | -16.00 | 0.88 | 3.80 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Novo Nordisk A/S - Class B** | **3.3** |
| **Roche Holding AG** | **3.3** |
| **Nestle S.A.** | **3.1** |
| **Linde plc** | **2.9** |
| **LVMH Moet Hennessy Louis Vuitton SE** | **2.7** |
| **Schneider Electric SE** | **2.5** |
| **Hitachi, Ltd.** | **1.8** |
| **TotalEnergies SE** | **1.7** |
| **AIA Group, Ltd.** | **1.6** |
| **UBS Group AG** | **1.5** |

---

**Top Countries** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Japan** | **18.8** |
| **Switzerland** | **14.4** |
| **United Kingdom** | **13.8** |
| **France** | **11.7** |
| **Germany** | **6.3** |
| **Netherlands** | **4.9** |
| **United States** | **4.1** |
| **Hong Kong** | **3.9** |
| **Denmark** | **3.6** |
| **Australia** | **3.4** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS Research International Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.63% | $1000.00 | $1039.30 | $3.24 |
|  | Hypothetical\* | 0.63% | $1000.00 | $1022.03 | $3.21 |
|  Class B (a) | Actual | 0.88% | $1000.00 | $1037.80 | $4.52 |
|  | Hypothetical\* | 0.88% | $1000.00 | $1020.77 | $4.48 |
|  Class E (a) | Actual | 0.78% | $1000.00 | $1038.50 | $4.01 |
|  | Hypothetical\* | 0.78% | $1000.00 | $1021.27 | $3.97 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—98.3% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Australia—3.4%** | | |
|  APA Group | 792354 | $5801331 |
|  Aristocrat Leisure, Ltd. | 375645 | 7757548 |
|  Carsales.com, Ltd. | 356414 | 5030849 |
|  Macquarie Group, Ltd. | 115496 | 13111713 |
|  Seek, Ltd. | 249592 | 3553272 |
|  Woodside Energy Group, Ltd. | 589649 | 14266619 |
|  |  | 49521332 |
| **Canada—1.5%** |  |  |
|  Constellation Software, Inc. | 10618 | 16577568 |
|  Ritchie Bros Auctioneers, Inc. | 100569 | 5809086 |
|  |  | 22386654 |
| **China—2.5%** |  |  |
|  China Resources Gas Group, Ltd. | 1525224 | 5680337 |
|  ESR Group, Ltd. (a) | 2883600 | 6052591 |
|  NetEase, Inc. (ADR) | 127310 | 9246525 |
|  Tencent Holdings, Ltd. | 166000 | 7055366 |
|  Yum China Holdings, Inc. | 165417 | 9040039 |
|  |  | 37074858 |
| **Denmark—3.6%** |  |  |
|  Novo Nordisk A/S - Class B | 360819 | 48854875 |
|  Orsted A/S | 56061 | 5086235 |
|  |  | 53941110 |
| **France—11.7%** |  |  |
|  BNP Paribas S.A. | 394811 | 22467638 |
|  Cie Generale des Etablissements Michelin SCA | 287120 | 7983916 |
|  Danone S.A. | 173177 | 9123639 |
|  Legrand S.A. | 197824 | 15928281 |
|  LVMH Moet Hennessy Louis Vuitton SE | 54815 | 39820078 |
|  Sanofi | 120085 | 11619499 |
|  Schneider Electric SE | 262460 | 36912227 |
|  Thales S.A. | 35566 | 4546630 |
|  TotalEnergies SE (a) | 396247 | 24731817 |
|  |  | 173133725 |
| **Germany—6.3%** |  |  |
|  Bayer AG | 197207 | 10182286 |
|  E.ON SE | 744060 | 7426035 |
|  GEA Group AG | 376792 | 15391304 |
|  Grand City Properties S.A. | 572302 | 5632227 |
|  LEG Immobilien SE | 172861 | 11264726 |
|  Merck KGaA | 81168 | 15719010 |
|  MTU Aero Engines AG | 58477 | 12656782 |
|  Symrise AG | 133121 | 14482563 |
|  |  | 92754933 |
| **Greece—0.4%** |  |  |
|  Hellenic Telecommunications Organization S.A. | 396783 | 6196870 |
| **Hong Kong—3.9%** |  |  |
|  AIA Group, Ltd. | 2199428 | 24231107 |
| **Hong Kong—(Continued)** |  |  |
|  CLP Holdings, Ltd. | 891500 | $6505088 |
|  Hong Kong Exchanges & Clearing, Ltd. | 340900 | 14732042 |
|  Techtronic Industries Co., Ltd. | 1146500 | 12766291 |
|  |  | 58234528 |
| **India—0.9%** |  |  |
|  HDFC Bank, Ltd. | 666660 | 13138329 |
| **Ireland—0.9%** |  |  |
|  Bank of Ireland Group plc | 394159 | 3737297 |
|  Flutter Entertainment plc (b) | 31292 | 4277073 |
|  Ryanair Holdings plc (ADR) (b) | 75186 | 5620906 |
|  |  | 13635276 |
| **Italy—1.0%** |  |  |
|  Eni S.p.A. | 998883 | 14268285 |
| **Japan—18.8%** |  |  |
|  Bridgestone Corp. (a) | 224400 | 7989022 |
|  Daikin Industries, Ltd. | 119200 | 18336480 |
|  Fujitsu, Ltd. | 144400 | 19122611 |
|  Hitachi, Ltd. | 515300 | 25932392 |
|  Idemitsu Kosan Co., Ltd. | 374200 | 8756674 |
|  Kansai Paint Co., Ltd. | 342600 | 4224566 |
|  Kao Corp. (a) | 205400 | 8222280 |
|  KDDI Corp. | 437700 | 13229097 |
|  Kirin Holdings Co., Ltd. (a) | 559400 | 8570158 |
|  Koito Manufacturing Co., Ltd. | 549100 | 8179272 |
|  Kubota Corp. (a) | 883300 | 12167754 |
|  Kyocera Corp. | 199000 | 9930962 |
|  Kyowa Kirin Co., Ltd. | 735500 | 16919565 |
|  Mitsubishi UFJ Financial Group, Inc. | 1876300 | 12657575 |
|  Nitto Denko Corp. | 191700 | 11027449 |
|  Nomura Research Institute, Ltd. | 586600 | 13944935 |
|  Persol Holdings Co., Ltd. | 273000 | 5797636 |
|  Santen Pharmaceutical Co., Ltd. | 1141200 | 9336495 |
|  Secom Co., Ltd. | 78500 | 4478064 |
|  SMC Corp. | 40300 | 17056152 |
|  SoftBank Group Corp. | 197000 | 8342568 |
|  Sugi Holdings Co., Ltd. | 81200 | 3620497 |
|  Terumo Corp. | 295500 | 8356399 |
|  Toyota Industries Corp. | 193300 | 10538887 |
|  Yamaha Corp. | 165000 | 6087380 |
|  ZOZO, Inc. | 218000 | 5412556 |
|  |  | 278237426 |
| **Netherlands—4.9%** |  |  |
|  Akzo Nobel NV | 162102 | 10816424 |
|  ASML Holding NV | 10470 | 5667442 |
|  Euronext NV | 259217 | 19214357 |
|  NXP Semiconductors NV (a) | 55488 | 8768769 |
|  QIAGEN NV (b) | 395569 | 19908404 |
|  Wolters Kluwer NV | 80586 | 8417940 |
|  |  | 72793336 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** |
| **Portugal—1.3%** | | |
|  Galp Energia SGPS S.A. | 1377866 | $18644528 |
| **South Korea—1.0%** |  |  |
|  NAVER Corp. | 31515 | 4476037 |
|  Samsung Electronics Co., Ltd. | 248564 | 10961197 |
|  |  | 15437234 |
| **Spain—2.6%** |  |  |
|  Amadeus IT Group S.A. (b) | 244794 | 12624038 |
|  Cellnex Telecom S.A. | 260654 | 8668209 |
|  Iberdrola S.A. | 1472276 | 17221944 |
|  |  | 38514191 |
| **Switzerland—14.4%** |  |  |
|  Cie Financiere Richemont S.A. - Class A | 130548 | 16893647 |
|  Glencore plc | 3416857 | 22847752 |
|  Julius Baer Group, Ltd.  | 221277 | 12861944 |
|  Nestle S.A. | 393352 | 45426446 |
|  Roche Holding AG | 155118 | 48747668 |
|  Schindler Holding AG (Participation Certificate) | 57488 | 10794460 |
|  Sika AG | 56437 | 13617650 |
|  UBS Group AG | 1227133 | 22873248 |
|  Zurich Insurance Group AG | 38085 | 18199882 |
|  |  | 212262697 |
| **Taiwan—0.7%** |  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 744468 | 10850360 |
| **Thailand—0.6%** |  |  |
|  Advanced Info Service PCL (NVDR) | 1485900 | 8365829 |
| **United Kingdom—13.8%** |  |  |
|  Beazley plc | 1329871 | 10884693 |
|  British American Tobacco plc | 533365 | 21161102 |
|  Burberry Group plc | 204114 | 4987531 |
|  ConvaTec Group plc | 2992406 | 8414301 |
|  Croda International plc | 180217 | 14402659 |
|  Diageo plc | 487934 | 21546818 |
|  Hiscox, Ltd. | 618971 | 8155286 |
|  Linde plc (a)  | 131851 | 43111465 |
|  London Stock Exchange Group plc | 231240 | 19952324 |
|  NatWest Group plc | 6806708 | 21727946 |
|  Ocado Group plc (a) (b) | 212462 | 1598815 |
|  Reckitt Benckiser Group plc | 209065 | 14544451 |
|  Weir Group plc (The) | 390467 | 7836260 |
|  Whitbread plc | 186418 | 5799309 |
|  |  | 204122960 |
| **United States—4.1%** |  |  |
|  Aon plc - Class A | 69201 | 20769988 |
|  Cadence Design Systems, Inc. (b) | 55855 | 8972547 |
|  NIKE, Inc. - Class B | 66896 | 7827501 |
| **United States—(Continued)** |  |  |
|  Visa, Inc. - Class A | 70096 | 14563145 |
|  Willis Towers Watson plc | 32821 | 8027360 |
|  |  | 60160541 |
|  Total Common Stocks <br>(Cost $1,293,289,708) |  | 1453675002 |
| **Warrants—0.0%** |  |  |
| **Switzerland—0.0%** |  |  |
|  Cie Financiere Richemont S.A. Expires 11/22/23 (b) <br>(Cost $0) | 298538 | 248607 |
| **Short-Term Investment—0.5%** |  |  |
| **Repurchase Agreement—0.5%** |  |  |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $7,747,851; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $7,901,271. | 7746302 | 7746302 |
|  Total Short-Term Investments <br>(Cost $7,746,302) |  | 7746302 |
| **Securities Lending Reinvestments (c)—4.8%** | **Securities Lending Reinvestments (c)—4.8%** |  |
| **Repurchase Agreements—3.1%** |  |  |
|  BofA Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $6,121,565; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $6,241,084. | 6118710 | 6118710 |
|  Cantor Fitzgerald & Co. <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $10,004,778; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $10,200,000. | 10000000 | 10000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $13,006,211; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $13,271,531. | 13000000 | 13000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/**<br> **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
|  HSBC Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,000,944; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $2,040,963. | 2000000 | $2000000 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $1,000,480; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $1,023,869. | 1000000 | 1000000 |
|  National Bank of Canada <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $1,100,924; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $1,124,616. | 1100000 | 1100000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $500,236; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $510,903. | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $3,001,420; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $3,060,000. | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $6,002,927; collateralized by various Common Stock with an aggregate market value of $6,677,083. | 6000000 | 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $300,147; collateralized by various Common Stock with an aggregate market value of $333,888. | 300000 | 300000 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $2,000,978; collateralized by various Common Stock with an aggregate market value of $2,229,114. | 2000000 | 2000000 |
|  |  | 45018710 |
| **Mutual Funds—1.7%** |  |  |
|  BlackRock Liquidity Funds FedFund, Institutional Shares<br>4.020% (d) | 1000000 | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (d) | 2000000 | 2000000 |
| **Mutual Funds—(Continued)** |  |  |
|  Fidelity Investments Money Market Government Portfolio, Class I<br>4.060% (d) | 5000000 | 5000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (d) | 7000000 | 7000000 |
|  HSBC U.S. Government Money Market Fund, Class I<br>4.130% (d) | 1000000 | 1000000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (d) | 1000000 | 1000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (d) | 7000000 | 7000000 |
|  STIT-Government & Agency Portfolio, Institutional Class<br>4.220% (d) | 1000000 | 1000000 |
|  |  | 25000000 |
|  Total Securities Lending Reinvestments <br>(Cost $70,018,710) |  | 70018710 |
|  Total Investments—103.6% <br>(Cost $1,371,054,720) |  | 1531688621 |
|  Other assets and liabilities (net)—(3.6)% |  | (53019103) |
| **Net Assets—100.0%** |  | $1478669518 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $100,694,274 and the collateral received consisted of cash in the amount of $70,018,710 and non-cash collateral with a value of $36,234,130. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(d) The rate shown represents the annualized seven-day yield as of December 31, 2022.

---

| | |
|:---|:---|
| **Ten Largest Industries as of<br>December 31, 2022 (Unaudited)** | **% of<br>Net Assets** |
|  Pharmaceuticals | 10.9 |
|  Chemicals | 7.5 |
|  Capital Markets | 6.9 |
|  Insurance | 6.1 |
|  Machinery | 5.9 |
|  Oil, Gas & Consumable Fuels | 5.5 |
|  Banks | 5.0 |
|  Textiles, Apparel & Luxury Goods | 4.7 |
|  IT Services | 4.1 |
|  Food Products | 3.7 |

---

**Glossary of Abbreviations** 

Other Abbreviations

------

(ADR)— American Depositary Receipt <br> (NVDR)— Non-Voting Depository Receipts

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $49521332 | $— | $49521332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 22386654 |  |  | 22386654 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 18286564 | 18788294 |  | 37074858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 53941110 |  | 53941110 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 173133725 |  | 173133725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 92754933 |  | 92754933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 6196870 |  | 6196870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 58234528 |  | 58234528 |
| &nbsp;&nbsp;&nbsp;&nbsp; India |  | 13138329 |  | 13138329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 5620906 | 8014370 |  | 13635276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 14268285 |  | 14268285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 278237426 |  | 278237426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 8768769 | 64024567 |  | 72793336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 18644528 |  | 18644528 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 15437234 |  | 15437234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 38514191 |  | 38514191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 212262697 |  | 212262697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 10850360 |  | 10850360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand | 8365829 |  |  | 8365829 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 204122960 |  | 204122960 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 60160541 |  |  | 60160541 |
|  Total Common Stocks | 123589263 | 1330085739 |  | 1453675002 |
|  Total Warrants\* | 248607 |  |  | 248607 |
|  Total Short-Term Investment\* |  | 7746302 |  | 7746302 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 45018710 |  | 45018710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 25000000 |  |  | 25000000 |
|  Total Securities Lending Reinvestments | 25000000 | 45018710 |  | 70018710 |
|  Total Investments | $148837870 | $1382850751 | $— | $1531688621 |
|  Collateral for Securities Loaned (Liability) | $— | $(70018710) | $— | $(70018710) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1531688621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 13940478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 12478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 6697183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1552344562 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 70018710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1787391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes | 530904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 762515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 102744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 309505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 73675044 |
|  **Net Assets** | $1478669518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1272723960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) (d) | 205945558 |
|  **Net Assets** | $1478669518 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $1001250123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 472210349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 5209046 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 90233604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 43041264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 471474 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $11.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 10.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 11.05 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,371,054,720.

(b) Includes securities loaned at value of $100,694,274.

(c) Identified cost of cash denominated in foreign currencies was $5.

(d) Includes foreign capital gains tax of $530,652.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $36018118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividends | 2364195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 62617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 294384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 38739314 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 11145331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 71518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 359318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 1250342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 8468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 52592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 86830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 13938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 44160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13087152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (1721143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11366009 |
|  **Net Investment Income** | 27373305 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (b) | 30454138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (669399) |
| Net realized gain (loss) | 29784739 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (c) | (390041290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (72936) |
|  Net change in unrealized appreciation (depreciation) | (390114226) |
|  Net realized and unrealized gain (loss) | (360329487) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(332956182) |

---

(a) Net of foreign withholding taxes of $3,362,232.

(b) Net of foreign capital gains tax of $446,319.

(c) Includes change in foreign capital gains tax of $455,242.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $27373305 | $23893494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 29784739 | 113356588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (390114226) | 79126458 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (332956182) | 216376540 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (95978836) | (61360182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (43478592) | (27963749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (491598) | (336131) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (139949026) | (89660062) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 10758560 | (62364266) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (462146648) | 64352212 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1940816166 | 1876463954 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1478669518 | $1940816166 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1853323 | $20500073 | 2176844 | $32228549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 8944905 | 95978836 | 4228820 | 61360182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (9674838) | (113442350) | (8664650) | (126054324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1123390 | $3036559 | (2258986) | $(32465593) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1957737 | $22692047 | 2506744 | $36035202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 4094029 | 43478592 | 1945981 | 27963749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (4936449) | (58248471) | (6464149) | (93173934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1115317 | $7922168 | (2011424) | $(29174983) |
|  **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 13237 | $145281 | 11370 | $161444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 45987 | 491598 | 23246 | 336131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (70544) | (837046) | (84035) | (1221265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (11320) | $(200167) | (49419) | $(723690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $10758560 |  | $(62364266) |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.81 | $13.86 | $13.03 | $10.79 | $12.79 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.21 | 0.19 | 0.17 | 0.28 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.81) | 1.46 | 1.39 | 2.73 | (1.95) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.60) | 1.65 | 1.56 | 3.01 | (1.72) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.26) | (0.17) | (0.31) | (0.20) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.85) | (0.53) | (0.42) | (0.57) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.11) | (0.70) | (0.73) | (0.77) | (0.28) |
|  **Net Asset Value, End of Period** | $11.10 | $14.81 | $13.86 | $13.03 | $10.79 |
|  **Total Return (%)** (b) | (17.30) | 11.98 | 13.28 | 28.69 | (13.81) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.75 | 0.74 | 0.75 | 0.74 | 0.75 |
|  Net ratio of expenses to average net assets (%) (c) | 0.64 | 0.64 | 0.64 | 0.64 | 0.65 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.81 | 1.31 | 1.36 | 2.32 | 1.83 |
|  Portfolio turnover rate (%) | 20 | 18 | 26 | 15 | 21 |
|  Net assets, end of period (in millions) | $1001.3 | $1319.7 | $1266.4 | $1211.1 | $1075.1 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.65 | $13.72 | $12.90 | $10.69 | $12.67 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.18 | 0.15 | 0.13 | 0.25 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.79) | 1.45 | 1.38 | 2.69 | (1.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.61) | 1.60 | 1.51 | 2.94 | (1.74) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.22) | (0.14) | (0.27) | (0.16) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.85) | (0.53) | (0.42) | (0.57) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.07) | (0.67) | (0.69) | (0.73) | (0.24) |
|  **Net Asset Value, End of Period** | $10.97 | $14.65 | $13.72 | $12.90 | $10.69 |
|  **Total Return (%)** (b) | (17.57) | 11.71 | 13.02 | 28.31 | (14.00) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 1.00 | 0.99 | 1.00 | 0.99 | 1.00 |
|  Net ratio of expenses to average net assets (%) (c) | 0.89 | 0.89 | 0.89 | 0.89 | 0.90 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.56 | 1.07 | 1.11 | 2.07 | 1.59 |
|  Portfolio turnover rate (%) | 20 | 18 | 26 | 15 | 21 |
|  Net assets, end of period (in millions) | $472.2 | $614 | $602.7 | $580 | $515.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $14.74 | $13.80 | $12.98 | $10.75 | $12.74 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.19 | 0.17 | 0.15 | 0.26 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.79) | 1.45 | 1.38 | 2.72 | (1.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.60) | 1.62 | 1.53 | 2.98 | (1.73) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.24) | (0.15) | (0.29) | (0.18) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.85) | (0.53) | (0.42) | (0.57) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.09) | (0.68) | (0.71) | (0.75) | (0.26) |
|  **Net Asset Value, End of Period** | $11.05 | $14.74 | $13.80 | $12.98 | $10.75 |
|  **Total Return (%)** (b) | (17.43) | 11.80 | 13.06 | 28.47 | (13.91) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.90 | 0.89 | 0.90 | 0.89 | 0.90 |
|  Net ratio of expenses to average net assets (%) (c) | 0.79 | 0.79 | 0.79 | 0.79 | 0.80 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.65 | 1.19 | 1.22 | 2.16 | 1.71 |
|  Portfolio turnover rate (%) | 20 | 18 | 26 | 15 | 21 |
|  Net assets, end of period (in millions) | $5.2 | $7.1 | $7.3 | $7.8 | $6.6 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Research International Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the amount of $78,872 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $7,746,302. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $45,018,710. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending** - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $309986417 | $0 | $427614262 |

---

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $157,557 in purchases and $1,207,207 in sales of investments, which are included above, and resulted in net realized gains of $230,256.

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average daily net assets** |
| $11145331 | 0.800% | First $200 million |
|  | 0.750% | $200 million to $500 million |
|  | 0.700% | $500 million to $1 billion |
|  | 0.650% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver** - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net<br>Assets** |
| 0.205% | First $200 million |
| 0.155% | $200 million to $500 million |
| 0.105% | $500 million to $1 billion |
| 0.055% | $1 billion to $2.5 billion |
| 0.075% | Over $2.5 billion |

---

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1377558444 |
|  Gross unrealized appreciation | 281540046 |
|  Gross unrealized (depreciation) | (127397253) |
|  Net unrealized appreciation (depreciation) | $154142793 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $41063108 | $21004115 | $98885918 | $68655947 | $139949026 | $89660062 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $24162872 | $28350983 | $153594980 | $– $| 206108835 |

---

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**8. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the MFS Research International Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MFS Research International Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the MFS Research International Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*MFS Research International Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Massachusetts Financial Services Company regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board noted that the Portfolio underperformed its benchmark, the MSCI EAFE Index, for the one-year period ended October 31, 2022 and outperformed the same benchmark for the three- and five-year periods ended October 31, 2022. The Board further noted that the Portfolio underperformed its other benchmark, the MSCI All Country World (ex.-U.S.) Index, for the one-year period ended October 31, 2022 and outperformed the same benchmark for the three- and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**MFS Research International Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the average of the Sub-advised Expense Group and above the average of the Sub-advised Expense Universe, each at the Portfolio's current size.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Managed By Morgan Stanley Investment Management Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Morgan Stanley Discovery Portfolio returned -62.47%, -62.52%, and -62.53%, respectively. The Portfolio's benchmark, the Russell Midcap Growth Index¹, returned -26.72%.

**MARKET ENVIRONMENT / CONDITIONS** 

Throughout 2022, fear and uncertainty due to concerns about inflation, rising interest rates, geopolitical tensions and ongoing effects of the global pandemic continued to weigh on market sentiment, contributing to greater volatility and a continued aversion towards high growth equities. The Russia-Ukraine war and China's widespread COVID-19 lockdowns worsened supply chain bottlenecks and drove food and energy prices higher. The U.S. Federal Reserve and other central banks around the world responded with larger-than-normal interest rate increases to bring inflation down, compounding economic uncertainty and contributing to elevated volatility in stock and bond markets. While tightening financial conditions helped slow some segments of the economy and inflation appeared to be receding from peak levels, the jobs market remained resilient and inflation rates were still historically high at year-end, setting up expectations for additional interest rate hikes in 2023.

Mid-cap growth equities, as measured by the Russell Midcap Growth Index (the "Index"), declined over the 12-month period. Outside of the Energy sector's significant outperformance and a small positive return from Utilities, all other sectors in the Index had negative performance in 2022. Communication Services, Information Technology ("IT") and Consumer Discretionary were the bottom performing sectors. Growth stocks underperformed the broad market in the period.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio underperformed the benchmark in this 12-month period primarily due to adverse stock selection; sector allocations detracted to a lesser extent. Greater market volatility and a widespread sell-off in high growth and high multiple equities was a significant headwind to Portfolio performance in 2022. We believe the sell-off was driven by a broad rotation out of such names and not due to company-specific fundamentals, which, across most of the Portfolio, remained largely healthy.

IT was by far the top detractor in the Portfolio this period, due to mixed stock selection. Affirm Holdings (2.1% of the Portfolio), a technology company specializing in consumer buy-now-pay-later point of sale financing and payment processing, was the largest detractor within the sector and across the whole Portfolio. Its shares languished due to concerns about a tougher funding environment and macroeconomic weakness resulting in potentially greater consumer delinquencies and loan losses. Cloudflare (5.8% of the Portfolio), MongoDB (sold), Okta (sold), and Unity Software (sold) were also among the largest detractors in the sector and Portfolio as a whole.

The Portfolio's stock selection and sector allocations in most other sectors detracted as well; stock selection in Consumer Discretionary, Health Care and Financials, and an overweight to Communication Services were also among the largest detractors from relative results. Nearly all sectors detracted over the period; however, this was modestly offset by the positive impact of an average overweight in Health Care and average underweight in Consumer Discretionary. Utilities – a sector the Portfolio had no exposure to – had a negligible impact on relative performance.

Leading Korean e-commerce platform Coupang (2.4% of the Portfolio) was the top contributor across the Portfolio. Coupang benefited from improved operational efficiency, supply chain optimization and strong growth in its advertising business. Coupang's improving profitability increased investors' confidence in its ability to achieve its long-term targets.

As of the end of the period, the Portfolio's top holdings included Royalty Pharma (6.9% of the Portfolio), Snowflake (6.5% of the Portfolio), Agilon Health (6.0% of the Portfolio), Adyen (Netherlands) (5.9% of the Portfolio) and Cloudflare (5.8% of the Portfolio). The Portfolio had sector overweight positions in Communication Services, IT, Health Care and Consumer Discretionary; sector underweight positions in Industrials, Financials and Materials; and no exposure to Energy, Consumer Staples, Real Estate and Utilities.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Managed By Morgan Stanley Investment Management Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

Derivatives were not a material factor affecting performance in the period.

**Dennis P. Lynch** 

**Sam G. Chainani** 

**Jason C. Yeung** 

**Armistead Nash** 

**David S. Cohen** 

**Alexander T. Norton** 

Portfolio Managers

*Morgan Stanley Investment Management Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and higher forecasted growth values.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX**![LOGO](g382964g31i34.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Morgan Stanley Discovery Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -62.47 | 5.73 | 8.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -62.52 | 5.49 | 8.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -62.53 | 5.57 | 8.45 |
| &nbsp;&nbsp;&nbsp;**Russell Midcap Growth Index** | -26.72 | 7.64 | 11.41 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Royalty Pharma plc - Class A** | **6.9** |
| **Snowflake, Inc. - Class A** | **6.5** |
| **Agilon Health, Inc.** | **6.0** |
| **Adyen NV** | **5.9** |
| **Cloudflare, Inc. - Class A** | **5.8** |
| **Trade Desk, Inc. (The) - Class A** | **5.6** |
| **Doximity, Inc. - Class A** | **5.5** |
| **Bill.com Holdings, Inc.** | **5.2** |
| **Datadog, Inc. - Class A** | **4.7** |
| **ZoomInfo Technologies, Inc. - Class A** | **4.5** |

---

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Information Technology** | **36.9** |
| **Health Care** | **23.0** |
| **Consumer Discretionary** | **16.1** |
| **Communication Services** | **14.6** |
| **Industrials** | **2.2** |
| **Financials** | **0.9** |
| **Materials** | **0.4** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Morgan Stanley Discovery Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.66% | $1000.00 | $869.10 | $3.11 |
|  | Hypothetical\* | 0.66% | $1000.00 | $1021.88 | $3.36 |
|  Class B (a) | Actual | 0.91% | $1000.00 | $869.20 | $4.29 |
|  | Hypothetical\* | 0.91% | $1000.00 | $1020.62 | $4.63 |
|  Class E (a) | Actual | 0.81% | $1000.00 | $866.70 | $3.81 |
|  | Hypothetical\* | 0.81% | $1000.00 | $1021.12 | $4.13 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—92.5% of Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** | **Value** |
| **Biotechnology—0.8%** | | | |
|  Intellia Therapeutics, Inc. (a) (b) | 104601 | $| 3649529 |
|  ProKidney Corp. (a) (b) | 497653 |  | 3413899 |
|  |  |  | 7063428 |
| **Capital Markets—0.3%** |  |  |  |
|  Coinbase Global, Inc. - Class A (a) (b) | 81981 |  | 2901308 |
| **Chemicals—0.4%** |  |  |  |
|  Ginkgo Bioworks Holdings, Inc. (a) (b) | 1915405 |  | 3237034 |
| **Commercial Services & Supplies—0.2%** |  |  |  |
|  Aurora Innovation, Inc. (a) (b) | 1214024 |  | 1468969 |
| **Consumer Finance—0.5%** |  |  |  |
|  Upstart Holdings, Inc. (a) (b) | 331567 |  | 4383316 |
| **Entertainment—4.5%** |  |  |  |
|  ROBLOX Corp. - Class A (a) (b) | 1337729 |  | 38071767 |
| **Health Care Providers & Services—6.7%** |  |  |  |
|  Agilon Health, Inc. (a) (b) | 3186644 |  | 51432434 |
|  Guardant Health, Inc. (a) (b) | 208028 |  | 5658362 |
|  |  |  | 57090796 |
| **Health Care Technology—5.5%** |  |  |  |
|  Doximity, Inc. - Class A (a) (b) | 1389699 |  | 46638298 |
| **Interactive Media & Services—4.5%** |  |  |  |
|  ZoomInfo Technologies, Inc. - Class A (a) (b) | 1268617 |  | 38198058 |
| **Internet & Direct Marketing Retail—14.3%** |  |  |  |
|  Chewy, Inc. - Class A (a) (b) | 1023632 |  | 37956275 |
|  Coupang, Inc. (a) | 1374862 |  | 20224220 |
|  DoorDash, Inc. - Class A (a) (b) | 776113 |  | 37889837 |
|  Global-e Online, Ltd. (a) (b) | 860168 |  | 17753867 |
|  Wayfair, Inc. - Class A (a) (b) | 243061 |  | 7994276 |
|  |  |  | 121818475 |
| **IT Services—22.2%** |  |  |  |
|  Adyen NV (a) | 36395 |  | 50363994 |
|  Affirm Holdings, Inc. (a) (b) | 1813219 |  | 17533828 |
|  Cloudflare, Inc. - Class A (a) (b) | 1086307 |  | 49111939 |
|  Shopify, Inc. - Class A (a) | 477087 |  | 16559690 |
|  Snowflake, Inc. - Class A (a) | 389191 |  | 55864476 |
|  |  |  | 189433927 |
| **Leisure Products—1.5%** |  |  |  |
|  Peloton Interactive, Inc. - Class A (a) (b) | 1670920 |  | 13267105 |
| **Life Sciences Tools & Services—3.1%** |  |  |  |
|  10X Genomics, Inc. - Class A (a) (b) | 405960 |  | 14793182 |
|  Illumina, Inc. (a) | 59514 |  | 12033731 |
|  |  |  | 26826913 |
| **Pharmaceuticals—6.9%** |  |  |  |
|  Royalty Pharma plc - Class A (b) | 1489705 |  | 58873142 |
| **Road & Rail—2.0%** |  |  |  |
|  Grab Holdings, Ltd. - Class A (a) (b) | 5415156 |  | 17436802 |
| **Software—18.8%** |  |  |  |
|  Bill.com Holdings, Inc. (a) (b) | 403396 |  | 43954028 |
|  Datadog, Inc. - Class A (a) (b) | 550563 |  | 40466381 |
|  Gitlab, Inc. - Class A (a) (b) | 314699 |  | 14299923 |
|  MicroStrategy, Inc. - Class A (a) (b) | 20239 |  | 2865235 |
|  Samsara, Inc. - Class A (a) (b) | 839582 |  | 10436004 |
|  Trade Desk, Inc. (The) - Class A (a) | 1072621 |  | 48085599 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;160107170 |
| **Specialty Retail—0.3%** |  |  |  |
|  Carvana Co. (a) (b) | 563544 |  | 2671199 |
|  Total Common Stocks <br>(Cost $1,455,446,973) |  |  | 789487707 |
| **Convertible Preferred Stock—1.6%** | **Convertible Preferred Stock—1.6%** | **Convertible Preferred Stock—1.6%** | **Convertible Preferred Stock—1.6%** |
| **Software—1.6%** |  |  |  |
|  Databricks, Inc. - Series H† (a) (c) (d)<br>(Cost $16,889,079) | 229833 |  | 13789980 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Internet & Direct Marketing Retail—0.0%** |  |  |  |
|  Flipkart Escrow Receivable† (a) (c) (d) <br>(Cost $0) | 60812 |  | 24933 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Chemicals—0.0%** |  |  |  |
|  Ginkgo Bioworks Holding, Inc., Expires 08/01/26 (a) <br>(Cost $348,552) | 104671 |  | 20934 |
| **Short-Term Investment—5.6%** | **Short-Term Investment—5.6%** | **Short-Term Investment—5.6%** | **Short-Term Investment—5.6%** |
| **Repurchase Agreement—5.6%** |  |  |  |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $47,577,676; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $48,519,538. | 47568162 |  | 47568162 |
|  Total Short-Term Investments <br>(Cost $47,568,162) |  |  | 47568162 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (e)—26.9%** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Certificates of Deposit—9.5%** | | | |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (f) | 5000000 | $| 5006754 |
|  Bank of Nova Scotia<br>4.550%, SOFR + 0.250%, 02/17/23 (f) | 4000000 |  | 3999819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770%, FEDEFF PRV + 0.440%, 01/09/23 (f) | 2000000 |  | 2000081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (f) | 7000000 |  | 7002942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980%, SOFR + 0.680%, 08/16/23 (f) | 2000000 |  | 2002338 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.550%, SOFR + 0.250%, 02/03/23 (f) | 5000000 |  | 5000331 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (f) | 6000000 |  | 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (f) | 5000000 |  | 5001045 |
|  Mizuho Bank, Ltd.<br>4.850%, SOFR + 0.550%, 01/26/23 (f) | 2000000 |  | 2000601 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (f) | 6000000 |  | 6002367 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (f) | 16000000 |  | 15999744 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.840%, SOFR + 0.540%, 01/10/23 (f) | 2000000 |  | 2000156 |
|  Svenska Handelsbanken AB<br>4.900%, SOFR + 0.600%, 04/12/23 (f) | 2000000 |  | 2001358 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (f) | 5000000 |  | 5000000 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (f) | 10000000 |  | 9998900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 02/22/23 (f) | 2000000 |  | 2000682 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81017118 |
| **Commercial Paper—2.5%** |  |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (f) | 5000000 |  | 5001265 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (f) | 8000000 |  | 8010896 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (f) | 6000000 |  | 6001620 |
|  Skandinaviska Enskilda Banken AB<br>4.980%, SOFR + 0.680%, 05/03/23 (f) | 2000000 |  | 2001976 |
|  |  |  | 21015757 |
| **Master Demand Notes—0.8%** | **Master Demand Notes—0.8%** | **Master Demand Notes—0.8%** | **Master Demand Notes—0.8%** |
|  Bank of America N.A.<br>4.880%, SOFR + 0.580%, 05/15/23 (f) | 7000000 |  | 6999921 |
| **Repurchase Agreements—11.6%** |  |  |  |
|  Citigroup Global Markets, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $5,125,132; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $5,100,001. | 5000000 |  | 5000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $15,980,033; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $16,306,017. | 15972402 |  | 15972402 |
| **Repurchase Agreements —(Continued)** |  |  |  |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $15,007,200; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $15,358,038. | 15000000 |  | 15000000 |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $10,608,904; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $10,837,209. | 10600000 |  | 10600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $23,620,421; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $25,696,353. | 23600000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600000 |
|  Royal Bank of Canada Toronto<br>Repurchase Agreement dated 12/30/22 at 4.570%, due on 02/03/23 with a maturity value of $10,044,431; collateralized by various Common Stock with an aggregate market value of $11,112,522. | 10000000 |  | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $3,013,563; collateralized by various Common Stock with an aggregate market value of $3,333,764. | 3000000 |  | 3000000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,800,850; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $1,839,251. | 1800000 |  | 1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $25,012; collateralized by various Common Stock with an aggregate market value of $27,821. | 25000 |  | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $125,061; collateralized by various Common Stock with an aggregate market value of $139,106. | 125000 |  | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $9,207,907; collateralized by various Common Stock with an aggregate market value of $10,241,366. | 9200000 |  | 9200000 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $5,002,445; collateralized by various Common Stock with an aggregate market value of $5,557,398. | 5000000 |  | 5000000 |
|  |  |  | 99322402 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (e)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Time Deposit—1.3%** | | |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (f) | 11000000 | $11000000 |
| **Mutual Funds—1.2%** |  |  |
|  HSBC U.S. Government Money Market Fund,<br>Class I 4.130% (g) | 5000000 | 5000000 |
|  STIT-Government & Agency Portfolio, Institutional Class 4.220% (g) | 5000000 | 5000000 |
|  |  | 10000000 |
|  Total Securities Lending Reinvestments <br>(Cost $229,322,515) |  | 229355198 |
|  Total Purchased Options—0.2% (h) <br>(Cost $2,296,516) |  | 1408665 |
|  Total Investments—126.8% <br>(Cost $1,751,871,797) |  | 1081655579 |
|  Other assets and liabilities (net)—(26.8)% |  | (228295147) |
| **Net Assets—100.0%** |  | $853360432 |

---

---

| | |
|:---|:---|
| \* | Principal and notional amounts stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $13,814,913, which is 1.6% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $239,254,427 and the collateral received consisted of cash in the amount of $229,322,539 and non-cash collateral with a value of $17,565,623. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 1.6% of net assets. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, 2022. |
| (f) | Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. |
| (g) | The rate shown represents the annualized seven-day yield as of December 31, 2022. |
| (h) | For a breakout of open positions, see details shown in the Purchased Options table that<br> follows |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Shares** | **Cost** | **Value** |
|  Databricks, Inc. - Series H | 08/31/21 | 229833 | $16889079 | $13789980 |
|  Flipkart Escrow Receivable | 08/20/18 | 60812 |  | 24933 |
|  |  |  |  | $13814913 |

---

**Purchased Options** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike<br>Price** | **Counterparty** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  USD Call/CNH Put | 7.530 | JPMC | 07/21/23 | 230745793 | USD | 230745793 | $1145653 | $665009 | $(480644) |
|  USD Call/CNH Put | 7.569 | SCB | 08/23/23 | 255656589 | USD | 255656589 | 1141251 | 739615 | (401636) |
|  USD Call/CNH Put | 7.873 | GSI | 10/09/23 | 1996477 | USD | 1996477 | 9612 | 4041 | (5571) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $2296516 | $1408665 | $(887851) |

---

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (GSI)— | Goldman Sachs International |
| (JPMC)— | JPMorgan Chase Bank N.A. |
| (SCB)— | Standard Chartered Bank |

---

Currencies

------

---

| | |
|:---|:---|
| (USD)— | United States Dollar |
| (CNH)— | Chinese Renminbi |

---

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | $7063428 | $— | $— | $7063428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 2901308 |  |  | 2901308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 3237034 |  |  | 3237034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 1468969 |  |  | 1468969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 4383316 |  |  | 4383316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 38071767 |  |  | 38071767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 57090796 |  |  | 57090796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 46638298 |  |  | 46638298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 38198058 |  |  | 38198058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 121818475 |  |  | 121818475 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 139069933 | 50363994 |  | 189433927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 13267105 |  |  | 13267105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 26826913 |  |  | 26826913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 58873142 |  |  | 58873142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 17436802 |  |  | 17436802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 160107170 |  |  | 160107170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 2671199 |  |  | 2671199 |
|  Total Common Stocks | 739123713 | 50363994 |  | 789487707 |
|  Total Convertible Preferred Stock\* |  |  | 13789980 | 13789980 |
|  Total Escrow Shares\* |  |  | 24933 | 24933 |
|  Total Warrants\* | 20934 |  |  | 20934 |
|  Total Short-Term Investment\* |  | 47568162 |  | 47568162 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 81017118 |  | 81017118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 21015757 |  | 21015757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Demand Notes |  | 6999921 |  | 6999921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 99322402 |  | 99322402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit |  | 11000000 |  | 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 10000000 |  |  | 10000000 |
|  Total Securities Lending Reinvestments | 10000000 | 219355198 |  | 229355198 |
|  Total Purchased Options at Value |  | 1408665 |  | 1408665 |
|  Total Investments | $749144647 | $318696019 | $13814913 | $1081655579 |
|  Collateral for Securities Loaned (Liability) | $— | $(229322539) | $— | $(229322539) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Schedule of Investments as of December 31, 2022** 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance as of<br>December 31,<br>2021** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Balance as of<br>December 31,<br>2022** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>from Investments<br>Held at December 31,<br>2022** |
| Convertible Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | $17284974 | $(3494994) | $13789980 | $(3494994) |
| Escrow Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 24933 |  | 24933 |  |
|  | $17309907 | $(3494994) | $13814913 | $(3494994) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br>December 31,<br>2022** | **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Weighted<br>Average** | **Relationship Between<br>Fair Value and Input;<br>if input value<br>increases then Fair<br>Value:** |
| Convertible Preferred Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | $13789980 (a) | Market Transaction Method | Secondary Market Transaction | $60.00 | $60.00 | Increase |
| Escrow Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 24933 | Liquidation Value | Estimated Distribution Per Share | $0.84 | $0.84 | Increase |
|  |  |  | Discount for Lack Certainty | 50.00% | 50.00% | Decrease |

---

(a) For the year ended December 31, 2022, the valuation technique for investments amounting to $13,789,980 changed to a
market transaction method. The investments were previously valued utilizing a multi-tiered approach. The change was due to the consideration of the most recent information available at the time the investments were valued.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1081655579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 392495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4899118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 4781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1086954842 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for purchased options | 1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 229322539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1581978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 105146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 479798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 66808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 166447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 171694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 233594410 |
|  **Net Assets** | $853360432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $2174160366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (1320799934) |
|  **Net Assets** | $853360432 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $544780239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 298904027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 9676166 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 134585381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 107287934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 2977960 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 2.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 3.25 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,751,871,797.

(b) Includes securities loaned at value of $239,254,427.

(c) Identified cost of cash denominated in foreign currencies was $981.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1146127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 198382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 2804748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 4149257 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 7654653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 58066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 70382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 944757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 21521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 51552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 104434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 13565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 20990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8994575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (270160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8724415 |
|  **Net Investment Loss** | (4575158) |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (635384239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (11089188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 21562 |
|  Net realized gain (loss) | (646451865) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (673059330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 8783845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (67) |
|  Net change in unrealized appreciation (depreciation) | (664275552) |
|  Net realized and unrealized gain (loss) | (1310727417) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(1315302575) |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4575158) | $(10500357) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (646451865) | 519006128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (664275552) | (734597873) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (1315302575) | (226092102) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (315521675) | (803118839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (183041690) | (362688630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (6270116) | (17339673) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Return of Capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (227544) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (132004) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (4522) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (505197551) | (1183147142) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 622147832 | 889572498 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (1198352294) | (519666746) |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2051712726 | 2571379472 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $853360432 | $2051712726 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 11588433 | $92936782 | 2100811 | $75907387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 69548286 | 315749219 | 32047839 | 803118839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (11126973) | (87295015) | (6826515) | (237135520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 70009746 | $321390986 | 27322135 | $641890706 |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 24631020 | $149581856 | 2717850 | $81112441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 58521947 | 183173694 | 17003686 | 362688630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (7001407) | (37796580) | (6343327) | (204860701) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 76151560 | $294958970 | 13378209 | $238940370 |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 261940 | $1740249 | 96019 | $3331979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 1719079 | 6274638 | 764199 | 17339673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (318812) | (2217011) | (393977) | (11930230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1662207 | $5797876 | 466241 | $8741422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $622147832 |  | $889572498 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $22.25 | $47.23 | $21.87 | $18.57 | $20.17 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.02) | (0.12) | (0.14) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (13.36) | (2.34) | 30.39 | 7.74 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (13.38) | (2.46) | 30.25 | 7.71 | 2.65 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (4.82) | (22.52) | (4.89) | (4.41) | (4.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | (0.00)(b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (4.82) | (22.52) | (4.89) | (4.41) | (4.25) |
|  **Net Asset Value, End of Period** | $4.05 | $22.25 | $47.23 | $21.87 | $18.57 |
|  **Total Return (%)** (c) | (62.47) | (10.54) | 153.77 | 40.47 (d) | 10.41 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.68 | 0.65 | 0.66 | 0.68 | 0.68 |
|  Net ratio of expenses to average net assets (%) (e)  | 0.65 | 0.62 | 0.63 | 0.66 | 0.66 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.31) | (0.35) | (0.44) | (0.13) | (0.18) |
|  Portfolio turnover rate (%) | 47 | 94 | 107 | 97 | 87 |
|  Net assets, end of period (in millions) | $544.8 | $1436.5 | $1759.4 | $820.8 | $650.2 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $18.91 | $43.58 | $20.48 | $17.62 | $19.35 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.03) | (0.17) | (0.20) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (11.27) | (1.98) | 28.19 | 7.35 | 2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (11.30) | (2.15) | 27.99 | 7.27 | 2.52 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (4.82) | (22.52) | (4.89) | (4.41) | (4.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | (0.00)(b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (4.82) | (22.52) | (4.89) | (4.41) | (4.25) |
|  **Net Asset Value, End of Period** | $2.79 | $18.91 | $43.58 | $20.48 | $17.62 |
|  **Total Return (%)** (c) | (62.52) | (10.78) | 153.11 | 40.13 (d) | 10.15 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.93 | 0.90 | 0.91 | 0.93 | 0.93 |
|  Net ratio of expenses to average net assets (%) (e) | 0.90 | 0.87 | 0.88 | 0.91 | 0.91 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.54) | (0.60) | (0.68) | (0.39) | (0.43) |
|  Portfolio turnover rate (%) | 47 | 94 | 107 | 97 | 87 |
|  Net assets, end of period (in millions) | $298.9 | $588.7 | $773.8 | $433.3 | $368.5 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $20.13 | $44.91 | $20.99 | $17.97 | $19.65 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.03) | (0.15) | (0.18) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (12.03) | (2.11) | 28.99 | 7.49 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (12.06) | (2.26) | 28.81 | 7.43 | 2.57 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (4.82) | (22.52) | (4.89) | (4.41) | (4.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | (0.00)(b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (4.82) | (22.52) | (4.89) | (4.41) | (4.25) |
|  **Net Asset Value, End of Period** | $3.25 | $20.13 | $44.91 | $20.99 | $17.97 |
|  **Total Return (%)** (c) | (62.53) | (10.69) | 153.37 | 40.25 (d) | 10.26 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.83 | 0.80 | 0.81 | 0.83 | 0.83 |
|  Net ratio of expenses to average net assets (%) (e) | 0.80 | 0.77 | 0.78 | 0.81 | 0.81 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.46) | (0.50) | (0.59) | (0.29) | (0.33) |
|  Portfolio turnover rate (%) | 47 | 94 | 107 | 97 | 87 |
|  Net assets, end of period (in millions) | $9.7 | $26.5 | $38.2 | $16.9 | $13.9 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Distributions from return of capital were less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(d) Includes gains from settlement of security litigations; excluding these gains, the total return for Class A, Class B and Class E would have been 40.28%, 39.92% and 40.05%, respectively for the year ended
December 31, 2019.

(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Morgan Stanley Discovery Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Special Purpose Acquisition Companies -** The Portfolio may invest in Special Purpose Acquisition Companies ("SPAC"). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an "IPO") for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a "Transaction"). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant.The shares of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio's ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC's management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $47,568,162. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $99,322,402. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Investments in Derivative Instruments** 

**Options Contracts -** An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tend to increase the Portfolio's exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio's exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio's investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Foreign Exchange | Investments at market value (a) | $1408665 |

---

(a) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Goldman Sachs International | $4041 | $– $| (4041) | $— |
|  JPMorgan Chase Bank N.A. | 665009 | – | (665009) |  |
|  Standard Chartered Bank | 739615 | – | (739615) |  |
|  | $1408665 | $– $| (1408665) | $— |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | |
|:---|:---|
| **Statement of Operations Location-Net Realized Gain (Loss)** | **Foreign<br>Exchange** |
|  Purchased options | $(11089188) |
| **Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)** | **Foreign<br>Exchange** |
|  Purchased options | $8783845 |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Purchased options | $1284705364 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $749842517 | $0 | $545293175 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees**<br> **earned by Brighthouse<br>Investment Advisers<br>for the year ended**<br> **December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $7654653 | 0.700% | First $200 million |
|  | 0.650% | $200 million to $500 million |
|  | 0.625% | Over $500 million |

---

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Morgan Stanley Investment Management Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.050% | First $200 million |
| 0.050% | Over $850 million |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1776629578 |
|  Gross unrealized appreciation | 11486122 |
|  Gross unrealized (depreciation) | (706460121) |
|  Net unrealized appreciation (depreciation) | $(694973999) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Return of Capital** | **Return of Capital** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $73386212 | $390529450 | $431447269 | $792617692 | $364070 | $— | $505197551 | $1183147142 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $— | $– $| (694974018) | $(625659468) | $(1320633486) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $263,016,240 and accumulated long-term capital losses of $362,643,228.

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Morgan Stanley Discovery Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Morgan Stanley Discovery Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Morgan Stanley Discovery Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

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**BHFTI-24** 

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**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-25** 

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**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-26** 

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**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-27** 

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**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Morgan Stanley Discovery Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Morgan Stanley Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one- and three-year periods ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the five-year period ended June 30, 2022. The Board also noted that the Portfolio underperformed its benchmark, the Russell Midcap Growth Index, for the one- and three-year periods ended October 31, 2022 and outperformed its benchmark for the five-year period ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-28** 

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**Brighthouse Funds Trust I** 

**Morgan Stanley Discovery Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe, each at the Portfolio's current size.

**BHFTI-29** 

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**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Managed By PanAgora Asset Management, Inc** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class B shares of the PanAgora Global Diversified Risk Portfolio returned -25.66%. The Portfolio's benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

**MARKET ENVIRONMENT / CONDITIONS** 

With 2022 at a close, we reflect on a year that was filled with large changes to the investing landscape. The year bore witness to the end of COVID-19 protocols across most of the globe, with such actions accelerating the transition from goods-related consumption to service consumption. Additionally, the world's central bankers spent 2021 believing that the COVID-19 inspired inflationary pressures would subside as the pandemic waned, which left them to play catch up throughout 2022. Nearly all major central banks hiked their policy rates more than 200 basis points in 2022 with the U.S. Federal Reserve (the "Fed") hiking short-term interest rates 4.25%. As these events unfolded, investors with more risky capital allocations saw the first meaningful protracted drawdown since the end of the Global Financial Crisis, which broadly impacted assets across the risky asset spectrum from public equities and credit to private equity and venture investing. To complicate matters further, Russian territorial aggression reached a boiling point early in the year as Russian forces crossed into Ukraine. This was viewed as the most aggressive action on the European continent since World War II, thereby forcing commodity prices to soar as both Russia and Ukraine are top global commodity producers.

These events contributed to U.S. equities realizing their worst annual return since 2008. Much of the equity market's decline in 2022 was the result of the historic re-rating of equity multiples, or the price investors were willing to pay for a dollar of earnings. In the U.S., realized price-to-earnings multiples started the year near 25 times earnings, and closed the year around 18 times earnings, a 28% decrease. Earnings in the U.S. grew, albeit modestly, despite economic uncertainty introduced by the Fed and slowed consumer spending. As a result, the S&P 500 Index closed the year down 18.1%, while the technology-heavy Nasdaq 100 Index finished the period down 32.4%. Smaller public companies traded roughly in line with their larger peers, with the Russell 2000 Index closing 2022 down 20.4%. The headline index returns obscure dramatic shifts that occurred over the year, with dispersion between sectors and growth/value stocks reaching some of their widest points ever. For example, the U.S. Energy sector posted nearly a 65.0% gain while the Communication Services and Consumer Discretionary sectors were down 40.5% and 37.0%, respectively. The Russell 1000 Value Index outperformed its Growth counterpart by 21.6% over the period. Non-U.S. equities generally outperformed U.S. equities as the MSCI EAFE Index finished the year down 14.5% and the MSCI Emerging Markets Index down 20.1%. Some of the biggest winners and losers over the year were in emerging market countries, with the MSCI Turkey Index posting a 90.4% gain while the MSCI Taiwan Index posted a 29.8% decline over the period.

Global bonds experienced one of the most significant re-pricings in recent history on the back of the most aggressive coordinated central bank activity since the Paul Volcker era in the early 1980s. In the U.S., the Fed raised their policy Fed Funds rate seven times, with their policy at the beginning of the year forecasted at 2.75%, only to end up at the target range of 4.25%-4.50%. Central bank tightening led to some of the worst calendar year returns on record. The U.S. 10-year Treasury price finished the year lower by more than 16.0%—its worst annual return on record. In late September, the United Kingdom ("U.K.") government bond market came under serious pressure as a series of political follies sent bond prices tumbling. The weakness in bonds threatened many liability-driven pension schemes which heavily rely on U.K. government bonds as collateral. While bond prices tumbled, a vortex of forced selling was created, as lower prices required managers to put up more collateral, which required more selling. The pressure on U.K. government bond prices sent yields skyrocketing, creating peripheral volatility in both the pound sterling and global asset prices.

While the story in commodity markets in 2021 was around core input prices, the main event in 2022 surrounded energy prices. Going into 2022, Russia was the second largest producer of natural gas, accounting for 17.0% of global output, and the third largest producer of oil, producing 12.0% of total global output per BP. The dramatic rise in energy prices peaked in early June and traded softer into the end of 2022. Food prices peaked at the end of the first quarter and subsequently dropped for the remainder of 2022. Price action in nearly all commodities over the year was consistent with the global theme of peaking supply pressure, irrespective of the source of pressure (COVID-19, war in Ukraine, etc.).

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The PanAgora Global Diversified Risk Portfolio investment philosophy is centered on the belief that risk diversification is the key to generating better risk-adjusted returns and avoiding risk concentration within a portfolio is the best way to achieve true diversification. PanAgora seeks to accomplish this by evaluating risk across and within asset classes using proprietary risk assessment and management techniques, including tactical risk management. The Portfolio targets a neutral risk allocation of 40% equities, 40% nominal fixed income and 20% inflation protection.

During the twelve-month period, each of the main asset classes used in the Portfolio, including equities, nominal fixed income, and in-

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Managed By PanAgora Asset Management, Inc** 

**Portfolio Manager Commentary\*—(Continued)** 

flation protected assets, contributed negatively. 2022 will be remembered for having some of the worst calendar months investors have ever faced with September a very difficult month, in particular. Within equities, each of the sub-asset classes detracted for the year, with the combination of U.S. large and small cap equities performing the worst. For nominal fixed income, U.S. government debt was the largest detractor from Portfolio performance closely followed by international government debt and then investment grade credit. The yield on the benchmark 10-year U.S. Treasury note climbed a remarkable 236 basis points over the year as bond prices tumbled. In terms of inflation protected assets, commodities were the sole sub-asset class which contributed positively, however, this was offset by the negative return contribution from inflation-linked bonds. The commodity markets began the year supply constrained and conditions further deteriorated upon Russia's invasion of Ukraine in late February. While individual commodity markets traded on their own merits, directionally, commodity prices finished 2022 higher in aggregate.

On average, the Portfolio maintained an overweight position to inflation protected assets and an underweight position to equities and nominal fixed income relative to the Portfolio's strategic (neutral) risk targets. For the twelve-month period, this active positioning contributed to overall Portfolio performance.

The Portfolio invests in derivatives, such as exchange-traded futures within the equity, fixed income and commodities asset classes, and swaps on futures within fixed income and commodities. The Portfolio invests in derivatives in order to gain exposure to certain asset classes. All derivatives used during the twelve month period performed as expected.

By the end of the period, the Portfolio maintained its underweight position to nominal fixed income and overweight to inflation protected assets, while equities were close to in-line to the strategic risk targets.

Within equities, the Portfolio was underweight U.S. large and small cap and emerging markets and overweight non-U.S. developed markets. Within nominal fixed income, the Portfolio was underweight investment grade credit and both U.S. and international government debt. Within inflation protected assets, the Portfolio was overweight commodities and underweight inflation-linked bonds.

**Edward Qian** 

**Bryan Belton** 

**Jonathan Beaulieu** 

Portfolio Managers

*PanAgora Asset Management, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor's desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index's downside risk over the past 36 months.

**BHFTI-2** 

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**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g394295g86d65.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**PanAgora Global Diversified Risk Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –25.66 | –0.05 | 2.53 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | –14.97 | 3.26 | 4.79 |

---

<sup>1</sup> Inception date of Class B shares is 4/14/2014. The since inception return of the index is based on the Portfolio's inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Exposures by Asset Class\*** 

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| | |
|:---|:---|
|  | **% of**<br>**Net Assets** |
| **Global Developed Bonds** | **79.4** |
| **Global Developed Equities** | **40.2** |
| **Commodities—Production Weighted** | **25.7** |
| **Global Inflation-Linked Bonds** | **9.5** |
| **Global Emerging Equities** | **3.5** |

---

\* *The percentages noted above are based on the notional amounts by asset class as a percentage of net assets.* 

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PanAgora Global Diversified Risk Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class B (a)  | Actual | 0.89% | $1000.00 | $926.90 | $4.32 |
|  | Hypothetical\* | 0.89% | $1000.00 | $1020.72 | $4.53 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—21.3% of Net Assets** 

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Aerospace & Defense—0.2%** | **Aerospace & Defense—0.2%** | **Aerospace & Defense—0.2%** |
|  Boeing Co. (The) (a) | 1542 | $293736 |
|  CAE, Inc. (a) | 11507 | 222576 |
|  Dassault Aviation S.A. | 574 | 97390 |
|  Elbit Systems, Ltd. | 1472 | 239539 |
|  Howmet Aerospace, Inc. | 7716 | 304088 |
|  Huntington Ingalls Industries, Inc. | 1261 | 290887 |
|  Kongsberg Gruppen ASA | 10016 | 425091 |
|  L3Harris Technologies, Inc. | 1208 | 251518 |
|  Lockheed Martin Corp. | 1068 | 519571 |
|  MTU Aero Engines AG | 539 | 116661 |
|  Northrop Grumman Corp. | 68 | 37101 |
|  Raytheon Technologies Corp. | 4574 | 461608 |
|  Rolls-Royce Holdings plc (a) | 111792 | 125161 |
|  Safran S.A. | 2140 | 267421 |
|  Textron, Inc. | 4862 | 344230 |
|  Thales S.A. | 1394 | 178204 |
|  TransDigm Group, Inc. | 590 | 371494 |
|  |  | 4546276 |
| **Air Freight & Logistics—0.1%** | **Air Freight & Logistics—0.1%** | **Air Freight & Logistics—0.1%** |
|  DSV A/S | 67 | 10627 |
|  Expeditors International of Washington, Inc. | 3072 | 319242 |
|  FedEx Corp. | 1554 | 269153 |
|  Nippon Express Holdings, Inc. | 2900 | 165380 |
|  United Parcel Service, Inc. - Class B | 2686 | 466934 |
|  Yamato Holdings Co., Ltd. | 600 | 9538 |
|  |  | 1240874 |
| **Airlines—0.1%** | **Airlines—0.1%** | **Airlines—0.1%** |
|  Air Canada (a) | 12071 | 172863 |
|  Alaska Air Group, Inc. (a) | 5362 | 230244 |
|  ANA Holdings, Inc. (a) | 9000 | 191735 |
|  Delta Air Lines, Inc. (a) | 8295 | 272574 |
|  Japan Airlines Co., Ltd. (a) | 7700 | 157956 |
|  Qantas Airways, Ltd. (a) | 40567 | 163333 |
|  Southwest Airlines Co. (a) | 5276 | 177643 |
|  United Airlines Holdings, Inc. (a) | 4850 | 182845 |
|  |  | 1549193 |
| **Auto Components—0.1%** | **Auto Components—0.1%** | **Auto Components—0.1%** |
|  Aisin Corp. | 6700 | 178458 |
|  Aptiv plc (a) | 3148 | 293173 |
|  BorgWarner, Inc. | 7065 | 284366 |
|  Bridgestone Corp. | 7800 | 277694 |
|  Cie Generale des Etablissements Michelin SCA | 17088 | 475164 |
|  Continental AG | 2460 | 146975 |
|  Denso Corp. | 3100 | 151967 |
|  Sumitomo Electric Industries, Ltd. | 17800 | 201918 |
|  |  | 2009715 |
| **Automobiles—0.2%** | **Automobiles—0.2%** | **Automobiles—0.2%** |
|  Bayerische Motoren Werke AG | 2385 | 212874 |
|  Ferrari NV | 2933 | 627533 |
|  Ford Motor Co. | 20381 | 237031 |
|  General Motors Co. | 7905 | 265924 |
|  Honda Motor Co., Ltd. | 21200 | 484720 |
|  Isuzu Motors, Ltd. | 32200 | 376093 |
| **Automobiles—(Continued)** | **Automobiles—(Continued)** | **Automobiles—(Continued)** |
|  Renault S.A. (a) | 9755 | 325018 |
|  Stellantis NV (Milan-Traded Shares) | 31801 | 450459 |
|  Subaru Corp. | 17900 | 274667 |
|  Tesla, Inc. (a) | 1404 | 172945 |
|  Toyota Motor Corp. | 15600 | 213207 |
|  |  | 3640471 |
| **Banks—0.5%** | **Banks—0.5%** | **Banks—0.5%** |
|  ABN AMRO Bank NV | 9677 | 133656 |
|  Banco Bilbao Vizcaya Argentaria S.A. | 20631 | 124586 |
|  Bank Hapoalim B.M. | 16973 | 153119 |
|  Bank Leumi Le-Israel B.M. | 17078 | 142359 |
|  Bank of America Corp. | 11335 | 375415 |
|  Bank of Montreal | 2066 | 187161 |
|  Bank of Nova Scotia (The) | 5567 | 272758 |
|  BOC Hong Kong Holdings, Ltd. | 157000 | 533692 |
|  CaixaBank S.A. | 69183 | 271563 |
|  Canadian Imperial Bank of Commerce | 3482 | 140849 |
|  Chiba Bank, Ltd. (The) | 25700 | 188351 |
|  Citizens Financial Group, Inc. | 6886 | 271102 |
|  Comerica, Inc. | 2795 | 186846 |
|  Commonwealth Bank of Australia | 2217 | 154749 |
|  Concordia Financial Group, Ltd. | 40400 | 169044 |
|  Credit Agricole S.A. | 26012 | 274193 |
|  DNB Bank ASA | 14344 | 283984 |
|  Erste Group Bank AG | 4860 | 154974 |
|  Fifth Third Bancorp | 5492 | 180192 |
|  FinecoBank Banca Fineco S.p.A. | 16195 | 269898 |
|  Hang Seng Bank, Ltd. | 20000 | 331153 |
|  HSBC Holdings plc (Hong Kong-Traded Shares) | 22205 | 138481 |
|  Huntington Bancshares, Inc. | 19087 | 269127 |
|  Israel Discount Bank, Ltd. - Class A | 66182 | 347831 |
|  Japan Post Bank Co., Ltd. | 37600 | 323066 |
|  JPMorgan Chase & Co. | 3382 | 453526 |
|  KBC Group NV | 2797 | 179588 |
|  KeyCorp | 14919 | 259889 |
|  Mitsubishi UFJ Financial Group, Inc. | 36000 | 242857 |
|  Mizrahi Tefahot Bank, Ltd. | 4642 | 150379 |
|  Mizuho Financial Group, Inc. | 13250 | 187272 |
|  NatWest Group plc | 44359 | 141600 |
|  Regions Financial Corp. | 10857 | 234077 |
|  Resona Holdings, Inc. | 47700 | 262041 |
|  Royal Bank of Canada | 2710 | 254788 |
|  Shizuoka Financial Group, Inc. | 1700 | 13664 |
|  Signature Bank | 1872 | 215692 |
|  Skandinaviska Enskilda Banken AB - Class A | 1128 | 12981 |
|  Societe Generale S.A. | 5443 | 136566 |
|  Sumitomo Mitsui Financial Group, Inc. | 7000 | 282060 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 7300 | 254715 |
|  SVB Financial Group (a) | 1191 | 274097 |
|  Swedbank AB - A Shares | 10206 | 173387 |
|  Toronto-Dominion Bank (The) | 3657 | 236787 |
|  Truist Financial Corp. | 8474 | 364636 |
|  U.S. Bancorp | 8809 | 384160 |
|  Wells Fargo & Co. | 9755 | 402784 |
|  Zions Bancorp N.A. | 4666 | 229381 |
|  |  | 11225076 |

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*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Beverages—0.5%** | **Beverages—0.5%** | **Beverages—0.5%** |
|  Anheuser-Busch InBev S.A. | 7477 | $449504 |
|  Asahi Group Holdings, Ltd. | 18700 | 582273 |
|  Brown-Forman Corp. - Class B | 7403 | 486229 |
|  Budweiser Brewing Co. APAC, Ltd. | 207800 | 653703 |
|  Carlsberg AS - Class B | 3576 | 473378 |
|  Coca-Cola Co. (The) | 6959 | 442662 |
|  Coca-Cola Europacific Partners plc | 11191 | 619086 |
|  Coca-Cola HBC AG (a) | 22371 | 533976 |
|  Constellation Brands, Inc. - Class A | 2622 | 607649 |
|  Davide Campari-Milano NV | 37586 | 380943 |
|  Diageo plc | 10115 | 446671 |
|  Heineken Holding NV | 5075 | 390772 |
|  Heineken NV | 3983 | 374209 |
|  Ito En, Ltd. | 12000 | 437831 |
|  Keurig Dr Pepper, Inc. | 18786 | 669909 |
|  Kirin Holdings Co., Ltd. | 18800 | 288021 |
|  Molson Coors Beverage Co. - Class B | 11047 | 569141 |
|  Monster Beverage Corp. (a) | 7036 | 714365 |
|  PepsiCo, Inc. | 2493 | 450385 |
|  Pernod Ricard S.A. | 1307 | 256903 |
|  Remy Cointreau S.A. | 1877 | 316475 |
|  Suntory Beverage & Food, Ltd. | 14000 | 477694 |
|  Treasury Wine Estates, Ltd. | 59626 | 550961 |
|  |  | 11172740 |
| **Biotechnology—0.2%** | **Biotechnology—0.2%** | **Biotechnology—0.2%** |
|  AbbVie, Inc. | 1946 | 314493 |
|  Amgen, Inc. | 916 | 240578 |
|  Argenx SE (a) | 1224 | 461232 |
|  Biogen, Inc. (a) | 1223 | 338673 |
|  CSL, Ltd. | 2363 | 460763 |
|  Genmab A/S (a) | 1128 | 477796 |
|  Gilead Sciences, Inc. | 4310 | 370014 |
|  Grifols S.A. (a) | 50266 | 582894 |
|  Incyte Corp. (a) | 3956 | 317746 |
|  Moderna, Inc. (a) | 1405 | 252366 |
|  Regeneron Pharmaceuticals, Inc. (a) | 437 | 315291 |
|  Swedish Orphan Biovitrum AB (a) | 24889 | 514228 |
|  Vertex Pharmaceuticals, Inc. (a) | 1281 | 369927 |
|  |  | 5016001 |
| **Building Products—0.2%** | **Building Products—0.2%** | **Building Products—0.2%** |
|  A.O. Smith Corp. | 9150 | 523746 |
|  AGC, Inc. | 12700 | 420715 |
|  Allegion plc | 514 | 54104 |
|  Assa Abloy AB - Class B | 828 | 17815 |
|  Carrier Global Corp. | 6698 | 276293 |
|  Johnson Controls International plc | 5929 | 379456 |
|  Kingspan Group plc | 2230 | 120070 |
|  Lixil Corp. | 9500 | 144775 |
|  Masco Corp. | 7722 | 360386 |
|  Nibe Industrier AB - B Shares | 32993 | 308518 |
|  Rockwool International A/S - B Shares | 543 | 128093 |
|  TOTO, Ltd. | 6600 | 223348 |
|  Trane Technologies plc | 2288 | 384590 |
|  Xinyi Glass Holdings, Ltd. | 59000 | 109689 |
|  |  | 3451598 |
| **Capital Markets—0.3%** | **Capital Markets—0.3%** | **Capital Markets—0.3%** |
|  3i Group plc | 9488 | $154054 |
|  Ameriprise Financial, Inc. | 657 | 204570 |
|  Amundi S.A. | 10403 | 591105 |
|  ASX, Ltd. | 4993 | 228972 |
|  Brookfield Asset Management, Ltd. - Class A (a) | 899 | 25742 |
|  Brookfield Corp. | 3596 | 113085 |
|  Charles Schwab Corp. (The) | 3939 | 327961 |
|  Deutsche Boerse AG | 1113 | 192038 |
|  EQT AB | 7233 | 154152 |
|  Franklin Resources, Inc. | 10032 | 264644 |
|  Goldman Sachs Group, Inc. (The) | 265 | 90996 |
|  Hargreaves Lansdown plc | 33289 | 345007 |
|  Hong Kong Exchanges & Clearing, Ltd. | 6000 | 259291 |
|  IGM Financial, Inc. | 4548 | 126968 |
|  Intercontinental Exchange, Inc. | 6468 | 663552 |
|  Japan Exchange Group, Inc. | 12600 | 182100 |
|  Julius Baer Group, Ltd. | 1910 | 111021 |
|  London Stock Exchange Group plc | 2345 | 202336 |
|  Macquarie Group, Ltd. | 1506 | 170969 |
|  MarketAxess Holdings, Inc. | 931 | 259647 |
|  Moody's Corp. | 68 | 18946 |
|  Morgan Stanley | 4490 | 381740 |
|  Northern Trust Corp. | 4866 | 430592 |
|  Onex Corp. | 2573 | 124070 |
|  Raymond James Financial, Inc. | 1095 | 117001 |
|  Singapore Exchange, Ltd. | 22200 | 148459 |
|  St. James's Place plc | 39577 | 524082 |
| T. Rowe Price Group, Inc. | 3173 | 346047 |
|  TMX Group, Ltd. | 4648 | 465212 |
|  UBS Group AG | 7179 | 133814 |
|  |  | 7358173 |
| **Chemicals—0.9%** | **Chemicals—0.9%** | **Chemicals—0.9%** |
|  Air Liquide S.A. | 1799 | 255888 |
|  Air Products & Chemicals, Inc. | 1975 | 608814 |
|  Akzo Nobel NV | 2828 | 188701 |
|  Albemarle Corp. | 2029 | 440009 |
|  Arkema S.A. | 5632 | 508008 |
|  Asahi Kasei Corp. | 23200 | 164859 |
|  Celanese Corp. | 4929 | 503941 |
|  CF Industries Holdings, Inc. | 4546 | 387319 |
|  Chr Hansen Holding A/S | 11219 | 808808 |
|  Clariant AG (a) | 23493 | 373853 |
|  Corteva, Inc. | 11370 | 668329 |
|  Covestro AG | 5007 | 195890 |
|  Croda International plc | 4021 | 321352 |
|  Dow, Inc. | 10789 | 543658 |
|  DuPont de Nemours, Inc. | 8039 | 551717 |
|  Eastman Chemical Co. | 5691 | 463475 |
|  Ecolab, Inc. | 3660 | 532750 |
|  EMS-Chemie Holding AG | 351 | 237236 |
|  FMC Corp. | 4942 | 616762 |
|  Givaudan S.A. | 141 | 429871 |
|  ICL Group, Ltd. | 25362 | 182893 |
|  International Flavors & Fragrances, Inc. | 5444 | 570749 |
|  Johnson Matthey plc | 15882 | 408855 |

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*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Chemicals —(Continued)** | **Chemicals —(Continued)** | **Chemicals —(Continued)** |
|  JSR Corp. | 7100 | 139929 |
|  Koninklijke DSM NV | 1713 | 210006 |
|  Linde plc | 2230 | 727381 |
|  LyondellBasell Industries NV - Class A | 5975 | 496104 |
|  Mitsubishi Chemical Group Corp. | 40300 | 208214 |
|  Mitsui Chemicals, Inc. | 500 | 11212 |
|  Mosaic Co. (The) | 7654 | 335781 |
|  Nippon Paint Holdings Co., Ltd. | 21675 | 171509 |
|  Nippon Sanso Holdings Corp. | 11100 | 159883 |
|  Nissan Chemical Corp. | 4900 | 215690 |
|  Nitto Denko Corp. | 2700 | 155316 |
|  Novozymes A/S - B Shares | 10318 | 523975 |
|  Nutrien, Ltd. | 3998 | 291878 |
|  OCI NV | 7389 | 263673 |
|  Orica, Ltd. | 43374 | 443217 |
|  PPG Industries, Inc. | 4792 | 602546 |
|  Sherwin-Williams Co. (The) | 1740 | 412954 |
|  Shin-Etsu Chemical Co., Ltd. | 1300 | 158386 |
|  Sika AG | 1094 | 263971 |
|  Solvay S.A. | 6011 | 609278 |
|  Sumitomo Chemical Co., Ltd. | 52700 | 188699 |
|  Symrise AG | 2644 | 287647 |
|  Toray Industries, Inc. | 36900 | 204839 |
|  Tosoh Corp. | 13100 | 155436 |
|  Umicore S.A. | 13228 | 488022 |
|  Yara International ASA | 14968 | 658113 |
|  |  | 18347396 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
|  Brambles, Ltd. | 33059 | 271511 |
|  Cintas Corp. | 716 | 323360 |
|  Dai Nippon Printing Co., Ltd. | 22300 | 447064 |
|  Rentokil Initial plc | 41365 | 254241 |
|  Ritchie Bros Auctioneers, Inc. | 7135 | 412133 |
|  Rollins, Inc. | 7705 | 281541 |
|  Securitas AB - B Shares | 14937 | 124343 |
|  TOPPAN, Inc. | 7600 | 112199 |
|  Waste Management, Inc. | 514 | 80636 |
|  |  | 2307028 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
|  Arista Networks, Inc. (a) | 2149 | 260781 |
|  Cisco Systems, Inc. | 11218 | 534426 |
|  F5, Inc. (a) | 2248 | 322610 |
|  Motorola Solutions, Inc. | 214 | 55150 |
|  Nokia Oyj | 38942 | 180940 |
|  Telefonaktiebolaget LM Ericsson - B Shares | 106324 | 622673 |
|  |  | 1976580 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
|  ACS Actividades de Construccion y Servicios S.A. | 9639 | 276181 |
|  Ferrovial S.A. | 7239 | 189367 |
|  Obayashi Corp. | 17800 | 134572 |
|  Quanta Services, Inc. | 2023 | 288277 |
|  Shimizu Corp. | 25700 | 136917 |
|  WSP Global, Inc. | 3379 | 392029 |
|  |  | 1417343 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
|  CRH plc | 10173 | 402775 |
|  HeidelbergCement AG | 2883 | 164427 |
|  Holcim AG (a) | 8408 | 433577 |
|  James Hardie Industries plc | 11076 | 198379 |
|  Martin Marietta Materials, Inc. | 1367 | 462005 |
|  Vulcan Materials Co. | 3389 | 593448 |
|  |  | 2254611 |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |
|  American Express Co. | 2759 | 407642 |
|  Discover Financial Services | 1964 | 192138 |
|  Synchrony Financial | 9672 | 317822 |
|  |  | 917602 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
|  AMCOR plc | 56283 | 670330 |
|  Avery Dennison Corp. | 3130 | 566530 |
|  Ball Corp. | 9622 | 492069 |
|  CCL Industries, Inc. - Class B | 4654 | 198809 |
|  International Paper Co. | 17855 | 618319 |
|  Packaging Corp. of America | 5001 | 639678 |
|  Sealed Air Corp. | 10797 | 538554 |
|  Smurfit Kappa Group plc | 10676 | 395550 |
|  Westrock Co. | 14143 | 497268 |
|  |  | 4617107 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
|  LKQ Corp. | 4043 | 215937 |
|  Pool Corp. | 443 | 133932 |
|  |  | 349869 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
|  Pearson plc | 62852 | 712425 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Berkshire Hathaway, Inc. - Class B (a) | 307 | 94832 |
|  EXOR NV (a) | 3215 | 234685 |
|  Groupe Bruxelles Lambert NV | 151 | 12096 |
|  L E Lundbergforetagen AB - B Shares | 3278 | 139732 |
|  Mitsubishi HC Capital, Inc. | 31200 | 153700 |
|  ORIX Corp. | 1700 | 27412 |
|  Sofina S.A. | 972 | 215086 |
|  Wendel S.E. | 1750 | 164012 |
|  |  | 1041555 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
|  AT&T, Inc. | 67229 | 1237686 |
|  Bezeq The Israeli Telecommunication Corp., Ltd. | 418400 | 721826 |
|  BT Group plc | 408264 | 554357 |
|  Cellnex Telecom S.A. (a) | 15217 | 506051 |
|  Deutsche Telekom AG | 33787 | 673931 |
|  Elisa Oyj | 14072 | 745895 |
|  HKT Trust & HKT, Ltd. | 939000 | 1147729 |
|  Koninklijke KPN NV | 360206 | 1114463 |
|  Lumen Technologies, Inc. | 124068 | 647635 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Diversified Telecommunication Services —(Continued)** | | | |
|  Nippon Telegraph & Telephone Corp. | 48500 | $| 1384388 |
|  Orange S.A. | 111175 |  | 1105457 |
|  Singapore Telecommunications, Ltd. | 830900 |  | 1595206 |
|  Spark New Zealand, Ltd. | 434434 |  | 1489103 |
|  Swisscom AG | 3363 |  | 1840640 |
|  Telefonica Deutschland Holding AG | 254709 |  | 627575 |
|  Telefonica S.A. | 165496 |  | 599373 |
|  Telia Co. AB | 595696 |  | 1524571 |
|  TELUS Corp. | 771 |  | 14879 |
|  United Internet AG | 14962 |  | 302501 |
|  Verizon Communications, Inc. | 25026 |  | 986024 |
|  |  |  | 18819290 |
| **Electric Utilities—1.5%** | **Electric Utilities—1.5%** | **Electric Utilities—1.5%** | **Electric Utilities—1.5%** |
|  Acciona S.A. | 2825 |  | 519585 |
|  Alliant Energy Corp. | 15868 |  | 876072 |
|  American Electric Power Co., Inc. | 7053 |  | 669682 |
|  BKW AG | 8686 |  | 1185181 |
|  Chubu Electric Power Co., Inc. | 105500 |  | 1091743 |
|  CK Infrastructure Holdings, Ltd. | 281665 |  | 1474321 |
|  CLP Holdings, Ltd. | 229500 |  | 1674613 |
|  Constellation Energy Corp. | 7205 |  | 621143 |
|  Duke Energy Corp. | 7772 |  | 800438 |
|  Edison International | 13926 |  | 885972 |
|  EDP - Energias de Portugal S.A. | 185688 |  | 925060 |
|  Electricite de France S.A. | 39977 |  | 513539 |
|  Elia Group S.A. | 6593 |  | 936845 |
|  Emera, Inc. | 6498 |  | 248354 |
|  Endesa S.A. | 10670 |  | 201337 |
|  Enel S.p.A. | 41848 |  | 225071 |
|  Entergy Corp. | 7780 |  | 875250 |
|  Evergy, Inc. | 14486 |  | 911604 |
|  Eversource Energy | 10819 |  | 907065 |
|  Exelon Corp. | 14499 |  | 626792 |
|  FirstEnergy Corp. | 19763 |  | 828860 |
|  Fortis, Inc. | 4375 |  | 175065 |
|  Fortum Oyj | 37579 |  | 625984 |
|  HK Electric Investments & HK Electric Investments, Ltd. | 847000 |  | 558982 |
|  Hydro One, Ltd. | 23153 |  | 620206 |
|  Iberdrola S.A. | 24023 |  | 281009 |
|  Kansai Electric Power Co., Inc. (The) | 126100 |  | 1224064 |
|  NextEra Energy, Inc. | 10160 |  | 849376 |
|  NRG Energy, Inc. | 21760 |  | 692403 |
|  Origin Energy, Ltd. | 53158 |  | 279088 |
|  Orsted A/S | 5350 |  | 485388 |
|  PG&E Corp. (a) | 43529 |  | 707782 |
|  Pinnacle West Capital Corp. | 9332 |  | 709605 |
|  Power Assets Holdings, Ltd. | 290500 |  | 1591200 |
|  PPL Corp. | 33074 |  | 966422 |
|  Red Electrica Corp. S.A. | 15619 |  | 271315 |
|  Southern Co. (The) | 11290 |  | 806219 |
|  SSE plc | 31655 |  | 652913 |
|  Terna - Rete Elettrica Nazionale | 53134 |  | 393286 |
|  Tokyo Electric Power Co. Holdings, Inc. (a) | 174000 |  | 628215 |
|  Verbund AG | 6720 |  | 566770 |
|  Xcel Energy, Inc. | 9531 |  | 668218 |
|  |  |  | 30752037 |
| **Electrical Equipment—0.1%** | **Electrical Equipment—0.1%** | **Electrical Equipment—0.1%** | **Electrical Equipment—0.1%** |
|  ABB, Ltd. | 881 |  | 26833 |
|  Eaton Corp. plc | 3313 |  | 519975 |
|  Emerson Electric Co. | 3973 |  | 381647 |
|  Fuji Electric Co., Ltd. | 8900 |  | 338916 |
|  Generac Holdings, Inc. (a) | 1933 |  | 194576 |
|  Nidec Corp. | 100 |  | 5208 |
|  Prysmian S.p.A. | 4816 |  | 178284 |
|  Rockwell Automation, Inc. | 219 |  | 56408 |
|  Vestas Wind Systems A/S | 6149 |  | 179650 |
|  |  |  | 1881497 |
| **Electronic Equipment, Instruments & Components—0.3%** | **Electronic Equipment, Instruments & Components—0.3%** | **Electronic Equipment, Instruments & Components—0.3%** | **Electronic Equipment, Instruments & Components—0.3%** |
|  Azbil Corp. | 7300 |  | 184854 |
|  CDW Corp. | 2861 |  | 510917 |
|  Halma plc | 7948 |  | 189915 |
|  Hamamatsu Photonics KK | 6000 |  | 288624 |
|  Hexagon AB - B Shares | 19521 |  | 205200 |
|  Hirose Electric Co., Ltd. | 2410 |  | 301462 |
|  Ibiden Co., Ltd. | 6600 |  | 240440 |
|  Keyence Corp. | 652 |  | 255261 |
|  Keysight Technologies, Inc. (a) | 459 |  | 78521 |
|  Kyocera Corp. | 7000 |  | 349330 |
|  Murata Manufacturing Co., Ltd. | 3900 |  | 195660 |
|  Omron Corp. | 4000 |  | 195094 |
|  Shimadzu Corp. | 14700 |  | 419278 |
|  TDK Corp. | 11319 |  | 367539 |
|  TE Connectivity, Ltd. | 3798 |  | 436010 |
|  Teledyne Technologies, Inc. (a) | 1113 |  | 445100 |
|  Trimble, Inc. (a) | 5868 |  | 296686 |
|  Venture Corp., Ltd. | 75700 |  | 965103 |
|  Yokogawa Electric Corp. | 13300 |  | 210715 |
|  Zebra Technologies Corp. - Class A (a) | 841 |  | 215641 |
|  |  |  | 6351350 |
| **Energy Equipment & Services—0.1%** | **Energy Equipment & Services—0.1%** | **Energy Equipment & Services—0.1%** | **Energy Equipment & Services—0.1%** |
|  Baker Hughes Co. | 19608 |  | 579024 |
|  Halliburton Co. | 12973 |  | 510488 |
|  Schlumberger, Ltd. | 9662 |  | 516530 |
|  Tenaris S.A. | 41829 |  | 734079 |
|  |  |  | 2340121 |
| **Entertainment—0.5%** | **Entertainment—0.5%** | **Entertainment—0.5%** | **Entertainment—0.5%** |
|  Activision Blizzard, Inc. | 10439 |  | 799105 |
|  Bollore SE | 120828 |  | 677122 |
|  Capcom Co., Ltd. | 21600 |  | 692741 |
|  Electronic Arts, Inc. | 6555 |  | 800890 |
|  Embracer Group AB (a) | 164954 |  | 745658 |
|  Koei Tecmo Holdings Co., Ltd. | 15360 |  | 276840 |
|  Konami Group Corp. | 6300 |  | 286476 |
|  Live Nation Entertainment, Inc. (a) | 9617 |  | 670690 |
|  Netflix, Inc. (a) | 1633 |  | 481539 |
|  Nexon Co., Ltd. | 10500 |  | 234219 |
|  Nintendo Co., Ltd. | 14610 |  | 611803 |
|  Sea, Ltd. (ADR) (a) | 9181 |  | 477687 |
|  Square Enix Holdings Co., Ltd. | 11900 |  | 552507 |
|  Take-Two Interactive Software, Inc. (a) | 5630 |  | 586252 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Entertainment —(Continued)** | **Entertainment —(Continued)** | **Entertainment —(Continued)** | **Entertainment —(Continued)** |
|  Toho Co., Ltd. | 9200 | $| 356006 |
|  UBISOFT Entertainment S.A. (a) | 22785 |  | 646751 |
|  Universal Music Group NV | 16323 |  | 394024 |
|  Walt Disney Co. (The) (a) | 8017 |  | 696517 |
|  Warner Bros Discovery, Inc. (a) | 60892 |  | 577256 |
|  |  |  | 10564083 |
| **Equity Real Estate Investment Trusts—0.6%** | **Equity Real Estate Investment Trusts—0.6%** | **Equity Real Estate Investment Trusts—0.6%** | **Equity Real Estate Investment Trusts—0.6%** |
|  Alexandria Real Estate Equities, Inc. | 3123 |  | 454927 |
|  American Tower Corp. | 2004 |  | 424567 |
|  AvalonBay Communities, Inc. | 342 |  | 55240 |
|  Canadian Apartment Properties | 5031 |  | 158584 |
|  CapitaLand Integrated Commercial Trust | 127900 |  | 195019 |
|  CapLand Ascendas | 110100 |  | 225417 |
|  Covivio | 1553 |  | 92471 |
|  Crown Castle, Inc. | 1504 |  | 204003 |
|  Daiwa House REIT Investment Corp. | 9 |  | 20087 |
|  Digital Realty Trust, Inc. | 3149 |  | 315750 |
|  Equinix, Inc. | 642 |  | 420529 |
|  Equity Residential | 5653 |  | 333527 |
|  Essex Property Trust, Inc. | 49 |  | 10384 |
|  Extra Space Storage, Inc. | 2135 |  | 314229 |
|  Federal Realty Investment Trust | 2720 |  | 274829 |
|  Gecina S.A. | 4290 |  | 437084 |
|  GLP J-REIT (a) | 341 |  | 392323 |
|  Goodman Group | 15184 |  | 178391 |
|  Healthpeak Properties, Inc. | 13192 |  | 330723 |
|  Host Hotels & Resorts, Inc. | 11941 |  | 191653 |
|  Iron Mountain, Inc. | 5372 |  | 267794 |
|  Japan Metropolitan Fund Investment Corp. | 149 |  | 118421 |
|  Japan Real Estate Investment Corp. | 52 |  | 227746 |
|  Kimco Realty Corp. | 12291 |  | 260323 |
|  Link REIT | 23600 |  | 173284 |
|  Mapletree Logistics Trust | 517000 |  | 614365 |
|  Mapletree Pan Asia Commercial Trust | 458800 |  | 572557 |
|  Mirvac Group | 148690 |  | 215398 |
|  Nippon Building Fund, Inc. | 55 |  | 245616 |
|  Nippon Prologis REIT, Inc. | 15 |  | 35130 |
|  Nomura Real Estate Master Fund, Inc. | 306 |  | 380016 |
|  Prologis, Inc. | 3994 |  | 450244 |
|  Public Storage | 1499 |  | 420005 |
|  Realty Income Corp. | 7485 |  | 474774 |
|  Regency Centers Corp. | 3960 |  | 247500 |
|  RioCan Real Estate Investment Trust | 9144 |  | 142698 |
|  SBA Communications Corp. | 1153 |  | 323197 |
|  Scentre Group | 75506 |  | 146818 |
|  Segro plc | 13306 |  | 123008 |
|  Simon Property Group, Inc. | 2204 |  | 258926 |
|  UDR, Inc. | 6882 |  | 266540 |
|  Unibail-Rodamco-Westfield (a) | 1687 |  | 88026 |
|  Ventas, Inc. | 5575 |  | 251154 |
|  VICI Properties, Inc. | 10356 |  | 335534 |
|  Vicinity, Ltd. | 133085 |  | 181078 |
|  Vornado Realty Trust | 10423 |  | 216903 |
|  Welltower, Inc. | 3261 |  | 213759 |
|  Weyerhaeuser Co. | 2514 |  | 77934 |
|  |  |  | 12358485 |
| **Food & Staples Retailing—0.5%** | **Food & Staples Retailing—0.5%** | **Food & Staples Retailing—0.5%** | **Food & Staples Retailing—0.5%** |
|  Aeon Co., Ltd. | 22400 |  | 471514 |
|  Alimentation Couche-Tard, Inc. | 10304 |  | 452798 |
|  Carrefour S.A. | 15871 |  | 265555 |
|  Coles Group, Ltd. | 42499 |  | 481292 |
|  Costco Wholesale Corp. | 914 |  | 417241 |
|  Empire Co., Ltd. | 14251 |  | 375325 |
|  Endeavour Group, Ltd. | 74002 |  | 321377 |
|  George Weston, Ltd. | 4806 |  | 596278 |
|  HelloFresh SE (a) | 18607 |  | 407929 |
|  J Sainsbury plc | 170804 |  | 448362 |
|  Jeronimo Martins SGPS S.A. | 453 |  | 9795 |
|  Kesko Oyj - B Shares | 8290 |  | 183445 |
|  Kobe Bussan Co., Ltd. | 10700 |  | 308864 |
|  Koninklijke Ahold Delhaize NV | 35547 |  | 1021403 |
|  Kroger Co. (The) | 13594 |  | 606021 |
|  Loblaw Cos., Ltd. | 7992 |  | 706649 |
|  Metro, Inc. | 5789 |  | 320533 |
|  Ocado Group plc (a) | 23237 |  | 174863 |
|  Seven & i Holdings Co., Ltd. | 12600 |  | 539007 |
|  Sysco Corp. | 7532 |  | 575821 |
|  Tesco plc | 134156 |  | 363732 |
|  Walgreens Boots Alliance, Inc. | 18210 |  | 680326 |
|  Walmart, Inc. | 4060 |  | 575667 |
|  Welcia Holdings Co., Ltd. | 21500 |  | 500812 |
|  |  |  | 10804609 |
| **Food Products—1.1%** | **Food Products—1.1%** | **Food Products—1.1%** | **Food Products—1.1%** |
|  Ajinomoto Co., Inc. | 33100 |  | 1009260 |
|  Archer-Daniels-Midland Co. | 7669 |  | 712067 |
|  Associated British Foods plc | 30775 |  | 586310 |
|  Barry Callebaut AG | 441 |  | 873729 |
|  Campbell Soup Co. | 17514 |  | 993919 |
|  Chocoladefabriken Lindt & Spruengli AG | 9 |  | 926927 |
|  Conagra Brands, Inc. | 26983 |  | 1044242 |
|  Danone S.A. | 4466 |  | 235286 |
|  General Mills, Inc. | 9432 |  | 790873 |
|  Hershey Co. (The) | 3546 |  | 821147 |
|  Hormel Foods Corp. | 21001 |  | 956596 |
|  J.M. Smucker Co. (The) | 6328 |  | 1002735 |
|  JDE Peet's NV | 21557 |  | 623086 |
|  Kellogg Co. | 9275 |  | 660751 |
|  Kerry Group plc - Class A | 12269 |  | 1107122 |
|  Kikkoman Corp. | 8300 |  | 438731 |
|  Kraft Heinz Co. (The) | 20151 |  | 820347 |
|  Lamb Weston Holdings, Inc. | 5843 |  | 522130 |
|  McCormick & Co., Inc. | 11012 |  | 912785 |
|  MEIJI Holdings Co., Ltd. | 18600 |  | 955120 |
|  Mondelez International, Inc. - Class A | 11588 |  | 772340 |
|  Mowi ASA | 11085 |  | 189259 |
|  Nestle S.A. | 2456 |  | 283632 |
|  Nisshin Seifun Group, Inc. | 35000 |  | 438780 |
|  Nissin Foods Holdings Co., Ltd. | 10500 |  | 831333 |
|  Salmar ASA | 11961 |  | 470335 |
|  Saputo, Inc. | 16806 |  | 416054 |
|  Tyson Foods, Inc. - Class A | 12941 |  | 805577 |
|  WH Group, Ltd. | 1757603 |  | 1022532 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Food Products—(Continued)** | **Food Products—(Continued)** | **Food Products—(Continued)** | **Food Products—(Continued)** |
|  Wilmar International, Ltd. | 259000 | $| 806912 |
|  Yakult Honsha Co., Ltd. | 9700 |  | 632562 |
|  |  |  | 22662479 |
| **Gas Utilities—0.5%** | **Gas Utilities—0.5%** | **Gas Utilities—0.5%** | **Gas Utilities—0.5%** |
|  AltaGas, Ltd. | 25460 |  | 439627 |
|  APA Group | 64855 |  | 474845 |
|  Atmos Energy Corp. | 4856 |  | 544212 |
|  Enagas S.A. | 11322 |  | 188241 |
|  Hong Kong & China Gas Co., Ltd. | 2123270 |  | 2018669 |
|  Naturgy Energy Group S.A. | 10000 |  | 260119 |
|  Osaka Gas Co., Ltd. | 158000 |  | 2555519 |
|  Snam S.p.A. | 78165 |  | 379507 |
|  Tokyo Gas Co., Ltd. | 218500 |  | 4295457 |
|  |  |  | 11156196 |
| **Health Care Equipment & Supplies—0.6%** | **Health Care Equipment & Supplies—0.6%** | **Health Care Equipment & Supplies—0.6%** | **Health Care Equipment & Supplies—0.6%** |
|  Abbott Laboratories | 5037 |  | 553012 |
|  Alcon, Inc. | 9482 |  | 651266 |
|  Align Technology, Inc. (a) | 1202 |  | 253502 |
|  Asahi Intecc Co., Ltd. | 13000 |  | 214237 |
|  Baxter International, Inc. | 5797 |  | 295473 |
|  Becton Dickinson & Co. | 2289 |  | 582093 |
|  BioMerieux | 3920 |  | 412232 |
|  Boston Scientific Corp. (a) | 4336 |  | 200627 |
|  Carl Zeiss Meditec AG | 2979 |  | 375992 |
|  Cochlear, Ltd. | 3272 |  | 454301 |
|  Coloplast A/S - Class B | 6489 |  | 760307 |
|  Cooper Cos., Inc. (The) | 877 |  | 289998 |
|  Demant A/S (a) | 12077 |  | 335826 |
|  Dentsply Sirona, Inc. | 11305 |  | 359951 |
|  DexCom, Inc. (a) | 2478 |  | 280609 |
|  DiaSorin S.p.A. | 3010 |  | 421785 |
|  Edwards Lifesciences Corp. (a) | 5477 |  | 408639 |
|  EssilorLuxottica S.A. | 1407 |  | 256209 |
|  Getinge AB - B Shares | 20511 |  | 427102 |
|  Hologic, Inc. (a) | 3004 |  | 224729 |
|  Hoya Corp. | 2900 |  | 280590 |
|  IDEXX Laboratories, Inc. (a) | 1110 |  | 452836 |
|  Intuitive Surgical, Inc. (a) | 1289 |  | 342036 |
|  Koninklijke Philips NV | 11898 |  | 178580 |
|  Medtronic plc | 2621 |  | 203704 |
|  Olympus Corp. | 15500 |  | 273973 |
|  ResMed, Inc. | 1255 |  | 261203 |
|  Siemens Healthineers AG | 7171 |  | 358736 |
|  Smith & Nephew plc | 51893 |  | 693278 |
|  Sonova Holding AG | 1811 |  | 430904 |
|  STERIS plc | 2343 |  | 432729 |
|  Straumann Holding AG | 3770 |  | 426927 |
|  Stryker Corp. | 1590 |  | 388739 |
|  Sysmex Corp. | 4862 |  | 296146 |
|  Teleflex, Inc. | 1251 |  | 312287 |
|  Terumo Corp. | 11400 |  | 322379 |
|  Zimmer Biomet Holdings, Inc. | 2863 |  | 365033 |
|  |  |  | 13777970 |
| **Health Care Providers & Services—0.3%** | **Health Care Providers & Services—0.3%** | **Health Care Providers & Services—0.3%** | **Health Care Providers & Services—0.3%** |
|  Amplifon S.p.A. | 15888 |  | 474622 |
|  Cardinal Health, Inc. | 4216 |  | 324084 |
|  Centene Corp. (a) | 4192 |  | 343786 |
|  Cigna Corp. | 979 |  | 324382 |
|  CVS Health Corp. | 4167 |  | 388323 |
|  DaVita, Inc. (a) | 4590 |  | 342735 |
|  Elevance Health, Inc. | 712 |  | 365235 |
|  Fresenius SE & Co. KGaA | 13123 |  | 369214 |
|  HCA Healthcare, Inc. | 1353 |  | 324666 |
|  Henry Schein, Inc. (a) | 4034 |  | 322196 |
|  Humana, Inc. | 566 |  | 289900 |
|  Laboratory Corp. of America Holdings | 1197 |  | 281870 |
|  McKesson Corp. | 537 |  | 201439 |
|  Molina Healthcare, Inc. (a) | 1016 |  | 335503 |
|  NMC Health plc (a)(b)(c) | 1427 |  | 0 |
|  Quest Diagnostics, Inc. | 2386 |  | 373266 |
|  Ramsay Health Care, Ltd. | 11234 |  | 496552 |
|  Sonic Healthcare, Ltd. | 22139 |  | 451396 |
|  Universal Health Services, Inc. - Class B | 2078 |  | 292769 |
|  |  |  | 6301938 |
| **Health Care Technology—0.0%** | **Health Care Technology—0.0%** | **Health Care Technology—0.0%** | **Health Care Technology—0.0%** |
|  M3, Inc. | 7241 |  | 197253 |
| **Hotels, Restaurants & Leisure—0.5%** | **Hotels, Restaurants & Leisure—0.5%** | **Hotels, Restaurants & Leisure—0.5%** | **Hotels, Restaurants & Leisure—0.5%** |
|  Accor S.A. (a) | 16878 |  | 419342 |
|  Aristocrat Leisure, Ltd. | 10669 |  | 220328 |
|  Booking Holdings, Inc. (a) | 191 |  | 384919 |
|  Caesars Entertainment, Inc. (a) | 4372 |  | 181875 |
|  Carnival Corp. (a) | 23809 |  | 191901 |
|  Chipotle Mexican Grill, Inc. (a) | 202 |  | 280273 |
|  Compass Group plc | 9513 |  | 219816 |
|  Darden Restaurants, Inc. | 2179 |  | 301421 |
|  Domino's Pizza, Inc. | 704 |  | 243866 |
|  Entain plc | 14254 |  | 228544 |
|  Evolution AB | 853 |  | 83307 |
|  Expedia Group, Inc. (a) | 3077 |  | 269545 |
|  Flutter Entertainment plc (a) | 2281 |  | 312553 |
|  Galaxy Entertainment Group, Ltd. | 84000 |  | 556206 |
|  Genting Singapore, Ltd. | 1015000 |  | 724338 |
|  Hilton Worldwide Holdings, Inc. | 2972 |  | 375542 |
|  InterContinental Hotels Group plc | 4274 |  | 246006 |
|  La Francaise des Jeux SAEM | 12565 |  | 504800 |
|  Las Vegas Sands Corp. (a) | 6119 |  | 294140 |
|  Lottery Corp., Ltd. (The) (a) | 75512 |  | 230147 |
|  Marriott International, Inc. - Class A | 2034 |  | 302842 |
|  McDonald's Corp. | 781 |  | 205817 |
|  McDonald's Holdings Co. Japan, Ltd. | 14100 |  | 536493 |
|  MGM Resorts International | 6718 |  | 225255 |
|  Norwegian Cruise Line Holdings, Ltd. (a) | 14126 |  | 172902 |
|  Oriental Land Co., Ltd. | 2000 |  | 291375 |
|  Restaurant Brands International, Inc. | 6976 |  | 451173 |
|  Royal Caribbean Cruises, Ltd. (a) | 3952 |  | 195347 |
|  Sodexo S.A. | 3277 |  | 313487 |
|  Starbucks Corp. | 4380 |  | 434496 |
|  Whitbread plc | 7204 |  | 224110 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
|  Wynn Resorts, Ltd. (a) | 2984 | $| 246091 |
|  Yum! Brands, Inc. | 1380 |  | 176750 |
|  |  |  | 10045007 |
| **Household Durables—0.2%** | **Household Durables—0.2%** | **Household Durables—0.2%** | **Household Durables—0.2%** |
|  Barratt Developments plc | 30881 |  | 148287 |
|  Berkeley Group Holdings plc | 4419 |  | 201203 |
|  Electrolux AB - Series B | 48817 |  | 660705 |
|  Garmin, Ltd. | 1964 |  | 181257 |
|  Iida Group Holdings Co., Ltd. | 2000 |  | 30231 |
|  Lennar Corp. - Class A | 3780 |  | 342090 |
|  Mohawk Industries, Inc. (a) | 2994 |  | 306047 |
|  Newell Brands, Inc. | 15535 |  | 203198 |
|  NVR, Inc. (a) | 83 |  | 382844 |
|  Open House Group Co., Ltd. | 3900 |  | 141462 |
|  PulteGroup, Inc. | 8342 |  | 379811 |
|  SEB S.A. | 7101 |  | 596878 |
|  Sekisui Chemical Co., Ltd. | 12100 |  | 168373 |
|  Sekisui House, Ltd. | 12000 |  | 212232 |
|  Sony Group Corp. | 2700 |  | 205891 |
|  Whirlpool Corp. | 2196 |  | 310646 |
|  |  |  | 4471155 |
| **Household Products—0.3%** | **Household Products—0.3%** | **Household Products—0.3%** | **Household Products—0.3%** |
|  Church & Dwight Co., Inc. | 9589 |  | 772969 |
|  Clorox Co. (The) | 3238 |  | 454389 |
|  Colgate-Palmolive Co. | 10451 |  | 823434 |
|  Essity AB - Class B | 23676 |  | 621446 |
|  Henkel AG & Co. KGaA | 12549 |  | 809343 |
|  Kimberly-Clark Corp. | 5723 |  | 776897 |
|  Procter & Gamble Co. (The) | 5385 |  | 816151 |
|  Reckitt Benckiser Group plc | 8208 |  | 571023 |
|  Unicharm Corp. | 17100 |  | 655739 |
|  |  |  | 6301391 |
| **Independent Power and Renewable Electricity Producers—0.2%** | **Independent Power and Renewable Electricity Producers—0.2%** | **Independent Power and Renewable Electricity Producers—0.2%** | **Independent Power and Renewable Electricity Producers—0.2%** |
|  AES Corp. (The) | 27000 |  | 776520 |
|  Brookfield Renewable Corp. - Class A | 13826 |  | 380572 |
|  Corp. ACCIONA Energias Renovables S.A. | 12853 |  | 496739 |
|  EDP Renovaveis S.A. | 29583 |  | 653959 |
|  Meridian Energy, Ltd. | 140281 |  | 463641 |
|  RWE AG | 19021 |  | 845803 |
|  |  |  | 3617234 |
| **Industrial Conglomerates—0.2%** | **Industrial Conglomerates—0.2%** | **Industrial Conglomerates—0.2%** | **Industrial Conglomerates—0.2%** |
|  3M Co. | 4507 |  | 540479 |
|  CK Hutchison Holdings, Ltd. | 75000 |  | 450250 |
|  DCC plc | 2210 |  | 109100 |
|  General Electric Co. | 3616 |  | 302985 |
|  Hitachi, Ltd. | 2900 |  | 145942 |
|  Jardine Cycle & Carriage, Ltd. | 30100 |  | 643102 |
|  Jardine Matheson Holdings, Ltd. | 12200 |  | 620343 |
|  Keppel Corp., Ltd. | 84500 |  | 458378 |
|  Siemens AG | 1330 |  | 184594 |
| **Industrial Conglomerates—(Continued)** | **Industrial Conglomerates—(Continued)** | **Industrial Conglomerates—(Continued)** | **Industrial Conglomerates—(Continued)** |
|  Smiths Group plc | 11870 |  | 228847 |
|  Toshiba Corp. | 11100 |  | 389086 |
|  |  |  | 4073106 |
| **Insurance—0.5%** | **Insurance—0.5%** | **Insurance—0.5%** | **Insurance—0.5%** |
|  Admiral Group plc | 6107 |  | 157838 |
|  Ageas SA | 5312 |  | 236341 |
|  AIA Group, Ltd. | 42000 |  | 462714 |
|  Allstate Corp. (The) | 2019 |  | 273776 |
|  Aon plc - Class A | 961 |  | 288435 |
|  Arthur J. Gallagher & Co. | 1700 |  | 320518 |
|  Assurant, Inc. | 865 |  | 108177 |
|  Baloise Holding AG | 1325 |  | 204671 |
|  Brown & Brown, Inc. | 9845 |  | 560870 |
|  Chubb, Ltd. | 2478 |  | 546647 |
|  Cincinnati Financial Corp. | 3498 |  | 358160 |
|  Dai-ichi Life Holdings, Inc. | 8200 |  | 186210 |
|  Everest Re Group, Ltd. | 1242 |  | 411437 |
|  Fairfax Financial Holdings, Ltd. | 368 |  | 217993 |
|  Gjensidige Forsikring ASA | 39514 |  | 775412 |
|  Globe Life, Inc. | 976 |  | 117657 |
|  Hannover Rueck SE | 1069 |  | 212506 |
|  Hartford Financial Services Group, Inc. (The) | 3658 |  | 277386 |
|  iA Financial Corp., Inc. | 3320 |  | 194370 |
|  Insurance Australia Group, Ltd. | 77212 |  | 249546 |
|  Intact Financial Corp. | 1865 |  | 268469 |
|  Japan Post Holdings Co., Ltd. | 34400 |  | 290011 |
|  Japan Post Insurance Co., Ltd. | 8000 |  | 140791 |
|  Lincoln National Corp. | 5128 |  | 157532 |
|  Manulife Financial Corp. | 15810 |  | 281988 |
|  Marsh & McLennan Cos., Inc. | 753 |  | 124606 |
|  Medibank Private, Ltd. | 151817 |  | 302713 |
|  MS&AD Insurance Group Holdings, Inc. | 7400 |  | 236845 |
|  NN Group NV | 2183 |  | 89157 |
|  Poste Italiane S.p.A. | 28976 |  | 282573 |
|  Principal Financial Group, Inc. | 2959 |  | 248319 |
|  Progressive Corp. (The) | 2043 |  | 264998 |
|  Prudential Financial, Inc. | 770 |  | 76584 |
|  Prudential plc | 8824 |  | 119412 |
|  Sampo Oyj - A Shares | 3212 |  | 167950 |
|  Sompo Holdings, Inc. | 4100 |  | 182051 |
|  Suncorp Group, Ltd. | 22084 |  | 181092 |
|  Swiss Life Holding AG | 240 |  | 123891 |
|  Swiss Re AG | 1951 |  | 183023 |
|  T&D Holdings, Inc. | 10700 |  | 154001 |
|  Tokio Marine Holdings, Inc. | 12600 |  | 269723 |
|  Travelers Cos., Inc. (The) | 1502 |  | 281610 |
|  Tryg A/S | 6726 |  | 159531 |
|  W.R. Berkley Corp. | 4662 |  | 338321 |
|  Zurich Insurance Group AG | 304 |  | 145274 |
|  |  |  | 11231129 |
| **Interactive Media & Services—0.2%** | **Interactive Media & Services—0.2%** | **Interactive Media & Services—0.2%** | **Interactive Media & Services—0.2%** |
|  Alphabet, Inc. - Class A (a) | 9060 |  | 799364 |
|  Auto Trader Group plc | 83375 |  | 520283 |
|  Kakaku.com, Inc. | 26100 |  | 419791 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Interactive Media & Services—(Continued)** | **Interactive Media & Services—(Continued)** | **Interactive Media & Services—(Continued)** | **Interactive Media & Services—(Continued)** |
|  Match Group, Inc. (a) | 14065 | $| 583557 |
|  Meta Platforms, Inc. - Class A (a) | 4906 |  | 590388 |
|  REA Group, Ltd. | 3149 |  | 237131 |
|  Scout24 SE | 20594 |  | 1034702 |
|  Seek, Ltd. | 26506 |  | 377348 |
|  Z Holdings Corp. | 147000 |  | 371628 |
|  |  |  | 4934192 |
| **Internet & Direct Marketing Retail—0.1%** | **Internet & Direct Marketing Retail—0.1%** | **Internet & Direct Marketing Retail—0.1%** | **Internet & Direct Marketing Retail—0.1%** |
|  Amazon.com, Inc. (a) | 2872 |  | 241248 |
|  Delivery Hero SE (a) | 4885 |  | 234027 |
|  eBay, Inc. | 8189 |  | 339598 |
|  Etsy, Inc. (a) | 1756 |  | 210334 |
|  Just Eat Takeaway.com NV (a) | 12304 |  | 262005 |
|  Prosus NV (a) | 3857 |  | 264804 |
|  Rakuten Group, Inc. (a) | 31100 |  | 141155 |
|  Zalando SE (a) | 6982 |  | 247519 |
|  ZOZO, Inc. | 5500 |  | 136555 |
|  |  |  | 2077245 |
| **IT Services—0.6%** | **IT Services—0.6%** | **IT Services—0.6%** | **IT Services—0.6%** |
|  Accenture plc - Class A | 2370 |  | 632411 |
|  Adyen NV (a) | 221 |  | 305823 |
|  Akamai Technologies, Inc. (a) | 4836 |  | 407675 |
|  Amadeus IT Group S.A. (a) | 7895 |  | 407146 |
|  Automatic Data Processing, Inc. | 1284 |  | 306696 |
|  Bechtle AG | 8202 |  | 290232 |
|  Broadridge Financial Solutions, Inc. | 2605 |  | 349409 |
|  Capgemini SE | 1087 |  | 182305 |
|  CGI, Inc. (a) | 3195 |  | 275398 |
|  Cognizant Technology Solutions Corp. - Class A | 5876 |  | 336048 |
|  Computershare, Ltd. | 37930 |  | 676667 |
|  DXC Technology Co. (a) | 8398 |  | 222547 |
|  Edenred | 4628 |  | 251829 |
|  EPAM Systems, Inc. (a) | 674 |  | 220897 |
|  Fidelity National Information Services, Inc. | 4408 |  | 299083 |
|  Fiserv, Inc. (a) | 3327 |  | 336260 |
|  FleetCor Technologies, Inc. (a) | 1474 |  | 270744 |
|  Global Payments, Inc. | 2320 |  | 230422 |
|  Itochu Techno-Solutions Corp. | 8100 |  | 189715 |
|  Jack Henry & Associates, Inc. | 2081 |  | 365340 |
|  MasterCard, Inc. - Class A | 1481 |  | 514988 |
|  NEC Corp. | 15800 |  | 552801 |
|  Nexi S.p.A. (a) | 78525 |  | 617258 |
|  Nomura Research Institute, Ltd. | 8300 |  | 197312 |
|  NTT Data Corp. | 15300 |  | 225131 |
|  Nuvei Corp. (a) | 4806 |  | 122138 |
|  Obic Co., Ltd. | 1800 |  | 266114 |
|  Otsuka Corp. | 7000 |  | 221526 |
|  Paychex, Inc. | 4664 |  | 538972 |
|  PayPal Holdings, Inc. (a) | 2322 |  | 165373 |
|  SCSK Corp. | 13600 |  | 205277 |
|  Shopify, Inc. - Class A (a) | 4200 |  | 145821 |
|  TIS, Inc. | 12900 |  | 341932 |
|  VeriSign, Inc. (a) | 2643 |  | 542978 |
| **IT Services—(Continued)** | **IT Services—(Continued)** | **IT Services—(Continued)** | **IT Services—(Continued)** |
|  Visa, Inc. - Class A | 729 |  | 151457 |
|  Wix.com, Ltd. (a) | 6023 |  | 462747 |
|  |  |  | 11828472 |
| **Leisure Products—0.1%** | **Leisure Products—0.1%** | **Leisure Products—0.1%** | **Leisure Products—0.1%** |
|  Bandai Namco Holdings, Inc. | 3361 |  | 210773 |
|  Hasbro, Inc. | 4649 |  | 283636 |
|  Shimano, Inc. | 1400 |  | 223059 |
|  Yamaha Corp. | 12400 |  | 457476 |
|  |  |  | 1174944 |
| **Life Sciences Tools & Services—0.3%** | **Life Sciences Tools & Services—0.3%** | **Life Sciences Tools & Services—0.3%** | **Life Sciences Tools & Services—0.3%** |
|  Agilent Technologies, Inc. | 1788 |  | 267574 |
|  Bachem Holding AG - Class B | 5290 |  | 461380 |
|  Bio-Rad Laboratories, Inc. - Class A (a) | 652 |  | 274160 |
|  Bio-Techne Corp. | 5260 |  | 435949 |
|  Charles River Laboratories International, Inc. (a) | 1913 |  | 416843 |
|  Eurofins Scientific SE | 7531 |  | 542322 |
|  Illumina, Inc. (a) | 1606 |  | 324733 |
|  IQVIA Holdings, Inc. (a) | 1652 |  | 338478 |
|  Lonza Group AG | 1039 |  | 511373 |
|  Mettler-Toledo International, Inc. (a) | 339 |  | 490008 |
|  PerkinElmer, Inc. | 2652 |  | 371863 |
|  QIAGEN NV (a) | 13019 |  | 655227 |
|  Sartorius Stedim Biotech | 1040 |  | 338826 |
|  Thermo Fisher Scientific, Inc. | 787 |  | 433393 |
|  Waters Corp. (a) | 869 |  | 297702 |
|  West Pharmaceutical Services, Inc. | 1197 |  | 281714 |
|  |  |  | 6441545 |
| **Machinery—0.4%** | **Machinery—0.4%** | **Machinery—0.4%** | **Machinery—0.4%** |
|  Alfa Laval AB | 8741 |  | 252936 |
|  Caterpillar, Inc. | 495 |  | 118582 |
|  CNH Industrial NV | 19518 |  | 313462 |
|  Daifuku Co., Ltd. | 2600 |  | 122360 |
|  Daimler Truck Holding AG (a) | 6391 |  | 198014 |
|  Deere & Co. | 359 |  | 153925 |
|  Dover Corp. | 2267 |  | 306974 |
|  Fortive Corp. | 6210 |  | 398992 |
|  GEA Group AG | 4611 |  | 188351 |
|  Hitachi Construction Machinery Co., Ltd. | 9800 |  | 220847 |
|  Hoshizaki Corp. | 400 |  | 14084 |
|  Husqvarna AB - B Shares | 15232 |  | 107323 |
|  Illinois Tool Works, Inc. | 530 |  | 116759 |
|  Ingersoll Rand, Inc. | 6190 |  | 323428 |
|  Knorr-Bremse AG | 2412 |  | 131803 |
|  Komatsu, Ltd. | 12300 |  | 266851 |
|  Kone Oyj - Class B | 3199 |  | 165697 |
|  Kurita Water Industries, Ltd. | 4900 |  | 203411 |
|  Makita Corp. | 5900 |  | 138141 |
|  MISUMI Group, Inc. | 5600 |  | 122756 |
|  Mitsubishi Heavy Industries, Ltd. | 5400 |  | 213696 |
|  NGK Insulators, Ltd. | 14600 |  | 186203 |
|  Nordson Corp. | 2617 |  | 622113 |
|  Otis Worldwide Corp. | 7628 |  | 597349 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
|  Parker-Hannifin Corp. | 1116 | $| 324756 |
|  Rational AG | 1096 |  | 649574 |
|  Sandvik AB | 36076 |  | 651360 |
|  Schindler Holding AG | 1240 |  | 222724 |
|  Snap-on, Inc. | 1401 |  | 320114 |
|  Spirax-Sarco Engineering plc | 1231 |  | 158172 |
|  Stanley Black & Decker, Inc. | 2995 |  | 224984 |
|  Wartsila Oyj Abp | 21923 |  | 185259 |
|  Westinghouse Air Brake Technologies Corp. | 2927 |  | 292144 |
|  Xylem, Inc. | 694 |  | 76736 |
|  Yaskawa Electric Corp. | 11900 |  | 382855 |
|  |  |  | 8972735 |
| **Marine—0.0%** | **Marine—0.0%** | **Marine—0.0%** | **Marine—0.0%** |
|  AP Moller - Maersk A/S - Class A | 92 |  | 204112 |
|  Nippon Yusen KK | 5100 |  | 120821 |
|  |  |  | 324933 |
| **Media—0.4%** | **Media—0.4%** | **Media—0.4%** | **Media—0.4%** |
|  Charter Communications, Inc. - Class A (a) | 1624 |  | 550698 |
|  Comcast Corp. - Class A | 20773 |  | 726432 |
|  CyberAgent, Inc. | 47900 |  | 426051 |
|  Dentsu Group, Inc. | 15200 |  | 479862 |
|  DISH Network Corp. - Class A (a) | 37445 |  | 525728 |
|  Fox Corp. - Class B | 25381 |  | 722089 |
|  Hakuhodo DY Holdings, Inc. | 21000 |  | 212698 |
|  Informa plc | 27504 |  | 206206 |
|  Interpublic Group of Cos., Inc. (The) | 25807 |  | 859631 |
|  News Corp. - Class B | 37456 |  | 690689 |
|  Omnicom Group, Inc. | 10504 |  | 856811 |
|  Paramount Global - Class B | 45677 |  | 771028 |
|  Publicis Groupe S.A. | 4358 |  | 276737 |
|  Shaw Communications, Inc. - Class B | 19794 |  | 570284 |
|  Vivendi SE | 67443 |  | 645368 |
|  |  |  | 8520312 |
| **Metals & Mining—0.4%** | **Metals & Mining—0.4%** | **Metals & Mining—0.4%** | **Metals & Mining—0.4%** |
|  Agnico Eagle Mines, Ltd. | 7423 |  | 385733 |
|  Anglo American plc | 7138 |  | 279186 |
|  Antofagasta plc | 20750 |  | 385227 |
|  ArcelorMittal S.A. | 5214 |  | 136325 |
|  Barrick Gold Corp. | 29127 |  | 499289 |
|  BHP Group, Ltd. | 10438 |  | 323173 |
|  BHP Group, Ltd. (London-Traded Shares)  | 597 |  | 18408 |
|  BlueScope Steel, Ltd. | 19468 |  | 221905 |
|  Boliden AB | 10935 |  | 411206 |
|  First Quantum Minerals, Ltd. | 7954 |  | 166188 |
|  Fortescue Metals Group, Ltd. | 22935 |  | 319744 |
|  Franco-Nevada Corp. | 3056 |  | 416577 |
|  Freeport-McMoRan, Inc. | 12873 |  | 489174 |
|  Glencore plc | 34171 |  | 228494 |
|  Ivanhoe Mines, Ltd. - Class A (a) | 23597 |  | 186476 |
|  JFE Holdings, Inc. | 13400 |  | 155590 |
|  Kinross Gold Corp. | 64827 |  | 264287 |
|  Newcrest Mining, Ltd. | 22841 |  | 318450 |
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
|  Newmont Corp. | 15493 |  | 731270 |
|  Nippon Steel Corp. | 13900 |  | 242012 |
|  Norsk Hydro ASA | 58451 |  | 437770 |
|  Nucor Corp. | 3217 |  | 424033 |
|  Pan American Silver Corp. | 11795 |  | 192518 |
|  Rio Tinto plc | 7318 |  | 513476 |
|  Rio Tinto, Ltd. | 3012 |  | 237377 |
|  South32, Ltd. | 98033 |  | 265367 |
|  Sumitomo Metal Mining Co., Ltd. | 4600 |  | 163644 |
|  Teck Resources, Ltd. - Class B | 7275 |  | 274935 |
|  Wheaton Precious Metals Corp. | 10611 |  | 414566 |
|  |  |  | 9102400 |
| **Multi-Utilities—0.6%** | **Multi-Utilities—0.6%** | **Multi-Utilities—0.6%** | **Multi-Utilities—0.6%** |
|  Algonquin Power & Utilities Corp. | 117962 |  | 768408 |
|  Ameren Corp. | 10808 |  | 961047 |
|  CenterPoint Energy, Inc. | 28387 |  | 851326 |
|  CMS Energy Corp. | 13891 |  | 879717 |
|  Consolidated Edison, Inc. | 7631 |  | 727311 |
|  Dominion Energy, Inc. | 10553 |  | 647110 |
|  DTE Energy Co. | 8146 |  | 957399 |
|  E.ON SE | 92672 |  | 924906 |
|  Engie S.A. | 41184 |  | 589921 |
|  National Grid plc | 56837 |  | 682691 |
|  NiSource, Inc. | 28384 |  | 778289 |
|  Public Service Enterprise Group, Inc. | 12122 |  | 742715 |
|  Sempra Energy | 5653 |  | 873615 |
|  Veolia Environnement S.A. | 23369 |  | 600362 |
|  WEC Energy Group, Inc. | 8443 |  | 791616 |
|  |  |  | 11776433 |
| **Multiline Retail—0.2%** | **Multiline Retail—0.2%** | **Multiline Retail—0.2%** | **Multiline Retail—0.2%** |
|  Canadian Tire Corp., Ltd. - Class A | 6458 |  | 674894 |
|  Dollar General Corp. | 1635 |  | 402619 |
|  Dollar Tree, Inc. (a) | 1541 |  | 217959 |
|  Dollarama, Inc. | 15105 |  | 883431 |
|  Next plc | 2457 |  | 172999 |
|  Pan Pacific International Holdings Corp. | 68400 |  | 1269743 |
|  Target Corp. | 1977 |  | 294652 |
|  Wesfarmers, Ltd. | 16758 |  | 523282 |
|  |  |  | 4439579 |
| **Oil, Gas & Consumable Fuels—1.4%** | **Oil, Gas & Consumable Fuels—1.4%** | **Oil, Gas & Consumable Fuels—1.4%** | **Oil, Gas & Consumable Fuels—1.4%** |
|  Aker BP ASA | 21496 |  | 670054 |
|  Ampol, Ltd. | 31721 |  | 608888 |
|  APA Corp. | 8136 |  | 379788 |
|  ARC Resources, Ltd. | 46922 |  | 632442 |
|  BP plc | 239406 |  | 1392202 |
|  Cameco Corp. | 27584 |  | 625224 |
|  Canadian Natural Resources, Ltd. | 8158 |  | 453028 |
|  Chevron Corp. | 4198 |  | 753499 |
|  ConocoPhillips | 5161 |  | 608998 |
|  Coterra Energy, Inc. | 15370 |  | 377641 |
|  Devon Energy Corp. | 6868 |  | 422451 |
|  Diamondback Energy, Inc. | 3358 |  | 459307 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
|  Enbridge, Inc. | 13682 | $| 534750 |
|  ENEOS Holdings, Inc. | 304700 |  | 1037470 |
|  Eni S.p.A. | 43895 |  | 627007 |
|  EOG Resources, Inc. | 3858 |  | 499688 |
|  EQT Corp. | 12827 |  | 433937 |
|  Exxon Mobil Corp. | 5154 |  | 568486 |
|  Galp Energia SGPS S.A. | 92599 |  | 1252999 |
|  Hess Corp. | 4106 |  | 582313 |
|  Idemitsu Kosan Co., Ltd. | 41876 |  | 979943 |
|  Imperial Oil, Ltd. | 10183 |  | 495989 |
|  Inpex Corp. | 53900 |  | 575144 |
|  Keyera Corp. | 23315 |  | 509521 |
|  Kinder Morgan, Inc. | 30372 |  | 549126 |
|  Marathon Oil Corp. | 17205 |  | 465739 |
|  Marathon Petroleum Corp. | 3736 |  | 434833 |
|  Neste Oyj | 15606 |  | 720810 |
|  Occidental Petroleum Corp. | 6554 |  | 412836 |
|  OMV AG | 18361 |  | 948093 |
|  ONEOK, Inc. | 9290 |  | 610353 |
|  Parkland Corp. | 23742 |  | 520956 |
|  Pembina Pipeline Corp. | 15410 |  | 523075 |
|  Phillips 66 | 5508 |  | 573273 |
|  Pioneer Natural Resources Co. | 1833 |  | 418639 |
|  Repsol S.A. | 54343 |  | 866298 |
|  Santos, Ltd. | 116860 |  | 573019 |
|  Shell plc | 43338 |  | 1231567 |
|  Suncor Energy, Inc. | 16650 |  | 528152 |
|  Targa Resources Corp. | 8016 |  | 589176 |
|  TC Energy Corp. | 13871 |  | 552996 |
|  TotalEnergies SE | 18100 |  | 1129714 |
|  Tourmaline Oil Corp. | 11328 |  | 571587 |
|  Valero Energy Corp. | 4357 |  | 552729 |
|  Washington H Soul Pattinson & Co., Ltd. | 32371 |  | 609091 |
|  Williams Cos., Inc. (The) | 16777 |  | 551963 |
|  Woodside Energy Group, Ltd. | 1076 |  | 26034 |
|  |  |  | 29440828 |
| **Paper & Forest Products—0.1%** | **Paper & Forest Products—0.1%** | **Paper & Forest Products—0.1%** | **Paper & Forest Products—0.1%** |
|  Holmen AB - B Shares | 13256 |  | 527371 |
|  Mondi plc | 17559 |  | 298213 |
|  Oji Holdings Corp. | 58800 |  | 237857 |
|  Stora Enso Oyj - R Shares | 33121 |  | 467919 |
|  Svenska Cellulosa AB SCA - Class B | 15772 |  | 199426 |
|  UPM-Kymmene Oyj | 15647 |  | 586543 |
|  West Fraser Timber Co., Ltd. | 2236 |  | 161458 |
|  |  |  | 2478787 |
| **Personal Products—0.2%** | **Personal Products—0.2%** | **Personal Products—0.2%** | **Personal Products—0.2%** |
|  Beiersdorf AG | 6095 |  | 699411 |
|  Estee Lauder Cos., Inc. (The) - Class A | 2587 |  | 641861 |
|  Haleon plc (a) | 21784 |  | 87134 |
|  Kao Corp. | 12600 |  | 504385 |
|  Kobayashi Pharmaceutical Co., Ltd. | 6500 |  | 447124 |
|  Kose Corp. | 3298 |  | 358288 |
|  L'Oreal S.A. | 724 |  | 259730 |
| **Personal Products—(Continued)** | **Personal Products—(Continued)** | **Personal Products—(Continued)** | **Personal Products—(Continued)** |
|  Shiseido Co., Ltd. | 8000 |  | 394245 |
|  Unilever plc | 12473 |  | 629250 |
|  |  |  | 4021428 |
| **Pharmaceuticals—0.7%** | **Pharmaceuticals—0.7%** | **Pharmaceuticals—0.7%** | **Pharmaceuticals—0.7%** |
|  Astellas Pharma, Inc. | 1100 |  | 16688 |
|  AstraZeneca plc | 4166 |  | 565390 |
|  Bayer AG | 4838 |  | 249798 |
|  Bristol-Myers Squibb Co. | 6064 |  | 436305 |
|  Catalent, Inc. (a) | 5515 |  | 248230 |
|  Chugai Pharmaceutical Co., Ltd. | 8200 |  | 208363 |
|  Daiichi Sankyo Co., Ltd. | 15200 |  | 487123 |
|  Eisai Co., Ltd. | 5900 |  | 386443 |
|  Eli Lilly and Co. | 1015 |  | 371328 |
|  GSK plc | 17427 |  | 303052 |
|  Hikma Pharmaceuticals plc | 17769 |  | 333664 |
|  Ipsen S.A. | 4554 |  | 490778 |
|  Johnson & Johnson | 1344 |  | 237418 |
|  Kyowa Kirin Co., Ltd. | 13800 |  | 317458 |
|  Merck & Co., Inc. | 4325 |  | 479859 |
|  Merck KGaA | 2294 |  | 444257 |
|  Nippon Shinyaku Co., Ltd. | 5900 |  | 336154 |
|  Novartis AG | 12166 |  | 1102012 |
|  Novo Nordisk A/S - Class B | 5340 |  | 723036 |
|  Ono Pharmaceutical Co., Ltd. | 13100 |  | 306444 |
|  Organon & Co. | 14233 |  | 397528 |
|  Orion Oyj - Class B | 3720 |  | 203905 |
|  Otsuka Holdings Co., Ltd. | 18700 |  | 608798 |
|  Pfizer, Inc. | 7280 |  | 373027 |
|  Recordati Industria Chimica e Farmaceutica S.p.A. | 8257 |  | 343221 |
|  Roche Holding AG (Bearer Shares) | 2911 |  | 1128219 |
|  Sanofi | 3012 |  | 291443 |
|  Shionogi & Co., Ltd. | 4900 |  | 243767 |
|  Takeda Pharmaceutical Co., Ltd. | 23538 |  | 735188 |
|  Teva Pharmaceutical Industries, Ltd. (ADR) (a) | 67696 |  | 617388 |
|  UCB S.A. | 7675 |  | 604520 |
|  Viatris, Inc. | 27547 |  | 306598 |
|  Zoetis, Inc. | 2066 |  | 302772 |
|  |  |  | 14200174 |
| **Professional Services—0.2%** | **Professional Services—0.2%** | **Professional Services—0.2%** | **Professional Services—0.2%** |
|  Adecco Group AG (a) | 4462 |  | 146730 |
|  CoStar Group, Inc. (a) | 3661 |  | 282922 |
|  Equifax, Inc. | 2056 |  | 399604 |
|  Intertek Group plc | 2448 |  | 119482 |
|  Jacobs Solutions, Inc. | 2517 |  | 302216 |
|  Leidos Holdings, Inc. | 4092 |  | 430437 |
|  Nihon M&A Center Holdings, Inc. | 10500 |  | 130241 |
|  RELX plc | 7862 |  | 217823 |
|  Robert Half International, Inc. | 4349 |  | 321087 |
|  SGS S.A. | 72 |  | 166703 |
|  Teleperformance | 1754 |  | 418548 |
|  Thomson Reuters Corp. | 5561 |  | 634381 |
|  Verisk Analytics, Inc. | 1961 |  | 345960 |
|  Wolters Kluwer NV | 3303 |  | 345028 |
|  |  |  | 4261162 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Real Estate Management & Development—0.2%** | **Real Estate Management & Development—0.2%** | **Real Estate Management & Development—0.2%** |
|  Azrieli Group, Ltd. | 1280 | $85042 |
|  CBRE Group, Inc. - Class A (a) | 2196 | 169004 |
|  CK Asset Holdings, Ltd. | 63500 | 390957 |
|  Daito Trust Construction Co., Ltd. | 2200 | 226106 |
|  Daiwa House Industry Co., Ltd. | 9100 | 208808 |
|  FirstService Corp. | 1970 | 241245 |
|  Hang Lung Properties, Ltd. | 201000 | 390257 |
|  Henderson Land Development Co., Ltd. | 128000 | 446924 |
|  Hongkong Land Holdings, Ltd. | 26700 | 122449 |
|  LEG Immobilien SE | 2009 | 130919 |
|  Lendlease Corp Ltd | 41418 | 220801 |
|  Mitsubishi Estate Co., Ltd. | 1000 | 12941 |
|  Mitsui Fudosan Co., Ltd. | 7800 | 142498 |
|  Nomura Real Estate Holdings, Inc. | 4800 | 102618 |
|  Sagax AB - Class B | 4376 | 99666 |
|  Sino Land Co., Ltd. | 248000 | 308883 |
|  Sumitomo Realty & Development Co., Ltd. | 5900 | 138922 |
|  Sun Hung Kai Properties, Ltd. | 34500 | 472119 |
|  Swire Properties, Ltd. | 137600 | 348105 |
|  Swiss Prime Site AG (a) | 2622 | 227671 |
|  Vonovia SE | 4218 | 99407 |
|  Wharf Real Estate Investment Co., Ltd. | 53596 | 312471 |
|  |  | 4897813 |
| **Road & Rail—0.3%** | **Road & Rail—0.3%** | **Road & Rail—0.3%** |
|  Aurizon Holdings, Ltd. | 124519 | 314071 |
|  Canadian National Railway Co. | 3816 | 453298 |
|  Canadian Pacific Railway, Ltd. | 6019 | 448758 |
|  Central Japan Railway Co. | 1900 | 233743 |
|  CSX Corp. | 21479 | 665419 |
|  East Japan Railway Co. | 2700 | 154054 |
|  Hankyu Hanshin Holdings, Inc. | 8400 | 249729 |
|  J.B. Hunt Transport Services, Inc. | 132 | 23016 |
|  Keio Corp. | 7300 | 268400 |
|  Keisei Electric Railway Co., Ltd. | 6600 | 188791 |
|  Kintetsu Group Holdings Co., Ltd. | 11300 | 374551 |
|  MTR Corp., Ltd. | 48000 | 254319 |
|  Norfolk Southern Corp. | 231 | 56923 |
|  Odakyu Electric Railway Co., Ltd. | 900 | 11730 |
|  Old Dominion Freight Line, Inc. | 1581 | 448656 |
|  TFI International, Inc. | 3547 | 355250 |
|  Tobu Railway Co., Ltd. | 16800 | 393356 |
|  Tokyu Corp. | 25400 | 319907 |
|  West Japan Railway Co. | 4700 | 205140 |
|  |  | 5419111 |
| **Semiconductors & Semiconductor Equipment—0.3%** | **Semiconductors & Semiconductor Equipment—0.3%** | **Semiconductors & Semiconductor Equipment—0.3%** |
|  Advanced Micro Devices, Inc. (a) | 2858 | 185113 |
|  Advantest Corp. | 2800 | 180768 |
|  Analog Devices, Inc. | 2465 | 404334 |
|  Applied Materials, Inc. | 2387 | 232446 |
|  ASM International NV | 1343 | 339995 |
|  ASML Holding NV | 638 | 345351 |
|  Broadcom, Inc. | 645 | 360639 |
|  Disco Corp. | 756 | 217326 |
|  Infineon Technologies AG | 10049 | 306069 |
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
|  Intel Corp. | 3004 | 79396 |
|  KLA Corp. | 792 | 298608 |
|  Lasertec Corp. | 800 | 132882 |
|  Microchip Technology, Inc. | 3543 | 248896 |
|  Monolithic Power Systems, Inc. | 792 | 280059 |
|  NVIDIA Corp. | 1543 | 225494 |
|  NXP Semiconductors NV | 1737 | 274498 |
|  ON Semiconductor Corp. (a) | 3317 | 206881 |
|  Qorvo, Inc. (a) | 3707 | 336003 |
|  QUALCOMM, Inc. | 2426 | 266715 |
|  Renesas Electronics Corp. (a) | 16700 | 150926 |
|  Rohm Co., Ltd. | 3273 | 233567 |
|  Skyworks Solutions, Inc. | 2855 | 260176 |
|  STMicroelectronics NV | 5404 | 192112 |
|  SUMCO Corp. | 12000 | 160567 |
|  Teradyne, Inc. | 2998 | 261875 |
|  Texas Instruments, Inc. | 3236 | 534652 |
|  Tokyo Electron, Ltd. | 500 | 148532 |
|  Tower Semiconductor, Ltd. (a) | 12327 | 537909 |
|  |  | 7401789 |
| **Software—0.4%** | **Software—0.4%** | **Software—0.4%** |
|  Adobe, Inc. (a) | 635 | 213697 |
|  Autodesk, Inc. (a) | 1010 | 188739 |
|  AVEVA Group plc | 11393 | 442509 |
|  Cadence Design Systems, Inc. (a) | 2279 | 366099 |
|  Ceridian HCM Holding, Inc. (a) | 4653 | 298490 |
|  Check Point Software Technologies, Ltd. (a) | 5814 | 733494 |
|  Constellation Software, Inc. | 179 | 279467 |
|  CyberArk Software, Ltd. (a) | 3835 | 497208 |
|  Dassault Systemes SE | 7307 | 263542 |
|  Fortinet, Inc. (a) | 5108 | 249730 |
|  Gen Digital, Inc.  | 13392 | 286991 |
|  Microsoft Corp. | 631 | 151326 |
|  Nemetschek SE | 4634 | 236686 |
|  Nice, Ltd. (a) | 2589 | 501885 |
|  Open Text Corp. | 7945 | 235416 |
|  Oracle Corp. Japan | 5900 | 383878 |
|  Paycom Software, Inc. (a) | 720 | 223423 |
|  PTC, Inc. (a) | 847 | 101674 |
|  Sage Group plc (The) | 51269 | 460440 |
|  Salesforce, Inc. (a) | 1536 | 203658 |
|  SAP SE | 3373 | 348092 |
|  ServiceNow, Inc. (a) | 629 | 244222 |
|  Temenos AG | 8693 | 480202 |
|  Trend Micro, Inc. (a) | 7200 | 336688 |
|  Tyler Technologies, Inc. (a) | 1334 | 430095 |
|  Xero, Ltd. (a) | 10120 | 483084 |
|  |  | 8640735 |
| **Specialty Retail—0.3%** | **Specialty Retail—0.3%** | **Specialty Retail—0.3%** |
|  Advance Auto Parts, Inc. | 1866 | 274358 |
|  AutoZone, Inc. (a) | 166 | 409386 |
|  Bath & Body Works, Inc. | 5938 | 250227 |
|  Best Buy Co., Inc. | 3700 | 296777 |
|  CarMax, Inc. (a) | 5234 | 318698 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| <br>**Security Description** | **Shares** | **Value** |
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
|  Fast Retailing Co., Ltd. | 400 | 242402 |
|  H & M Hennes & Mauritz AB - B Shares | 8917 | 96256 |
|  Industria de Diseno Textil S.A. | 22664 | 603500 |
|  Kingfisher plc | 83818 | 239881 |
|  Lowe's Cos., Inc. | 916 | 182504 |
|  Nitori Holdings Co., Ltd. | 2700 | 350169 |
|  O'Reilly Automotive, Inc. (a) | 637 | 537647 |
|  Ross Stores, Inc. | 4299 | 498985 |
|  TJX Cos., Inc. (The) | 6576 | 523450 |
|  Tractor Supply Co. | 2034 | 457589 |
|  Ulta Beauty, Inc. (a) | 691 | 324127 |
|  USS Co., Ltd. | 14100 | 223452 |
|  |  | 5829408 |
| **Technology Hardware, Storage & Peripherals—0.2%** | **Technology Hardware, Storage & Peripherals—0.2%** | **Technology Hardware, Storage & Peripherals—0.2%** |
|  Apple, Inc. | 3317 | 430978 |
|  Brother Industries, Ltd. | 34300 | 519031 |
|  Canon, Inc. | 16700 | 361104 |
|  FUJIFILM Holdings Corp. | 11000 | 554985 |
|  HP, Inc. | 12458 | 334746 |
|  Logitech International S.A. | 8805 | 546502 |
|  NetApp, Inc. | 3956 | 237597 |
|  Ricoh Co., Ltd. | 29100 | 223205 |
|  Seagate Technology Holdings plc | 4459 | 234588 |
|  Seiko Epson Corp. | 31300 | 454324 |
|  |  | 3897060 |
| **Textiles, Apparel & Luxury Goods—0.2%** | **Textiles, Apparel & Luxury Goods—0.2%** | **Textiles, Apparel & Luxury Goods—0.2%** |
|  Adidas AG | 1346 | 183743 |
|  Burberry Group plc | 7380 | 180330 |
|  Cie Financiere Richemont S.A. - Class A | 3305 | 427686 |
|  Gildan Activewear, Inc. | 15275 | 418314 |
|  Hermes International | 286 | 441338 |
|  Kering S.A. | 321 | 164282 |
|  LVMH Moet Hennessy Louis Vuitton SE | 301 | 218660 |
|  Moncler S.p.A. | 10903 | 580374 |
|  NIKE, Inc. - Class B | 4448 | 520460 |
|  Puma SE | 3413 | 207108 |
|  Ralph Lauren Corp. | 2238 | 236489 |
|  Swatch Group AG (The) - Bearer Shares | 993 | 281909 |
|  Tapestry, Inc. | 7047 | 268350 |
|  VF Corp. | 5695 | 157239 |
|  |  | 4286282 |
| **Tobacco—0.1%** | **Tobacco—0.1%** | **Tobacco—0.1%** |
|  Altria Group, Inc. | 18203 | 832059 |
|  British American Tobacco plc | 10714 | 425075 |
|  Imperial Brands plc | 19946 | 498342 |
|  Japan Tobacco, Inc. | 12500 | 252751 |
|  Philip Morris International, Inc. | 7285 | 737315 |
|  |  | 2745542 |
| **Trading Companies & Distributors—0.2%** | **Trading Companies & Distributors—0.2%** | **Trading Companies & Distributors—0.2%** |
|  Ashtead Group plc | 2037 | 116367 |
|  Brenntag SE | 2349 | 150185 |
| **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** |
|  Bunzl plc | 12048 | 402130 |
|  Fastenal Co. | 6912 | 327076 |
|  IMCD NV | 1467 | 209540 |
|  ITOCHU Corp. | 5000 | 156334 |
|  Marubeni Corp. | 17300 | 197700 |
|  Mitsubishi Corp. | 10300 | 333223 |
|  Mitsui & Co., Ltd. | 6300 | 183187 |
|  MonotaRO Co., Ltd. | 11900 | 168278 |
|  Reece, Ltd. | 11764 | 113133 |
|  Sumitomo Corp. | 9000 | 149239 |
|  Toromont Industries, Ltd. | 4128 | 297893 |
|  Toyota Tsusho Corp. | 4400 | 161292 |
|  United Rentals, Inc. (a) | 738 | 262300 |
|  |  | 3227877 |
| **Transportation Infrastructure—0.0%** | **Transportation Infrastructure—0.0%** | **Transportation Infrastructure—0.0%** |
|  Aena SME S.A. (a) | 1594 | 200749 |
|  Aeroports de Paris (a) | 1227 | 165010 |
|  Auckland International Airport, Ltd. (a) | 76649 | 380795 |
|  Transurban Group | 26071 | 230213 |
|  |  | 976767 |
| **Water Utilities—0.1%** | **Water Utilities—0.1%** | **Water Utilities—0.1%** |
|  American Water Works Co., Inc. | 3733 | 568984 |
|  Severn Trent plc | 21932 | 703352 |
|  United Utilities Group plc | 59624 | 714978 |
|  |  | 1987314 |
| **Wireless Telecommunication Services—0.3%** | **Wireless Telecommunication Services—0.3%** | **Wireless Telecommunication Services—0.3%** |
|  KDDI Corp. | 51200 | 1547475 |
|  Rogers Communications, Inc. - Class B | 10540 | 493294 |
|  SoftBank Corp. | 69800 | 789211 |
|  SoftBank Group Corp. | 4200 | 177862 |
|  T-Mobile U.S., Inc. (a) | 7064 | 988960 |
|  Tele2 AB - B Shares | 101210 | 824671 |
|  Vodafone Group plc | 601513 | 609735 |
|  |  | 5431208 |
|  Total Common Stocks<br>(Cost $493,165,512) |  | 451594038 |
| **Foreign Government—12.5%** | **Foreign Government—12.5%** | **Foreign Government—12.5%** |
| **Sovereign—12.5%** | **Sovereign—12.5%** | **Sovereign—12.5%** |
|  Deutsche Bundesrepublik Inflation Linked Bond<br>0.500%, 04/15/30 (EUR) (d) | 50060406 | 54432206 |
|  French Republic Government Bond OAT<br>0.100%, 03/01/26 (144A) (EUR)(d) | 4593640 | 4872532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 03/01/28 (EUR)(d) | 6332312 | 6805453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 03/01/29 (EUR)(d) | 4639080 | 4831484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 07/25/31 (144A) (EUR)(d) | 4600760 | 4731058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 03/01/36 (144A) (EUR)(d) | 4334600 | 4432582 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Foreign Government—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | <br> **Principal<br>Amount\*** | **Value** |
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| French Republic Government Bond OAT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 07/25/36 (144A) (EUR)(d) | 4740760 | $4591121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 07/25/47 (144A) (EUR)(d) | 4810560 | 4453028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 07/25/30 (144A) (EUR)(d) | 4833400 | 5231652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 07/25/27 (EUR)(d) | 9673931 | 11039888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 07/25/29 (EUR)(d) | 9916270 | 13040575 |
| Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 05/15/23 (EUR)(d) | 8305080 | 8840348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.150%, 05/15/51 (144A) (EUR)(d) | 4621680 | 2893166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 05/15/30 (144A) (EUR)(d) | 3265388 | 3058993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 05/15/26 (EUR)(d) | 4252706 | 4405176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 09/15/32 (144A) (EUR)(d) | 2407380 | 2338732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 05/15/28 (144A) (EUR)(d) | 3008475 | 3115139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 09/15/24 (144A) (EUR)(d) | 4843880 | 5338038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 09/15/41 (144A) (EUR)(d) | 2618420 | 2867975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 09/15/23 (144A) (EUR)(d) | 1926008 | 2097353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 09/15/26 (144A) (EUR)(d) | 3194750 | 3632087 |
| United Kingdom Gilt Inflation Linked Bonds | United Kingdom Gilt Inflation Linked Bonds | United Kingdom Gilt Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 03/22/24 (GBP)(d) | 2936420 | 3604300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 03/22/26 (GBP)(d) | 2756500 | 3357464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 08/10/28 (GBP)(d) | 2632132 | 3168652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 03/22/29 (GBP)(d) | 3013251 | 3631165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 08/10/31 (GBP)(d) | 2424520 | 2947831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 03/22/44 (GBP)(d) | 2936380 | 3247200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 08/10/48 (GBP)(d) | 2590480 | 2797560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 03/22/58 (GBP)(d) | 3477350 | 3743564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/65 (GBP)(d) | 2733300 | 3037649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 03/22/68 (GBP)(d) | 2565720 | 2858545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 03/22/52 (GBP)(d) | 2940900 | 3271766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 03/22/62 (GBP)(d) | 7546200 | 9083276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 03/22/50 (GBP)(d) | 5003610 | 5979071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 03/22/40 (GBP)(d) | 5835526 | 7254317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/22/42 (GBP)(d) | 10051260 | 12449343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 03/22/34 (GBP)(d) | 5364240 | 6814656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/22/47 (GBP)(d) | 5139270 | 6426156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/27 (GBP)(d) | 1138926 | 1452192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/32 (GBP)(d) | 15736317 | 21044168 |
|  Total Foreign Government<br>(Cost $357,009,260) |  | 263217461 |
| **U.S. Treasury & Government Agencies—6.9%** | **U.S. Treasury & Government Agencies—6.9%** | **U.S. Treasury & Government Agencies—6.9%** |
| **U.S. Treasury—6.9%** | **U.S. Treasury—6.9%** | **U.S. Treasury—6.9%** |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 02/15/50 (d) | 5795000 | 3903373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 02/15/40 (d) | 3722274 | 3937689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/15/32 (d) | 4196800 | 4803520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/29 (d) | 3625120 | 4073076 |
| U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/23 (d) | 2581840 | 2578512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/25 (d) | 19350372 | 18389395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 04/15/26 (d) | 2386062 | 2243169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/30 (d) | 14940135 | 13419556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/30 (d) | 11505582 | 10301384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/31 (d) | 8813882 | 7827258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/31 (d) | 9449875 | 8349558 |
| U.S. Treasury Inflation Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 01/15/25 (d) | 2516100 | 2413488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 07/15/29 (d) | 21317670 | 19515221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/15/25 (d) | 3769530 | 3620176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/15/27 (d) | 8855660 | 8345805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 01/15/28 (d) | 6873520 | 6463393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 07/15/28 (d) | 9805198 | 9339852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 01/15/29 (d) | 16804339 | 16008722 |
|  Total U.S. Treasury & Government Agencies<br>(Cost $173,359,776) |  | 145533147 |
| **Mutual Funds—2.7%** | **Mutual Funds—2.7%** | **Mutual Funds—2.7%** |
| **Investment Company Securities—2.7%** | **Investment Company Securities—2.7%** | **Investment Company Securities—2.7%** |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF<br>(Cost $72,871,969) | 548388 | 57816547 |
| **Preferred Stock—0.0%** | **Preferred Stock—0.0%** | **Preferred Stock—0.0%** |
| **Life Sciences Tools & Services—0.0%** | **Life Sciences Tools & Services—0.0%** | **Life Sciences Tools & Services—0.0%** |
|  Sartorius AG <br>(Cost $395,129) | 939 | 371333 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Health Care Equipment & Supplies—0.0%** | **Health Care Equipment & Supplies—0.0%** | **Health Care Equipment & Supplies—0.0%** |
|  Abiomed, Inc. (a)<br>(Cost $1,188) | 1165 | 0 |
| **Short-Term Investments—51.4%** | **Short-Term Investments—51.4%** | **Short-Term Investments—51.4%** |
| **Mutual Funds—45.5%** | **Mutual Funds—45.5%** | **Mutual Funds—45.5%** |
|  BlackRock Liquidity Funds FedFund, Institutional Shares<br>4.060% (e) | 253939393 | 253939393 |
|  Dreyfus Treasury & Agency Cash Management<br>Institutional Shares<br>3.900% (e) | 267235487 | 267235487 |
|  Goldman Sachs Financial Square Government Fund,<br>Institutional Class<br>4.020% (e) | 263041746 | 263041746 |
|  State Street Institutional Treasury Plus Money Market Fund<br>4.180% (e) | 179115155 | 179115155 |
|  |  | 963331781 |
| **U.S. Treasury—5.9%** | **U.S. Treasury—5.9%** | **U.S. Treasury—5.9%** |
|  U.S. Treasury Bill<br>4.523%, 06/15/23 (f)(g) | 127000000 | 124439832 |
|  Total Short-Term Investments<br>(Cost $1,085,888,656) |  | 1087771613 |
|  Total Investments— 94.8%<br>(Cost $2,182,691,490) |  | 2006304139 |
|  Other assets and liabilities (net)—5.2% |  | 111052197 |
|  **Net Assets**—100.0% |  | $2117356336 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets.

(d) Principal amount of security is adjusted for inflation.

(e) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(f) The rate shown represents current yield to maturity.

(g) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $124,439,832.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $53,653,456, which is 2.5% of net assets.

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| AUD | 20987932 | BNY | 01/30/23 | USD | 14152897 | $(151632) |
| CAD | 35842969 | BNY | 01/30/23 | USD | 26542287 | 66946 |
| CHF | 13882688 | BNY | 01/30/23 | USD | 14977465 | (78304) |
| EUR | 104500000 | BNY | 01/30/23 | USD | 111007006 | (1048261) |
| EUR | 104500000 | BNY | 01/30/23 | USD | 111328448 | (726819) |
| EUR | 65218488 | BNY | 01/30/23 | USD | 69447189 | (486543) |
| GBP | 19606943 | BNY | 01/30/23 | USD | 23593506 | (126464) |
| GBP | 62500000 | BBH | 01/30/23 | USD | 75195000 | (415872) |
| GBP | 62500000 | BBH | 01/30/23 | USD | 75519375 | (91497) |
| HKD | 123236942 | SSBT | 01/30/23 | USD | 15802574 | 4767 |
| JPY | 9367101047 | BNY | 01/30/23 | USD | 70537630 | (1070246) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(4123925) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Amsterdam AEX Index Futures | 01/20/23 | 143 | EUR | 19723990 | $(1457161) |
|  Australian 10 Year Treasury Bond Futures | 03/15/23 | 2370 | AUD | 274165037 | (10520285) |
|  Brent Crude Oil Futures | 02/28/23 | 175 | USD | 14988750 | 735157 |
|  Canada Government Bond 10 Year Futures | 03/22/23 | 1931 | CAD | 236644050 | (3549390) |
|  Cattle Feeder Futures | 03/30/23 | 233 | USD | 21695213 | 355686 |
|  Cocoa Futures | 03/16/23 | 1007 | USD | 26182000 | 2808607 |
|  Coffee "C" Futures | 03/21/23 | 202 | USD | 12672975 | (212508) |
|  Copper Futures | 03/29/23 | 268 | USD | 25530350 | (139285) |
|  Corn Futures | 03/14/23 | 532 | USD | 18048100 | (458238) |
|  Cotton No. 2 Futures | 03/09/23 | 278 | USD | 11588430 | 86016 |
|  DAX Index Futures | 03/17/23 | 51 | EUR | 17834700 | (544939) |
|  Euro-BTP Futures | 03/08/23 | 529 | EUR | 57618680 | (4527011) |
|  Euro-Bobl Futures | 03/08/23 | 1308 | EUR | 151401000 | (5130573) |
|  Euro-Bund Futures | 03/08/23 | 570 | EUR | 75770100 | (5081839) |
|  Euro-Buxl 30 Year Bond Futures | 03/08/23 | 234 | EUR | 31646160 | (6434381) |
|  FTSE 100 Index Futures | 03/17/23 | 370 | GBP | 27624200 | (55942) |
|  Gasoline RBOB Futures | 01/31/23 | 145 | USD | 15092847 | 1517832 |
|  Gasoline RBOB Futures | 02/28/23 | 21 | USD | 2185861 | (21088) |
|  Gold 100 oz. Futures | 02/24/23 | 501 | USD | 91492620 | 1864972 |
|  Hang Seng Index Futures | 01/30/23 | 262 | HKD | 260886500 | 255262 |
|  IBEX 35 Index Futures | 01/20/23 | 195 | EUR | 15978885 | (302199) |
|  Japanese Government 10 Year Bond Futures | 03/13/23 | 480 | JPY | 69820800000 | (9257336) |
|  LME Nickel Futures | 03/13/23 | 158 | USD | 28482660 | 4640154 |
|  LME Primary Aluminum Futures | 03/13/23 | 604 | USD | 35817351 | (529451) |
|  LME Zinc Futures | 03/13/23 | 410 | USD | 30509125 | 65848 |
|  Lean Hogs Futures | 02/14/23 | 176 | USD | 6174080 | (211952) |
|  Live Cattle Futures | 02/28/23 | 484 | USD | 30569440 | 860792 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Low Sulphur Gas Oil Futures | 02/10/23 | 187 | USD | 16942200 | $1681468 |
|  MSCI Emerging Markets Index Mini Futures | 03/17/23 | 1536 | USD | 73681920 | (1966003) |
|  Natural Gas Futures | 02/24/23 | 553 | USD | 22695120 | (5394622) |
|  New York Harbor ULSD Futures | 01/31/23 | 123 | USD | 17021970 | 1342304 |
|  OMX Stockholm 30 Index Futures | 01/20/23 | 833 | SEK | 170098600 | (593745) |
|  Russell 2000 Index E-Mini Futures | 03/17/23 | 1826 | USD | 161683170 | (3724136) |
|  S&P 500 Index E-Mini Futures | 03/17/23 | 44 | USD | 8494200 | (385972) |
|  S&P TSX 60 Index Futures | 03/16/23 | 211 | CAD | 49369780 | (1253119) |
|  SPI 200 Index Futures | 03/16/23 | 276 | AUD | 48244800 | (637331) |
|  Silver Futures | 03/29/23 | 334 | USD | 40146800 | 3796458 |
|  Soyabean Futures | 03/14/23 | 194 | USD | 14782800 | 756398 |
|  Soybean Meal Futures | 03/14/23 | 342 | USD | 16108200 | 1627565 |
|  Soybean Oil Futures | 03/14/23 | 292 | USD | 11225064 | (19540) |
|  Sugar No. 11 Futures | 02/28/23 | 775 | USD | 17394720 | 1302457 |
|  TOPIX Index Futures | 03/09/23 | 202 | JPY | 3820830000 | (830440) |
|  U.S. Treasury Long Bond Futures | 03/22/23 | 885 | USD | 110929219 | (89487) |
|  U.S. Treasury Note 10 Year Futures | 03/22/23 | 2200 | USD | 247053125 | (1284206) |
|  U.S. Treasury Note 2 Year Futures | 03/31/23 | 1944 | USD | 398671877 | 356295 |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | 2724 | USD | 294000470 | (730663) |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | 119 | USD | 15983188 | (628534) |
|  United Kingdom Long Gilt Bond Futures | 03/29/23 | 1413 | GBP | 141158700 | (8230127) |
|  WTI Crude Oil Futures<br>| 02/21/23 | 202 | USD | 16250900 | 1193202 |
|  Wheat Futures | 03/14/23 | 461 | USD | 18255600 | (2147351) |
|  Wheat Futures | 05/12/23 | 25 | USD | 998438 | 132 |
| **Futures Contracts—Short** |  |  |  |  |  |
|  LME Nickel Futures | 03/13/23 | (39) | USD | (7030530) | (562928) |
|  LME Primary Aluminum Futures | 03/13/23 | (90) | USD | (5337023) | 243174 |
|  LME Zinc Futures | 03/13/23 | (69) | USD | (5134463) | 146776 |
|  Net Unrealized Depreciation |  |  |  |  | $(51275227) |

---

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (BBH)— | Brown Brothers Harriman & Co. |
| (BNY)— | Bank of New York Mellon |
| (SSBT)— | State Street Bank and Trust |

---

Currencies

------

---

| | |
|:---|:---|
| (AUD)— | Australian Dollar |
| (CAD)— | Canadian Dollar |
| (CHF)— | Swiss Franc |
| (EUR)— | Euro |
| (GBP)— | British Pound |
| (HKD)— | Hong Kong Dollar |
| (JPY)— | Japanese Yen |
| (SEK)— | Swedish Krona |
| (USD)— | United States Dollar |

---

Other Abbreviations

------

---

| | |
|:---|:---|
| (ADR)— | American Depositary Receipt |
| (ETF)— | Exchange-Traded Fund |
| (REIT)— | Real Estate Investment Trust |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $3096809 | $1449467 | $— | $4546276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 1055329 | 185545 |  | 1240874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines | 1036169 | 513024 |  | 1549193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 577539 | 1432176 |  | 2009715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 675900 | 2964571 |  | 3640471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 5193267 | 6031809 |  | 11225076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 4559426 | 6613314 |  | 11172740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 2519088 | 2496913 |  | 5016001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1978575 | 1473023 |  | 3451598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 3960773 | 3397400 |  | 7358173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 8754167 | 9593229 |  | 18347396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 1097670 | 1209358 |  | 2307028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 1172967 | 803613 |  | 1976580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 680306 | 737037 |  | 1417343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 1055453 | 1199158 |  | 2254611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 917602 |  |  | 917602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 4221557 | 395550 |  | 4617107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 349869 |  |  | 349869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services |  | 712425 |  | 712425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 94832 | 946723 |  | 1041555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 2886224 | 15933066 |  | 18819290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 14446528 | 16305509 |  | 30752037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 1152606 | 728891 |  | 1881497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 1982875 | 4368475 |  | 6351350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 1606042 | 734079 |  | 2340121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 5089936 | 5474147 |  | 10564083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts | 7696230 | 4662255 |  | 12358485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 5306659 | 5497950 |  | 10804609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 11231563 | 11430916 |  | 22662479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 983839 | 10172357 |  | 11156196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 6207200 | 7570770 |  | 13777970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 4510154 | 1791784 | 0 | 6301938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology |  | 197253 |  | 197253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 4934155 | 5110852 |  | 10045007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 2105893 | 2365262 |  | 4471155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 3643840 | 2657551 |  | 6301391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 1157092 | 2460142 |  | 3617234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 843464 | 3229642 |  | 4073106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 5717853 | 5513276 |  | 11231129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 1973309 | 2960883 |  | 4934192 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | $791180 | $1286065 | $— | $2077245 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 6897404 | 4931068 |  | 11828472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 283636 | 891308 |  | 1174944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 3932417 | 2509128 |  | 6441545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 3876856 | 5095879 |  | 8972735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine |  | 324933 |  | 324933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 6273390 | 2246922 |  | 8520312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 4445046 | 4657354 |  | 9102400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 8978553 | 2797880 |  | 11776433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 2473555 | 1966024 |  | 4439579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 16192495 | 13248333 |  | 29440828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 161458 | 2317329 |  | 2478787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 641861 | 3379567 |  | 4021428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 3770453 | 10429721 |  | 14200174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 2716607 | 1544555 |  | 4261162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 410249 | 4487564 |  | 4897813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 2451320 | 2967791 |  | 5419111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 4455785 | 2946004 |  | 7401789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 4703729 | 3937006 |  | 8640735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 4073748 | 1755660 |  | 5829408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 1237909 | 2659151 |  | 3897060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 1600852 | 2685430 |  | 4286282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 1569374 | 1176168 |  | 2745542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 887269 | 2340608 |  | 3227877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure |  | 976767 |  | 976767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 568984 | 1418330 |  | 1987314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 1482254 | 3948954 |  | 5431208 |
|  Total Common Stocks | 211349144 | 240244894 | 0 | 451594038 |
|  Total Foreign Government\* |  | 263217461 |  | 263217461 |
|  Total U.S. Treasury & Government Agencies\* |  | 145533147 |  | 145533147 |
|  Total Mutual Funds\* | 57816547 |  |  | 57816547 |
|  Total Preferred Stock\* |  | 371333 |  | 371333 |
|  Total Rights\* |  | 0 |  | 0 |
|  Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments | Short-Term Investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 963331781 |  |  | 963331781 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury |  | 124439832 |  | 124439832 |
|  Total Short-Term Investments | 963331781 | 124439832 |  | 1087771613 |
|  Total Investments | $1232497472 | $773806667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2006304139 |
| Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $71713 | $— | $71713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (4195638) |  | (4195638) |
|  Total Forward Contracts | $— | $(4123925) | $— | $(4123925) |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $25636555 | $— | $— | $25636555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (76911782) |  |  | (76911782) |
|  Total Futures Contracts | $(51275227) | $— | $— | $(51275227) |

---

\* See Consolidated Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) | $2006304139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6052352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (b) | 103700253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for futures contracts | 11408000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 71713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 4869277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 10837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2132417968 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 4195638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 551021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 8047742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1125475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 466423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 272188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 403145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 15061632 |
|  **Net Assets** | $2117356336 |
|  Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $2798275910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (680919574) |
|  **Net Assets** | $2117356336 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | $2117356336 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | 347415685 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | $6.09 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,182,691,490.

(b) Identified cost of cash denominated in foreign currencies was $102,897,077.

**Consolidated§ Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $10205007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (b) | 46246067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 56451074 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 10333738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 103683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 299598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 4149709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 103738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 54003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 89507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 12467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 27728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15183431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (375635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 14807796 |
|  **Net Investment Income** | 41643278 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (147446122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (260606745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (3515565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (5055895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 49951029 |
|  Net realized gain (loss) | (366673298) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (74854376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (52458147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 119506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 5379695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (3255552) |
|  Net change in unrealized appreciation (depreciation) | (125068874) |
|  Net realized and unrealized gain (loss) | (491742172) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(450098894) |

---

(a) Net of foreign withholding taxes of $522,691.

(b) Net of foreign withholding taxes of $480,131.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $41643278 | $527916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (366673298) | 20965076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (125068874) | (5283256) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (450098894) | 16209736 |
|  **From Distributions to Shareholders** | **From Distributions to Shareholders** | **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (445670423) | (20734955) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (445670423) | (20734955) |
|  **Increase (decrease) in net assets from capital share transactions** | 2760386081 | (1624122) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 1864616764 | (6149341) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 252739572 | 258888913 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2117356336 | $252739572 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1572173 | $13006930 | 1606895 | $18903345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued through acquisition(a) | 285432128 | 2496103959 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 66484900 | 445670423 | 1841470 | 20734955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (27894892) | (194395231) | (3537861) | (41262422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 325594309 | $2760386081 | (89496) | $(1624122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $2760386081 |  | $(1624122) |

---

(a) See Note 10 of the Notes to Consolidated Financial Statements

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Consolidated§ Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.58 | $11.82 | $11.75 | $9.96 | $11.62 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.17 | 0.02 | (0.05) | 0.06 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.79) | 0.70 | 1.28 | 2.11 | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.62) | 0.72 | 1.23 | 2.17 | (0.84) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (2.29) | 0.00 | (0.38) | (0.38) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.58) | (0.96) | (0.78) | 0.00 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.87) | (0.96) | (1.16) | (0.38) | (0.82) |
|  **Net Asset Value, End of Period** | $6.09 | $11.58 | $11.82 | $11.75 | $9.96 |
|  **Total Return (%)(b)** | (25.66) | 6.39 | 11.85 | 21.99 | (7.59) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.91 | 1.07 | 1.10 | 1.10 | 1.08 |
|  Net ratio of expenses to average net assets (%)(c) | 0.89 | 1.06 | 1.10 | 1.10 | 1.08 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.51 | 0.20 | (0.42) | 0.57 | 0.82 |
|  Portfolio turnover rate (%) | 36 | 34 | 85 | 46 | 20 |
|  Net assets, end of period (in millions) | $2117.4 | $252.7 | $258.9 | $232.8 | $195.3 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 7 of the Notes to Consolidated Financial Statements).

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is PanAgora Global Diversified Risk Portfolio (the "Portfolio"), which is non-diversified.

As of the close of business on April 29, 2022, the portfolio formerly known as PanAgora Global Diversified Risk Portfolio (the "Predecessor Portfolio"), a series of the Trust, merged with and into the portfolio then known as PanAgora Global Diversified Risk Portfolio II (see Note 10). The Predecessor Portfolio was the accounting survivor of the merger for financial reporting purposes. Therefore, the financial statements presented for the Portfolio reflect the historical results of the Predecessor Portfolio prior to the acquisition as well as the post-acquisition results of the combined portfolio. The PanAgora Global Diversified Risk Portfolio II was the legal survivor and changed its name to PanAgora Global Diversified Risk Portfolio upon completion of the merger.

Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

**2. Consolidation of Subsidiary — PanAgora Global Diversified Risk Portfolio, Ltd. II** 

The Portfolio may invest up to 25% of its total assets in the PanAgora Global Diversified Risk Portfolio, Ltd. II, which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the "Subsidiary"). The Predecessor Portfolio was invested in the PanAgora Global Diversified Risk Portfolio, Ltd., which was liquidated on April 25, 2022. The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio's annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio's business of investing in stock, securities or currencies.

Generally, the Subsidiary will invest primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio's transactions in derivatives. In addition, the Portfolio and the Subsidiary will be subject to the Portfolio's fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by PanAgora Asset Management, Inc. (the "Subadviser"), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio's prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $299,610,313 in the Subsidiary, representing 14.1% of the Portfolio's total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

**3. Significant Accounting Policies** 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP.

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to controlled foreign corporation adjustments, prior period accumulated balances and merger adjustments. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Inflation-Indexed Bonds -** The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it. As of December 31, 2022, the Portfolio did not have any outstanding repurchase agreements.

**4. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio's investment in equity futures, interest rate futures and commodity futures were used for investment exposure purposes. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Commodity Futures Contracts and Swaps on Commodity Futures Contracts -** The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Interest Rate Swaps:* The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated**<br> **Statement of Assets &**<br> **Liabilities Location** | **Fair Value** | **Consolidated**<br> **Statement of Assets &**<br> **Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on futures contracts (a) (b) | $356295 | Unrealized depreciation on futures contracts (a) (b) | $55463832 |
|  Equity | Unrealized appreciation on futures contracts (a) (b) | 255262 | Unrealized depreciation on futures contracts (a) (b) | 11750987 |
|  Commodity | Unrealized appreciation on futures contracts (a) (b) | 25024998 | Unrealized depreciation on futures contracts (a) (b) | 9696963 |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 71713 | Unrealized depreciation on forward foreign currency exchange contracts | 4195638 |
| Total |  | $25708268 |  | $81107420 |

---

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of
Assets and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its consolidated financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net Amount\*** |
|  Bank of New York Mellon | $66946 | $(66946) | $– $|  |
|  State Street Bank and Trust | 4767 |  | – | 4767 |
|  | $71713 | $(66946) | $– $| 4767 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments**<br>**available for offset** | **Collateral<br>Pledged†** | **Net Amount\*\*** |
|  Bank of New York Mellon | $3688269 | $(66946) | $– $| 3621323 |
|  Brown Brothers Harriman & Co. | 507369 |  | – | 507369 |
|  | $4195638 | $(66946) | $– $| 4128692 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net**<br> **Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $— | $— | $49951029 | $49951029 |
|  Futures contracts | (292473397) | (41297645) | 73164297 |  | (260606745) |
|  Swap contracts | (3515565) |  |  |  | (3515565) |
|  | $(295988962) | $(41297645) | $73164297 | $49951029 | $(214171281) |
| **Consolidated Statement of Operations Location—Net**<br> **Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions | $— | $— | $— | $(3255552) | $(3255552) |
|  Futures contracts | (54645664) | (12599550) | 14787067 |  | (52458147) |
|  Swap contracts | 119506 |  |  |  | 119506 |
|  | $(54526158) | $(12599550) | $14787067 | $(3255552) | $(55594193) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Forward foreign currency transactions | $586327446 |
|  Futures contracts long | 3190088206 |
|  Futures contracts short | (54537342) |
|  Swap contracts | 94666667 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**5. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Commodities Risk:* Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**6. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $9443979 | $326738122 | $338423762 | $665681963 |

---

With respect to the Portfolio's merger with the Predecessor Portfolio (see Note 10) at the close of business on April 29, 2022, the Portfolio acquired long-term securities with a cost of $2,107,045,401 that are not included in the above purchases values.

**BHFTI-33** 

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**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**7. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. As of April 30, 2022, for providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers**<br>**for the year ended**<br>**December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $10333738 | 0.675% | First $250 million |
|  | 0.650% | $250 million to $750 million |
|  | 0.625% | $750 million to $1 billion |
|  | 0.600% | Over $1 billion |

---

Prior to April 30, 2022, the Predecessor Portfolio paid the Adviser a monthly fee based upon annual rates that applied to the Predecessor Portfolio's average daily net assets as follows:

---

| | |
|:---|:---|
| **% per annum** | **Average Daily Net Assets** |
| 0.650% | First $250 million |
| 0.640% | $250 million to $750 million |
| 0.630% | $750 million to $1 billion |
| 0.600% | Over $1 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver** - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.025% | First $250 million |
| 0.010% | $250 million to $750 million |
| (0.005)% | $750 million to $1 billion |
| 0.010% | $1 billion to $1.5 billion |
| 0.040% | Over $1.5 billion |

---

Prior to April 30, 2022, the Adviser had agreed, for the period of December 15, 2021 to April 29, 2022, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Predecessor Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.010% | $1 billion to $1.5 billion |
| 0.040% | Over $1.5 billion |

---

Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Consolidated Statement of Operations.

Additionally, prior to April 30, 2022, Brighthouse Investment Advisers had contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Predecessor Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Predecessor Portfolio and those of the Portfolio a series of the Trust also subadvised by the Subadviser. Amounts waived for year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Consolidated Statement of Assets and Liabilities.

**8. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**9. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $2195938880 |
|  Gross unrealized appreciation | 115020039 |
|  Gross unrealized (depreciation) | (317467724) |
|  Net unrealized appreciation (depreciation) | $(202447685) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $348495298 | $8787465 | $97175125 | $11947490 | $445670423 | $20734955 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $157529527 | $– $| (197081795) | $(641095117) | $(680647385) |

---

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $276,829,309 and accumulated long-term capital losses of $364,265,808. The capital loss carryforward includes amounts acquired on April 29, 2022 in the merger with the Predecessor Portfolio. The utilization of these losses in the future may be limited under current tax rules.

**10. Acquisition** 

At the close of business on April 29, 2022, the PanAgora Global Diversified Risk Portfolio II (the "PanAgora II Portfolio"), with aggregate Class B net assets of $2,496,103,959, acquired all of the assets and assumed the liabilities of the Predecessor Portfolio. The Predecessor Portfolio was the accounting survivor of the merger for financial reporting purposes. Therefore, the financial statements presented for the Portfolio reflect the historical results of Predecessor Portfolio prior to the acquisition and the combined results thereafter. The PanAgora II Portfolio was the legal and tax survivor of the merger and changed its name to PanAgora Global Diversified Risk Portfolio upon completion of the merger.

The acquisition was accomplished by a tax-free exchange of 312,549,834 Class B shares of the PanAgora II Portfolio (valued at $2,496,103,959) for 285,432,128 Class B shares of the Portfolio. Each shareholder of the Predecessor Portfolio received Class B shares of the Portfolio at the Class B NAV, as determined at the close of business on April 29, 2022. The transaction provided investors a risk parity strategy at scale, which may provide the opportunity for enhanced returns. It also streamlined the offerings of the portfolios managed by the Adviser, so that management, distribution and other resources could be focused more effectively on a smaller group of portfolios. Some of the investments held by the Predecessor Portfolio may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by the Predecessor Portfolio. All other costs associated with the merger were not borne by the shareholders of either the PanAgora II Portfolio or the Predecessor Portfolio. The Predecessor Portfolio's net assets on April 29, 2022, were $220,668,507 for Class B shares, including investments valued at $219,943,734 with a cost basis of $228,065,436. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from the Predecessor Portfolio were carried forward to align ongoing reporting of the Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $2,716,772,466, which included $111,587,425 of acquired unrealized depreciation on investments and foreign currency transactions.

Assuming the acquisition had been completed on January 1, 2022, the Portfolio's pro-forma results of operations for the period ended December 31, 2022, are as follows:

---

| | |
|:---|:---|
|  Net Investment income | $59142774(a) |
|  Net realized and unrealized loss | (851291723)(b) |
|  Net decrease in net assets from operations | $(792148949) |

---

(a) $41,643,278 net investment income as reported at December 31, 2022, plus $17,366,863 from the Portfolio pre-merger net investment income, plus $132,633 of pro-forma eliminated other expenses.

(b) $234,378,214 unrealized depreciation as reported at December 31, 2022, less $77,668,928 pro-forma December 31, 2021 unrealized appreciation, plus $366,673,298 net realized loss as
reported at December 31, 2022, plus $172,571,283 in net realized loss from the Portfolio pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Predecessor Portfolio that have been included in the Portfolio's Consolidated Statement of Operations since April 29, 2022.

**11. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the PanAgora Global Diversified Risk Portfolio and subsidiary:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the PanAgora Global Diversified Risk Portfolio and subsidiary (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the PanAgora Global Diversified Risk Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-38** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

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**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-40** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-41** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-42** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*PanAgora Global Diversified Risk Portfolio.* The Board considered the following information in relation to the Agreements with the Adviser and PanAgora Asset Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, and its blended benchmark for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

**BHFTI-43** 

------

**Brighthouse Funds Trust I** 

**PanAgora Global Diversified Risk Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fee was below the average of the Sub-advised Expense Group and above the average of the Sub-advised Expense Universe, each at the Portfolio's current size.

The Board also considered that as of the close of business on April 29, 2022, the Portfolio, then known as the PanAgora Global Diversified Risk Portfolio II, acquired all of the assets and assumed the liabilities of the PanAgora Global Diversified Risk Portfolio (the "Predecessor Portfolio"). The Board noted that the Predecessor Portfolio was the accounting survivor of the merger for financial reporting purposes, and, therefore, the performance for the Portfolio reflects the historical results of the Predecessor Portfolio prior to the acquisition as well as the post-acquisition results of the combined portfolio.

**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Managed By Pacific Investment Management Company LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the PIMCO Inflation Protected Bond Portfolio returned -11.60%, -11.88%, and -11.73%, respectively. The Portfolio's benchmark, the Bloomberg U.S. TIPS Index¹, returned -11.85%.

**MARKET ENVIRONMENT / CONDITIONS** 

Geopolitics took center stage in 2022 as Russia invaded Ukraine at the beginning of the year. Most assets experienced elevated volatility over the year as Russia's invasion of Ukraine and the subsequent imposition of financial sanctions added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening yield curves. Commodity prices soared given Europe's dependency on Russian oil/natural gas and Ukraine's significant share of global wheat, neon, and palladium supply. Global yields rose sharply over the year and curves broadly flattened amid more hawkish actions and rhetoric from central banks.

Risk assets were challenged throughout the first half of the year, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence. Developed market central banks maintained their hawkish stance with their sights set on combating historic levels of inflation. Most notably, in the U.S., Consumer Price Index ("CPI") increased 8.6% year-on-year in May. This prompted the U.S. Federal Reserve (the "Fed") to hike interest rates by 0.75% in June, the first time since 1994, and acknowledge that credibly fighting inflation will come at the cost of lower growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Performance was challenged for both "safe-haven" and risk assets as global yields rose sharply through the summer months and sentiment waned. Elevated inflation, tightening monetary policy, ongoing geopolitical tensions, and rising recession risks contributed to heightened market volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities experienced sharp declines.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of the second half of the year. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 0.75% policy rate hike in November, the Fed adjusted its policy rate upward by 0.50% in December, while advancing its terminal rate projection to 5.1% by the end of 2023.

**PORTFOLIO REVIEW/ CURRENT POSITIONING** 

Tactical Eurozone breakeven inflation (the difference between nominal and real yields) strategies, which were in part achieved through the use of swaps, options, and futures, contributed to performance as inflation expectations in the region rose. Overweight U.S. breakeven inflation, partially facilitated using inflation caps, contributed to performance as inflation expectations rose in the U.S. Nominal curve positioning in U.S. interest rates, partially implemented through futures, options and interest rate swaps, was positive for performance, but was offset by a detraction from curve positions within Eurozone interest rates. Overweight exposure to non-Agency Mortgage-Backed Securities ("MBS") detracted from performance as mortgage spreads widened and rates rose. Exposure to Danish covered bonds modestly contributed to performance, but was offset by a negative contribution from overweight exposure to U.S. agency MBS. Within corporate credit, tactical exposure to investment grade corporate credit sectors and indices, partially facilitated through credit default swaps, modestly contributed to performance. Short exposure to U.K. breakeven inflation also contributed to performance amid rising inflation expectations and market volatility from pension selling. Additionally, modest overweight positions in Japanese inflation-linked bonds were positive as inflationary fears increased after the Bank of Japan increased the cap on 10-year Japanese government bond yields. Finally, within currencies, exposure to select developed and emerging market currencies through the use of currency forwards modestly contributed to performance.

The Portfolio ended the period with an underweight duration position relative to the benchmark, mainly sourced in the Eurozone and Japan while maintaining a modest overweight exposure to U.S. duration given significant rate differentials. The Portfolio maintains an overweight to U.S. breakevens as long-term inflation expectations are still well anchored despite recent CPI beats. The Portfolio maintains a neutral stance in U.K. breakevens given volatility from pension selling. Additionally, the Portfolio maintains modest overweight positions in select global inflation-linked bonds, including Eurozone and Japanese linkers given they provide an asymmetric payoff and lagged the global recovery initially. The Portfolio remains cautious overall on generic corporate credit. The Portfolio maintains exposure to securitized spread sectors as well as Danish covered bonds given attractive valuations and yield pickup. Within currencies, the Portfolio maintains modest positions given heightened macroeconomic uncertainty.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Managed By Pacific Investment Management Company LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

Derivatives were used in the Portfolio to attain certain exposures in a liquid and cost-effective manner. All derivatives performed as expected during the period.

**Steve Rodosky** 

**Daniel He** 

Portfolio Managers

*Pacific Investment Management Company LLC* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Bloomberg U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. TIPS INDEX**![LOGO](g394295g99r79.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**PIMCO Inflation Protected Bond Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –11.60 | 2.09 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –11.88 | 1.83 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | –11.73 | 1.95 | 0.84 |
| &nbsp;&nbsp;&nbsp;**Bloomberg U.S. TIPS Index** | –11.85 | 2.11 | 1.12 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Treasury & Government Agencies** | **90.0** |
| **Foreign Government** | **10.9** |
| **Asset-Backed Securities** | **9.4** |
| **Corporate Bonds & Notes** | **4.2** |
| **Mortgage-Backed Securities** | **2.1** |
| **Purchased Options** | **0.2** |
| **Convertible Preferred Stocks** | **0.1** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>PIMCO Inflation Protected Bond Portfolio** <br>|  | **<br>Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.92% | $1000.00 | $972.00 | $4.57 |
|  | Hypothetical\* | 0.92% | $1000.00 | $1020.57 | $4.69 |
|  Class B (a) | Actual | 1.17% | $1000.00 | $970.70 | $5.81 |
|  | Hypothetical\* | 1.17% | $1000.00 | $1019.31 | $5.96 |
|  Class E (a) | Actual | 1.06% | $1000.00 | $971.80 | $5.27 |
|  | Hypothetical\* | 1.06% | $1000.00 | $1019.86 | $5.40 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—90.0% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage - Backed—4.1%** | **Agency Sponsored Mortgage - Backed—4.1%** | **Agency Sponsored Mortgage - Backed—4.1%** |
|  Fannie Mae 30 Yr. Pool<br>3.000%, 05/01/52 | 387463 | $340051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/48 | 469543 | 447426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/49 | 291333 | 277314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/50 | 211976 | 200929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/50 | 291132 | 274994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/52 | 685952 | 643451 |
|  Fannie Mae ARM Pool<br>2.889%, 12M MTA + 1.200%, 07/01/44 (a) | 3419 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 12M MTA + 1.200%, 09/01/44 (a) | 8611 | 8181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%, 1Y H15 + 2.360%, 11/01/34 (a) | 138622 | 141749 |
|  Fannie Mae REMICS (CMO)<br>3.257%, 05/25/35 (a) | 74187 | 73653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.644%, 1M LIBOR + 0.060%, 12/25/36 (a) | 13301 | 13056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.821%, 1M LIBOR + 0.060%, 07/25/37 (a) | 103136 | 100992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.539%, 1M LIBOR + 0.150%, 08/25/34 (a) | 11883 | 11499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.739%, 1M LIBOR + 0.350%, 07/25/37 (a) | 2345 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.769%, 1M LIBOR + 0.380%, 07/25/37 (a) | 25230 | 24708 |
|  Fannie Mae Whole Loan (CMO)<br>4.739%, 1M LIBOR + 0.350%, 05/25/42 (a) | 22003 | 21635 |
|  Freddie Mac ARM Non-Gold Pool<br>3.848%, 1Y H15 + 2.225%, 01/01/34 (a) | 12175 | 12223 |
|  Freddie Mac REMICS (CMO)<br>3.207%, 1M LIBOR + 0.350%, 07/15/44 (a) | 1261388 | 1242847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.668%, 1M LIBOR + 0.350%, 01/15/47 (a) | 1369839 | 1318854 |
|  Freddie Mac Strips (CMO)<br>4.768%, 1M LIBOR + 0.450%, 09/15/42 (a) | 1331698 | 1307723 |
|  Freddie Mac Structured Pass-Through Certificates (CMO)<br>2.889%, 12M MTA + 1.200%, 02/25/45 (a) | 255582 | 256443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248%, 12M MTA + 1.200%, 10/25/44 (a) | 850374 | 846250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.649%, 1M LIBOR + 0.260%, 08/25/31 (a) | 15907 | 15785 |
|  Government National Mortgage Association (CMO)<br>1.968%, 12M LIBOR + 0.750%, 04/20/67 (a) | 1821170 | 1802259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.858%, 12M LIBOR + 0.150%, 08/20/68 (a) | 2301477 | 2235899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.672%, 1M LIBOR + 0.830%, 08/20/66 (a) | 154344 | 152649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.726%, SOFR30A + 0.900%, 10/20/72 (a) | 2401851 | 2361400 |
|  Uniform Mortgage-Backed Securities 30 Yr. Pool<br>3.000%, TBA (b) | 15500000 | 13608911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, TBA (b) | 47665720 | 44697960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, TBA (b) | 2500000 | 2405543 |
|  |  | 74849925 |
| **U.S. Treasury—85.9%** |  |  |
|  U.S. Treasury Inflation Indexed Bonds<br>0.125%, 02/15/51 (c)  | 17522295 | 11271245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 02/15/52 (c) (d) (i) | 7706880 | 4984856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 02/15/50 (c) (e) | 16480980 | 11101193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 02/15/43 (c)  | 14126836 | 11388839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 02/15/42 (c) (f) | 46208650 | 38649220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 02/15/45 (c)  | 26142751 | 21124150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 02/15/47 (c) (f) | 47992967 | 39307538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 02/15/46 (c) (f) | 47981061 | 40714028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 02/15/44 (c) (i) | 83542952 | 77523926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/15/28 (c) (f) | 73330979 | 73280216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/15/26 (c)  | 32934919 | 32893401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 02/15/40 (c)  | 22512865 | 23815725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 02/15/41 (c)  | 20722852 | 21938001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 01/15/25 (c) (f) | 65143457 | 65195746 |
| **U.S. Treasury—(Continued)** |  |  |
| U.S. Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 01/15/27 (c) (d) (e)  | 561477 | 572697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/15/29 (c)  | 32270599 | 33645004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/15/32 (c) (d) (e)  | 3253359 | 3723689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/15/28 (c) (f) | 33291445 | 36281424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/29 (c) (f) | 36777168 | 41321718 |
| U.S. Treasury Inflation Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/24 (c) (f) | 44366626 | 42725020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 04/15/25 (c)  | 9920874 | 9454533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/25 (c) (d) (g) (h) | 10565188 | 10040501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 04/15/26 (c)  | 19315740 | 18158985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/26 (c) (f) | 64836202 | 61093444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/26 (c) (f) | 16683885 | 15637997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 04/15/27 (c) (f) | 12344787 | 11504118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/30 (c) (f) | 55047020 | 49444439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/30 (c) (f) | 61893693 | 55415774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/31 (c) (f) | 49057131 | 43565688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/31 (c) (f) | 56321887 | 49763922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/32 (c) (f) | 52564077 | 46039430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 01/15/25 (c) (f) | 35729756 | 34272619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 07/15/29 (c) (f) | 83823098 | 76735699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/15/23 (c)  | 9399416 | 9287798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/15/25 (c) (g) | 11872763 | 11402347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 01/15/27 (c)  | 24646129 | 23240558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/15/27 (c)  | 27395294 | 25818041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 01/15/28 (c) (f) | 151079963 | 142065378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 04/15/23 (c) (f) (i) | 82882647 | 82036014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 01/15/24 (c) (h) | 12835529 | 12562837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 01/15/26 (c)  | 34410858 | 33030333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 07/15/32 (c) (f) (i) | 33330375 | 30527847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 07/15/28 (c) (f) | 52877125 | 50367623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 01/15/29 (c)  | 19371013 | 18453874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/27 (c) (d) | 5834162 | 5827321 |
|  |  | 1557204756 |
|  Total U.S. Treasury & Government Agencies <br>(Cost $1,863,024,307) |  | 1632054681 |
| **Foreign Government—10.9%** | **Foreign Government—10.9%** | **Foreign Government—10.9%** |
| **Sovereign—10.9%** |  |  |
|  Australia Government Bond<br>3.000%, 09/20/25 (AUD) (c) | 11150000 | 11033456 |
|  Canadian Government Real Return Bond<br>4.250%, 12/01/26 (CAD) (c) | 8403792 | 6845429 |
|  French Republic Government Bond OAT<br>0.100%, 03/01/26 (144A) (EUR)(c)  | 17800355 | 18881062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 07/25/31 (144A) (EUR)(c)  | 1840304 | 1892423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 07/25/38 (144A) (EUR)(c)  | 6435471 | 6230218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 07/25/24 (EUR)(c) (f) | 4773912 | 5150245 |
|  Italy Buoni Poliennali Del Tesoro<br>0.400%, 05/15/30 (144A) (EUR) (c)  | 3848493 | 3605242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 05/26/25 (144A) (EUR) (c)  | 58617600 | 61998104 |
|  Japanese Government CPI Linked Bonds<br>0.005%, 03/10/31 (JPY) (c) | 375746400 | 2973275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 03/10/28 (JPY) (c) | 1632597040 | 12906274 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Foreign Government—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Sovereign—(Continued)** | | | |
| Japanese Government CPI Linked Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 03/10/29 (JPY) (c) | 2153104850 | $| 17037484 |
|  Mexican Bonos<br>7.750%, 05/29/31 (MXN) | 97900000 |  | 4648950 |
|  New Zealand Government Inflation Linked Bonds<br>2.500%, 09/20/35 (NZD) (c) | 1815150 |  | 1150558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/20/30 (NZD) (c) | 11600000 |  | 9484663 |
|  Peruvian Government International Bond<br>5.940%, 02/12/29 (144A) (PEN) | 5400000 |  | 1302604 |
|  Qatar Government International Bond<br>3.875%, 04/23/23 | 700000 |  | 696150 |
|  United Kingdom Gilt Inflation Linked Bonds<br>0.125%, 03/22/24 (GBP) (c) | 13213890 |  | 16219350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 08/10/41 (GBP) (c) | 5719050 |  | 6477549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/27 (GBP) (c) | 7592843 |  | 9681281 |
|  Total Foreign Government <br>(Cost $212,300,556) |  |  | 198214317 |
| **Asset-Backed Securities—9.4%** | **Asset-Backed Securities—9.4%** | **Asset-Backed Securities—9.4%** | **Asset-Backed Securities—9.4%** |
| **Asset-Backed - Home Equity—1.1%** |  |  |  |
|  ACE Securities Corp. Home Equity Loan Trust<br>4.789%, 1M LIBOR + 0.400%, 03/25/37 (a) | 465620 |  | 183912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 1M LIBOR + 1.050%, 12/25/33 (a) | 1089072 |  | 1040955 |
|  Asset Backed Securities Corp. Home Equity Loan Trust<br>5.214%, 1M LIBOR + 0.825%, 04/25/34 (a) | 1326163 |  | 1225251 |
|  Citigroup Mortgage Loan Trust, Inc.<br>4.569%, 1M LIBOR + 0.180%, 03/25/37 (a) | 832257 |  | 683440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679%, 1M LIBOR + 0.290%, 09/25/36 (144A) (a) | 977459 |  | 925869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.079%, 1M LIBOR + 0.690%, 10/25/35 (a) | 3700000 |  | 3323334 |
|  First NLC Trust<br>4.459%, 1M LIBOR + 0.070%, 08/25/37 (144A) (a) | 810808 |  | 377298 |
|  GSAA Home Equity Trust<br>6.720%, 03/25/46 (j) | 309888 |  | 184682 |
|  Home Equity Asset Trust<br>3.826%, 1M LIBOR + 0.675%, 02/25/36 (a) | 1766204 |  | 1692547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%, 1M LIBOR + 0.855%, 08/25/34 (a) | 286995 |  | 278752 |
|  HSI Asset Securitization Corp. Trust<br>4.489%, 1M LIBOR + 0.100%, 10/25/36 (a) | 4102 |  | 1638 |
|  MASTR Asset-Backed Securities Trust<br>5.139%, 1M LIBOR + 0.750%, 10/25/35 (a) | 100089 |  | 91971 |
|  Morgan Stanley ABS Capital, Inc. Trust<br>5.049%, 1M LIBOR + 0.660%, 01/25/35 (a) | 687818 |  | 659140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.064%, 1M LIBOR + 0.675%, 09/25/35 (a) | 1300000 |  | 1211832 |
|  New Century Home Equity Loan Trust<br>5.154%, 1M LIBOR + 0.765%, 02/25/35 (a) | 337068 |  | 321083 |
|  Nomura Home Equity Loan, Inc<br>4.824%, 1M LIBOR + 0.435%, 03/25/36 (a) | 1577969 |  | 1536453 |
|  NovaStar Mortgage Funding Trust<br>5.094%, 1M LIBOR + 0.705%, 01/25/36 (a) | 694802 |  | 679497 |
|  RASC Trust<br>4.849%, 1M LIBOR + 0.230%, 06/25/36 (a) | 3415814 |  | 3241625 |
|  Soundview Home Loan Trust<br>4.569%, 1M LIBOR + 0.180%, 07/25/37 (a) | 323928 |  | 290758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.589%, 1M LIBOR + 0.200%, 06/25/37 (a) | 1966014 |  | 1406845 |
|  |  |  | 19356882 |
| **Asset-Backed - Other—8.1%** |  |  |  |
|  522 Funding CLO, Ltd.<br>5.283%, 3M LIBOR + 1.040%, 10/20/31 (144A) (a) | 1500000 |  | 1468338 |
|  ACAS CLO, Ltd.<br>5.084%, 3M LIBOR + 0.890%, 10/18/28 (144A) (a) | 1662975 |  | 1631187 |
|  AMMC CLO, Ltd.<br>4.991%, 3M LIBOR + 0.980%, 04/14/29 (144A) (a) | 2439069 |  | 2424203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.542%, 3M LIBOR + 0.950%, 11/10/30 (144A) (a) | 1000000 |  | 985690 |
|  Anchorage Capital CLO, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.129%, 3M LIBOR + 1.050%, 07/15/30 (144A) (a) | 1299921 |  | 1283347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.219%, 3M LIBOR + 1.140%, 07/15/32 (144A) (a) | 300000 |  | 293281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.465%, 3M LIBOR + 1.140%, 07/22/32 (144A) (a) | 1600000 |  | 1564517 |
|  Apidos CLO XXVI<br>5.094%, 3M LIBOR + 0.900%, 07/18/29 (144A) (a) | 1600000 |  | 1581350 |
|  Apidos CLO XXVII<br>5.009%, 3M LIBOR + 0.930%, 07/17/30 (144A) (a) | 1700000 |  | 1677441 |
|  Arbor Realty Commercial Real Estate Notes, Ltd.<br>5.257%, SOFR30A + 1.450%, 01/15/37 (144A) (a) | 2600000 |  | 2516877 |
|  Ares European CLO VI DAC<br>1.988%, 3M EURIBOR + 0.610%, 04/15/30 (144A) (EUR) (a) | 691852 |  | 718778 |
|  Ares L CLO, Ltd.<br>5.129%, 3M LIBOR + 1.050%, 01/15/32 (144A) (a) | 700000 |  | 685971 |
|  Ares LII CLO, Ltd.<br>5.375%, 3M LIBOR + 1.050%, 04/22/31 (144A) (a) | 1700000 |  | 1668067 |
|  Argent Securities Trust<br>4.709%, 1M LIBOR + 0.320%, 05/25/36 (a) | 230200 |  | 56642 |
|  Atlas Senior Loan Fund, Ltd.<br>5.169%, 3M LIBOR + 1.090%, 01/15/31 (144A) (a) | 589321 |  | 577620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.229%, 3M LIBOR + 1.150%, 01/16/30 (144A) (a) | 2190367 |  | 2157713 |
|  Atrium XII<br>5.155%, 3M LIBOR + 0.830%, 04/22/27 (144A) (a) | 2676762 |  | 2647816 |
|  Barings CLO, Ltd.<br>5.313%, 3M LIBOR + 1.070%, 01/20/32 (144A) (a) | 1900000 |  | 1860013 |
|  BDS, Ltd.<br>6.121%, 1M TSFR + 1.800%, 03/19/39 (144A) (a) | 1900000 |  | 1831184 |
|  Benefit Street Partners CLO XII, Ltd.<br>5.029%, 3M LIBOR + 0.950%, 10/15/30 (144A) (a) | 1000000 |  | 983789 |
|  Birch Grove CLO, Ltd.<br>5.899%, 3M LIBOR + 1.130%, 06/15/31 (144A) (a) | 1000000 |  | 978207 |
|  Black Diamond CLO, Ltd.<br>2.834%, 3M EURIBOR + 0.650%, 10/03/29 (144A) (EUR) (a) | 60607 |  | 64724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.793%, 3M LIBOR + 1.050%, 10/03/29 (144A) (a) | 39482 |  | 39432 |
|  Blackrock European CLO IV DAC<br>2.228%, 3M EURIBOR + 0.850%, 07/15/30 (144A) (EUR) (a) | 1198071 |  | 1253490 |
|  BlueMountain CLO XXII, Ltd.<br>5.159%, 3M LIBOR + 1.080%, 07/15/31 (144A) (a) | 500000 |  | 491378 |
|  BlueMountain EUR CLO DAC<br>2.333%, 3M EURIBOR + 0.790%, 04/25/32 (144A) (EUR) (a) | 1098998 |  | 1145529 |
|  Capital Four U.S. CLO II, Ltd.<br>5.814%, 3M TSFR + 2.140%, 10/20/30 (144A) (a) | 900000 |  | 896994 |
|  Carlyle Euro CLO DAC<br>2.428%, 3M EURIBOR + 0.630%, 08/15/30 (144A) (EUR) (a) | 1096058 |  | 1142032 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Asset-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Asset-Backed - Other—(Continued)** | | |
|  Carlyle Global Market Strategies CLO, Ltd.<br>2.548%, 3M EURIBOR + 0.750%, 11/15/31 (144A) (EUR)(a) | 1600000 | $1651731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%, 3M LIBOR + 0.970%, 04/17/31 (144A) (a) | 498484 | 490098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.405%, 3M LIBOR + 1.080%, 04/22/32 (144A) (a) | 400000 | 391717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3M LIBOR + 0.950%, 08/14/30 (144A) (a) | 2273991 | 2244054 |
|  Carlyle U.S. CLO, Ltd.<br>5.243%, 3M LIBOR + 1.000%, 04/20/31 (144A) (a) | 1600000 | 1569578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.259%, 3M LIBOR + 1.180%, 01/15/30 (144A) (a) | 500000 | 491832 |
|  Catamaran CLO, Ltd.<br>5.425%, 3M LIBOR + 1.100%, 04/22/30 (144A) (a) | 1989793 | 1966222 |
|  CBAM, Ltd.<br>5.493%, 3M LIBOR + 1.250%, 07/20/30 (144A) (a) | 697721 | 690359 |
|  Cedar Funding CLO, Ltd.<br>5.179%, 3M LIBOR + 1.100%, 07/17/31 (144A) (a) | 800000 | 784315 |
|  CIFC European Funding CLO III DAC<br>2.428%, 3M EURIBOR + 1.050%, 01/15/34 (144A) (EUR) (a) | 800000 | 827488 |
|  CIFC Funding, Ltd.<br>5.194%, 3M LIBOR + 1.000%, 04/18/31 (144A) (a) | 1900000 | 1871863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%, 3M LIBOR + 0.950%, 10/24/30 (144A) (a) | 2500000 | 2468602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%, 3M LIBOR + 1.010%, 04/23/29 (144A) (a) | 562438 | 556845 |
|  CIT Mortgage Loan Trust<br>5.739%, 1M LIBOR + 1.350%, 10/25/37 (144A) (a) | 629542 | 625948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.889%, 1M LIBOR + 1.500%, 10/25/37 (144A) (a) | 4400000 | 4170006 |
|  Contego CLO VIII DAC<br>2.142%, 3M EURIBOR + 0.640%, 01/23/30 (144A) (EUR) (a) | 798548 | 829100 |
|  CQS U.S. CLO, Ltd.<br>5.997%, 3M TSFR + 2.650%, 07/20/31 (144A) (a) | 2400000 | 2392291 |
|  Credit-Based Asset Servicing and Securitization LLC<br>4.164%, 1M LIBOR + 0.120%, 07/25/37 (144A) (a) | 67379 | 44527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.264%, 1M LIBOR + 0.220%, 07/25/37 (144A) (a) | 1342854 | 887437 |
|  Crestline Denali CLO XV, Ltd.<br>5.273%, 3M LIBOR + 1.030%, 04/20/30 (144A) (a) | 1083805 | 1068333 |
|  Crestline Denali CLO, Ltd.<br>5.465%, 3M LIBOR + 1.140%, 10/23/31 (144A) (a) | 1100000 | 1078033 |
|  CSAB Mortgage-Backed Trust<br>6.220%, 09/25/36 (j) | 400279 | 132638 |
|  CWABS Asset-Backed Certificates Trust<br>4.579%, 1M LIBOR + 0.190%, 11/25/37 (a) | 5134731 | 4666063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.129%, 1M LIBOR + 0.740%, 08/25/47 (a) | 23132 | 22212 |
|  Dryden 35 Euro CLO DAC<br>2.358%, 3M EURIBOR + 0.980%, 01/17/33 (144A) (EUR) (a) | 800000 | 828721 |
|  Dryden 44 Euro CLO B.V.<br>2.258%, 3M EURIBOR + 0.880%, 04/15/34 (144A) (EUR) (a) | 1300000 | 1324464 |
|  Dryden 52 Euro CLO DAC<br>2.622%, 3M EURIBOR + 0.860%, 05/15/34 (144A) (EUR) (a) | 1000000 | 1037565 |
|  Dryden 60 CLO, Ltd.<br>5.129%, 3M LIBOR + 1.050%, 07/15/31 (144A) (a) | 700000 | 689176 |
|  Dryden 64 CLO, Ltd.<br>5.164%, 3M LIBOR + 0.970%, 04/18/31 (144A) (a) | 700000 | 688269 |
| **Asset-Backed - Other—(Continued)** |  |  |
|  Ellington Loan Acquisition Trust<br>5.489%, 1M LIBOR + 1.100%, 05/25/37 (144A) (a) | 1194004 | 1142596 |
|  Fidelity Grand Harbour CLO DAC<br>3.246%, 3M EURIBOR + 1.200%, 03/15/32 (144A) (EUR) (a) | 900000 | 937970 |
|  First Franklin Mortgage Loan Trust<br>4.509%, 1M LIBOR + 0.120%, 12/25/36 (a) | 8773668 | 7273305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.699%, 1M LIBOR + 0.310%, 07/25/36 (a) | 1736300 | 1623143 |
|  Gallatin CLO VIII, Ltd.<br>5.169%, 3M LIBOR + 1.090%, 07/15/31 (144A) (a) | 400000 | 391890 |
|  Goldentree Loan Management U.S. CLO 6, Ltd.<br>5.153%, 3M LIBOR + 0.910%, 11/20/30 (144A) (a) | 800000 | 788845 |
|  GSAMP Trust<br>5.124%, 1M LIBOR + 0.735%, 09/25/35 (a) | 100771 | 98085 |
|  HalseyPoint CLO, Ltd.<br>5.865%, 3M LIBOR + 1.450%, 11/30/32 (144A) (a) | 500000 | 490601 |
|  HSI Asset Securitization Corp. Trust<br>4.709%, 1M LIBOR + 0.320%, 05/25/37 (a) | 103957 | 103244 |
|  JPMorgan Mortgage Acquisition Trust<br>4.599%, 1M LIBOR + 0.210%, 10/25/36 (a) | 55912 | 54862 |
|  Jubilee CLO B.V.<br>2.128%, 3M EURIBOR + 0.840%, 07/12/28 (144A) (EUR) (a) | 53433 | 57062 |
|  KKR CLO, Ltd.<br>5.259%, 3M LIBOR + 1.180%, 01/15/31 (144A) (a) | 500000 | 492769 |
|  Laurelin B.V.<br>2.176%, 3M EURIBOR + 0.720%, 10/20/31 (144A) (EUR) (a) | 700000 | 725126 |
|  LCM XIII L.P.<br>5.097%, 3M LIBOR + 0.870%, 07/19/27 (144A) (a) | 2039616 | 2016928 |
|  LCM XXV, Ltd.<br>5.063%, 3M TSFR + 1.100%, 07/20/30 (144A) (a) | 890361 | 872490 |
|  LoanCore Issuer, Ltd.<br>5.358%, SOFR30A + 1.550%, 01/17/37 (144A) (a) | 2100000 | 2031256 |
|  Long Beach Mortgage Loan Trust<br>4.629%, 1M LIBOR + 0.240%, 08/25/36 (a) | 881460 | 368945 |
|  M360 2021-CRE3, Ltd.<br>5.861%, 1M LIBOR + 1.500%, 11/22/38 (144A) (a) | 600000 | 588000 |
|  Madison Park Euro Funding IX DAC<br>2.258%, 3M EURIBOR + 0.880%, 07/15/35 (144A) (EUR) (a) | 700000 | 713132 |
|  Madison Park Funding, Ltd.<br>5.615%, 3M LIBOR + 1.200%, 07/29/30 (144A) (a) | 400000 | 396195 |
|  Man GLG Euro CLO II DAC<br>2.248%, 3M EURIBOR + 0.870%, 01/15/30 (144A) (EUR) (a) | 571637 | 599884 |
|  Marathon Static CLO, Ltd.<br>5.070%, 3M TSFR + 2.220%, 07/20/30 (144A) (a) | 900000 | 896476 |
|  MF1, Ltd.<br>5.419%, 1M LIBOR + 1.080%, 10/16/36 (144A) (a) | 700000 | 669278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.471%, 1M TSFR + 2.150%, 06/19/37 (144A) (a) | 1800000 | 1773628 |
|  Morgan Stanley ABS Capital I, Inc. Trust<br>5.364%, 1M LIBOR + 0.975%, 07/25/34 (a) | 45851 | 43296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 1M LIBOR + 1.050%, 06/25/35 (a) | 1232000 | 1095096 |
|  Morgan Stanley IXIS Real Estate Capital Trust<br>4.439%, 1M LIBOR + 0.050%, 11/25/36 (a) | 526 | 180 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Asset-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Asset-Backed - Other—(Continued)** | | |
|  Mountain View CLO LLC<br>5.169%, 3M LIBOR + 1.090%, 10/16/29 (144A) (a) | 1868364 | $1839004 |
|  OAK Hill European Credit Partners VII DAC<br>2.196%, EURIBOR + 0.740%, 10/20/31 (144A) (EUR) (a) | 2100000 | 2182518 |
|  Oaktree CLO, Ltd.<br>5.435%, 3M LIBOR + 1.110%, 04/22/30 (144A) (a) | 600000 | 589902 |
|  OCP Euro CLO DAC<br>2.198%, 3M EURIBOR + 0.820%, 01/15/32 (144A) (EUR) (a) | 889199 | 930855 |
|  Octagon Investment Partners, Ltd.<br>5.039%, 3M LIBOR + 0.960%, 04/16/31 (144A) (a) | 1200000 | 1181527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3M LIBOR + 1.000%, 02/14/31 (144A) (a) | 1100000 | 1080192 |
|  OSD CLO, Ltd.<br>4.949%, 3M LIBOR + 0.870%, 04/17/31 (144A) (a) | 2291390 | 2245397 |
|  OZLM, Ltd.<br>5.059%, 3M LIBOR + 0.980%, 10/17/29 (144A) (a) | 2420718 | 2383405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.343%, 3M LIBOR + 1.100%, 10/20/31 (144A) (a) | 500000 | 488046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.403%, 3M LIBOR + 1.160%, 07/20/32 (144A) (a) | 300000 | 292462 |
|  Palmer Square European Loan Funding Trust<br>3.993%, 3M EURIBOR + 1.950%, 04/12/32 (144A) (EUR) (a) | 4800000 | 5097345 |
|  Palmer Square Loan Funding, Ltd.<br>4.879%, 3M LIBOR + 0.800%, 10/15/29 (144A) (a) | 2698014 | 2663356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.043%, 3M LIBOR + 0.800%, 07/20/29 (144A) (a) | 2732462 | 2694145 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates<br>5.124%, 1M LIBOR + 0.735%, 09/25/35 (a) | 126566 | 120625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 1M LIBOR + 1.050%, 10/25/34 (a) | 2553352 | 2494460 |
|  Romark CLO, Ltd.<br>5.355%, 3M LIBOR + 1.030%, 10/23/30 (144A) (a) | 1300000 | 1274127 |
|  Saranac CLO, Ltd.<br>5.873%, 3M LIBOR + 1.140%, 08/13/31 (144A) (a) | 1800000 | 1760733 |
|  Saxon Asset Securities Trust<br>4.699%, 1M LIBOR + 0.310%, 09/25/37 (a) | 548507 | 513383 |
|  Securitized Asset-Backed Receivables LLC Trust<br>4.689%, 1M LIBOR + 0.300%, 07/25/36 (a) | 289494 | 118982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1M LIBOR + 0.320%, 07/25/36 (a) | 3161475 | 1103121 |
|  Segovia European CLO<br>2.336%, 3M EURIBOR + 0.880%, 07/20/32 (144A) (EUR) (a) | 300000 | 309808 |
|  Small Business Administration Participation Certificates<br>5.510%, 11/01/27 | 296141 | 293377 |
|  Sound Point CLO, Ltd.<br>5.225%, 3M LIBOR + 0.900%, 01/23/29 (144A) (a) | 1493443 | 1474319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.453%, 3M LIBOR + 1.210%, 07/20/32 (144A) (a) | 1400000 | 1357558 |
|  Soundview Home Loan Trust<br>4.509%, 1M LIBOR + 0.120%, 11/25/36 (144A) (a) | 40653 | 11456 |
|  Structured Asset Securities Corp. Mortgage Loan Trust<br>5.620%, 1M LIBOR + 1.500%, 04/25/35 (a) | 67674 | 65728 |
|  Symphony CLO, Ltd.<br>4.961%, 3M LIBOR + 0.950%, 07/14/26 (144A) (a) | 60480 | 60453 |
|  TCW CLO, Ltd.<br>5.328%, 3M LIBOR + 0.970%, 04/25/31 (144A) (a) | 900000 | 887126 |
|  THL Credit Wind River CLO, Ltd.<br>5.159%, 3M LIBOR + 1.080%, 04/15/31 (144A) (a) | 2000000 | 1946446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%, 3M LIBOR + 1.050%, 07/18/31 (144A) (a) | 597541 | 583665 |
| **Asset-Backed - Other—(Continued)** |  |  |
|  Toro European CLO 5 DAC<br>2.118%, 3M EURIBOR + 0.740%, 10/15/30 (144A) (EUR) (a) | 1998916 | 2084253 |
|  Tralee CLO VII, Ltd.<br>5.678%, 3M LIBOR + 1.320%, 04/25/34 (144A) (a) | 1400000 | 1361994 |
|  TRTX Issuer, Ltd.<br>5.458%, SOFR30A + 1.650%, 02/15/39 (144A) (a) | 800000 | 770842 |
|  Venture CLO, Ltd.<br>4.959%, 3M LIBOR + 0.880%, 04/15/27 (144A) (a) | 956799 | 947755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.959%, 3M LIBOR + 0.880%, 07/15/27 (144A) (a) | 142945 | 142700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.139%, 3M LIBOR + 1.060%, 07/15/31 (144A) (a) | 300000 | 293662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.143%, 3M LIBOR + 0.900%, 10/20/28 (144A) (a) | 1006545 | 992522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.263%, 3M LIBOR + 1.020%, 04/20/29 (144A) (a) | 231000 | 228444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.363%, 3M LIBOR + 1.120%, 07/20/32 (144A) (a) | 900000 | 876003 |
|  VMC Finance LLC<br>5.708%, SOFR30A + 1.900%, 02/18/39 (144A) (a) | 400000 | 389359 |
|  Voya CLO, Ltd.<br>5.059%, 3M LIBOR + 0.980%, 06/07/30 (144A) (a) | 288273 | 283945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094%, 3M LIBOR + 0.900%, 01/18/29 (144A) (a) | 1519574 | 1504030 |
|  Wellfleet CLO, Ltd.<br>5.133%, 3M LIBOR + 0.890%, 07/20/29 (144A) (a) | 436877 | 431301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 3M LIBOR + 1.060%, 10/20/29 (144A) (a) | 585196 | 576713 |
|  |  | 146286423 |
| **Asset-Backed - Student Loan—0.2%** |  |  |
|  SLM Student Loan Trust<br>4.908%, 3M LIBOR + 0.550%, 10/25/64 (144A) (a) | 2501396 | 2400168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.858%, 3M LIBOR + 1.500%, 04/25/23 (a) | 2168562 | 2147545 |
|  |  | 4547713 |
|  Total Asset-Backed Securities <br>(Cost $173,076,422) |  | 170191018 |
| **Corporate Bonds & Notes—4.2%** |  |  |
| **Banks—2.4%** |  |  |
|  Banco Bilbao Vizcaya Argentaria S.A.<br>5.875%, 5Y EUR Swap + 5.660%, 09/24/23 (EUR) (a) | 200000 | 205419 |
|  Bank of America Corp.<br>5.875%, 3M LIBOR + 2.931%, 03/15/28 (a) | 1570000 | 1382636 |
|  Lloyds Banking Group plc<br>4.947%, 5Y EURIBOR ICE Swap + 5.290%, 06/27/25 (EUR) (a) | 900000 | 920209 |
|  NatWest Group plc<br>4.519%, 3M LIBOR + 1.550%, 06/25/24 (a) | 1700000 | 1684198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.274%, 3M LIBOR + 1.550%, 06/25/24 (a) | 2600000 | 2600654 |
|  Nykredit Realkredit A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/01/43 (DKK) | 20260088 | 2201278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/01/50 (DKK) | 191593607 | 20093637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/01/53 (DKK) | 7065382 | 736982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/53 (DKK) | 29118255 | 3214069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/47 (DKK) | 5389 | 693 |
|  UniCredit S.p.A.<br>7.830%, 12/04/23 (144A) | 10700000 | 10750162 |
|  |  | 43789937 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Chemicals—0.0%** | | | |
|  Syngenta Finance NV<br>4.441%, 04/24/23 (144A) | 400000 | $| 398208 |
| **Commercial Services—0.0%** |  |  |  |
|  RELX Capital, Inc.<br>3.500%, 03/16/23 | 300000 |  | 298787 |
| **Distribution/Wholesale—0.0%** |  |  |  |
|  Toyota Tsusho Corp.<br>3.625%, 09/13/23 | 200000 |  | 197628 |
| **Diversified Financial Services—1.7%** |  |  |  |
|  Avolon Holdings Funding, Ltd.<br>2.528%, 11/18/27 (144A) | 114000 |  | 91120 |
|  Jyske Realkredit A/S<br>0.500%, 10/01/43 (DKK) | 6701974 |  | 734258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/01/50 (DKK) | 75039237 |  | 7925090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/01/53 (DKK) | 11719746 |  | 1143959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/53 (DKK) | 15862317 |  | 1699594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/53 (DKK) | 7285535 |  | 787339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/47 (DKK) | 3538 |  | 451 |
|  Mitsubishi HC Capital, Inc.<br>3.960%, 09/19/23 (144A) | 400000 |  | 395276 |
|  Nordea Kredit Realkreditaktieselskab<br>0.500%, 10/01/43 (DKK) | 2738229 |  | 300190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/01/50 (DKK) | 62970799 |  | 6677979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/53 (DKK) | 11299588 |  | 1166024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/53 (144A) (DKK) | 699656 |  | 79506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/53 (DKK) | 4299311 |  | 468814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/47 (DKK) | 919 |  | 117 |
|  Realkredit Danmark A/S<br>1.000%, 10/01/50 (DKK) | 63231265 |  | 6669465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/01/53 (DKK) | 6005842 |  | 626361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/53 (DKK) | 4373645 |  | 482767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/53 (DKK) | 2693582 |  | 294686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/47 (DKK) | 8615 |  | 1102 |
|  |  |  | 29544098 |
| **Electric—0.0%** |  |  |  |
|  Eversource Energy<br>2.900%, 10/01/24 | 100000 |  | 96391 |
| **Gas—0.0%** |  |  |  |
|  Southern Co. Gas Capital Corp.<br>2.450%, 10/01/23 | 200000 |  | 195641 |
| **Home Builders—0.1%** |  |  |  |
|  DR Horton, Inc.<br>5.750%, 08/15/23 | 900000 |  | 902883 |
| **Insurance—0.0%** |  |  |  |
|  Reliance Standard Life Global Funding II<br>3.850%, 09/19/23 (144A) | 100000 |  | 98698 |
| **Pharmaceuticals—0.0%** |  |  |  |
|  Shire Acquisitions Investments Ireland DAC<br>2.875%, 09/23/23 | 40000 |  | 39310 |
| **Software—0.0%** |  |  |  |
|  VMware, Inc.<br>3.900%, 08/21/27 | 300000 |  | 279984 |
|  Total Corporate Bonds & Notes <br>(Cost $101,664,678) |  |  | 75841565 |
| **Mortgage-Backed Securities—2.1%** | **Mortgage-Backed Securities—2.1%** | **Mortgage-Backed Securities—2.1%** | **Mortgage-Backed Securities—2.1%** |
| **Collateralized Mortgage Obligations—2.0%** |  |  |  |
|  Alternative Loan Trust<br>4.533%, 1M LIBOR + 0.180%, 02/20/47 (a) | 424720 |  | 319930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.629%, 1M LIBOR + 0.240%, 06/25/36 (a) | 1205463 |  | 1074564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.749%, 1M LIBOR + 0.360%, 05/25/47 (a) | 118529 |  | 99212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.949%, 1M LIBOR + 0.560%, 12/25/35 (a) | 15880 |  | 13852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/25/35 | 137444 |  | 83036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/25/25 | 402236 |  | 325454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/25/37 | 3059804 |  | 1205580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/25/37 | 548064 |  | 462881 |
|  Banc of America Funding Trust<br>3.958%, 02/20/36 (a) | 129840 |  | 120626 |
|  Banc of America Mortgage Trust<br>3.313%, 06/25/35 (a) | 29769 |  | 24779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.943%, 09/25/35 (a) | 25285 |  | 21446 |
|  Bear Stearns Adjustable Rate Mortgage Trust<br>3.372%, 03/25/35 (a) | 130122 |  | 120079 |
|  Bear Stearns ALT-A Trust<br>3.729%, 09/25/35 (a) | 455366 |  | 280415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1M LIBOR + 0.320%, 02/25/34 (a) | 65148 |  | 57358 |
|  Chase Mortgage Finance Trust<br>3.757%, 02/25/37 (a) | 17405 |  | 16238 |
|  CHL Mortgage Pass-Through Trust<br>3.680%, 08/25/34 (a) | 6529 |  | 6469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.969%, 1M LIBOR + 0.580%, 04/25/35 (a) | 263311 |  | 226104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/25/37 | 798695 |  | 400440 |
|  Citigroup Mortgage Loan Trust<br>3.463%, 03/25/37 (a) | 1252869 |  | 1087986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1Y H15 + 2.400%, 05/25/35 (a) | 3214 |  | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.183%, 08/25/35 (a) | 2968 |  | 2695 |
|  Countrywide Home Reperforming Loan REMIC Trust<br>4.729%, 1M LIBOR + 0.340%, 06/25/35 (144A) (a) | 31614 |  | 29752 |
|  Credit Suisse Mortgage Capital Certificates<br>3.276%, 11/30/37 (144A) (a) | 2600000 |  | 2365535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.539%, 1M LIBOR + 0.150%, 09/29/36 (144A) (a) | 776779 |  | 745432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 10/26/36 (144A) (a) | 41693 |  | 35485 |
|  Deutsche ALT-B Securities Mortgage Loan Trust<br>4.489%, 1M LIBOR + 0.100%, 10/25/36 (a) | 9625 |  | 8155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.369%, 10/25/36 (j) | 168720 |  | 146396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.386%, 10/25/36 (j) | 168720 |  | 146394 |
|  Eurosail-UK plc<br>4.461%, SONIA+ 1.069%, 06/13/45 (GBP) (a) | 955130 |  | 1141548 |
|  First Horizon Alternative Mortgage Securities Trust<br>4.539%, 06/25/34 (a) | 66044 |  | 61201 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mortgage-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Collateralized Mortgage Obligations—(Continued)** | | |
|  Great Hall Mortgages No. 1 plc<br>3.675%, SONIA + 2.490%, 03/18/39 (GBP)(a) | 53966 | $64146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.695%, SONIA + 0.269%, 06/18/38 (GBP)(a) | 27811 | 33194 |
|  GreenPoint Mortgage Funding Trust<br>4.749%, 1M LIBOR + 0.360%, 09/25/46 (a) | 299796 | 260664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.829%, 1M LIBOR + 0.440%, 06/25/45 (a) | 117882 | 107105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.929%, 1M LIBOR + 0.540%, 11/25/45 (a) | 82925 | 74591 |
|  GSR Mortgage Loan Trust<br>3.171%, 05/25/35 (a) | 128546 | 106808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.739%, 12/25/34 (a) | 166714 | 146718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.767%, 09/25/35 (a) | 50790 | 47468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.955%, 11/25/35 (a) | 141544 | 115877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.367%, 01/25/35 (a) | 34879 | 31595 |
|  HarborView Mortgage Loan Trust<br>4.529%, 1M LIBOR + 0.190%, 09/19/37 (a) | 17206 | 14696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.779%, 1M LIBOR + 0.440%, 05/19/35 (a) | 26689 | 23641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.899%, 1M LIBOR + 0.560%, 02/19/36 (a) | 75389 | 39535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.253%, 1M LIBOR + 0.900%, 06/20/35 (a) | 160980 | 140764 |
|  IndyMac INDA Mortgage Loan Trust<br>3.701%, 11/25/35 (a) | 25963 | 24507 |
|  JPMorgan Mortgage Trust<br>2.675%, 02/25/35 (a) | 46904 | 42799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.861%, 06/25/35 (a) | 23499 | 23366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.196%, 07/27/37 (144A) (a) | 265267 | 238584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.346%, 07/25/35 (a) | 43044 | 39731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960%, 08/25/35 (a) | 73919 | 60684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031%, 09/25/35 (a) | 12595 | 10869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.189%, 07/25/35 (a) | 24369 | 22952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.236%, 08/25/35 (a) | 56862 | 52182 |
|  Lehman XS Trust<br>4.929%, 1M LIBOR + 0.540%, 12/25/35 (a) | 68007 | 58781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.689%, 1M LIBOR + 2.300%, 12/25/37 (a) | 2252958 | 2209293 |
|  MASTR Adjustable Rate Mortgages Trust<br>2.925%, 12/25/33 (a) | 18034 | 16028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.874%, 11/21/34 (a) | 36422 | 32676 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust<br>4.758%, 1M LIBOR + 0.440%, 12/15/30 (a) | 7734 | 7204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.018%, 1M LIBOR + 0.700%, 11/15/31 (a) | 54325 | 51488 |
|  Mill City Mortgage Loan Trust<br>2.750%, 08/25/59 (144A) (a) | 565397 | 528632 |
|  New Residential Mortgage Loan Trust<br>2.750%, 07/25/59 (144A) (a) | 4615234 | 4288121 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates<br>5.439%, 1M LIBOR + 1.050%, 04/25/35 (a) | 2000000 | 1957937 |
|  Residential Accredit Loans, Inc.<br>2.644%, 10/25/37 (a) | 647193 | 560569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.408%, 12M MTA + 1.360%, 09/25/45 (a) | 51724 | 44946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.689%, 1M LIBOR + 0.300%, 08/25/35 (a) | 46957 | 35234 |
|  Residential Asset Securitization Trust<br>6.500%, 09/25/36 | 268555 | 102346 |
|  Residential Mortgage Securities 32 plc<br>4.681%, SONIA+ 1.250%, 06/20/70 (144A) (GBP) (a) | 2170317 | 2606756 |
|  Sequoia Mortgage Trust<br>4.753%, 1M LIBOR + 0.400%, 07/20/36 (a) | 251969 | 214451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.039%, 1M LIBOR + 0.700%, 10/19/26 (a) | 13642 | 12953 |
| **Collateralized Mortgage Obligations—(Continued)** |  |  |
|  Structured Adjustable Rate Mortgage Loan Trust<br>3.448%, 12M MTA + 1.400%, 01/25/35 (a) | 47773 | 39427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.780%, 02/25/34 (a) | 32227 | 30160 |
|  Structured Asset Mortgage Investments II Trust<br>4.769%, 1M LIBOR + 0.380%, 06/25/36 (a) | 15405 | 14673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.809%, 1M LIBOR + 0.420%, 05/25/36 (a) | 13014 | 9772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839%, 1M LIBOR + 0.500%, 07/19/35 (a) | 52234 | 45863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%, 1M LIBOR + 0.660%, 10/19/34 (a) | 22459 | 20900 |
|  TBW Mortgage-Backed Trust<br>6.515%, 07/25/37 (j) | 146638 | 57358 |
|  Towd Point Mortgage Funding<br>3.952%, SONIA+ 1.144%, 10/20/51 (144A) (GBP) (a) | 4027521 | 4853900 |
|  Towd Point Mortgage Trust<br>5.389%, 1M LIBOR + 1.000%, 10/25/59 (144A) (a) | 916228 | 906240 |
|  Wachovia Mortgage Loan Trust<br>1.276%, 1M LIBOR + 0.460%, 01/25/37 (a) | 1575470 | 621161 |
|  WaMu Mortgage Pass-Through Certificates Trust<br>2.499%, 12M MTA + 0.810%, 12/25/46 (a) | 30222 | 26284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.810%, 08/25/35 (a) | 9835 | 8573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.818%, 12M MTA + 0.770%, 05/25/47 (a) | 161378 | 127133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.048%, 12M MTA + 1.000%, 02/25/46 (a) | 54660 | 47846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.048%, 12M MTA + 1.000%, 08/25/46 (a) | 1641707 | 1496305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.096%, 12M MTA + 1.048%, 07/25/46 (a) | 318757 | 257813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248%, 12M MTA + 1.200%, 11/25/42 (a) | 6084 | 5494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.329%, 11/25/36 (a) | 3687657 | 3100129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.548%, 12M MTA + 1.500%, 11/25/46 (a) | 96535 | 82883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.770%, 12/25/35 (a) | 47083 | 42412 |
|  Wells Fargo Mortgage-Backed Securities Trust<br>2.879%, 04/25/36 (a) | 36057 | 33500 |
|  |  | 36909727 |
| **Commercial Mortgage - Backed Securities—0.1%** |  |  |
|  JPMorgan Chase Commercial Mortgage Securities Trust<br>5.768%, 1M LIBOR + 1.450%, 12/15/31 (144A) (a) | 1060456 | 1008078 |
|  Total Mortgage-Backed Securities <br>(Cost $41,148,567) |  | 37917805 |
| **Convertible Preferred Stock—0.1%** |  |  |
| **Banks—0.1%** |  |  |
|  Wells Fargo & Co., Series L , 7.500% <br>(Cost $900,000) | 900 | 1066500 |
| **Short-Term Investments—25.1%** |  |  |
| **Repurchase Agreements—25.1%** |  |  |
|  Barclays Capital, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/04/23 with a maturity value of $102,412,117; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $102,412,451. | 102400000 | 102400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.270%, due on 01/04/23 with a maturity value of $102,412,146; collateralized by U.S. Government Agency Obligations, with rates ranging from 4.500% - 6.000%, maturity dates ranging from 11/01/52 - 12/20/52, with a market value of $105,109,729. | 102400000 | 102400000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Short-Term Investments—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
|  Barclays Capital, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.310%, due on 01/04/23 with a maturity value of $102,412,260; collateralized by U.S. Treasury Bond at 2.875%, maturing 05/15/52 with a market value of $103,160,937 | 102400000 | $102400000 |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $7,096,295; collateralized by U.S. Treasury Bond at 3.375%, maturing 11/15/48, with a market value of $7,236,811. | 7094876 | 7094876 |
|  JPMorgan Securities LLC <br>Repurchase Agreement dated 12/30/22 at 4.310%, due on 01/04/23 with a maturity value of $102,412,260; collateralized by U.S. Treasury Bond at 2.000%, maturing 02/15/50, with a market value of $96,862,581. | 102400000 | 102400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $38,418,432; collateralized by U.S. Treasury Bond at 4.125%, maturing 10/31/27, with a market value of $38,861,172. | 38400000 | 38400000 |
|  |  | 455094876 |
| **U.S. Treasury—0.0%** |  |  |
|  U.S. Treasury Bill<br>2.702%, 01/05/23 (k) | 1000 | 1000 |
|  Total Short-Term Investments <br>(Cost $455,095,876) |  | 455095876 |
|  Total Purchased Options—0.2% (l) <br>(Cost $3,508,296) |  | 4153068 |
|  Total Investments—142.0% <br>(Cost $2,850,718,702) |  | 2574534830 |
|  Other assets and liabilities (net) —(42.0)% |  | (760949742) |
| **Net Assets**—100.0% |  | $1813585088 |

---

\* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(b) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(c) Principal amount of security is adjusted for inflation.

(d) All or a portion of the security was pledged as collateral against open OTC option contracts, OTC swap contracts and forward foreign currency exchange contracts. As of December 31, 2022, the market value of securities pledged was $11,002,411.

(e) All or a portion of the security was pledged as collateral against open secured borrowing transactions. As of December 31, 2022, the value of securities pledged amounted to $80,759.

(f) All or a portion of this security has been transferred in a secured-borrowing transaction. (See Note 2 of the Notes to Financial Statements)

(g) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $8,755,753.

(h) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $6,870,945.

(i) All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of December 31, 2022, the market value of securities pledged amounted to $117,115,847.

(j) Security is a "step-up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.

(k) The rate shown represents current yield to maturity.

(l) For a breakout of open positions, see details shown in the Purchased Options table that follows.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $253,071,509, which is 14.0% of net assets.

**Reverse Repurchase Agreement** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal Amount** | **Principal Amount** | **Net Closing<br>Amount** |
|  Deutsche Bank Securities, Inc. | 4.450% | 12/14/22 | 01/11/23 | USD | 117672600 | $117672600 |

---

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments.

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| BRL | 17874011 | GSBU | 01/04/23 | USD | 3353787 | $31602 |
| DKK | 12795000 | JPMC | 01/10/23 | USD | 1791939 | 50781 |
| EUR | 1269000 | BNP | 01/10/23 | USD | 1351554 | 7425 |
| EUR | 1056000 | BBP | 01/10/23 | USD | 1126757 | 4119 |
| EUR | 1202000 | BBP | 01/10/23 | USD | 1272415 | 14814 |
| EUR | 1664000 | BBP | 01/10/23 | USD | 1769100 | 12887 |
| EUR | 2284000 | BBP | 01/10/23 | USD | 2429434 | 16514 |
| EUR | 2562000 | JPMC | 01/10/23 | USD | 2682678 | 60982 |
| EUR | 3091000 | JPMC | 01/10/23 | USD | 3293130 | 17038 |
| EUR | 1451000 | UBSA | 01/10/23 | USD | 1541584 | 12299 |
| GBP | 930000 | JPMC | 01/10/23 | USD | 1128266 | (3764) |
| JPY | 164700000 | SG | 01/10/23 | USD | 1252827 | 2980 |
| MXN | 3836000 | BNP | 03/21/23 | USD | 190858 | 3277 |
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | 15973384 | UBSA | 01/10/23 | USD | 10781795 | (96370) |
| AUD | 187000 | UBSA | 01/10/23 | USD | 127664 | 313 |
| BRL | 17874011 | CBNA | 01/04/23 | USD | 3405546 | 20157 |
| BRL | 17874011 | GSBU | 04/04/23 | USD | 3295083 | (32265) |
| CAD | 9533141 | CBNA | 01/10/23 | USD | 7054771 | 13802 |
| DKK | 6735000 | CBNA | 01/10/23 | USD | 948857 | (21109) |
| DKK | 407321200 | DBAG | 01/10/23 | USD | 57409131 | (1252745) |
| EUR | 121308196 | CBNA | 01/10/23 | USD | 125765314 | (4144296) |
| EUR | 2586000 | UBSA | 01/10/23 | USD | 2731258 | (38103) |
| GBP | 35611000 | JPMC | 01/10/23 | USD | 43001208 | (57551) |
| JPY | 4195812579 | BNP | 01/10/23 | USD | 30379101 | (1613178) |
| JPY | 233700000 | BBP | 01/10/23 | USD | 1695680 | (86239) |
| KRW | 137766583 | CBNA | 01/19/23 | USD | 104424 | (4554) |
| MXN | 14924000 | BNP | 03/21/23 | USD | 740492 | (14790) |
| MXN | 89965550 | CBNA | 03/21/23 | USD | 4585810 | 32781 |
| NZD | 17903000 | CBNA | 01/10/23 | USD | 11177471 | (189912) |
| PEN | 6595718 | GSBU | 05/10/23 | USD | 1657632 | (60829) |
| TWD | 379834 | JPMC | 02/17/23 | USD | 12511 | 99 |
| TWD | 711246 | BNP | 03/15/23 | USD | 23590 | 282 |
| TWD | 1738762 | CBNA | 03/15/23 | USD | 57655 | 675 |
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(7312878) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts - Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3-Month Euribor Futures | 03/13/23 | 841 | EUR | 203921475 | $(7388255) |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | 655 | USD | 70693946 | (408128) |
|  U.S. Treasury Note Ultra 10 Year Futures | 03/22/23 | 404 | USD | 47785625 | (447094) |
| **Futures Contracts - Short** |  |  |  |  |  |
|  Australian 10 Year Treasury Bond Futures | 03/15/23 | (57) | AUD | (6593843) | 253581 |
|  Australian 3 Year Treasury Bond Futures | 03/15/23 | (117) | AUD | (12495210) | 112635 |
|  Call Options on Euro-Bund Futures, Strike EUR 146.00 | 01/27/23 | (18) | EUR | (180) | 14435 |
|  Euro-BTP Futures | 03/08/23 | (410) | EUR | (44657200) | 3541026 |
|  Euro-Bobl Futures | 03/08/23 | (180) | EUR | (20835000) | 712927 |
|  Euro-Bund Futures | 03/08/23 | (74) | EUR | (9836820) | 259933 |
|  Euro-Buxl 30 Year Bond Futures | 03/08/23 | (91) | EUR | (12306840) | 1946588 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Futures Contracts—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts - Short** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Euro Short-BTP Futures | 03/08/23 | (290) | EUR | (30481900) | $456781 |
|  Euro-OAT Futures | 03/08/23 | (102) | EUR | (12984600) | 959446 |
|  Euro-Schatz Futures | 03/08/23 | (2809) | EUR | (296124780) | 3913723 |
|  Japanese Government 10 Year Bond Futures | 03/13/23 | (80) | JPY | (11636800000) | 1629079 |
|  Put Options on Euro-Bund Futures, Strike EUR 138.50 | 01/27/23 | (18) | EUR | (102780) | (92311) |
|  U.S. Treasury Long Bond Futures | 03/22/23 | (1147) | USD | (143769281) | (120065) |
|  U.S. Treasury Note 2 Year Futures | 03/31/23 | (34) | USD | (6972656) | 14248 |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | (9) | USD | (1208813) | 84199 |
|  United Kingdom Long Gilt Bond Futures | 03/29/23 | (13) | GBP | (1298700) | 102615 |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $5545363 |

---

**Purchased Options** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike<br>Rate** | **Counterparty** | **Floating Rate<br>Index** | **Pay/Receive<br>Floating Rate** | **Expiration<br>Date** | **Number<br>of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Call - OTC - 2 Yr. IRS | 1.710% | JPMC | 12M SOFR | Pay | 01/25/23 | 86100000 | USD | 86100000 | $525210 | $8 | $(525202) |
|  Call - OTC - 2 Yr. IRS | 1.428% | MSCS | 12M SOFR | Pay | 01/31/23 | 46200000 | USD | 46200000 | 236049 | 5 | (236044) |
|  Call - OTC - 2 Yr. IRS | 1.410% | BBP | 12M SOFR | Pay | 02/02/23 | 46200000 | USD | 46200000 | 231000 | 4 | (230996) |
|  Call - OTC - 2 Yr. IRS | 1.720% | CBNA | 12M SOFR | Pay | 02/23/23 | 80800000 | USD | 80800000 | 444400 | 65 | (444335) |
|  Call - OTC - 5 Yr. IRS | 2.200% | GSBU | 12M SOFR | Pay | 04/26/23 | 21000000 | USD | 21000000 | 224175 | 12818 | (211357) |
|  Call - OTC - 5 Yr. IRS | 2.200% | MSCS | 12M SOFR | Pay | 05/31/23 | 59300000 | USD | 59300000 | 711600 | 70923 | (640677) |
|  Put - OTC - 30 Yr. IRS | 2.237% | DBAG | 3M LIBOR | Receive | 11/17/23 | 18300000 | USD | 18300000 | 1135862 | 4069245 | 2933383 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $3508296 | $4153068 | $644772 |

---

**Written Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Capped Options** | **Initial**<br>**Index** | **Counterparty** | **Exercise Index** | **Expiration<br>Date** | **Number<br>of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Received** | **Market<br>Value** | **Unrealized**<br>**Appreciation/<br>(Depreciation)** |
|  Cap - CPALEMU Index | 100.152 | GSBU | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/35 | (8700000) | EUR | (8700000) | $(382245) | $(183607) | $198638 |
|  Cap - CPURNSA Index | 233.916 | JPMC | Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0 | 04/22/24 | (35000000) | USD | (35000000) | (254625) | (105) | 254520 |
|  Cap - CPURNSA Index | 234.781 | JPMC | Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0 | 05/16/24 | (1500000) | USD | (1500000) | (10425) | (12) | 10413 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(647295) | $(183724) | $463571 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike<br>Rate** | **Counterparty** | **Floating<br>Rate Index** | **Pay/Receive<br>Floating Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Received** | **Market<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Call - OTC - 10 Yr. IRS | 1.579% | MSCS | 12M SOFR | Receive | 01/31/23 | (10100000) | USD | (10100000) | $(236088) | $(1) | $236087 |
|  Call - OTC - 10 Yr. IRS | 1.558% | BBP | 12M SOFR | Receive | 02/02/23 | (10100000) | USD | (10100000) | (231037) | (2) | 231035 |
|  Call - OTC - 10 Yr. IRS | 1.785% | JPMC | 12M SOFR | Receive | 01/25/23 | (19100000) | USD | (19100000) | (528354) | (2) | 528352 |
|  Call - OTC - 10 Yr. IRS | 1.736% | CBNA | 12M SOFR | Receive | 02/23/23 | (17900000) | USD | (17900000) | (443025) | (193) | 442832 |
|  Call - OTC - 10 Yr. IRS | 2.350% | GSBU | 12M SOFR | Receive | 04/26/23 | (11600000) | USD | (11600000) | (229058) | (19625) | 209433 |
|  Call - OTC - 10 Yr. IRS | 2.350% | MSCS | 12M SOFR | Receive | 05/31/23 | (32700000) | USD | (32700000) | (712456) | (96609) | 615847 |
|  Call - OTC - 10 Yr. IRS | 2.547% | GSBU | 6M EURIBOR | Receive | 03/07/23 | (3500000) | EUR | (3500000) | (76976) | (7835) | 69141 |
|  Call - OTC - 10 Yr. IRS | 2.067% | GSBU | 6M EURIBOR | Receive | 06/09/23 | (4500000) | EUR | (4500000) | (52722) | (11454) | 41268 |
|  Put - OTC - 5 Yr. IRS | 2.340% | DBAG | 3M LIBOR | Pay | 11/17/23 | (90200000) | USD | (90200000) | (1136520) | (5847251) | (4710731) |
|  Put - OTC - 10 Yr. IRS | 3.140% | GSBU | 6M EURIBOR | Pay | 06/09/23 | (4500000) | EUR | (4500000) | (62252) | (146604) | (84352) |
|  Put - OTC - 10 Yr. IRS | 2.547% | GSBU | 6M EURIBOR | Pay | 03/07/23 | (3500000) | EUR | (3500000) | (76976) | (220216) | (143240) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(3785464) | $(6349792) | $(2564328) |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Swap Agreements** 

**OTC Total Return Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating<br>Rate Index** | **Payment <br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Underlying Reference<br>Instrument** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Received** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 12M SOFR | Maturity | 02/06/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 62989411 | $411876 | $— | $411876 |
|  Pay | 12M SOFR | Maturity | 01/20/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 57059290 | (1059459) | (6429588) | 5370129 |
|  Pay | 12M SOFR | Maturity | 02/06/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 12488752 | 61426 | (1754366) | 1815792 |
|  Pay | 12M SOFR | Maturity | 02/06/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 10970885 | 36218 | (684394) | 720612 |
|  Pay | 12M SOFR | Maturity | 02/06/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 29999566 | 230150 | (3524284) | 3754434 |
|  Pay | 12M CPURNSA | Maturity | 01/20/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 57388222 | 184073 | (5845626) | 6029699 |
|  Pay | 12M CPURNSA | Maturity | 01/20/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 37493212 | 157321 | (5928695) | 6086016 |
|  Pay | 12M CPURNSA | Maturity | 01/20/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 36159213 | 136415 | (4873223) | 5009638 |
|  Pay | 12M CPURNSA | Maturity | 01/20/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 27388445 | 129312 | (1889758) | 2019070 |
|  Pay | 12M CPURNSA | Maturity | 01/20/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 10142305 | 101356 | (112592) | 213948 |
|  Pay | 12M CPURNSA | Maturity | 01/20/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 22736128 | 316023 | (2164848) | 2480871 |
|  Pay | 12M CPURNSA | Maturity | 01/20/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 23046960 | 294081 | (2410781) | 2704862 |
|  Pay | 12M CPURNSA | Maturity | 01/20/23 | MSCS | United States Treasury Inflation Indexed Notes | USD | 12637494 | 42763 | (2086809) | 2129572 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1041555 | $(37704964) | $38746519 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** |
| **Pay/Receive<br>Floating Rate** | **Floating<br>Rate Index** | **Payment <br>Frequency** | **Fixed<br>Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market**<br>**Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 12M CPURNSA | Maturity | 1.760% | Maturity | 11/04/29 | USD | 24500000 | $(3633779) | $(11703) | $(3622076) |
|  Pay | 12M CPURNSA | Maturity | 1.954% | Maturity | 06/03/29 | USD | 8650000 | (1123752) |  | (1123752) |
|  Pay | 12M CPURNSA | Maturity | 1.998% | Maturity | 07/25/29 | USD | 21500000 | (2660397) | 2363 | (2662760) |
|  Pay | 12M CPURNSA | Maturity | 2.335% | Maturity | 02/05/28 | USD | 13090000 | (1095285) | 28402 | (1123687) |
|  Pay | 12M CPURNSA | Maturity | 2.370% | Maturity | 06/06/28 | USD | 6400000 | (545991) | (1137) | (544854) |
|  Pay | 12M CPURNSA | Maturity | 4.950% | Maturity | 03/07/23 | USD | 11100000 | (160423) |  | (160423) |
|  Pay | 12M CPURNSA | Maturity | 5.010% | Maturity | 03/03/23 | USD | 32100000 | (460761) |  | (460761) |
|  Pay | 12M CPURNSA | Maturity | 5.033% | Maturity | 03/08/23 | USD | 7000000 | (94573) |  | (94573) |
|  Pay | 12M CPURNSA | Maturity | 5.150% | Maturity | 05/23/23 | USD | 36500000 | 106980 |  | 106980 |
|  Pay | 12M CPURNSA | Maturity | 5.185% | Maturity | 05/24/23 | USD | 11800000 | 42272 |  | 42272 |
|  Pay | 12M CPURNSA | Maturity | 5.320% | Maturity | 04/29/23 | USD | 15400000 | (40561) |  | (40561) |
|  Pay | 12M CPURNSA | Maturity | 5.500% | Maturity | 03/21/23 | USD | 26900000 | (195875) |  | (195875) |
|  Pay | 12M FRCPXT | Maturity | 1.410% | Maturity | 11/15/39 | EUR | 600000 | (198343) |  | (198343) |
|  Pay | 12M FRCPXT | Maturity | 1.910% | Maturity | 01/15/38 | EUR | 350000 | (72243) | 2830 | (75073) |
|  Pay | 12M HICP | Maturity | 1.380% | Maturity | 03/15/31 | EUR | 23400000 | (4977618) | (139713) | (4837905) |
|  Pay | 12M HICP | Maturity | 2.421% | Maturity | 05/15/52 | EUR | 650000 | (75825) |  | (75825) |
|  Pay | 12M HICP | Maturity | 2.488% | Maturity | 05/15/37 | EUR | 4460000 | (262639) | 5034 | (267673) |
|  Pay | 12M HICP | Maturity | 2.550% | Maturity | 04/15/52 | EUR | 400000 | (31829) | 501 | (32330) |
|  Pay | 12M HICP | Maturity | 2.580% | Maturity | 03/15/52 | EUR | 1000000 | (81005) | 700 | (81705) |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Centrally Cleared Interest Rate Swaps—(Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br>**Floating Rate** | **Floating<br>Rate**<br>**Index** | **Payment <br>Frequency** | **Fixed<br>Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market**<br>**Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 12M HICP | Maturity | 2.590% | Maturity | 03/15/52 | EUR | 1400000 | $(113314) | $(35664) | $(77650) |
|  Pay | 12M HICP | Maturity | 2.590% | Maturity | 12/15/52 | EUR | 2300000 | (25730) |  | (25730) |
|  Pay | 12M HICP | Maturity | 3.520% | Maturity | 09/15/24 | EUR | 3300000 | (57441) | (7206) | (50235) |
|  Pay | 12M HICP | Maturity | 3.720% | Maturity | 09/15/24 | EUR | 6300000 | (83143) | (11656) | (71487) |
|  Pay | 12M HICP | Maturity | 3.850% | Maturity | 09/15/24 | EUR | 6900000 | (72153) |  | (72153) |
|  Pay | 12M UKRPI | Maturity | 3.325% | Maturity | 08/15/30 | GBP | 12100000 | (2645132) | 113664 | (2758796) |
|  Pay | 12M UKRPI | Maturity | 3.400% | Maturity | 06/15/30 | GBP | 15300000 | (3044399) | 64254 | (3108653) |
|  Pay | 12M UKRPI | Maturity | 3.438% | Maturity | 01/15/30 | GBP | 320000 | (66978) |  | (66978) |
|  Pay | 12M UKRPI | Maturity | 3.475% | Maturity | 08/15/30 | GBP | 6000000 | (1364718) | 49117 | (1413835) |
|  Pay | 12M UKRPI | Maturity | 3.566% | Maturity | 03/15/36 | GBP | 1700000 | (344576) |  | (344576) |
|  Pay | 12M UKRPI | Maturity | 3.580% | Maturity | 03/15/36 | GBP | 5600000 | (1120595) | (28881) | (1091714) |
|  Pay | 12M UKRPI | Maturity | 3.750% | Maturity | 04/15/31 | GBP | 3570000 | (715088) | (1160) | (713928) |
|  Pay | 12M UKRPI | Maturity | 3.850% | Maturity | 09/15/24 | GBP | 11200000 | (1710151) | (451) | (1709700) |
|  Pay | 12M UKRPI | Maturity | 4.066% | Maturity | 09/15/31 | GBP | 500000 | (67359) |  | (67359) |
|  Pay | 3M EURIBOR | Quarterly | (0.526)% | Quarterly | 11/21/23 | EUR | 72000000 | (2423587) |  | (2423587) |
|  Pay | 6M EURIBOR | Annually | 0.000% | Annually | 11/04/32 | EUR | 41200000 | (11762922) |  | (11762922) |
|  Pay | 6M EURIBOR | Annually | 0.000% | Annually | 11/08/32 | EUR | 36700000 | (10495804) |  | (10495804) |
|  Pay | 6M EURIBOR | Annually | 0.550% | Annually | 08/10/24 | EUR | 100000 | (4570) |  | (4570) |
|  Pay | 6M EURIBOR | Annually | 0.650% | Annually | 04/12/27 | EUR | 7500000 | (812729) |  | (812729) |
|  Pay | 6M EURIBOR | Annually | 0.650% | Annually | 05/11/27 | EUR | 3400000 | (376400) |  | (376400) |
|  Pay | 6M EURIBOR | Annually | 0.700% | Annually | 04/11/27 | EUR | 3100000 | (328863) |  | (328863) |
|  Pay | 6M EURIBOR | Annually | 1.000% | Annually | 05/13/27 | EUR | 6900000 | (659707) |  | (659707) |
|  Pay | 6M EURIBOR | Annually | 1.000% | Annually | 05/18/27 | EUR | 3000000 | (287308) |  | (287308) |
|  Pay | 6M EURIBOR | Annually | 1.500% | Annually | 03/15/53 | EUR | 1900000 | (417111) | (241755) | (175356) |
|  Pay | 3M LIBOR | Semi-Annually | 1.888% | Semi-Annually | 11/21/53 | USD | 5000000 | (1369849) |  | (1369849) |
|  Receive | 12M CPURNSA | Maturity | 1.798% | Maturity | 08/25/27 | USD | 9300000 | 1331477 |  | 1331477 |
|  Receive | 12M CPURNSA | Maturity | 1.890% | Maturity | 08/27/27 | USD | 12300000 | 1682930 |  | 1682930 |
|  Receive | 12M CPURNSA | Maturity | 2.210% | Maturity | 02/05/23 | USD | 25780000 | 2332570 |  | 2332570 |
|  Receive | 12M CPURNSA | Maturity | 2.263% | Maturity | 04/27/23 | USD | 13492000 | 1121663 | (2800) | 1124463 |
|  Receive | 12M CPURNSA | Maturity | 2.311% | Maturity | 02/24/31 | USD | 21200000 | 2218576 | 7969 | 2210607 |
|  Receive | 12M CPURNSA | Maturity | 2.314% | Maturity | 02/26/26 | USD | 10200000 | 987739 |  | 987739 |
|  Receive | 12M CPURNSA | Maturity | 2.419% | Maturity | 03/05/26 | USD | 13000000 | 1193219 |  | 1193219 |
|  Receive | 12M CPURNSA | Maturity | 2.560% | Maturity | 05/08/23 | USD | 12300000 | 31838 | (231747) | 263585 |
|  Receive | 12M CPURNSA | Maturity | 2.573% | Maturity | 08/26/28 | USD | 1900000 | 114479 |  | 114479 |
|  Receive | 12M CPURNSA | Maturity | 2.645% | Maturity | 09/10/28 | USD | 2400000 | 126558 |  | 126558 |
|  Receive | 12M CPURNSA | Maturity | 2.703% | Maturity | 05/25/26 | USD | 7090000 | 523035 |  | 523035 |
|  Receive | 12M CPURNSA | Maturity | 2.768% | Maturity | 05/13/26 | USD | 11300000 | 808610 |  | 808610 |
|  Receive | 12M CPURNSA | Maturity | 2.813% | Maturity | 05/14/26 | USD | 4600000 | 318546 |  | 318546 |
|  Receive | 12M FRCPXT | Maturity | 1.030% | Maturity | 03/15/24 | EUR | 9200000 | 900452 | (907) | 901359 |
|  Receive | 12M HICP | Maturity | 2.359% | Maturity | 08/15/30 | EUR | 6200000 | 255673 | 30649 | 225024 |
|  Receive | 12M HICP | Maturity | 2.470% | Maturity | 07/15/32 | EUR | 3400000 | 130850 |  | 130850 |
|  Receive | 12M HICP | Maturity | 2.570% | Maturity | 06/15/32 | EUR | 1700000 | 49107 |  | 49107 |
|  Receive | 12M HICP | Maturity | 2.600% | Maturity | 05/15/32 | EUR | 6600000 | 278981 | 31994 | 246987 |
|  Receive | 12M HICP | Maturity | 2.720% | Maturity | 06/15/32 | EUR | 6500000 | 87638 | (34053) | 121691 |
|  Receive | 12M HICP | Maturity | 3.000% | Maturity | 05/15/27 | EUR | 2000000 | 68288 | 875 | 67413 |
|  Receive | 12M HICP | Maturity | 3.130% | Maturity | 05/15/27 | EUR | 1400000 | (18675) |  | (18675) |
|  Receive | 12M SONIA | Annually | 0.500% | Annually | 03/16/42 | GBP | 9700000 | 4931959 | 4811202 | 120757 |
|  Receive | 12M UKRPI | Maturity | 4.125% | Maturity | 09/15/32 | GBP | 2370000 | 26094 |  | 26094 |
|  Receive | 12M UKRPI | Maturity | 4.130% | Maturity | 09/15/32 | GBP | 10630000 | 110551 | 910 | 109641 |
|  Receive | 12M UKRPI | Maturity | 4.300% | Maturity | 01/15/32 | GBP | 5600000 | 435484 | 11697 | 423787 |
|  Receive | 12M UKRPI | Maturity | 4.480% | Maturity | 09/15/23 | GBP | 2800000 | 443475 |  | 443475 |
|  Receive | 12M UKRPI | Maturity | 4.615% | Maturity | 02/15/27 | GBP | 8100000 | 727965 |  | 727965 |
|  Receive | 12M UKRPI | Maturity | 4.626% | Maturity | 02/15/27 | GBP | 9500000 | 847397 | 6081 | 841316 |
|  Receive | 12M UKRPI | Maturity | 4.735% | Maturity | 12/15/26 | GBP | 10900000 | 1058089 | (119136) | 1177225 |
|  Receive | 12M UKRPI | Maturity | 4.143% | Maturity | 10/15/32 | GBP | 5500000 | 49048 |  | 49048 |
|  Receive | 12M UKRPI | Maturity | 6.600% | Maturity | 05/15/24 | GBP | 400000 | 21673 | (52) | 21725 |
|  Receive | 3M LIBOR | Quarterly | 1.840% | Quarterly | 11/21/28 | USD | 24600000 | 2023094 |  | 2023094 |

---

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Centrally Cleared Interest Rate Swaps—(Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating<br>Rate**<br>**Index** | **Payment <br>Frequency** | **Fixed<br>Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market**<br>**Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Receive | 3M NZDBB | Quarterly | 3.250% | Quarterly | 03/21/28 | NZD | 8400000 | $387122 | $25634 | $361488 |
|  Receive | 6M EURIBOR | Annually | 0.190% | Semi-Annually | 11/04/52 | EUR | 6700000 | 3342818 |  | 3342818 |
|  Receive | 6M EURIBOR | Annually | 0.195% | Semi-Annually | 11/04/52 | EUR | 7000000 | 3485025 |  | 3485025 |
|  Receive | 6M EURIBOR | Annually | 0.197% | Semi-Annually | 11/08/52 | EUR | 12200000 | 6071752 |  | 6071752 |
|  Receive | 6M EURIBOR | Semi-Annually | 0.830% | Semi-Annually | 12/09/52 | EUR | 9400000 | 292172 | 21844 | 270328 |
|  Receive | 6M EURIBOR | Annually | 1.750% | Semi-Annually | 03/15/33 | EUR | 11300000 | 1505932 | 1265629 | 240303 |
|  Receive | 6M TONA | Semi-Annually | 0.300% | Semi-Annually | 09/20/27 | JPY | 788000000 | 92417 | (5485) | 97902 |
|  Receive | 6M TONA | Semi-Annually | 0.300% | Semi-Annually | 03/20/28 | JPY | 426780000 | 62642 | (2007) | 64649 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(15473011) | $5605836 | $(21078847) |

---

**Centrally Cleared Credit Default Swaps on Corporate Issues - Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>Receive<br>Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread<br>at<br>December 31,<br>2022<sup>(b)</sup>** | **Notional<br>Amount<sup>(c)</sup>** | **Notional<br>Amount<sup>(c)</sup>** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  General Electric Co. 2.700%, due 10/09/22 | 1.000% | Quarterly | 12/20/23 | 0.443% | USD | 1000000 | $5321 | $(10595) | $15916 |

---

(a) IIf the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap
agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay
a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap
agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a
particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit
soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or
obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit
default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit
default swap contracts entered into by the Portfolio for the same referenced debt obligation.

**Glossary of Abbreviations** 

Counterparties

------

---

| | | |
|:---|:---|:---|
| (BBP)— | Barclays Bank plc | Barclays Bank plc |
| (BNP)— | BNP Paribas S.A. | BNP Paribas S.A. |
| (CBNA)— | Citibank N.A. | Citibank N.A. |
| (DBAG)— | Deutsche Bank AG | Deutsche Bank AG |
| (GSBU)— | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
| (JPMC)— | JPMorgan Chase Bank N.A. | JPMorgan Chase Bank N.A. |
| (MSCS)— | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |
| (SG)— | Societe Generale Paris | Societe Generale Paris |
| (UBSA)— |  | UBS AG |

---

Currencies

------

---

| | |
|:---|:---|
| (AUD)— | Australian Dollar |
| (BRL)— | Brazilian Real |
| (CAD)— | Canadian Dollar |
| (DKK)— | Danish Krone |
| (EUR)— | Euro |
| (GBP)— | British Pound |
| (JPY)— | Japanese Yen |
| (KRW)— | South Korean Won |
| (MXN)— | Mexican Peso |
| (NZD)— | New Zealand Dollar |
| (PEN)— | Peruvian Nuevo Sol |
| (TWD)— | Taiwanese Dollar |
| (USD)— | United States Dollar |

---

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Glossary of Abbreviations—(Continued)** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (CPALEMU)— | Euro Area All Items Index Non-Seasonally<br> Adjusted |
| (CPI)— | Consumer Price Index |
| (CPURNSA)— | U.S. Consumer Price Index for All Urban<br> Consumers Non-Seasonally Adjusted |
| (EURIBOR)— | Euro InterBank Offered Rate |
| (FRCPXT)— | France Consumer Price Ex-Tobacco Index |
| (H15)— | U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index |
| (HICP)— | Harmonized Index of Consumer Prices |
| (LIBOR)— | London Interbank Offered Rate |
| (MTA)— | Monthly Treasury Average Index |
| (NZDBB)— | New Zealand Dollar Bank Bill Index |
| (SOFR)— | Secured Overnight Financing Rate |
| (SOFR30A)— | Secured Overnight Financing Rate 30-Day Average |
| (SONIA)— | Sterling Overnight Index Average Deposit Rate |
| (TONA)— | Tokyo Overnight Average Rate |
| (TSFR)— | Term Secured Financing Rate |
| (UKRPI)— | United Kingdom Retail Price Index |

---

Other Abbreviations

------

(ARM)— Adjustable-Rate Mortgage <br> (CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation <br> (DAC)— Designated Activity Company

(REMIC)— Real Estate Mortgage Investment Conduit

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 — unadjusted quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 — significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total U.S. Treasury & Government Agencies\* | $— | $1632054681 | $— | $1632054681 |
|  Total Foreign Government\* |  | 198214317 |  | 198214317 |
|  Total Asset-Backed Securities\* |  | 170191018 |  | 170191018 |
|  Total Corporate Bonds & Notes\* |  | 75841565 |  | 75841565 |
|  Total Mortgage-Backed Securities\* |  | 37917805 |  | 37917805 |
|  Total Convertible Preferred Stock\* | 1066500 |  |  | 1066500 |
|  Total Short-Term Investments\* |  | 455095876 |  | 455095876 |
|  Total Purchased Options at Value |  | 4153068 |  | 4153068 |
|  Total Investments | $1066500 | $2573468330 | $— | $2574534830 |
|  Total Reverse Repurchase Agreements (Liability) | $— | $(117672600) | $— | $(117672600) |
|  Secured Borrowings (Liability) | $— | $(1100270434) | $— | $(1100270434) |
| Forward Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $302827 | $— | $302827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (7615705) |  | (7615705) |
|  Total Forward Contracts | $— | $(7312878) | $— | $(7312878) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $14001216 | $— | $— | $14001216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (8455853) |  |  | (8455853) |
|  Total Futures Contracts | $5545363 | $— | $— | $5545363 |
| Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Capped Options at Value | $— | $(183724) | $— | $(183724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaptions at Value |  | (6349792) |  | (6349792) |
|  Total Written Options | $— | $(6533516) | $— | $(6533516) |
| Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | $— | $34823809 | $— | $34823809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) |  | (55886740) |  | (55886740) |
|  Total Centrally Cleared Swap Contracts | $— | $(21062931) | $— | $(21062931) |
| OTC Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Assets) | $— | $2101014 | $— | $2101014 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) |  | (1059459) |  | (1059459) |
|  Total OTC Swap Contracts | $— | $1041555 | $— | $1041555 |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) | $2119439954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement at value which equals cost | 455094876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (b) | 9262224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (c) | 5019000 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value (d) | 2101014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 302827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 921544903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA securities sold  | 62317503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums on written options | 382245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 465337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal paydowns | 20023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 7380414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 2339001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred dollar roll income | 121665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 942334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3586740868 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options at value (e) | 6533516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secured borrowings | 1100270434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse repurchase agreements | 117672600 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value (f) | 1059459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (g) | 1066000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 7615705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 409600002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA securities purchased  | 123137304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 761022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on OTC swap contracts | 3707431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 737064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 186086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 645168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1773155780 |
|  **Net Assets** | $1813585088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $2243522160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributed earnings (Accumulated losses) | (429937072) |
|  **Net Assets** | $1813585088 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $940180130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 853267471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 20137487 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 100234931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 91835453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 2160804 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 9.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 9.32 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $2,395,623,826.

(b) Identified cost of cash denominated in foreign currencies was $13,299,978.

(c) Includes collateral of $4,751,000 for futures contracts and $268,000 for centrally cleared swaps contracts.

(d) Net premium received on OTC swap contracts was $31,275,376.

(e) Premiums received on written options were $4,432,759.

(f) Net premium received on OTC swap contracts was $6,429,588.

(g) Includes collateral of $3,000 for OTC option contracts and forward foreign currency exchange contracts, $954,000 for secured-borrowing transactions and $109,000 for TBA securities.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $804430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 166886891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 167691321 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 9802492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 97599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 366920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 2397970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 32428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 5085237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 136693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 76221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 17066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 18088918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (234908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 17854010 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income** | 149837311 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on : | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (46638760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (13420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 75897201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 1064519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (57770651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (5032904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 39282988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6788973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (444359311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (1376947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1302024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | (379703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 31515036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 242282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (6055940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (419112559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (412323586) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(262486275) |

---

(a) Net of foreign withholding taxes of $5,920.

*See accompanying notes to financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $149837311 | $114578764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6788973 | 64599014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (419112559) | (50335873) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (262486275) | 128841905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (68191612) | (12097382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (60188020) | (7925840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (1385450) | (186170) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (129765082) | (20209392) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (187641312) | 4562804 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (579892669) | 113195317 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2393477757 | 2280282440 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1813585088 | $2393477757 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1992875 | $21108788 | 6152945 | $67382149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 6965435 | 68191612 | 1115995 | 12097382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (19570068) | (203767410) | (8849510) | (98742319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (10611758) | $(114467010) | (1580570) | $(19262788) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 5695090 | $58611224 | 12126245 | $131572630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 6198560 | 60188020 | 737288 | 7925840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (18853399) | (192182583) | (10498124) | (115011989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (6959749) | $(73383339) | 2365409 | $24486481 |
|  **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 286324 | $2902463 | 499120 | $5465891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 142243 | 1385450 | 17270 | 186170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (399996) | (4078876) | (577685) | (6312950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 28571 | $209037 | (61295) | $(660889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(187641312) |  | $4562804 |

---

*See accompanying notes to financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Statement of Cash Flows** 

**For the Year Ended December 31, 2022**

------

---

| | |
|:---|:---|
|  **Cash Flows From Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease in Net Assets from Operations | $(262486275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/ (used in) operating activities: | &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/ (used in) operating activities: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . | (1542352254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . | 2309935269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from short-term investments, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . | (172196094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization/accretion of premium (discount) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | (94441324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on forward sales commitments, net | (840034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium received on open written options, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | 1829074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium paid on closed purchased options, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | (969699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . | (247726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in cash collateral, asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . | (3294000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in OTC swap contracts at market value, asset . . . . . . . . . . . . . . . . . . . . . . . .. | (2101014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in unrealized appreciation on forward foreign currency exchange contracts . . | 2911599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | 448336801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for TBA securities sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | 85080167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for premium on written options | 69314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for principal paydowns | 25257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for variation margin on centrally cleared swap contracts . . . . . . . . . . . . . . . .. . . . | 1216834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for variation margin on futures contracts . . . . . . . . . . . . . . . . . . .. | (1751159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for deferred dollar roll income, asset | (121665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in other assets and prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | 14275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in OTC swap contracts at market value, liability . . . . . . . . . . . . . . . . . . . . . .. | 1059459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in cash collateral, liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . | (3000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in unrealized depreciation on forward foreign currency exchange contracts . . | 3144341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | 152353273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for TBA securities purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | (151492086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in due to custodian | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in interest on OTC swap contracts . . . . . . . . . . . . . . . | 3707431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for deferred dollar roll income, liability . . . . . . . . . . . . . . . . . . . . .. | (1031078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | (192582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued distribution and service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | (51423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued deferred trustee's fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . | (26604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in interest payable on reverse repurchase agreements . . . . . . . . . . . . . . . . . . | (6346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accrued other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . | 209009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on foreign currency transactions . . . . . . . . . . . . . . . | (4790622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss from investments, purchased options and written options . . . . . . . . . . . . . | 45587661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on foreign currency transactions . . . . . . . . . . . . . . . | 5032904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments, purchased options and written options | 446115961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on foreign currency transactions . . . . . . . . . | (242282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | $1264995075 |
|  **Cash Flows From Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold, including increase in receivable for shares sold . . . . . | 82905995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment on shares redeemed, including decrease in payable for shares redeemed | (401517396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of reverse repurchase agreements | 234813600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of reverse repurchase agreements | (342673750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from secured borrowings | 26216438340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of secured borrowings | (27064786719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash used by financing activities | $(1274819930) |
|  **Net decrease in cash and foreign currency (a)** | $(9824855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash in foreign currency at beginning of year | $19087079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash in foreign currency at end of year | $9262224 |
|  **Supplemental disclosure of cash flow information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-cash financing activities included herein consist of reinvestment of dividends and distributions: | $(129765082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest and fees on borrowings: | $5085237 |

---

(a) Includes net change in unrealized appreciation (depreciation) on foreign currency of $(824,839).

*See accompanying notes to financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.35 | $10.85 | $10.02 | $9.57 | $9.96 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.76 | 0.54 | 0.13 | 0.21 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.05) | 0.06 | 1.02 | 0.60 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.29) | 0.60 | 1.15 | 0.81 | (0.21) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.68) | (0.10) | (0.32) | (0.36) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.68) | (0.10) | (0.32) | (0.36) | (0.18) |
|  **Net Asset Value, End of Period** | $9.38 | $11.35 | $10.85 | $10.02 | $9.57 |
|  **Total Return (%)** (b) | (11.60) | 5.61 | 11.74 (c) | 8.60 (c) | (2.13) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.77 | 0.53 | 0.78 | 1.42 | 1.24 |
|  Gross ratio of expenses to average net assets excluding interest expense (%) | 0.52 | 0.51 | 0.51 | 0.51 | 0.51 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 0.75 | 0.52 | 0.76 | 1.40 | 1.23 |
|  Net ratio of expenses to average net assets excluding interest expense (%) (d) (e) | 0.51 | 0.49 | 0.50 | 0.50 | 0.49 |
|  Ratio of net investment income (loss) to average net assets (%) | 7.44 | 4.93 | 1.22 | 2.15 | 3.05 |
|  Portfolio turnover rate (%) (f) | 65 | 129 | 209 | 290 | 256 |
|  Net assets, end of period (in millions) | $940.2 | $1258.3 | $1219.8 | $1232.4 | $1261.9 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.25 | $10.75 | $9.93 | $9.48 | $9.87 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.73 | 0.51 | 0.10 | 0.19 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.04) | 0.07 | 1.02 | 0.60 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.31) | 0.58 | 1.12 | 0.79 | (0.24) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.65) | (0.08) | (0.30) | (0.34) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.65) | (0.08) | (0.30) | (0.34) | (0.15) |
|  **Net Asset Value, End of Period** | $9.29 | $11.25 | $10.75 | $9.93 | $9.48 |
|  **Total Return (%)** (b) | (11.88) | 5.42 | 11.43 (c) | 8.38 (c) | (2.41) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 1.02 | 0.78 | 1.03 | 1.67 | 1.49 |
|  Gross ratio of expenses to average net assets excluding interest expense (%) | 0.77 | 0.76 | 0.76 | 0.76 | 0.76 |
|  Net ratio of expenses to average net assets (%)(d)(e) | 1.00 | 0.77 | 1.01 | 1.65 | 1.48 |
|  Net ratio of expenses to average net assets excluding interest expense (%)(d)(e) | 0.76 | 0.74 | 0.75 | 0.75 | 0.74 |
|  Ratio of net investment income (loss) to average net assets (%) | 7.20 | 4.69 | 0.98 | 1.90 | 2.80 |
|  Portfolio turnover rate (%)(f) | 65 | 129 | 209 | 290 | 256 |
|  Net assets, end of period (in millions) | $853.3 | $1111.1 | $1036.8 | $1014.8 | $1049 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.28 | $10.78 | $9.96 | $9.51 | $9.90 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.74 | 0.52 | 0.11 | 0.20 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.03) | 0.07 | 1.02 | 0.60 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.29) | 0.59 | 1.13 | 0.80 | (0.23) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.67) | (0.09) | (0.31) | (0.35) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.67) | (0.09) | (0.31) | (0.35) | (0.16) |
|  **Net Asset Value, End of Period** | $9.32 | $11.28 | $10.78 | $9.96 | $9.51 |
|  **Total Return (%)** (b) | (11.73) | 5.49 | 11.52 (c) | 8.46 (c) | (2.31) (c) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.92 | 0.68 | 0.93 | 1.57 | 1.39 |
|  Gross ratio of expenses to average net assets excluding interest expense (%) | 0.67 | 0.66 | 0.66 | 0.66 | 0.66 |
|  Net ratio of expenses to average net assets (%) (d) (e) | 0.90 | 0.67 | 0.91 | 1.55 | 1.38 |
|  Net ratio of expenses to average net assets excluding interest expense (%) (d) (e) | 0.66 | 0.64 | 0.65 | 0.65 | 0.64 |
|  Ratio of net investment income (loss) to average net assets (%) | 7.30 | 4.74 | 1.06 | 1.99 | 2.90 |
|  Portfolio turnover rate (%) (f) | 65 | 129 | 209 | 290 | 256 |
|  Net assets, end of period (in millions) | $20.1 | $24.1 | $23.7 | $22.9 | $23.9 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder
transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022, 2021, 2020, 2019 and 2018 (see Note 6 of the Notes to
Financial Statements).

(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 23%, 36%, 30%, 65%, and 54% for the years ended December 31, 2022, 2021, 2020, 2019, and
2018, respectively.

*See accompanying notes to financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is PIMCO Inflation Protected Bond Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Due to Custodian -** Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio's assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $713 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio's average overdraft advances during the year ended December 31, 2022 were not significant.

**Short Sales -** The Portfolio may enter into a "short sale" of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one "against the box," may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio's net assets will be deposited as collateral for the obligation to replace securities borrowed to effect short sales.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**High-Yield Debt Securities -** The Portfolio may invest in high-yield debt securities, or "junk bonds," which are securities that are rated below "investment grade" or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio's subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

**Floating Rate Loans -** The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Inflation-Indexed Bonds -** The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Collateralized Obligations -** The Portfolio may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Mortgage Dollar Rolls -** The Portfolio may enter into mortgage "dollar rolls" in which a Portfolio sells to-be-announced ("TBA") mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

**TBA Purchase and Forward Sale Commitments -** The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**When-Issued and Delayed-Delivery Securities -** The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had investments in repurchase agreements with a gross value of $455,094,876, which is reflected as repurchase agreement on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Reverse Repurchase Agreements -** The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

establish a segregated account with its Custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding reverse repurchase agreement balance for 38 days. The average amount of borrowings was $106,141,686 and the annualized weighted average interest rate was 2.451% during the 38 day period.

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under a MRA on a net basis as of December 31, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Reverse<br>Repurchase<br>Agreements** | **Collateral**<br>**Pledged <sup>1</sup>** | **Net<br>Amount \*** |
|  Deutsche Bank Securities, Inc. | $(117672600) | $117115847 | $(556753) |

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| | |
|:---|:---|
| 1 | Collateral with a value of $117,115,847 has been pledged in connection with open reverse repurchase agreements. In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization. |
| \* | Net amount represents the net amount payable due to the counterparty in the event of default. |

---

**Secured Borrowing Transactions -** The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2022, the Portfolio entered into secured borrowing transactions involving U.S. Treasury and foreign government securities. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the "price drop," is included in net investment income. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may also receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The cost of the secured borrowing transaction is recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding secured borrowing transaction balance for 365 days. For the year ended December 31, 2022, the Portfolio's average amount of borrowing was $505,831,133 and the weighted average interest rate was 1.008% during the 365 day period.

At December 31, 2022, the amount of the Portfolio's outstanding borrowings was $1,100,270,434. Cash in the amount of $954,000 has been received and securities in the amount of $80,759 have been pledged as collateral under the terms of the Master Securities Forward Transaction Agreement ("MSFTA") as of December 31, 2022. The MSFTA is a master netting agreement which provides both parties with the rights to set-off in the event of default by either party. The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's secured borrowings by counterparty net of amounts available for offset under the MSFTA and net of the related collateral pledged or received by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Secured<br>Borrowings** | **Financial<br>Instruments<br>Available for<br>Offset <sup>(a)</sup>** | **Collateral<br>Pledged/<br>(Received) <sup>(b)</sup>** | **Net**<br>**Amount <sup>(c)</sup>** |
|  Barclays Capital, Inc. | $(89403959) | $89956018 | $(954000) | $(401941) |
|  BNP Paribas S.A | (921646798) | 909841583 |  | (11805215) |
|  Morgan Stanley & Co. LLC | (89219677) | 88823728 | 80759 | (315190) |
|  | $(1100270434) | $1088621329 | $(873241) | $(12522346) |

---

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

(a) Represents market value of borrowings as of December 31, 2022 *.*

(b) Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.

(c) Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same
master agreement with the same legal entity.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31-90<br>Days** | **Greater than<br>90 days** | **Total** |
| Secured Borrowing Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury |  | $1100270434 | $— | $— | $1100270434 |
| Reverse Repurchase Agreements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury |  | 117672600 |  |  | 117672600 |
|  **Total Borrowings** | $**—** | $**1217943034** | $**—** | $**—** | $**1217943034** |
|  Gross amount of recognized liabilities for secured borrowing transactions | Gross amount of recognized liabilities for secured borrowing transactions | Gross amount of recognized liabilities for secured borrowing transactions | Gross amount of recognized liabilities for secured borrowing transactions | Gross amount of recognized liabilities for secured borrowing transactions | $1217943034 |

---

**3. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Options Contracts -** An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tend to increase the Portfolio's exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio's exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio's investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

The purpose of interest rate-capped options is to protect the buyer from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Credit Default Swaps*: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity's weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

*Interest Rate Swaps:* The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

*Total Return Swaps*: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When the Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when the Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate | Investments at market value (a) | $4153068 |  |  |
|  | OTC swap contracts at market value (b) | 2101014 | OTC swap contracts at market value (b) | $1059459 |
|  | Unrealized appreciation on centrally cleared swap contracts (c) (d) | 34807893 | Unrealized depreciation on centrally cleared swap contracts (c) (d) | 55886740 |
|  | Unrealized appreciation on futures contracts (c) (e) | 14001216 | Unrealized depreciation on futures contracts (c) (e) | 8455853 |
|  |  |  | Written options at value | 6533516 |
|  Credit | Unrealized appreciation on centrally cleared swap contracts (c) (d) | 15916 |  |  |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 302827 | Unrealized depreciation on forward foreign currency exchange contracts | 7615705 |
| Total |  | $55381934 |  | $79551273 |

---

(a) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

(b) Excludes OTC swap interest payable of $3,707,431.

(c) Financial instrument not subject to a master netting agreement.

(d) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

(e) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Barclays Bank plc | $48338 | $(48338) | $— | $— |
|  BNP Paribas S.A. | 10984 | (10984) |  |  |
|  Citibank N.A. | 67480 | (67480) |  |  |
|  Deutsche Bank AG | 4069245 | (4069245) |  |  |
|  Goldman Sachs Bank USA | 44420 | (44420) |  |  |
|  JPMorgan Chase Bank N.A. | 128908 | (61434) | (3000) | 64474 |
|  Morgan Stanley Capital Services LLC | 2171942 | (1156069) |  | 1015873 |
|  Societe Generale Paris | 2980 |  |  | 2980 |
|  UBS AG | 12612 | (12612) |  |  |
|  | $6556909 | $(5470582) | $(3000) | $1083327 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  Barclays Bank plc | $86241 | $(48338) | $(9607) | $28296 |
|  BNP Paribas S.A. | 1627968 | (10984) | (1251380) | 365604 |
|  Citibank N.A. | 4360064 | (67480) | (3947697) | 344887 |
|  Deutsche Bank AG | 7099996 | (4069245) | (2814242) | 216509 |
|  Goldman Sachs Bank USA | 682435 | (44420) | (297900) | 340115 |
|  JPMorgan Chase Bank N.A. | 61434 | (61434) |  |  |
|  Morgan Stanley Capital Services LLC | 1156069 | (1156069) |  |  |
|  UBS AG | 134473 | (12612) |  | 121861 |
|  | $15208680 | $(5470582) | $(8320826) | $1417272 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location-Net<br>Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Foreign<br>Exchange** | **Total** |
|  Purchased options | $(13420) | $— | $— | $(13420) |
|  Forward foreign currency transactions |  |  | 39282988 | 39282988 |
|  Futures contracts | 75897201 |  |  | 75897201 |
|  Swap contracts | (57813349) | 42698 |  | (57770651) |
|  Written options | 553545 | 510974 |  | 1064519 |
|  | $18623977 | $553672 | $39282988 | $58460637 |
| **Statement of Operations Location-Net<br>Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign<br>Exchange** | **Total** |
|  Purchased options | $(1376947) | $— | $— | $(1376947) |
|  Forward foreign currency transactions |  |  | (6055940) | (6055940) |
|  Futures contracts | 1302024 |  |  | 1302024 |
|  Swap contracts | 31536319 | (21283) |  | 31515036 |
|  Written options | (205627) | (174076) |  | (379703) |
|  | $31255769 | $(195359) | $(6055940) | $25004470 |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Purchased options | $336086494 |
|  Forward foreign currency transactions | 801116340 |
|  Futures contracts long | 324090390 |
|  Futures contracts short | (851498881) |
|  Swap contracts | 1093440306 |
|  Written options | (362118327) |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

MSFTA govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $1454400786 | $256713768 | $2165896375 | $351693333 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $1130464439 | $1186862259 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management**<br> **Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended**<br> **December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $9802492 | 0.500% | First $1.2 billion |
|  | 0.450% | Over $1.2 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pacific Investment Management Company LLC (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net<br>Assets** |
| 0.025% | Over $2 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $25,311 and are included in the total amount shown as management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $209,597 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an

**BHFTI-38** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $2994473242 |
|  Gross unrealized appreciation | 4668480 |
|  Gross unrealized (depreciation) | (440899680) |
|  Net unrealized appreciation (depreciation) | $(436231200) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $129765082 | $20209392 | $— | $— | $129765082 | $20209392 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $38694373 | $– $| (439067947) | $(29400221) | $(429773795) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

At December 31, 2022, the Portfolio had accumulated long-term capital losses of $29,400,221.

During the year ended December 31, 2022, the Portfolio utilized accumulated long-term capital losses of $98,612,756.

**9. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and

**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-40** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the PlMCO Inflation Protected Bond Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the PlMCO Inflation Protected Bond Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the PlMCO Inflation Protected Bond Portfolio as of December 31, 2022, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-41** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-42** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-43** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such

**BHFTI-45** 

------

**Brighthouse Funds Trust I** 

**PIMCO Inflation Protected Bond Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*PIMCO Inflation Protected Bond Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. TIPS Index, for the one- and three-year periods ended October 31, 2022 and underperformed its benchmark for the five-year period ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-46** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Managed By Pacific Investment Management Company LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the PIMCO Total Return Portfolio returned -14.34%, -14.56%, and -14.45%, respectively. The Portfolio's benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned -13.01%.

**MARKET ENVIRONMENT / CONDITIONS** 

Geopolitics took center stage in 2022 as Russia invaded Ukraine at the beginning of the year. Most assets experienced elevated volatility over the year as Russia's invasion of Ukraine and the subsequent imposition of financial sanctions added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening yield curves. Commodity prices soared given Europe's dependency on Russian oil/natural gas and Ukraine's significant share of global wheat, neon, and palladium supply. Global yields rose sharply over the year and curves broadly flattened amid more hawkish actions and rhetoric from central banks.

Risk assets were challenged throughout the first half of the year, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence. Developed market central banks maintained their hawkish stance with their sights set on combating historic levels of inflation. Most notably, in the U.S., Consumer Price Index increased 8.6% year-on-year in May. This prompted the U.S. Federal Reserve (the "Fed") to hike interest rates by 0.75% in June, the first time since 1994, and acknowledge that credibly fighting inflation will come at the cost of lower growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Performance was challenged for both "safe-haven" and risk assets as global yields rose sharply through the summer months and sentiment waned. Elevated inflation, tightening monetary policy, ongoing geopolitical tensions, and rising recession risks contributed to heightened market volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities experienced sharp declines.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of the second half of the year. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 0.75% policy rate hike in November, the Fed adjusted its policy rate upward by 0.50% in December, while advancing its terminal rate projection to 5.1% by the end of 2023.

**PORTFOLIO REVIEW/ CURRENT POSITIONING** 

Tactical shifts in U.S. duration and curve positioning, partly executed through interest rate swaps, swaptions, and futures, detracted from performance due to an overweight to intermediate maturities relative to longer-term maturities as intermediate maturities underperformed. An overweight to non-Agency Mortgage-Backed Securities ("MBS") detracted from performance as mortgage spreads widened, while tactical exposure to Agency MBS, partially facilitated through options, modestly contributed. A modest allocation to high yield corporate credit partially facilitated by index credit default swaps, drove underperformance within corporate credit strategies as credit spreads widened over the year. Modest long exposure to local rates in select emerging markets, detracted from performance. Finally, currency strategies, particularly a tactical long exposure to the Norwegian krone on the back of a broadly stronger U.S. dollar, detracted from performance, as a result of the pace of U.S. rate increase. Short exposure to duration in the U.K., which was partially facilitated using interest rate swaps, swaptions, and futures, contributed to performance as U.K. rates rose over the year and volatility increased amid pension selling. Short exposure to duration in Japan, partially facilitated through interest rate swaps and futures, was additive as yields rose across the curve for Japanese Government Bonds.

The Portfolio ended the period with an underweight duration position overall, but moderated the extent of it given some macro uncertainties and the recent increase in yields. The Portfolio continued to have a preference for U.S. duration against rate exposure in other developed regions, such as Japan. The Portfolio had a curve steepening bias, remaining underweight the very long end of the yield curve. The Portfolio remained underweight in corporate credit with a bias toward high quality names while de-emphasizing generic corporate credit. The Portfolio was actively seeking compelling name- and sector- exposure given the dispersion in the credit markets. The Portfolio was overweight agency MBS, given the relatively attractive spread, high levels of resiliency and liquidity. The Portfolio was long TIPS given the attractive valuations. The Portfolio continued to be tactical in currency exposures, with a modest long to the Brazilian real as it benefits from strong carry and a commodity correlation.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Managed By Pacific Investment Management Company LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

Derivatives were used in the Portfolio to attain certain exposures in a liquid and cost-effective manner. All derivatives performed as expected during the period.

**Mark Kiesel** 

**Mohit Mittal** 

**Mike Cudzil^** 

**Scott Mather^** 

Portfolio Managers

*Pacific Investment Management Company LLC* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

^ Scott Mather relinquished his portfolio management responsibilities for the Portfolio effective October 20, 2022. On the same effective date, Mike Cudzil assumed portfolio management responsibilities for the Portfolio.

<sup>1</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX**![LOGO](g394295g44x58.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**PIMCO Total Return Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –14.34 | 0.04 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –14.56 | –0.22 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | –14.45 | –0.11 | 0.92 |
| &nbsp;&nbsp;&nbsp;**Bloomberg U.S. Aggregate Bond Index** | –13.01 | 0.02 | 1.06 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Treasury & Government Agencies** | **57.4** |
| **Corporate Bonds & Notes** | **30.5** |
| **Asset-Backed Securities** | **15.5** |
| **Mortgage-Backed Securities** | **14.8** |
| **Foreign Government** | **3.7** |
| **Municipals** | **0.7** |
| **Floating Rate Loans** | **0.3** |

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**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO Total Return Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.49% | $1000.00 | $967.90 | $2.43 |
|  | Hypothetical\* | 0.49% | $1000.00 | $1022.74 | $2.50 |
|  Class B (a) | Actual | 0.74% | $1000.00 | $966.20 | $3.67 |
|  | Hypothetical\* | 0.74% | $1000.00 | $1021.48 | $3.77 |
|  Class E (a) | Actual | 0.64% | $1000.00 | $967.60 | $3.17 |
|  | Hypothetical\* | 0.64% | $1000.00 | $1021.98 | $3.26 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—57.4% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage - Backed—37.6%** | **Agency Sponsored Mortgage - Backed—37.6%** | **Agency Sponsored Mortgage - Backed—37.6%** |
|  Fannie Mae 10 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/24 | 34669 | $34318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/24 | 74194 | 73121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/24 | 32321 | 31853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/25 | 149034 | 146457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/29 | 182210 | 174405 |
|  Fannie Mae 15 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/28 | 162810 | 156113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/30 | 5048486 | 4854710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/25 | 14076 | 13822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/26 | 42344 | 41566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/26 | 111602 | 108532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/27 | 62184 | 61051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/28 | 268428 | 262788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/29 | 27407 | 26898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/31 | 83134 | 80579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/32 | 199706 | 193041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/32 | 334776 | 323603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/33 | 176720 | 170301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/33 | 223063 | 214513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/33 | 144795 | 139251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/33 | 559141 | 537696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/33 | 331830 | 319106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/34 | 6366418 | 6119588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/34 | 289794 | 278675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/34 | 677866 | 651906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/35 | 39035 | 37541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/35 | 89722 | 86284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/35 | 3438254 | 3301192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/24 | 78729 | 76862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/24 | 79443 | 78286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/25 | 41528 | 40530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/25 | 20718 | 20220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/25 | 6589 | 6431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/25 | 8955 | 8821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/26 | 18761 | 18310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/26 | 3759 | 3669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/26 | 5660 | 5574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/33 | 41455 | 40595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/23 | 479 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/23 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/24 | 784 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/24 | 10183 | 10161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/24 | 957 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/24 | 22505 | 22460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/24 | 3698 | 3691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/25 | 31617 | 31552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/25 | 25518 | 25457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/25 | 19796 | 19758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/25 | 42204 | 42109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/25 | 3850 | 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/25 | 349064 | 348235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/25 | 5271 | 5261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/25 | 13850 | 13819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/25 | 18875 | 18839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/26 | 1400 | 1398 |
| **Agency Sponsored Mortgage - Backed—(Continued)** |  |  |
|  Fannie Mae 15 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/27 | 2374 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/23 | 458 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/23 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/23 | 452 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/23 | 422 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/23 | 493 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/23 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/24 | 178 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/24 | 469 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/24 | 1012 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/25 | 15988 | 15930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/25 | 255 | 254 |
|  Fannie Mae 20 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/40 | 362895 | 338814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/40 | 4413725 | 4120847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/29 | 13475 | 13110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/29 | 39249 | 38380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/30 | 24236 | 23579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/30 | 37419 | 36221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/30 | 31992 | 30967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/30 | 27322 | 26447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/30 | 948 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/30 | 118875 | 115066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/30 | 15779 | 15273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/31 | 2135 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/31 | 54559 | 52810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/31 | 3125 | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/25 | 771 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/31 | 10253 | 10174 |
|  Fannie Mae 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/49 | 2397227 | 2121572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/52 | 80784099 | 70902041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/52 | 13842682 | 12151954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/34 | 56457 | 54415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/35 | 22737 | 21838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/41 | 25093 | 24098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/43 | 228593 | 219527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/39 | 13332 | 13205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/39 | 25088 | 24855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/39 | 4303 | 4234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/40 | 9579 | 9496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/40 | 11506 | 11406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/40 | 32843 | 32863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/41 | 26761 | 26279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/41 | 6139 | 5989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/41 | 156572 | 152954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/42 | 20098 | 19602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/42 | 93706 | 90752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/32 | 675 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/33 | 34513 | 34177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/33 | 41434 | 42206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/33 | 796 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/33 | 708 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/33 | 7306 | 7461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/33 | 139 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/34 | 15687 | 15547 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage - Backed—(Continued)** | | |
|  Fannie Mae 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/34 | 54493 | $55228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/34 | 1056 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/34 | 13028 | 13048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/35 | 15757 | 15781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/35 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/35 | 19890 | 19789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/38 | 51154 | 52319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/39 | 8810 | 8987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/39 | 1626 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/39 | 6924 | 7043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/40 | 10269 | 10239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/42 | 37469 | 37295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/28 | 5030 | 5044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/33 | 19166 | 19726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/33 | 4334 | 4469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/33 | 78949 | 79497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/33 | 94605 | 94859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/33 | 469 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/34 | 839 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/34 | 6669 | 6693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/34 | 105377 | 106739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/34 | 1568 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/34 | 115918 | 119605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/34 | 282908 | 292179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/35 | 100431 | 103688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/35 | 130079 | 134275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/35 | 240429 | 248439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/35 | 26888 | 26960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/35 | 48032 | 49638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/35 | 76032 | 78571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/35 | 60459 | 62504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/35 | 720335 | 745185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/35 | 65254 | 67555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/35 | 389596 | 403276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/36 | 93241 | 96563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/36 | 87210 | 90271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/36 | 693 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/36 | 370328 | 382569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/36 | 43862 | 45261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/36 | 25486 | 26343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/36 | 1233 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/37 | 525 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/37 | 7937 | 8117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/37 | 319673 | 331030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/38 | 2774 | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/38 | 87732 | 90970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/38 | 443572 | 459985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/38 | 694558 | 720247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/38 | 24930 | 25814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/38 | 19005 | 19082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/38 | 241233 | 249903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/38 | 61019 | 63277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/39 | 17447 | 18093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/39 | 5728 | 5745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/39 | 772138 | 800713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/40 | 136230 | 140940 |
| **Agency Sponsored Mortgage - Backed—(Continued)** |  |  |
|  Fannie Mae 30 Yr. Pool<br>5.500%, 06/01/40 | 51822 | 51982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/40 | 108025 | 112021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/41 | 1284481 | 1332012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/49 | 83577 | 84554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/28 | 8027 | 8148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/29 | 5610 | 5703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/29 | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/29 | 891 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/29 | 1089 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/32 | 33865 | 34409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/32 | 57376 | 59201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/33 | 5972 | 6175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/33 | 6150 | 6360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/33 | 6295 | 6509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/34 | 349 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/34 | 4053 | 4124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/34 | 3429 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/35 | 275946 | 285366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/35 | 6481 | 6661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/35 | 447 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/35 | 14161 | 14435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/35 | 3104 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/35 | 120260 | 122085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/35 | 8956 | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/36 | 1211 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/36 | 24936 | 25695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/36 | 1214 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/36 | 3977 | 4038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/36 | 586928 | 612243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/36 | 69856 | 72205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/36 | 3885 | 3948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/36 | 12948 | 13348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/36 | 7420 | 7533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/37 | 66205 | 68033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/37 | 153908 | 160676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/37 | 34632 | 35632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/37 | 18734 | 19027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/37 | 9468 | 9861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/37 | 9086 | 9471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/37 | 17833 | 18499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/38 | 164172 | 170334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/38 | 3502 | 3622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/38 | 4118 | 4183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/38 | 306788 | 317372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/38 | 24049 | 24990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/38 | 7209 | 7317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/39 | 26147 | 27297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/39 | 164633 | 170808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/39 | 32100 | 33374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/39 | 143512 | 147590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/49 | 1014221 | 1049037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/01/25 | 143 | 144 |
|  Fannie Mae ARM Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.887%, 12M LIBOR + 1.511%, 01/01/35 (a) | 19068 | 19061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.932%, 12M LIBOR + 1.557%, 01/01/35 (a) | 13272 | 13305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.960%, 12M LIBOR + 1.638%, 02/01/35 (a) | 8554 | 8591 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage - Backed—(Continued)** | | |
|  Fannie Mae ARM Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.974%, 12M LIBOR + 1.599%, 01/01/35 (a) | 15074 | $15163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.058%, 12M LIBOR + 1.359%, 03/01/35 (a) | 11296 | 11229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.312%, 12M LIBOR + 1.261%, 12/01/34 (a) | 260151 | 257169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.318%, 12M LIBOR + 1.618%, 03/01/33 (a) | 1371 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.518%, 12M LIBOR + 1.630%, 01/01/35 (a) | 5165 | 5061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.548%, 12M LIBOR + 1.810%, 04/01/35 (a) | 23043 | 23248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.599%, 12M LIBOR + 1.603%, 05/01/35 (a) | 17048 | 17135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.605%, 12M LIBOR + 1.681%, 12/01/34 (a) | 10079 | 10057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.691%, 6M LIBOR + 1.373%, 09/01/35 (a) | 204607 | 199736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.840%, 1Y H15 + 2.195%, 02/01/35 (a) | 20129 | 20416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 12M MTA + 1.200%, 08/01/41 (a) | 54105 | 52393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 12M MTA + 1.200%, 07/01/42 (a) | 115139 | 109610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 12M MTA + 1.200%, 08/01/42 (a) | 121963 | 116048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 12M MTA + 1.200%, 10/01/44 (a) | 107906 | 102384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939%, 12M MTA + 1.250%, 09/01/41 (a) | 288981 | 277672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.030%, 6M LIBOR + 1.412%, 06/01/33 (a) | 6383 | 6340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.109%, 1Y H15 + 2.067%, 10/01/28 (a) | 42974 | 42206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.203%, 1Y H15 + 2.134%, 07/01/33 (a) | 3713 | 3727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.284%, 1Y H15 + 2.313%, 05/01/35 (a) | 96995 | 98999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 12M LIBOR + 1.660%, 05/01/34 (a) | 214447 | 210983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.439%, 12M LIBOR + 1.686%, 09/01/32 (a) | 45505 | 45043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.481%, 12M MTA + 1.771%, 11/01/35 (a) | 61365 | 59895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.513%, 1Y H15 + 2.302%, 04/01/34 (a) | 1633 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585%, 12M LIBOR + 1.335%, 12/01/34 (a) | 91956 | 90799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 12M LIBOR + 1.350%, 11/01/34 (a) | 1885 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.663%, 6M LIBOR + 1.538%, 01/01/36 (a) | 5120 | 5009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.730%, 6M LIBOR + 1.605%, 08/01/36 (a) | 14569 | 14504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.825%, 12M LIBOR + 1.575%, 10/01/34 (a) | 4726 | 4661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.903%, 1Y H15 + 2.153%, 07/01/32 (a) | 12743 | 12577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920%, 12M LIBOR + 1.670%, 11/01/34 (a) | 18747 | 18923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12M LIBOR + 1.750%, 08/01/35 (a) | 128933 | 131440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%, ECOFC + 1.929%, 12/01/36 (a) | 22251 | 22205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025%, 1Y H15 + 1.900%, 02/01/31 (a) | 90475 | 88258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%, 1Y H15 + 2.360%, 11/01/34 (a) | 471314 | 481946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 12M LIBOR + 1.810%, 09/01/34 (a) | 224985 | 227210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.106%, 1Y H15 + 2.159%, 11/01/35 (a) | 99889 | 101816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.107%, 1Y H15 + 2.215%, 09/01/31 (a) | 14186 | 13932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.108%, 6M LIBOR + 1.520%, 01/01/35 (a) | 34450 | 34665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.135%, 12M LIBOR + 1.885%, 11/01/32 (a) | 18836 | 18514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.143%, 1Y H15 + 2.095%, 10/01/35 (a) | 45053 | 44377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%, 1Y H15 + 2.223%, 08/01/35 (a) | 62037 | 62953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%, ECOFC + 1.734%, 09/01/34 (a) | 3765 | 3837 |
|  Fannie Mae REMICS (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.257%, 05/25/35 (a) | 236299 | 234597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.739%, 1M LIBOR + 0.400%, 09/18/31 (a) | 46690 | 46487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.769%, 1M LIBOR + 0.380%, 11/25/42 (a) | 1933261 | 1902456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.289%, 1M LIBOR + 0.900%, 04/25/32 (a) | 16790 | 16838 |
|  Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.241%, 01/25/31 (a)(b) | 20830164 | 1987341 |
|  Freddie Mac 10 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/23 | 2043 | 2027 |
|  Freddie Mac 15 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/26 | 28660 | 28137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/32 | 95444 | 92260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/33 | 237365 | 228143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/33 | 6684 | 6428 |
| **Agency Sponsored Mortgage - Backed—(Continued)** |  |  |
|  Freddie Mac 15 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/33 | 287831 | 276799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/33 | 604717 | 581562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/34 | 65381 | 62875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/34 | 105548 | 101511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/34 | 1085726 | 1044148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/34 | 429938 | 413503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/34 | 89991 | 86549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/34 | 38461 | 36990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/35 | 139245 | 133295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/33 | 547981 | 534811 |
|  Freddie Mac 20 Yr. Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/30 | 27556 | 26704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/30 | 119310 | 115616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/30 | 6618 | 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/23 | 372 | 378 |
|  Freddie Mac 30 Yr. Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/40 | 148126 | 142906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/34 | 6930 | 6842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/35 | 22791 | 22507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/41 | 47522 | 47164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/33 | 478 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/33 | 606 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/33 | 561 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/33 | 1498 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/34 | 896 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/34 | 14016 | 14204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/35 | 11559 | 11945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/35 | 720 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/35 | 8734 | 8767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/35 | 29227 | 29465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/35 | 17244 | 17866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/36 | 12379 | 12835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/36 | 13098 | 13168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/36 | 6898 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/36 | 565293 | 584705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/36 | 11920 | 12371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/36 | 12311 | 12380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/36 | 2993 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/36 | 83690 | 86874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/37 | 6726 | 6818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/37 | 5698 | 5896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/37 | 25111 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/37 | 32781 | 33313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/37 | 69165 | 71799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/37 | 28399 | 29482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/37 | 4736 | 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/37 | 3789 | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/37 | 82636 | 85497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/37 | 4978 | 5092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/38 | 27754 | 28810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/38 | 70076 | 72746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/38 | 33123 | 34127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/38 | 63820 | 66252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/38 | 38186 | 39256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/38 | 111436 | 115687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/38 | 139278 | 144405 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage - Backed—(Continued)** | | |
|  Freddie Mac 30 Yr. Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/38 | 368678 | $382308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/38 | 96271 | 99937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/38 | 3056472 | 3169199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/38 | 1276572 | 1325191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/38 | 5124 | 5144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/39 | 250312 | 259838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/39 | 53350 | 54184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/39 | 26424 | 27430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/39 | 884075 | 917730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/39 | 26757 | 27686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/40 | 29538 | 30663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/40 | 4582 | 4757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/40 | 940 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/40 | 29456 | 30537 |
|  Freddie Mac 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/52 | 6122062 | 5372771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/52 | 6864858 | 6024658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/52 | 6854010 | 6015730 |
|  Freddie Mac ARM Non-Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.942%, 12M LIBOR + 1.677%, 01/01/35 (a) | 6186 | 6063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.032%, 12M LIBOR + 1.678%, 02/01/35 (a) | 5960 | 5882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.052%, 12M LIBOR + 1.625%, 02/01/35 (a) | 13170 | 13117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.055%, 12M LIBOR + 1.621%, 02/01/35 (a) | 4490 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.226%, 12M LIBOR + 1.901%, 02/01/35 (a) | 12243 | 12303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438%, 1Y H15 + 2.250%, 01/01/35 (a) | 42742 | 43147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.491%, 1Y H15 + 2.108%, 02/01/35 (a) | 16837 | 16923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 2.250%, 02/01/35 (a) | 16451 | 16587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.141%, 1Y H15 + 2.250%, 08/01/35 (a) | 68595 | 69347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.504%, 1Y H15 + 2.250%, 06/01/35 (a) | 177983 | 180164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.586%, 12M LIBOR + 1.345%, 09/01/35 (a) | 52457 | 52430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140%, 12M LIBOR + 1.890%, 11/01/34 (a) | 9629 | 9643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12M LIBOR + 1.900%, 11/01/34 (a) | 9752 | 9686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.209%, 1Y H15 + 2.107%, 10/01/34 (a) | 11102 | 11247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.211%, 12M LIBOR + 1.961%, 08/01/32 (a) | 30729 | 30294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269%, 1Y H15 + 2.179%, 09/01/35 (a) | 35705 | 35728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.339%, 1Y H15 + 2.250%, 11/01/31 (a) | 4858 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1Y H15 + 2.250%, 11/01/34 (a) | 21128 | 21445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.513%, 1Y H15 + 2.436%, 01/01/29 (a) | 48189 | 47351 |
|  Freddie Mac REMICS (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/15/42 | 8828625 | 7991919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.508%, 1M LIBOR + 0.190%, 10/15/43 (a) | 4337556 | 4184651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.568%, 1M LIBOR + 0.250%, 07/15/34 (a) | 9494 | 9366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, PRIME - 1.375%, 11/15/23 (a) | 11719 | 11623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/15/24 | 998 | 1000 |
|  Freddie Mac Structured Pass-Through Certificates (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 12M MTA + 1.200%, 02/25/45 (a) | 29873 | 29974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248%, 12M MTA + 1.200%, 10/25/44 (a) | 334075 | 332456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.448%, 12M MTA + 1.400%, 07/25/44 (a) | 1579147 | 1580863 |
|  Ginnie Mae I 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/49 | 2254866 | 2002533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/52 | 7344621 | 7031451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, TBA (c) | 3050000 | 2891316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/33 | 2412 | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/33 | 9961 | 10193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/34 | 3210 | 3285 |
| **Agency Sponsored Mortgage - Backed—(Continued)** |  |  |
|  Ginnie Mae I 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/34 | 529 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/35 | 1390 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/36 | 799 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/38 | 222571 | 227824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/39 | 34993 | 35792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/39 | 61270 | 62705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/39 | 286178 | 292376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/39 | 1012229 | 1032678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/39 | 263694 | 269780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/39 | 140694 | 143995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/40 | 9762 | 9990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/40 | 112053 | 114684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/40 | 8581 | 8782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/47 | 18054 | 18105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/48 | 1670146 | 1670473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/48 | 1735196 | 1735536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/49 | 2341508 | 2399675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/49 | 292382 | 300928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/50 | 401908 | 403782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/52 | 7190521 | 7192081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/23 | 83 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 01/15/26 | 641 | 642 |
|  Ginnie Mae II 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/49 | 12140 | 11843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/20/49 | 63351 | 63142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/20/49 | 133416 | 133877 |
|  Ginnie Mae II ARM Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1Y H15 + 1.500%, 11/20/27 (a) | 3541 | 3414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1Y H15 + 1.500%, 10/20/28 (a) | 290 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1Y H15 + 1.500%, 10/20/29 (a) | 1765 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1Y H15 + 1.500%, 11/20/30 (a) | 3765 | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1Y H15 + 2.000%, 10/20/31 (a) | 3770 | 3618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1Y H15 + 1.500%, 11/20/26 (a) | 2406 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1Y H15 + 1.500%, 10/20/30 (a) | 746 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 01/20/23 (a) | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 02/20/26 (a) | 1997 | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 01/20/27 (a) | 1017 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 08/20/27 (a) | 7878 | 7687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 09/20/27 (a) | 32642 | 31740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 02/20/28 (a) | 2470 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 03/20/28 (a) | 3992 | 3906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 07/20/29 (a) | 2714 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 08/20/29 (a) | 2834 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 09/20/29 (a) | 3643 | 3538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 01/20/30 (a) | 9582 | 9406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 08/20/31 (a) | 702 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 03/20/32 (a) | 139 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 03/20/33 (a) | 1283 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1Y H15 + 1.500%, 09/20/33 (a) | 17407 | 16883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1Y H15 + 1.500%, 05/20/26 (a) | 2599 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1Y H15 + 1.500%, 06/20/27 (a) | 1306 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1Y H15 + 1.500%, 05/20/28 (a) | 1757 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1Y H15 + 1.500%, 05/20/29 (a) | 2634 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1Y H15 + 1.500%, 06/20/30 (a) | 2908 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1Y H15 + 1.500%, 04/20/31 (a) | 2934 | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1Y H15 + 1.500%, 04/20/32 (a) | 2222 | 2193 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage - Backed—(Continued)** | | |
|  Ginnie Mae II ARM Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1Y H15 + 1.500%, 05/20/32 (a) | 4318 | $4260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1Y H15 + 1.500%, 04/20/30 (a) | 3858 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1Y H15 + 1.500%, 05/20/30 (a) | 9637 | 9442 |
|  Government National Mortgage Association (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.470%, 1M LIBOR + 1.000%, 12/20/65 (a) | 13996072 | 13808430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.672%, 1M LIBOR + 1.000%, 01/20/67 (a) | 6399767 | 6332231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.106%, 09/20/66 (a) | 6946112 | 7051669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%, 1M LIBOR + 0.340%, 12/20/62 (a) | 72454 | 71689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.442%, 1M LIBOR + 0.600%, 08/20/65 (a) | 1914918 | 1884060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.442%, 1M LIBOR + 0.600%, 10/20/65 (a) | 3641543 | 3618402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 1M LIBOR + 0.650%, 06/20/66 (a) | 2638824 | 2627511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.508%, 1M LIBOR + 0.800%, 09/20/67 (a) | 5400891 | 5373099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, 1M LIBOR + 0.850%, 09/20/66 (a) | 4843513 | 4790662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770%, SOFR30A + 1.020%, 12/20/72 (a) | 4900000 | 4906070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.811%, SOFR30A + 0.900%, 01/20/73 (a)(d)(e) | 5395716 | 5400990 |
|  Uniform Mortgage-Backed Securities 15 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, TBA (c) | 100000 | 99318 |
|  Uniform Mortgage-Backed Securities 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, TBA (c) | 583950000 | 512694148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (c) | 317112000 | 288169952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, TBA (c) | 195800000 | 183606083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, TBA (c) | 77400000 | 74475614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (c) | 24100000 | 23743836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, TBA (c) | 129800000 | 130033970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, TBA (c) | 900000 | 912366 |
|  |  | 1470933387 |
| **U.S. Treasury—19.8%** |  |  |
|  U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 | 62400000 | 40567313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 08/15/50 | 75200000 | 41785937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 29100000 | 17314500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/41 | 16900000 | 11944867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/15/50 | 9600000 | 6340125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/42 | 39000000 | 31356914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/42 | 19800000 | 15870937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/43 | 83700000 | 68316856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/45 | 17200000 | 13848687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 02/15/42 | 15800000 | 13614539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/15/44 | 116300000 | 98268957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/15/42 | 48300000 | 42345516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 05/15/44 | 18000000 | 15871641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/39 | 9600000 | 9887250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 | 57100000 | 59537902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/39 | 15100000 | 16011309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/40 | 12800000 | 13755500 |
|  U.S. Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 02/15/51 (f) | 2403450 | 1546023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 02/15/50 (f) | 6838100 | 4605980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 02/15/43 (f) | 1555248 | 1253817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 02/15/45 (f) | 4302292 | 3476385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 02/15/49 (f) | 2605130 | 2175264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 02/15/44 (f) | 511412 | 474566 |
|  U.S. Treasury Inflation Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/31 (f) | 16565075 | 14636284 |
| **U.S. Treasury—(Continued)** |  |  |
|  U.S. Treasury Inflation Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/32 (f) | 17736345 | 15534777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 07/15/32 (f) | 17536905 | 16062344 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 06/30/24 (g)(h) | 38200000 | 36606344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 07/31/24 (g)(h)(i) | 24800000 | 23853531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 09/30/24 (h) | 7900000 | 7581223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/24 (g)(h)(j) | 110600000 | 106223524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/27 (g)(i) | 24360000 | 22533951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/32 | 1800000 | 1658813 |
|  |  | 774861576 |
|  Total U.S. Treasury & Government Agencies <br>(Cost $2,446,867,980) |  | 2245794963 |
| **Corporate Bonds & Notes—30.5%** |  |  |
| **Aerospace/Defense—0.6%** |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.433%, 02/04/24 | 12300000 | 11787178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/01/26 | 12000000 | 11120716 |
|  Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 06/15/28 | 1600000 | 1291845 |
|  |  | 24199739 |
| **Agriculture—0.5%** |  |  |
|  Imperial Brands Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 07/26/24 (144A) | 9326000 | 8915504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/26/29 (144A) | 12800000 | 10946067 |
|  |  | 19861571 |
| **Airlines—0.5%** |  |  |
|  American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/01/26 | 2705936 | 2335356 |
|  British Airways Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/20/31 (144A)† | 1374548 | 1144158 |
|  U.S. Airways Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/15/25 | 443831 | 403135 |
|  United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/07/28 | 3678451 | 3127641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 07/07/28 | 2134901 | 1796356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/27 | 10116907 | 9974723 |
|  |  | 18781369 |
| **Auto Manufacturers—2.6%** |  |  |
|  Ford Motor Credit Co. LLC<br>3.810%, 01/09/24 | 13300000 | 12934620 |
|  General Motors Financial Co., Inc.<br>5.360%, SOFR + 1.200%, 11/17/23 (a) | 11300000 | 11269430 |
|  Hyundai Capital America<br>2.100%, 09/15/28 (144A) | 13500000 | 11080005 |
|  Nissan Motor Acceptance Co. LLC<br>1.850%, 09/16/26 (144A) | 13500000 | 11270316 |
|  Nissan Motor Co., Ltd.<br>3.522%, 09/17/25 (144A) | 8100000 | 7524083 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Auto Manufacturers—(Continued)** | | |
|  Nissan Motor Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.345%, 09/17/27 (144A) | 5600000 | $5077777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 09/17/30 (144A) | 14700000 | 12475475 |
|  Volkswagen Bank GmbH<br>1.875%, 01/31/24 (EUR) | 3400000 | 3563171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/31/26 (EUR) | 2000000 | 1996363 |
|  Volkswagen Group of America Finance LLC<br>2.850%, 09/26/24 (144A) | 13300000 | 12728218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/13/25 (144A) | 10900000 | 10721362 |
|  |  | 100640820 |
| **Banks—8.1%** |  |  |
|  Banco Espirito Santo S.A.<br>2.625%, 05/08/17 (EUR) (k) | 1700000 | 218372 |
|  Bank of America Corp.<br>0.981%, SOFR + 0.910%, 09/25/25 (a) | 4800000 | 4417803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/22/24 | 2130000 | 2111657 |
|  Barclays plc<br>3.125%, 01/17/24 (GBP) | 4400000 | 5197226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.338%, 3M LIBOR + 1.356%, 05/16/24 (a) | 700000 | 695127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.972%, 3M LIBOR + 1.902%, 05/16/29 (a) | 2000000 | 1878260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.024%, 3M LIBOR + 1.380%, 05/16/24 (a) | 100000 | 99983 |
|  BNP Paribas S.A.<br>4.625%, 5Y H15 + 3.340%, 02/25/31 (144A) (a) | 12500000 | 9657506 |
|  BPCE S.A.<br>4.000%, 09/12/23 (144A) | 17000000 | 16780700 |
|  Citigroup, Inc.<br>3.070%, SOFR + 1.280%, 02/24/28 (a) | 8100000 | 7302383 |
|  Credit Agricole S.A.<br>1.247%, SOFR + 0.892%, 01/26/27 (144A) (a) | 4000000 | 3498163 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.207%, 3M LIBOR + 1.240%, 06/12/24 (144A) (a) | 15700000 | 15307359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.975%, 3M LIBOR + 1.240%, 06/12/24 (144A) (a) | 10400000 | 9848800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.442%, SOFR + 3.700%, 08/11/28 (144A) (a) | 7000000 | 6374873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.537%, SOFR + 3.920%, 08/12/33 (144A) (a) | 10650000 | 9344239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5Y USD ICE Swap + 4.332%, 09/12/25 (144A) (a) | 5500000 | 3953721 |
|  Danske Bank A/S<br>4.298%, 1Y H15 + 1.750%, 04/01/28 (144A) (a) | 12000000 | 11034271 |
|  Deutsche Bank AG<br>2.222%, SOFR + 2.159%, 09/18/24 (a) | 13200000 | 12748875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.547%, SOFR + 3.043%, 09/18/31 (a) | 13000000 | 10421949 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/15/24 | 12300000 | 11994036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/22/25 | 1675000 | 1619987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/01/24 | 300000 | 303571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.124%, 3M LIBOR + 1.750%, 10/28/27 (a) | 7500000 | 7631002 |
|  ING Groep NV<br>4.625%, 01/06/26 (144A) | 7900000 | 7714740 |
|  JPMorgan Chase & Co.<br>1.578%, SOFR + 0.885%, 04/22/27 (a) | 13300000 | 11686211 |
|  Lloyds Bank plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/02/32 (l) | 13000000 | 7876505 |
|  Mitsubishi UFJ Financial Group, Inc.<br>1.640%, 1Y H15 + 0.670%, 10/13/27 (a) | 10500000 | 9093673 |
| **Banks—(Continued)** |  |  |
|  Mizuho Financial Group, Inc.<br>1.979%, SOFR + 1.532%, 09/08/31 (a) | 9800000 | 7494414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.201%, SOFR + 1.772%, 07/10/31 (a) | 12400000 | 9679132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.226%, 3M LIBOR + 0.830%, 05/25/26 (a) | 5900000 | 5418998 |
|  Morgan Stanley<br>3.737%, 3M LIBOR + 0.847%, 04/24/24 (a) | 9400000 | 9349185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210%, SOFR + 1.610%, 04/20/28 (a) | 5400000 | 5135907 |
|  Nykredit Realkredit A/S<br>1.500%, 10/01/53 (DKK) | 55525501 | 6084134 |
|  Santander Holdings U.S.A., Inc.<br>3.450%, 06/02/25 | 4800000 | 4573873 |
|  Standard Chartered plc<br>3.971%, 1Y H15 + 1.650%, 03/30/26 (144A) (a) | 6000000 | 5730857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.776%, 1Y H15 + 3.100%, 11/16/25 (144A) (a) | 8100000 | 8342169 |
|  Sumitomo Mitsui Financial Group, Inc.<br>1.474%, 07/08/25 | 6500000 | 5922589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.902%, 09/17/28 | 9800000 | 8075352 |
|  UBS Group AG<br>4.125%, 04/15/26 (144A) | 10200000 | 9784035 |
|  UniCredit S.p.A.<br>7.830%, 12/04/23 (144A) | 29700000 | 29839234 |
|  Virgin Money UK plc<br>4.000%, 1Y UKG + 3.750%, 09/03/27 (GBP) (a) | 500000 | 545684 |
|  Wells Fargo & Co.<br>1.741%, 3M EURIBOR + 1.850%, 05/04/30 (EUR)(a) | 2600000 | 2356642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393%, SOFR + 2.100%, 06/02/28 (a) | 5400000 | 4765979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.908%, SOFR + 1.320%, 04/25/26 (a) | 5500000 | 5345490 |
|  |  | 317254666 |
| **Biotechnology—0.1%** |  |  |
|  Royalty Pharma plc<br>1.200%, 09/02/25 | 3000000 | 2684824 |
| **Chemicals — 0.3%** |  |  |
|  International Flavors & Fragrances, Inc.<br>2.300%, 11/01/30 (144A) | 12800000 | 10155165 |
| **Computers — 0.0%** |  |  |
|  Dell International LLC / EMC Corp.<br>4.900%, 10/01/26 | 900000 | 885869 |
| **Diversified Financial Services — 1.6%** |  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.450%, 10/01/25 | 3000000 | 2883709 |
|  Aviation Capital Group LLC<br>4.125%, 08/01/25 (144A) | 10500000 | 9795213 |
|  Blue Owl Finance LLC<br>3.125%, 06/10/31 (144A) | 13000000 | 9655288 |
|  Capital One Financial Corp.<br>4.927%, SOFR + 2.057%, 05/10/28 (a) | 11500000 | 11133233 |
|  Jyske Realkredit A/S<br>1.500%, 10/01/53 (DKK) | 28623233 | 3082157 |
|  LeasePlan Corp. NV<br>2.875%, 10/24/24 (144A) | 13100000 | 12290953 |
|  Mitsubishi HC Capital, Inc.<br>3.960%, 09/19/23 (144A) | 5045000 | 4985419 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Diversified Financial Services—(Continued)** | | |
|  Nomura Holdings, Inc.<br>2.679%, 07/16/30 | 9600000 | $7676817 |
|  OneMain Finance Corp.<br>6.875%, 03/15/25 | 1100000 | 1056742 |
|  |  | 62559531 |
| **Electric—2.6%** |  |  |
|  Adani Electricity Mumbai, Ltd.<br>3.949%, 02/12/30 (144A) | 3700000 | 2803831 |
|  AES Corp. (The)<br>2.450%, 01/15/31 | 5000000 | 3977606 |
|  Duke Energy Progress LLC<br>2.000%, 08/15/31 | 13800000 | 10904508 |
|  Edison International<br>3.550%, 11/15/24 | 2900000 | 2799591 |
|  Evergy, Inc.<br>2.450%, 09/15/24 | 13500000 | 12816425 |
|  FirstEnergy Corp.<br>4.400%, 07/15/27 | 1300000 | 1209323 |
|  Pacific Gas and Electric Co.<br>3.150%, 01/01/26 | 10900000 | 10128361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/16/24 | 12600000 | 12298259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 12/01/27 | 1600000 | 1412051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 08/15/24 | 4500000 | 4317807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 07/01/25 | 3600000 | 3407963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/15/25 | 2700000 | 2547295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/01/23 | 3000000 | 2984706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 07/01/30 | 5000000 | 4531993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 06/15/27 | 5000000 | 4930544 |
|  ReNew Wind Energy AP2 / ReNew Power Pvt. Ltd.<br>4.500%, 07/14/28 (144A) | 13100000 | 10999895 |
|  Southern California Edison Co.<br>5.850%, 11/01/27 | 3000000 | 3087861 |
|  WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/27 | 5000000 | 4241059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/30 | 5000000 | 3898621 |
|  |  | 103297699 |
| **Electronics—0.2%** |  |  |
|  Flex, Ltd.<br>4.875%, 06/15/29 | 8160000 | 7678264 |
| **Engineering & Construction—0.1%** |  |  |
|  Sydney Airport Finance Co. Pty, Ltd.<br>3.900%, 03/22/23 (144A) | 3100000 | 3091468 |
| **Gas—0.8%** |  |  |
|  Atmos Energy Corp.<br>1.500%, 01/15/31 | 12900000 | 10047032 |
|  Boston Gas Co.<br>3.757%, 03/16/32 (144A) | 12500000 | 10882192 |
|  Southern California Gas Co.<br>2.950%, 04/15/27 | 12500000 | 11526842 |
|  |  | 32456066 |
| **Healthcare-Services—0.5%** |  |  |
|  Fresenius Medical Care U.S. Finance III, Inc.<br>1.875%, 12/01/26 (144A) | 12100000 | 10260653 |
|  HCA, Inc.<br>3.125%, 03/15/27 (144A) | 7300000 | 6637002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 03/15/29 (144A) | 5200000 | 4568349 |
|  |  | 21466004 |
| **Insurance—1.1%** |  |  |
|  GA Global Funding Trust<br>1.250%, 12/08/23 (144A) | 14000000 | 13432580 |
|  Hanwha Life Insurance Co., Ltd.<br>3.379%, 5Y H15 + 1.850%, 02/04/32 (144A) (a) | 13000000 | 10796946 |
|  Jackson National Life Global Funding<br>5.451%, SOFR + 1.150%, 06/28/24 (a) | 8300000 | 8301650 |
|  MassMutual Global Funding II<br>5.050%, 12/07/27 (144A) | 7900000 | 7938353 |
|  Reliance Standard Life Global Funding II<br>3.850%, 09/19/23 (144A) | 600000 | 592189 |
|  Society of Lloyd's<br>4.750%, 10/30/24 (GBP) | 1600000 | 1894706 |
|  |  | 42956424 |
| **Internet—0.2%** |  |  |
|  Booking Holdings, Inc.<br>2.750%, 03/15/23 | 4600000 | 4578525 |
|  Expedia Group, Inc.<br>2.950%, 03/15/31 | 2561000 | 2059380 |
|  |  | 6637905 |
| **Lodging—0.5%** |  |  |
|  Choice Hotels International, Inc.<br>3.700%, 12/01/29 | 2500000 | 2177112 |
|  Hyatt Hotels Corp.<br>4.850%, 03/15/26 | 2700000 | 2653239 |
|  Marriott International, Inc.<br>3.600%, 04/15/24 | 2600000 | 2547927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/01/23 | 10000000 | 9893203 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.<br>4.250%, 05/30/23 (144A) | 3800000 | 3744383 |
|  |  | 21015864 |
| **Media—0.3%** |  |  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital Corp.<br>3.500%, 06/01/41 | 13300000 | 8666208 |
|  CSC Holdings LLC<br>5.375%, 02/01/28 (144A) | 3800000 | 3063750 |
|  |  | 11729958 |
| **Oil & Gas—0.0%** |  |  |
|  Rio Oil Finance Trust<br>9.250%, 07/06/24 (144A) | 1068327 | 1079010 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Packaging & Containers—0.4%** | | | |
|  WRKCo, Inc.<br>4.650%, 03/15/26 | 14700000 | $| 14419696 |
| **Pharmaceuticals—0.7%** |  |  |  |
|  AbbVie, Inc.<br>2.850%, 05/14/23 | 3000000 |  | 2978283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 05/14/26 | 1300000 |  | 1230877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 05/14/25 | 700000 |  | 678403 |
|  Bayer U.S. Finance LLC<br>5.779%, 3M LIBOR + 1.010%, 12/15/23 (144A) (a) | 6600000 |  | 6585110 |
|  CVS Health Corp.<br>2.125%, 09/15/31 | 14000000 |  | 11100196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/01/30 | 3900000 |  | 3535985 |
|  CVS Pass-Through Trust<br>6.943%, 01/10/30 | 544943 |  | 554879 |
|  |  |  | 26663733 |
| **Pipelines—0.3%** |  |  |  |
|  Cheniere Corpus Christi Holdings LLC<br>5.125%, 06/30/27 | 9000000 |  | 8891353 |
|  Energy Transfer L.P.<br>5.950%, 12/01/25 | 1800000 |  | 1825175 |
|  |  |  | 10716528 |
| **Real Estate—0.2%** |  |  |  |
|  Logicor Financing Sarl<br>1.625%, 07/15/27 (EUR) | 4500000 |  | 3905112 |
|  Ontario Teachers' Cadillac Fairview Properties Trust<br>3.875%, 03/20/27 (144A) | 1700000 |  | 1566591 |
|  Tesco Property Finance 6 plc<br>5.411%, 07/13/44 (GBP) | 548586 |  | 595651 |
|  |  |  | 6067354 |
| **Real Estate Investment Trusts—5.1%** |  |  |  |
|  American Homes 4 Rent L.P.<br>4.250%, 02/15/28 | 1900000 |  | 1756857 |
|  American Tower Corp.<br>3.375%, 05/15/24 | 12000000 |  | 11677179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/31/23 | 1807000 |  | 1804826 |
|  Boston Properties L.P.<br>2.450%, 10/01/33 | 4711000 |  | 3388858 |
|  Brandywine Operating Partnership L.P.<br>4.100%, 10/01/24 | 7500000 |  | 7136355 |
|  Brixmor Operating Partnership L.P.<br>3.900%, 03/15/27 | 6000000 |  | 5487511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/26 | 5500000 |  | 5185995 |
|  Crown Castle, Inc.<br>2.900%, 03/15/27 | 12500000 |  | 11369447 |
|  EPR Properties<br>3.750%, 08/15/29 | 2500000 |  | 1957379 |
|  Equinix, Inc.<br>1.000%, 09/15/25 | 2900000 |  | 2593384 |
|  Federal Realty Investment Trust<br>3.500%, 06/01/30 | 4900000 |  | 4192525 |
| **Real Estate Investment Trusts—(Continued)** |  |  |  |
|  GLP Capital L.P. / GLP Financing II, Inc.<br>5.250%, 06/01/25 | 5000000 |  | 4915073 |
|  Goodman U.S. Finance Three LLC<br>3.700%, 03/15/28 (144A) | 10800000 |  | 9744018 |
|  Hudson Pacific Properties L.P.<br>4.650%, 04/01/29 | 2400000 |  | 2050444 |
|  Kilroy Realty L.P.<br>2.650%, 11/15/33 | 13300000 |  | 9227750 |
|  Life Storage L.P.<br>2.400%, 10/15/31 | 13500000 |  | 10385540 |
|  MPT Operating Partnership L.P. / MPT Finance Corp.<br>3.692%, 06/05/28 (GBP) | 2000000 |  | 1766503 |
|  Omega Healthcare Investors, Inc.<br>4.750%, 01/15/28 | 8900000 |  | 8200752 |
|  Piedmont Operating Partnership L.P.<br>3.150%, 08/15/30 | 12900000 |  | 9812089 |
|  Prologis L.P.<br>2.250%, 01/15/32 | 13500000 |  | 10700527 |
|  Public Storage<br>3.094%, 09/15/27 | 15500000 |  | 14416447 |
|  Realty Income Corp.<br>3.875%, 04/15/25 | 10700000 |  | 10482835 |
|  SBA Tower Trust<br>2.328%, 07/15/52 (144A) | 13000000 |  | 10881896 |
|  Simon Property Group L.P.<br>2.750%, 06/01/23 | 12390000 |  | 12266705 |
|  Starwood Property Trust, Inc.<br>4.375%, 01/15/27 (144A) | 13300000 |  | 11638503 |
|  Sun Communities Operating L.P.<br>2.700%, 07/15/31 | 13200000 |  | 10419027 |
|  UDR, Inc.<br>3.500%, 07/01/27 | 1900000 |  | 1766266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 01/26/29 | 3400000 |  | 3177791 |
|  Welltower, Inc.<br>4.250%, 04/01/26 | 1102000 |  | 1065630 |
|  |  |  | 199468112 |
| **Retail—0.2%** | **Retail—0.2%** | **Retail—0.2%** | **Retail—0.2%** |
|  7-Eleven, Inc.<br>1.800%, 02/10/31 (144A) | 9600000 |  | 7331452 |
| **Savings & Loans—0.1%** | **Savings & Loans—0.1%** | **Savings & Loans—0.1%** | **Savings & Loans—0.1%** |
|  Nationwide Building Society<br>4.363%, 3M LIBOR + 1.392%, 08/01/24 (144A) (a) | 5390000 |  | 5319493 |
| **Semiconductors—0.9%** | **Semiconductors—0.9%** | **Semiconductors—0.9%** | **Semiconductors—0.9%** |
|  Broadcom, Inc.<br>3.137%, 11/15/35 (144A) | 8769000 |  | 6447550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36 (144A) | 10800000 |  | 7757509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/41 (144A) | 13300000 |  | 9443449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 | 14900000 |  | 13131976 |
|  |  |  | 36780484 |
| **Shipbuilding—0.3%** | **Shipbuilding—0.3%** | **Shipbuilding—0.3%** | **Shipbuilding—0.3%** |
|  Huntington Ingalls Industries, Inc.<br>2.043%, 08/16/28 | 13800000 |  | 11374628 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Software—0.6%** | **Software—0.6%** | **Software—0.6%** |
|  Oracle Corp.<br>3.600%, 04/01/40 | 6400000 | $4695110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/01/50 | 10600000 | 7136627 |
|  VMware, Inc.<br>1.400%, 08/15/26 | 13500000 | 11768848 |
|  |  | 23600585 |
| **Telecommunications—0.8%** | **Telecommunications—0.8%** | **Telecommunications—0.8%** |
|  Level 3 Financing, Inc.<br>3.875%, 11/15/29 (144A) | 12330000 | 9730039 |
|  Sprint LLC<br>7.125%, 06/15/24 | 1000000 | 1019540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/15/23 | 2800000 | 2839161 |
|  T-Mobile USA, Inc.<br>2.550%, 02/15/31 | 8900000 | 7270589 |
|  Verizon Communications, Inc.<br>2.355%, 03/15/32 | 15619000 | 12381214 |
|  |  | 33240543 |
| **Trucking & Leasing—0.3%** | **Trucking & Leasing—0.3%** | **Trucking & Leasing—0.3%** |
|  DAE Funding LLC<br>1.625%, 02/15/24 (144A) | 11200000 | 10631264 |
|  Total Corporate Bonds & Notes <br>(Cost $1,362,784,339) |  | 1194046088 |
| **Asset-Backed Securities—15.5%** | **Asset-Backed Securities—15.5%** | **Asset-Backed Securities—15.5%** |
| **Asset-Backed - Automobile—0.3%** | **Asset-Backed - Automobile—0.3%** | **Asset-Backed - Automobile—0.3%** |
|  Flagship Credit Auto Trust<br>4.030%, 12/15/26 (144A) | 11000000 | 10686819 |
| **Asset-Backed - Home Equity—1.3%** | **Asset-Backed - Home Equity—1.3%** | **Asset-Backed - Home Equity—1.3%** |
|  Accredited Mortgage Loan Trust<br>4.969%, 1M LIBOR + 0.290%, 07/25/34 (a) | 4214054 | 3985299 |
|  ACE Securities Corp. Home Equity Loan Trust<br>4.689%, 1M LIBOR + 0.300%, 04/25/36 (a) | 2298104 | 2205130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.689%, 1M LIBOR + 0.300%, 07/25/36 (a) | 7907549 | 2907445 |
|  Asset-Backed Funding Certificates Trust<br>5.089%, 1M LIBOR + 0.700%, 06/25/34 (a) | 1147831 | 1072138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.214%, 1M LIBOR + 0.825%, 07/25/35 (a) | 6240875 | 5630346 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust<br>4.469%, 1M LIBOR + 0.080%, 05/25/37 (a) | 18721 | 12882 |
|  Bear Stearns Asset-Backed Securities I Trust<br>4.432%, 1M LIBOR + 0.690%, 02/25/36 (a) | 895740 | 890817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.639%, 1M LIBOR + 0.250%, 04/25/37 (a) | 5790414 | 7851036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.189%, 1M LIBOR + 0.800%, 10/27/32 (a) | 8305 | 8081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, 1M LIBOR + 1.000%, 10/25/37 (a) | 91299 | 91129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.394%, 1M LIBOR + 1.005%, 06/25/35 (a) | 4030709 | 3830402 |
|  Citigroup Mortgage Loan Trust<br>4.549%, 1M LIBOR + 0.160%, 12/25/36 (144A) (a) | 5763677 | 3202138 |
|  GSAA Home Equity Trust<br>5.049%, 1M LIBOR + 0.660%, 03/25/35 (a) | 75661 | 75117 |
|  HSI Asset Securitization Corp. Trust<br>4.729%, 1M LIBOR + 0.340%, 12/25/36 (a) | 8625912 | 2278391 |
|  IXIS Real Estate Capital Trust<br>5.334%, 1M LIBOR + 0.945%, 02/25/35 (a) | 1972785 | 1929789 |
| **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** |
|  MASTR Asset-Backed Securities Trust<br>4.489%, 1M LIBOR + 0.100%, 08/25/36 (a) | 4790097 | 1659279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.559%, 1M LIBOR + 0.170%, 10/25/36 (a) | 676519 | 672237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1M LIBOR + 0.320%, 08/25/36 (a) | 3101401 | 1086296 |
|  Merrill Lynch Mortgage Investors Trust<br>4.889%, 1M LIBOR + 0.500%, 07/25/37 (a) | 8776178 | 2226216 |
|  Morgan Stanley ABS Capital I, Inc. Trust<br>4.449%, 1M LIBOR + 0.060%, 05/25/37 (a) | 99733 | 86721 |
|  NovaStar Mortgage Funding Trust<br>4.589%, 1M LIBOR + 0.200%, 09/25/37 (a) | 3207940 | 3087356 |
|  Option One Mortgage Corp. Asset-Backed Certificates<br>5.029%, 1M LIBOR + 0.640%, 08/25/33 (a) | 7770 | 7381 |
|  Option One Mortgage Loan Trust<br>4.529%, 1M LIBOR + 0.140%, 01/25/37 (a) | 4315224 | 2861896 |
|  Renaissance Home Equity Loan Trust<br>3.894%, 1M LIBOR + 0.880%, 08/25/33 (a) | 65452 | 60187 |
|  Residential Asset Securities Corp. Trust<br>4.809%, 1M LIBOR + 0.280%, 06/25/36 (a) | 551121 | 548487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.969%, 1M LIBOR + 0.290%, 06/25/33 (a) | 522783 | 480615 |
|  |  | 48746811 |
| **Asset-Backed - Other—13.9%** |  |  |
|  ACAS CLO, Ltd.<br>5.084%, 3M LIBOR + 0.890%, 10/18/28 (144A) (a) | 24482681 | 24014695 |
|  Adagio CLO, Ltd.<br>2.098%, 3M EURIBOR + 0.720%, 10/15/31 (144A)<br>(EUR) (a) | 11000000 | 11435850 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates<br>5.169%, 1M LIBOR + 0.780%, 05/25/34 (a) | 792928 | 781823 |
|  AMMC CLO, Ltd.<br>4.991%, 3M LIBOR + 0.980%, 04/14/29 (144A) (a) | 6172557 | 6134935 |
|  Anchorage Capital CLO, Ltd.<br>5.465%, 3M LIBOR + 1.140%, 07/22/32 (144A) (a) | 12000000 | 11733876 |
|  Ares European CLO X DAC<br>2.158%, 3M EURIBOR + 0.780%, 10/15/31 (144A)<br>(EUR) (a) | 11000000 | 11394861 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates 5.149%, 1M LIBOR + 0.760%, 02/25/36 (a) | 3837055 | 2903756 |
|  BSPDF Issuer, Ltd.<br>5.518%, 1M LIBOR + 1.200%, 10/15/36 (144A) (a) | 12000000 | 11464548 |
|  Carlyle Global Market Strategies CLO, Ltd.<br>5.405%, 3M LIBOR + 1.080%, 04/22/32 (144A) (a) | 13500000 | 13220455 |
|  Catamaran CLO, Ltd.<br>5.425%, 3M LIBOR + 1.100%, 04/22/30 (144A) (a) | 15918343 | 15729774 |
|  CWABS Asset-Backed Certificates Trust<br>4.332%, 10/25/46 (a) | 746110 | 743165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.483%, 10/25/32 (a) | 2319812 | 2230911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.529%, 1M LIBOR + 0.140%, 07/25/37 (a) | 6221122 | 5586002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.529%, 1M LIBOR + 0.140%, 04/25/47 (a) | 1954253 | 1857497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.539%, 1M LIBOR + 0.150%, 09/25/46 (a) | 795886 | 788676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.539%, 1M LIBOR + 0.150%, 06/25/47 (a) | 4636 | 4624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.609%, 1M LIBOR + 0.220%, 09/25/37 (a) | 2387442 | 2446417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.669%, 1M LIBOR + 0.280%, 02/25/37 (a) | 2343289 | 2192431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.689%, 1M LIBOR + 0.300%, 03/25/47 (a) | 518841 | 505193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 1M LIBOR + 1.050%, 11/25/35 (a) | 551974 | 550028 |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Asset-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Asset-Backed - Other—(Continued)** | | |
|  Dell Equipment Finance Trust<br>2.110%, 08/23/27 (144A) | 5526421 | $5453145 |
|  Dryden 80 CLO, Ltd.<br>5.114%, 3M TSFR + 1.250%, 01/17/33 (144A) (a) | 1400000 | 1353869 |
|  First Franklin Mortgage Loan Trust<br>4.669%, 1M LIBOR + 0.280%, 12/25/36 (a) | 4719637 | 2013304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.699%, 1M LIBOR + 0.310%, 10/25/36 (a) | 16312000 | 12817537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.109%, 1M LIBOR + 0.720%, 10/25/35 (a) | 269875 | 269004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319%, 1M LIBOR + 0.930%, 10/25/34 (a) | 5896701 | 5747766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.814%, 1M LIBOR + 1.425%, 10/25/34 (a) | 1855592 | 1821591 |
|  Gallatin CLO, Ltd.<br>5.328%, 3M LIBOR + 1.050%, 01/21/28 (144A) (a) | 6950656 | 6898491 |
|  GoodLeap Sustainable Home Solutions Trust<br>4.000%, 04/20/49 (144A) | 10969471 | 8906976 |
|  GSAMP Trust<br>4.559%, 1M LIBOR + 0.170%, 12/25/36 (a) | 2373421 | 1166834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.974%, 1M LIBOR + 0.585%, 01/25/36 (a) | 2155407 | 2157429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 1M LIBOR + 1.320%, 12/25/34 (a) | 4226728 | 3394864 |
|  Harvest CLO XX<br>2.136%, 3M EURIBOR + 0.680%, 10/20/31 (144A) (EUR) (a) | 10900000 | 11287549 |
|  Home Equity Loan Trust<br>4.619%, 1M LIBOR + 0.230%, 04/25/37 (a) | 6196896 | 5946922 |
|  Home Equity Mortgage Loan Asset-Backed Trust<br>4.609%, 1M LIBOR + 0.220%, 04/25/37 (a) | 2239843 | 1723691 |
|  JFIN CLO, Ltd.<br>5.736%, 3M LIBOR + 0.990%, 09/20/29 (144A) (a) | 10696815 | 10504861 |
|  KREF, Ltd.<br>5.771%, 1M TSFR + 1.450%, 02/17/39 (144A) (a) | 12500000 | 12115350 |
|  LCM XIII L.P.<br>5.097%, 3M LIBOR + 0.870%, 07/19/27 (144A) (a) | 9494766 | 9389146 |
|  LCM XXV, Ltd.<br>5.063%, 3M TSFR + 1.100%, 07/20/30 (144A) (a) | 12860769 | 12602627 |
|  Long Beach Mortgage Loan Trust<br>4.709%, 1M LIBOR + 0.320%, 05/25/36 (a) | 28107241 | 8686183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.909%, 1M LIBOR + 0.520%, 08/25/45 (a) | 509911 | 484259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169%, 1M LIBOR + 0.780%, 08/25/35 (a) | 9074845 | 8831854 |
|  Madison Park Funding, Ltd.<br>5.233%, 3M LIBOR + 0.990%, 04/20/32 (144A) (a) | 7300000 | 7140444 |
|  Marathon CLO, Ltd.<br>5.229%, 3M LIBOR + 1.150%, 04/15/29 (144A) (a) | 8086129 | 7996882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%, 3M LIBOR + 0.870%, 11/21/27 (144A) (a) | 244027 | 243501 |
|  Merrill Lynch First Franklin Mortgage Loan Trust<br>5.639%, 1M LIBOR + 1.250%, 10/25/37 (a) | 9586955 | 8156465 |
|  MF1 LLC<br>6.956%, 1M TSFR + 2.635%, 09/17/37 (144A) (a) | 10700000 | 10635586 |
|  MF1, Ltd.<br>6.150%, 1M TSFR + 1.814%, 11/15/35 (144A) (a) | 9413632 | 9226436 |
|  MidOcean Credit CLO II<br>5.445%, 3M LIBOR + 1.030%, 01/29/30 (144A) (a) | 10582718 | 10440179 |
|  Morgan Stanley ABS Capital I, Inc. Trust<br>4.639%, 1M LIBOR + 0.250%, 07/25/36 (a) | 2811384 | 2363208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.689%, 1M LIBOR + 0.300%, 06/25/36 (a) | 164583 | 142454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.009%, 1M LIBOR + 0.620%, 12/25/35 (a) | 1144354 | 1103757 |
|  Neuberger Berman CLO XIV, Ltd.<br>5.404%, 3M LIBOR + 1.030%, 01/28/30 (144A) (a) | 12920834 | 12757010 |
| **Asset-Backed - Other—(Continued)** |  |  |
|  OSD CLO, Ltd.<br>4.949%, 3M LIBOR + 0.870%, 04/17/31 (144A) (a) | 13449460 | 13179503 |
|  OZLM XVI, Ltd.<br>5.674%, 3M LIBOR + 1.030%, 05/16/30 (144A) (a) | 12580502 | 12373327 |
|  Palmer Square European Loan Funding DAC<br>2.158%, 3M EURIBOR + 0.780%, 04/15/31 (144A) (EUR) (a) | 9815363 | 10190920 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates<br>5.124%, 1M LIBOR + 0.735%, 09/25/35 (a) | 5000000 | 4859534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 1M LIBOR + 1.050%, 10/25/34 (a) | 3702360 | 3616967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.189%, 1M LIBOR + 1.800%, 12/25/34 (a) | 4636570 | 4492101 |
|  Regatta XI Funding, Ltd.<br>5.149%, 3M LIBOR + 1.070%, 07/17/31 (144A) (a) | 11200000 | 11008536 |
|  Saxon Asset Securities Trust<br>4.789%, 1M LIBOR + 0.400%, 09/25/47 (a) | 1897472 | 1717882 |
|  Sculptor CLO XXV, Ltd.<br>5.349%, 3M LIBOR + 1.270%, 01/15/31 (144A) (a) | 15050000 | 14757819 |
|  Securitized Asset Backed Receivables LLC Trust<br>4.889%, 1M LIBOR + 0.500%, 03/25/36 (a) | 14122552 | 8671093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.889%, 1M LIBOR + 0.500%, 05/25/36 (a) | 6779685 | 3633976 |
|  Soundview Home Loan Trust<br>4.499%, 1M LIBOR + 0.110%, 02/25/37 (a) | 2104975 | 589477 |
|  Specialty Underwriting & Residential Finance Trust<br>4.659%, 1M LIBOR + 0.270%, 04/25/37 (a) | 2739420 | 1963589 |
|  Starwood Commercial Mortgage Trust<br>5.157%, SOFR30A + 1.350%, 11/15/38 (144A) (a) | 13000000 | 12570210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520%, 1M TSFR + 1.194%, 07/15/38 (144A) (a) | 8758403 | 8668525 |
|  Structured Asset Investment Loan Trust<br>4.539%, 1M LIBOR + 0.150%, 09/25/36 (a) | 1055960 | 1009356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.019%, 1M LIBOR + 0.630%, 11/25/35 (a) | 4753611 | 4575693 |
|  Structured Asset Securities Corp. Mortgage Loan Trust<br>5.289%, 1M LIBOR + 0.900%, 08/25/37 (a) | 91281 | 90202 |
|  Sunrun Demeter Issuer Trust<br>2.270%, 01/30/57 (144A) | 12845038 | 10018374 |
|  Symphony CLO XVII, Ltd.<br>4.959%, 3M LIBOR + 0.880%, 04/15/28 (144A) (a) | 1259004 | 1248383 |
|  TCI-Symphony CLO, Ltd.<br>4.961%, 3M LIBOR + 1.020%, 10/13/32 (144A) (a) | 13000000 | 12719122 |
|  TCW CLO, Ltd.<br>5.328%, 3M LIBOR + 0.970%, 04/25/31 (144A) (a) | 13000000 | 12814035 |
|  THL Credit Wind River CLO, Ltd.<br>5.159%, 3M LIBOR + 1.080%, 04/15/31 (144A) (a) | 4000000 | 3892892 |
|  TICP CLO III-2, Ltd.<br>5.083%, 3M LIBOR + 0.840%, 04/20/28 (144A) (a) | 3623147 | 3604771 |
|  Toro European CLO 7 DAC<br>2.572%, 3M EURIBOR + 0.810%, 02/15/34 (144A) (EUR) (a) | 15000000 | 15733119 |
|  U.S. Small Business Administration<br>6.220%, 12/01/28 | 490216 | 500940 |
|  Venture CLO, Ltd.<br>4.959%, 3M LIBOR + 0.880%, 04/15/27 (144A) (a) | 10593129 | 10493003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.233%, 3M LIBOR + 0.990%, 07/20/30 (144A) (a) | 11600000 | 11372501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.293%, 3M LIBOR + 1.050%, 07/20/30 (144A) (a) | 13390580 | 13108065 |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Asset-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Asset-Backed - Other—(Continued)** | | |
|  Wells Fargo Home Equity Asset-Backed Securities Trust<br>5.109%, 1M LIBOR + 0.720%, 12/25/35 (a) | 2510079 | $2498760 |
|  |  | 545471366 |
| **Asset-Backed - Student Loan—0.0%** |  |  |
|  SoFi Professional Loan Program LLC<br>3.020%, 02/25/40 (144A) | 1549603 | 1477734 |
|  Total Asset-Backed Securities <br>(Cost $624,371,918) |  | 606382730 |
| **Mortgage-Backed Securities—14.8%** |  |  |
| **Collateralized Mortgage Obligations—8.0%** |  |  |
|  Adjustable Rate Mortgage Trust<br>3.611%, 11/25/35 (a) | 131654 | 100767 |
|  Alternative Loan Trust<br>0.611%, -1x 1M LIBOR + 5.000%, 05/25/35 (a)(b) | 406283 | 16383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.528%, 12M MTA + 1.480%, 01/25/36 (a) | 403431 | 365369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.909%, 1M LIBOR + 0.520%, 06/25/46 (a) | 4859474 | 4001686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/25/36 | 1504036 | 1073510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/25/35 | 7657639 | 6065403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1M LIBOR + 6.000%, 08/25/36 (a) | 1774585 | 1646203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/25/37 | 7832031 | 3532256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/25/37 | 2574574 | 1211257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/25/37 | 3816088 | 2012047 |
|  American Home Mortgage Investment Trust<br>4.749%, 1M LIBOR + 0.360%, 12/25/46 (a) | 10232250 | 8305154 |
|  Banc of America Alternative Loan Trust<br>10.845%, -4x 1M LIBOR + 28.400%, 11/25/46 (a) | 326405 | 296441 |
|  Banc of America Funding Trust<br>3.418%, 05/25/35 (a) | 236738 | 222049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.958%, 02/20/36 (a) | 481947 | 447747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.273%, 01/20/47 (a) | 56741 | 51639 |
|  Banc of America Mortgage Trust<br>6.000%, 05/25/37 | 4693718 | 3583535 |
|  Bayview MSR Opportunity Master Fund Trust<br>3.000%, 11/25/51 (144A) (a) | 12434484 | 10394942 |
|  BCAP LLC Trust<br>4.809%, 1M LIBOR + 0.420%, 05/25/47 (a) | 3991230 | 3575357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/26/36 (144A) (a) | 1904143 | 834498 |
|  Bear Stearns Adjustable Rate Mortgage Trust<br>3.250%, 02/25/33 (a) | 1964 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.857%, 10/25/35 (a) | 544691 | 513484 |
|  Bear Stearns ALT-A Trust<br>3.115%, 05/25/35 (a) | 393018 | 363693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.341%, 05/25/36 (a) | 1173911 | 672029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.586%, 11/25/36 (a) | 1390814 | 736369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.602%, 11/25/36 (a) | 1545685 | 871749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%, 09/25/35 (a) | 401793 | 247425 |
|  Bear Stearns Structured Products, Inc. Trust<br>3.524%, 01/26/36 (a) | 407631 | 323760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.219%, 12/26/46 (a) | 366535 | 260814 |
|  Chase Mortgage Finance Trust<br>3.393%, 03/25/37 (a) | 529180 | 480358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.707%, 09/25/36 (a) | 974092 | 802119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%, 12/25/35 (a) | 301734 | 272191 |
| **Collateralized Mortgage Obligations—(Continued)** |  |  |
|  Chevy Chase Funding LLC Mortgage-Backed Certificate<br>4.639%, 1M LIBOR + 0.250%, 08/25/35 (144A) (a) | 9950 | 8921 |
|  CHL Mortgage Pass-Through Trust<br>3.501%, 09/20/36 (a) | 1312060 | 1130108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.789%, 1M LIBOR + 0.400%, 04/25/46 (a) | 1262050 | 1088565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.029%, 1M LIBOR + 0.640%, 03/25/35 (a) | 227653 | 201522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/25/37 | 955683 | 511130 |
|  Citicorp Mortgage Securities Trust<br>6.000%, 05/25/37 | 731549 | 629357 |
|  Citigroup Mortgage Loan Trust<br>2.960%, 10/25/46 (a) | 550757 | 483371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%, 1Y H15 + 2.150%, 09/25/35 (a) | 60885 | 58215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410%, 1Y H15 + 2.400%, 10/25/35 (a) | 526372 | 484479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.080%, 1Y H15 + 2.100%, 09/25/35 (a) | 334796 | 326036 |
|  CitiMortgage Alternative Loan Trust<br>5.039%, 1M LIBOR + 0.650%, 10/25/36 (a) | 4017204 | 3363969 |
|  Countrywide Home Reperforming Loan REMIC Trust<br>4.729%, 1M LIBOR + 0.340%, 06/25/35 (144A) (a) | 641756 | 603973 |
|  Credit Suisse First Boston Mortgage Securities Corp.<br>3.792%, 03/25/32 (144A) (a) | 23320 | 21151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/25/35 | 761966 | 564570 |
|  Credit Suisse Mortgage Trust<br>4.194%, 10/27/36 (144A) (a) | 9378868 | 8305698 |
|  Downey Savings & Loan Association Mortgage Loan Trust<br>3.728%, 07/19/44 (a) | 175730 | 156410 |
|  First Horizon Mortgage Pass-Through Trust<br>3.875%, 08/25/35 (a) | 57505 | 39391 |
|  GCAT LLC<br>2.981%, 09/25/25 (144A) (l) | 4261872 | 4114959 |
|  Gemgarto plc<br>3.999%, 3M SONIA + 0.590%, 12/16/67 (144A) (GBP) (a) | 6464391 | 7694758 |
|  GreenPoint Mortgage Funding Trust<br>4.829%, 1M LIBOR + 0.440%, 06/25/45 (a) | 23001 | 20899 |
|  GS Mortgage-Backed Securities Trust<br>2.500%, 01/25/52 (144A) (a) | 12081281 | 9697584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/25/52 (144A) (a) | 12000967 | 9633116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/26/52 (144A) (a) | 14330326 | 11932235 |
|  GSR Mortgage Loan Trust<br>3.161%, 04/25/36 (a) | 942212 | 648909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.767%, 09/25/35 (a) | 7814 | 7303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.796%, 01/25/36 (a) | 1404995 | 1345613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/25/32 | 47 | 44 |
|  HarborView Mortgage Loan Trust<br>4.779%, 1M LIBOR + 0.440%, 05/19/35 (a) | 313599 | 277782 |
|  IndyMac ARM Trust<br>3.544%, 01/25/32 (a) | 5739 | 5198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.686%, 01/25/32 (a) | 240 | 212 |
|  IndyMac INDX Mortgage Loan Trust<br>4.629%, 1M LIBOR + 0.240%, 07/25/36 (a) | 2133147 | 1886535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.809%, 1M LIBOR + 0.420%, 05/25/46 (a) | 3399486 | 2950270 |
|  JPMorgan Alternative Loan Trust<br>4.749%, 1M LIBOR + 0.360%, 05/25/36 (a) | 943010 | 780718 |
|  JPMorgan Mortgage Trust<br>3.000%, 03/25/52 (144A) (a) | 11990713 | 9993983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.708%, 07/25/35 (a) | 179855 | 178978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760%, 12/26/37 (144A) (a) | 4923072 | 4170188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/25/36 | 183604 | 90300 |

---

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mortgage-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Collateralized Mortgage Obligations—(Continued)** | | |
|  Legacy Mortgage Asset Trust<br>2.882%, 10/25/59 (144A) (l) | 10516141 | $10437793 |
|  Lehman Mortgage Trust<br>4.989%, 1M LIBOR + 0.600%, 08/25/36 (a) | 2906664 | 2131100 |
|  Lehman XS Trust<br>4.789%, 1M LIBOR + 0.400%, 03/25/47 (a) | 10263984 | 8372936 |
|  MASTR Alternative Loan Trust<br>4.789%, 1M LIBOR + 0.400%, 03/25/36 (a) | 611761 | 67663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/25/35 | 2754639 | 2711167 |
|  MASTR Asset Securitization Trust<br>6.000%, 06/25/36 | 165349 | 109466 |
|  Metlife Securitization Trust<br>3.750%, 03/25/57 (144A) (a) | 3700017 | 3474227 |
|  Mill City Mortgage Loan Trust<br>3.250%, 08/25/59 (144A) (a) | 8400000 | 6964239 |
|  Morgan Stanley Re-REMIC Trust<br>2.666%, 03/26/37 (144A) (l) | 1375722 | 1282392 |
|  MortgageIT Mortgage Loan Trust<br>4.849%, 1M LIBOR + 0.460%, 04/25/36 (a) | 1485874 | 1357128 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust<br>5.476%, 05/25/35 (l) | 602480 | 310742 |
|  OBX Trust<br>5.039%, 1M LIBOR + 0.650%, 06/25/57 (144A) (a) | 5963461 | 5608465 |
|  RBSSP Resecuritization Trust<br>3.806%, 1M LIBOR + 0.240%, 06/27/36 (144A) (a) | 3290160 | 3162769 |
|  Residential Asset Securitization Trust<br>6.000%, 06/25/36 | 2834281 | 1202210 |
|  Ripon Mortgages plc<br>4.011%, 3M SONIA + 0.700%, 08/28/56 (144A) (GBP) (a) | 16620108 | 19762092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.461%, 3M SONIA + 1.150%, 08/28/56 (144A) (GBP) (a) | 5777000 | 6620058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.811%, 3M SONIA + 1.500%, 08/28/56 (144A) (GBP) (a) | 13223000 | 14922018 |
|  Sequoia Mortgage Trust<br>4.979%, 1M LIBOR + 0.640%, 04/19/27 (a) | 141041 | 133024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.053%, 1M LIBOR + 0.700%, 07/20/33 (a) | 71760 | 65047 |
|  Structured Adjustable Rate Mortgage Loan Trust<br>3.565%, 01/25/35 (a) | 174228 | 171676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.678%, 08/25/35 (a) | 45313 | 38426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.745%, 10/25/36 (a) | 5663151 | 3000072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.138%, 04/25/35 (a) | 1605894 | 1456732 |
|  Structured Asset Mortgage Investments II Trust<br>4.839%, 1M LIBOR + 0.500%, 07/19/35 (a) | 236468 | 210915 |
|  Towd Point Mortgage Funding<br>3.826%, 3M SONIA + 0.900%, 07/20/45 (144A) (GBP) (a) | 9269184 | 11041253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.071%, 3M SONIA + 1.144%, 10/20/51 (144A) (GBP) (a) | 13425069 | 16179665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.171%, 3M SONIA + 0.900%, 05/20/45 (GBP) (a) | 22937769 | 27219903 |
|  UWM Mortgage Trust<br>2.500%, 11/25/51 (144A) (a) | 16899821 | 13565402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/25/51 (144A) (a) | 12373191 | 9869414 |
|  WaMu Mortgage Pass-Through Certificates Trust<br>3.227%, 06/25/37 (a) | 3215223 | 2775246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.448%, 12M MTA + 1.400%, 06/25/42 (a) | 24903 | 22305 |
| **Collateralized Mortgage Obligations—(Continued)** |  |  |
|  WaMu Mortgage Pass-Through Certificates Trust<br>4.889%, 1M LIBOR + 0.500%, 02/25/45 (a) | 4021462 | 3628221 |
|  Wells Fargo Mortgage-Backed Securities Trust<br>4.073%, 09/25/33 (a) | 67564 | 64778 |
|  |  | 314626763 |
| **Commercial Mortgage-Backed Securities—6.8%** |  |  |
|  1211 Avenue of the Americas Trust<br>3.901%, 08/10/35 (144A) | 12100000 | 11233728 |
|  225 Liberty Street Trust<br>3.597%, 02/10/36 (144A) | 11600000 | 10564467 |
|  Arbor Multifamily Mortgage Securities Trust<br>2.756%, 05/15/53 (144A) | 7500000 | 6385822 |
|  AREIT Trust<br>5.076%, SOFR30A + 1.250%, 01/16/37 (144A) (a) | 12358921 | 11700967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419%, 1M LIBOR + 1.080%, 11/17/38 (144A) (a) | 9629884 | 9263105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.567%, 1M TSFR + 2.242%, 06/17/39 (144A) (a) | 11500000 | 11331364 |
|  Benchmark Mortgage Trust<br>2.955%, 01/15/55 (a) | 12646000 | 11099513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.458%, 03/15/55 | 13000000 | 11501785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 03/15/52 | 13000000 | 12244647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.445%, 05/15/55 (a) | 11000000 | 10510914 |
|  Commercial Mortgage Trust<br>3.545%, 02/10/36 (144A) | 11600000 | 10601929 |
|  CSAIL Commercial Mortgage Trust<br>3.314%, 11/15/49 | 1876515 | 1806695 |
|  DBGS Mortgage Trust<br>3.843%, 04/10/37 (144A) | 12550000 | 10698824 |
|  DC Office Trust<br>2.965%, 09/15/45 (144A) | 1000000 | 794651 |
|  DOLP Trust<br>2.956%, 05/10/41 (144A) | 13200000 | 10484006 |
|  Extended Stay America Trust<br>5.398%, 1M LIBOR + 1.080%, 07/15/38 (144A) (a) | 13666691 | 13272396 |
|  GCT Commercial Mortgage Trust<br>5.118%, 1M LIBOR + 0.800%, 02/15/38 (144A) (a) | 4000000 | 3711449 |
|  GS Mortgage Securities Corp. Trust<br>2.856%, 05/10/34 (144A) | 8900000 | 8277000 |
|  GS Mortgage Securities Trust<br>3.278%, 11/10/49 (a) | 1943192 | 1864267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.602%, 10/10/49 (144A) (a) | 13346000 | 11304637 |
|  JPMorgan Chase Commercial Mortgage Securities Trust<br>5.768%, 1M LIBOR + 1.450%, 12/15/31 (144A) (a) | 6599745 | 6273772 |
|  LoanCore Issuer, Ltd.<br>4.722%, 1M TSFR + 0.914%, 07/15/35 (144A) (a) | 4359447 | 4318994 |
|  LUXE Trust<br>5.368%, 1M LIBOR + 1.050%, 10/15/38 (144A) (a) | 4672347 | 4467271 |
|  Manhattan West Mortgage Trust<br>2.130%, 09/10/39 (144A) | 12300000 | 10501852 |
|  MF1 Multifamily Housing Mortgage Loan Trust<br>5.300%, 1M TSFR + 0.964%, 07/15/36 (144A) (a) | 6212514 | 6016466 |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>2.952%, 11/15/49 | 7531710 | 7218278 |
|  Morgan Stanley Capital I Trust<br>2.428%, 04/05/42 (144A) (a) | 7500000 | 5708200 |
|  Natixis Commercial Mortgage Securities Trust<br>6.159%, 1M TSFR + 1.824%, 03/15/35 (144A) (a) | 12000000 | 11657989 |

---

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mortgage-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Commercial Mortgage-Backed Securities—(Continued)** | | |
|  NYO Commercial Mortgage Trust<br>5.413%, 1M LIBOR + 1.095%, 11/15/38 (144A) (a) | 14000000 | 12683688 |
|  Ready Capital Mortgage Financing LLC<br>5.589%, 1M LIBOR + 1.200%, 11/25/36 (144A) (a) | 9628451 | 9219112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 1M TSFR + 2.552%, 10/25/39 (a) | 9286796 | 9235616 |
|  |  | 265953404 |
|  Total Mortgage-Backed Securities <br>(Cost $658,986,616) |  | 580580167 |
| **Foreign Government—3.7%** |  |  |
| **Regional Government—0.4%** | **Regional Government—0.4%** | **Regional Government—0.4%** |
|  Japan Finance Organization for Municipalities<br>3.375%, 09/27/23 (144A) | 14000000 | 13821640 |
| **Sovereign—3.3%** | **Sovereign—3.3%** | **Sovereign—3.3%** |
|  Chile Government International Bond<br>4.340%, 03/07/42 | 12500000 | 10561133 |
|  Israel Government International Bond<br>2.750%, 07/03/30 | 14500000 | 13155125 |
|  Ivory Coast Government International Bond<br>5.875%, 10/17/31 (144A) (EUR) | 4900000 | 4384570 |
|  Japan Bank for International Cooperation<br>2.875%, 07/21/27 | 11200000 | 10400007 |
|  Peruvian Government International Bonds<br>5.940%, 02/12/29 (PEN) | 23200000 | 5596374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 08/12/28 (PEN) | 65600000 | 16410212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 08/12/31 (PEN) | 7000000 | 1735556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.200%, 08/12/26 (PEN) | 24300000 | 6692331 |
|  Qatar Government International Bond<br>5.103%, 04/23/48 | 1500000 | 1506198 |
|  Republic of South Africa Government Bond<br>10.500%, 12/21/26 (ZAR) | 971000000 | 60124423 |
|  |  | 130565929 |
|  Total Foreign Government <br>(Cost $169,604,512) |  | 144387569 |
| **Municipals—0.7%** | **Municipals—0.7%** | **Municipals—0.7%** |
|  City of Chicago General Obligation Unlimited<br>7.750%, 01/01/42 | 1939000 | 1970769 |
|  New York State Urban Development Corp.<br>1.346%, 03/15/26 | 8100000 | 7267946 |
|  Sales Tax Securitization Corp.<br>3.007%, 01/01/33 | 10100000 | 8128114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%, 01/01/34 | 2000000 | 1586417 |
|  State of Illinois General Obligation Unlimited, Build America Bond<br>6.725%, 04/01/35 | 5720000 | 5826840 |
|  Tobacco Settlement Finance Authority<br>1.820%, 06/01/26 | 2250000 | 1993559 |
|  Total Municipals <br>(Cost $30,467,670) |  | 26773645 |
| **Floating Rate Loans (m)—0.3%** |  |  |
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Investment Companies—0.2%** | **Investment Companies—0.2%** | **Investment Companies—0.2%** |
|  Castlelake L.P.<br>First Lien Term Loan,<br>2.950%, 3M LIBOR + 2.950%, 05/13/31 | 7552286 | 6834819 |
| **Media—0.1%** | **Media—0.1%** | **Media—0.1%** |
|  CSC Holdings LLC<br>Term Loan B5, 6.818%, 1M LIBOR + 2.500%, 04/15/27 | 5185856 | 4641341 |
|  Total Floating Rate Loans <br>(Cost $12,713,454) |  | 11476160 |
| **Short-Term Investments—10.2%** | **Short-Term Investments—10.2%** | **Short-Term Investments—10.2%** |
| **Commercial Paper—2.5%** | **Commercial Paper—2.5%** | **Commercial Paper—2.5%** |
|  Consolidated Edison Co. of New York, Inc.<br>4.800%, 01/20/23 (n) | 11300000 | 11269316 |
|  Crown Castle, Inc.<br>5.150%, 01/10/23 (n) | 5900000 | 5891190 |
|  Enbridge U.S., Inc.<br>4.700%, 01/04/23 (n) | 9250000 | 9243903 |
|  Enel Finance America LLC <br>6.000%, 01/12/23 (n) | 7700000 | 7686906 |
|  McCormick & Co., Inc.<br>4.750%, 01/27/23 (n) | 8000000 | 7970768 |
|  Mercedes-Benz Finance North America LLC<br>4.800%, 01/30/23 (n) | 8000000 | 7967519 |
|  Oracle Corp. <br>4.760%, 01/27/23 (n) | 7900000 | 7871631 |
|  Republic Services, Inc.<br>4.650%, 01/12/23 (n) | 8000000 | 7986722 |
|  Tampa Electric Co.<br>4.800%, 01/12/23 (n) | 8000000 | 7986665 |
|  Targa Resources Corp.<br>5.250%, 01/13/23 (n) | 8000000 | 7986582 |
|  Vodafone Group plc<br>4.600%, 01/05/23 (n) | 8000000 | 7993838 |
|  Walgreens Boots Alliance, Inc.<br>4.900%, 01/11/23 (n) | 8000000 | 7987584 |
|  |  | 97842624 |
| **Federal Agencies—0.5%** | **Federal Agencies—0.5%** | **Federal Agencies—0.5%** |
|  Federal Home Loan Banks<br>4.320%, SOFR + 0.020%, 01/06/23 (a) | 8600000 | 8599996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.320%, SOFR + 0.020%, 01/10/23 (a) | 9900000 | 9900033 |
|  |  | 18500029 |
| **Repurchase Agreements—7.2%** | **Repurchase Agreements—7.2%** | **Repurchase Agreements—7.2%** |
|  Barclays Capital, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.270%, due on 01/04/23 with a maturity value of $43,105,112; collateralized by Ginnie Mae II 30 Yr. Pool at 3.000%, maturing 02/20/52, with a market value of $44,020,781. | 43100000 | 43100000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Short-Term Investments—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
|  Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/29/22 at 4.280%, due on 01/03/23 with a maturity value of $3,001,427; collateralized by U.S. Treasury Notes at 0.375%, maturing 01/31/26, with a market value of $3,050,872. | 3000000 | $3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/29/22 at 4.290%, due on 01/03/23 with a maturity value of $78,437,371; collateralized by Ginnie Mae II 30 Yr. Pool at 3.000%, maturing 02/20/52, with a market value of $80,467,159. | 78400000 | 78400000 |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $3,993,249; collateralized by U.S. Treasury Note at 2.750%, maturing 02/15/24, with a market value of $4,072,367. | 3992451 | 3992451 |
|  Goldman Sachs & Co. LLC <br>Repurchase Agreement dated 12/20/22 at 4.220%, due on 01/04/23 with a maturity value of $50,087,917; collateralized by U.S. Treasury Note at 0.375%, maturing 07/31/27, with a market value of $50,597,676. | 50000000 | 50000000 |
|  JPMorgan Securities LLC <br>Repurchase Agreement dated 12/29/22 at 4.350%, due on 01/03/23 with a maturity value of $40,719,672; collateralized by U.S. Treasury Bond at 2.000%, maturing 02/15/50, with a market value of $40,971,016. | 40700000 | 40700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.310%, due on 01/04/23 with a maturity value of $63,807,638; collateralized by U.S. Treasury Obligations with rates ranging from 2.000% - 2.375%, maturity dates ranging from 02/15/50- 05/15/51, a with a market value of $65,335,380. | 63800000 | 63800000 |
|  |  | 282992451 |
|  Total Short-Term Investments <br>(Cost $399,350,875) |  | 399335104 |
|  Total Purchased Options—0.0% (o) <br>(Cost $1,721,400) |  | 1840290 |
|  Total Investments—133.1% <br>(Cost $5,706,868,764) |  | 5210616716 |
|  Other assets and liabilities (net)—(33.1)% |  | (1295618171) |
| **Net Assets — 100.0%** |  | $3914998545 |

---

---

| | |
|:---|:---|
| \* | Principal and notional amounts stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale |
|  | at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $1,144,158, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. |
| (b) | Interest only security. |
| (c) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date. |
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.1% of net assets. |
| (e) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (f) | Principal amount of security is adjusted for inflation. |
| (g) | All or a portion of the security was pledged as collateral against open OTC option contracts, OTC swap contracts and forward foreign currency exchange contracts. As of December 31, 2022, the market value of securities pledged was $11,583,913. |
| (h) | All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $34,275,805. |
| (i) | All or a portion of the security was pledged as collateral against TBA securities. As of December 31, 2022, the value of securities pledged amounted to $12,071,868. |
| (j) | All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $5,513,827. |
| (k) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (l) | Security is a "step-up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate. |
| (m) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate. |
| (n) | The rate shown represents current yield to maturity. |
|  | Represents investment of cash collateral received from securities on loan as of December 31, 2022. |
| (o) | For a breakout of open positions, see details shown in the Purchased Options table that follows. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $1,327,117,679, which is 33.9% of net assets. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Principal<br>Amount** | **Cost** | **Value** |
| British Airways Pass-Through Trust, 4.125%, 09/20/31 | 10/01/19 | $1374548 | $1457020 | $1144158 |

---

*See accompanying notes to financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**TBA Forward Sale Commitments** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Interest<br>Rate** | **Maturity** | **Face Amount** | **Cost** | **Value** |
|  Uniform Mortgage-Backed Securities 30 Yr. Pool | 2.000% | TBA | $(34300000) | $(27815156) | $(27901687) |
|  Uniform Mortgage-Backed Securities 30 Yr. Pool | 2.500% | TBA | (85800000) | (72103938) | (72630928) |
|  Totals | Totals | Totals | Totals | $(99919094) | $(100532615) |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| BRL | 131000018 | JPMC | 01/04/23 | USD | 24721182 | $90602 |
| BRL | 131000018 | GSBU | 04/04/23 | USD | 24149917 | 236471 |
| CLP | 6441253715 | BNP | 02/02/23 | USD | 6688737 | 885898 |
| CLP | 6657044976 | BNP | 03/23/23 | USD | 6893849 | 872464 |
| CNY | 405872 | JPMC | 01/19/23 | USD | 58315 | 137 |
| CNY | 724530 | JPMC | 03/14/23 | USD | 104731 | 63 |
| EUR | 1263000 | BBP | 02/16/23 | USD | 1308646 | 47226 |
| EUR | 1156000 | CBNA | 02/16/23 | USD | 1232900 | 8104 |
| EUR | 1159000 | CBNA | 02/16/23 | USD | 1199499 | 44726 |
| EUR | 1144000 | JPMC | 02/16/23 | USD | 1220089 | 8033 |
| EUR | 1256000 | JPMC | 02/16/23 | USD | 1338958 | 9400 |
| GBP | 1503000 | BBP | 02/16/23 | USD | 1838346 | (19299) |
| GBP | 1578000 | CBNA | 02/16/23 | USD | 1897764 | 12054 |
| GBP | 922000 | JPMC | 02/16/23 | USD | 1120526 | (4651) |
| GBP | 857000 | SG | 02/16/23 | USD | 1017930 | 19278 |
| JPY | 259900000 | BNP | 02/16/23 | USD | 1889493 | 101887 |
| JPY | 150500000 | JPMC | 02/16/23 | USD | 1131391 | 21755 |
| JPY | 506300000 | UBSA | 02/16/23 | USD | 3869913 | 9407 |
| MXN | 474817000 | BNP | 03/21/23 | USD | 23559251 | 470566 |
| MYR | 1437265 | BBP | 01/18/23 | USD | 305781 | 20690 |
| PEN | 2831772 | CBNA | 03/14/23 | USD | 721930 | 19017 |
| PEN | 10016767 | CBNA | 04/10/23 | USD | 2504192 | 111106 |
| ZAR | 50978000 | GSBU | 01/09/23 | USD | 2930175 | 68840 |
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | 2623000 | JPMC | 01/10/23 | USD | 1786563 | 252 |
| BRL | 131000018 | GSBU | 01/04/23 | USD | 24580170 | (231614) |
| BRL | 12479491 | CBNA | 02/02/23 | USD | 2312344 | (38430) |
| CAD | 485000 | UBSA | 01/10/23 | USD | 361555 | 3345 |
| CLP | 13089876517 | GSBU | 03/15/23 | USD | 14368690 | (924017) |
| DKK | 75551067 | DBAG | 01/10/23 | USD | 10648405 | (232363) |
| EUR | 74270724 | BNP | 02/16/23 | USD | 77013935 | (2718147) |
| EUR | 992000 | BNP | 02/16/23 | USD | 1061357 | (3588) |
| EUR | 959000 | BBP | 02/16/23 | USD | 1002858 | (26660) |
| EUR | 813000 | JPMC | 02/16/23 | USD | 851166 | (21616) |
| GBP | 258000 | JPMC | 02/16/23 | USD | 306041 | (6211) |
| GBP | 99940000 | SG | 02/16/23 | USD | 117845031 | (3110101) |
| JPY | 697000000 | CBNA | 02/16/23 | USD | 5018810 | (321672) |
| KRW | 166812292 | CBNA | 01/19/23 | USD | 126440 | (5514) |
| MXN | 173937357 | JPMC | 02/21/23 | USD | 8484252 | (364733) |
| MXN | 306679000 | CBNA | 03/21/23 | USD | 15632335 | 111744 |
| NZD | 1606000 | CBNA | 01/10/23 | USD | 1021171 | 1453 |
| NZD | 483000 | CBNA | 01/10/23 | USD | 307413 | 736 |
| PEN | 21528747 | CBNA | 02/01/23 | USD | 5398382 | (255344) |
| PEN | 7332581 | CBNA | 02/01/23 | USD | 1844814 | (80816) |
| PEN | 43078227 | CBNA | 02/06/23 | USD | 10733332 | (573883) |
| PEN | 13145475 | CBNA | 02/10/23 | USD | 3333877 | (115332) |

---

*See accompanying notes to financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts—(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| PEN | 46639618 | GSBU | 05/10/23 | USD | 11721442 | $(430132) |
| ZAR | 118195995 | SG | 01/09/23 | USD | 6662567 | (290854) |
| ZAR | 77380085 | GSBU | 01/20/23 | USD | 4328641 | (219262) |
| ZAR | 254752096 | CBNA | 01/25/23 | USD | 14540064 | (426073) |
| ZAR | 66530569 | DBAG | 02/13/23 | USD | 3983747 | 81633 |
| ZAR | 74338616 | SG | 02/17/23 | USD | 4226096 | (132495) |
| ZAR | 151336569 | UBSA | 03/27/23 | USD | 8467092 | (377843) |
| ZAR | 120042698 | CBNA | 04/13/23 | USD | 6482629 | (523606) |
| ZAR | 116930413 | GSBU | 05/12/23 | USD | 6996961 | 188230 |
| ZAR | 93920790 | UBSA | 09/12/23 | USD | 5357015 | (59117) |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(8068256) |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number<br>of<br>Contracts** | **Notional Value** | **Notional Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Euro-Bobl Futures | 03/08/23 | 162 | EUR | 18751500 | $(739573) |
|  U.S. Treasury Long Bond Futures | 03/22/23 | 233 | USD | 29205094 | (264276) |
|  U.S. Treasury Note 10 Year Futures | 03/22/23 | 850 | USD | 95452344 | (737258) |
|  U.S. Treasury Note Ultra 10 Year Futures | 03/22/23 | 415 | USD | 49086719 | (68654) |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | 109 | USD | 14640063 | (154293) |
| **Futures Contracts—Short** |  |  |  |  |  |
|  Euro-BTP Futures | 03/08/23 | (2) | EUR | (217840) | 17296 |
|  Euro-Bund Futures | 03/08/23 | (755) | EUR | (100362150) | 6807068 |
|  Euro-Buxl 30 Year Bond Futures | 03/08/23 | (46) | EUR | (6221040) | 1210374 |
|  Euro-OAT Futures | 03/08/23 | (434) | EUR | (55248200) | 4403278 |
|  Japanese Government 10 Year Bond Futures | 03/13/23 | (194) | JPY | (28219240000) | 3946115 |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | (675) | USD | (72852539) | 204773 |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $14624850 |

---

**Purchased Options** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike**<br>**Rate** | **Counterparty** | **Floating Rate**<br>**Index** | **Pay/<br>Receive**<br> **Floating<br>Rate** | **Expiration<br>Date** | **Number**<br> **of Contracts** | **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Premiums<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Put - OTC - 1 Yr. IRS | 3.750% | MSCS | 12M SOFR | Receive | 09/11/23 | 226500000 | USD | 226500000 | $1721400 | $1840290 | $118890 |

---

**Written Options** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike<br>Rate** | **Counterparty** | **Floating<br>Rate Index** | **Pay/<br>Receive<br>Floating<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Notional Amount** | **Premiums<br>Received** | **Market**<br>**Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Call - OTC - 1 Yr. IRS | 3.225% | GSBU | 12M SOFR | Receive | 10/23/23 | (1500000) | USD | (1500000) | $(10406) | $(2367) | $8039 |
|  Call - OTC - 1 Yr. IRS | 3.140% | GSBU | 12M SOFR | Receive | 10/23/23 | (6400000) | USD | (6400000) | (44960) | (9160) | 35800 |
|  Call - OTC - 1 Yr. IRS | 2.150% | GSBU | 12M SOFR | Receive | 11/20/23 | (15600000) | USD | (15600000) | (54405) | (9804) | 44601 |
|  Call - OTC - 1 Yr. IRS | 3.190% | GSBU | 12M SOFR | Receive | 10/23/23 | (14100000) | USD | (14100000) | (97995) | (21374) | 76621 |
|  Call - OTC - 1 Yr. IRS | 2.697% | GSBU | 12M SOFR | Receive | 04/02/24 | (34500000) | USD | (34500000) | (270609) | (432313) | (161704) |
|  Call - OTC - 10 Yr. IRS | 2.547% | GSBU | 6M EURIBOR | Receive | 03/07/23 | (7100000) | EUR | (7100000) | (156152) | (15893) | 140259 |
|  Call - OTC - 10 Yr. IRS | 2.067% | GSBU | 6M EURIBOR | Receive | 06/09/23 | (8800000) | EUR | (8800000) | (103034) | (22400) | 80634 |

---

*See accompanying notes to financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Written Options—(Continued)** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike<br>Rate** | **Counterparty** | **Floating<br>Rate Index** | **Pay/<br>Receive<br>Floating<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Notional Amount** | **Premiums<br>Received** | **Market**<br>**Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Put - OTC - 1 Yr. IRS | 3.225% | GSBU | 12M SOFR | Pay | 10/23/23 | (1500000) | USD | (1500000) | $(10406) | $(16729) | $(6323) |
|  Put - OTC - 1 Yr. IRS | 3.140% | GSBU | 12M SOFR | Pay | 10/23/23 | (6400000) | USD | (6400000) | (44960) | (75533) | (30573) |
|  Put - OTC - 1 Yr. IRS | 3.650% | GSBU | 12M SOFR | Pay | 11/20/23 | (15600000) | USD | (15600000) | (54405) | (120884) | (66479) |
|  Put - OTC - 1 Yr. IRS | 3.190% | GSBU | 12M SOFR | Pay | 10/23/23 | (14100000) | USD | (14100000) | (97995) | (160999) | (63004) |
|  Put - OTC - 1 Yr. IRS | 4.715% | MSCS | 12M SOFR | Pay | 09/11/23 | (226500000) | USD | (226500000) | (634200) | (672207) | (38007) |
|  Put - OTC - 1 Yr. IRS | 2.697% | GSBU | 12M SOFR | Pay | 04/02/24 | (34500000) | USD | (34500000) | (270609) | (760652) | (490043) |
|  Put - OTC - 1 Yr. IRS | 4.233% | MSCS | 12M SOFR | Pay | 09/11/23 | (226500000) | USD | (226500000) | (1087200) | (1166045) | (78845) |
|  Put - OTC - 10 Yr. IRS | 3.140% | GSBU | 6M EURIBOR | Pay | 06/09/23 | (8800000) | EUR | (8800000) | (121478) | (286693) | (165215) |
|  Put - OTC - 10 Yr. IRS | 2.547% | GSBU | 6M EURIBOR | Pay | 03/07/23 | (7100000) | EUR | (7100000) | (156152) | (446724) | (290572) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(3214966) | $(4219777) | $(1004811) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default<br>Swaptions** | **Strike<br>Spread** | **Counterparty** | **Reference<br>Obligation** | **Buy/Sell<br>Protection** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Received** | **Market Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Put - OTC - 5 Yr. CDS | 3.000% | GSI | ITRX.EUR.37.V1 | Sell | 03/15/23 | (6200000) | EUR | (6200000) | $(10976) | $(338) | $10638 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Options on Exchange-Traded Futures Contracts** | **Strike<br>Price** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Premiums**<br>**Received** | **Market**<br>**Value** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  Call - SOFR 3 Month Interest Rate Futures | USD | 98.000 | 12/15/23 | (76) | USD | (190000) | $(61688) | $(9500) | $52188 |
|  Put - Eurodollar 3 Month Interest Rate Futures | USD | 96.500 | 12/18/23 | (1192) | USD | (2980000) | (1218019) | (4201800) | (2983781) |
|  Put - SOFR 3 Month Interest Rate Futures | USD | 96.500 | 12/15/23 | (76) | USD | (190000) | (71088) | (227525) | (156437) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1350795) | $(4438825) | $(3088030) |

---

**Swap Agreements** 

**OTC Total Return Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating**<br>**Rate Index** | **Payment**<br>**Frequency** | **Maturity**<br>**Date** | **Counterparty** | **Underlying Reference**<br> **Instrument** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Market**<br>**Value** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)<sup>(1)</sup>** |
|  Receive | 12M FEDL | Monthly | 09/13/23 | JPMC | iShares iBoxx $ Investment Grade Corporate Bond ETF | USD | 126516000 | $– $– $|  |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating<br>Rate Index** | **Payment <br>Frequency** | **Fixed<br>Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 1 Day CDI | Maturity | 10.120% | Maturity | 01/04/27 | BRL | 25600000 | $(349151) | $— | $(349151) |
|  Pay | 1 Day CDI | Maturity | 10.206% | Maturity | 01/04/27 | BRL | 104900000 | (1375227) |  | (1375227) |
|  Pay | 1 Day CDI | Maturity | 10.665% | Maturity | 01/02/24 | BRL | 39850000 | (268870) |  | (268870) |
|  Pay | 1 Day CDI | Maturity | 10.755% | Maturity | 01/02/24 | BRL | 247900000 | (1600620) |  | (1600620) |
|  Pay | 1 Day CDI | Maturity | 10.833% | Maturity | 01/02/24 | BRL | 49801000 | (310065) |  | (310065) |
|  Pay | 1 Day CDI | Maturity | 10.990% | Maturity | 01/04/27 | BRL | 42600000 | (368732) | (12725) | (356007) |
|  Pay | 1 Day CDI | Maturity | 10.995% | Maturity | 01/02/24 | BRL | 238800000 | (1351352) |  | (1351352) |
|  Pay | 1 Day CDI | Maturity | 11.165% | Maturity | 01/02/25 | BRL | 28700000 | (175096) |  | (175096) |
|  Pay | 1 Day CDI | Maturity | 11.180% | Maturity | 01/02/25 | BRL | 42900000 | (259205) |  | (259205) |
|  Pay | 1 Day CDI | Maturity | 11.320% | Maturity | 01/02/25 | BRL | 72900000 | (400686) |  | (400686) |
|  Pay | 1 Day CDI | Maturity | 11.350% | Maturity | 01/02/25 | BRL | 71700000 | (385690) |  | (385690) |
|  Pay | 1 Day CDI | Maturity | 11.371% | Maturity | 01/02/25 | BRL | 157900000 | (836687) |  | (836687) |
|  Pay | 1 Day CDI | Maturity | 12.005% | Maturity | 01/02/25 | BRL | 218800000 | (565994) |  | (565994) |
|  Pay | 1 Day CDI | Maturity | 12.070% | Maturity | 01/02/25 | BRL | 259900000 | (682913) |  | (682913) |
|  Pay | 1 Day CDI | Maturity | 12.195% | Maturity | 01/02/25 | BRL | 70100000 | (147892) |  | (147892) |

---

*See accompanying notes to financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Centrally Cleared Interest Rate Swaps—(Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating<br>Rate Index** | **Payment <br>Frequency** | **Fixed<br>Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Pay | 1 Day CDI | Maturity | 12.275% | Maturity | 01/02/25 | BRL | 32600000 | $(59902) | $— | $(59902) |
|  Pay | 1 Day CDI | Maturity | 12.590% | Maturity | 01/02/25 | BRL | 54600000 | (41669) |  | (41669) |
|  Pay | 1 Day CDI | Maturity | 12.980% | Maturity | 01/04/27 | BRL | 67200000 | 138940 |  | 138940 |
|  Pay | 1 Day CDI | Maturity | 12.990% | Maturity | 01/04/27 | BRL | 33600000 | 70923 |  | 70923 |
|  Pay | 1 Day CDI | Maturity | 13.024% | Maturity | 01/04/27 | BRL | 33600000 | 75860 |  | 75860 |
|  Pay | 12M SOFR | Annually | 1.573% | Annually | 02/28/27 | USD | 6100000 | (526662) |  | (526662) |
|  Pay | 12M SOFR | Annually | 1.635% | Annually | 04/18/27 | USD | 30000000 | (2578149) |  | (2578149) |
|  Pay | 12M SOFR | Annually | 1.690% | Annually | 04/19/27 | USD | 30000000 | (2513640) |  | (2513640) |
|  Pay | 12M SOFR | Annually | 1.765% | Annually | 03/16/32 | USD | 18300000 | (2560375) |  | (2560375) |
|  Pay | 12M SOFR | Annually | 1.783% | Annually | 04/22/27 | USD | 22900000 | (1838247) |  | (1838247) |
|  Pay | 12M SOFR | Annually | 2.150% | Annually | 06/15/27 | USD | 86400000 | (5807540) |  | (5807540) |
|  Pay | 12M SOFR | Annually | 2.850% | Annually | 08/29/27 | USD | 16900000 | (668241) |  | (668241) |
|  Pay | 12M SOFR | Annually | 3.050% | Annually | 09/08/29 | USD | 7300000 | (254052) |  | (254052) |
|  Pay | 12M TONA | Annually | 0.000% | Annually | 03/17/24 | JPY | 10670000000 | (131374) | 80211 | (211585) |
|  Pay | 3M NZDBB | Quarterly | 3.750% | Semi-Annually | 06/15/27 | NZD | 41800000 | (1223299) | (527108) | (696191) |
|  Pay | 3M NZDBB | Quarterly | 4.000% | Semi-Annually | 06/14/24 | NZD | 112100000 | (1095612) | (296654) | (798958) |
|  Pay | 3M NZDBB | Quarterly | 4.250% | Semi-Annually | 12/21/27 | NZD | 2900000 | (49731) | 1959 | (51690) |
|  Pay | 6M EURIBOR | Annually | 0.550% | Annually | 08/10/24 | EUR | 5000000 | (228476) |  | (228476) |
|  Pay | 6M EURIBOR | Annually | 0.650% | Annually | 04/12/27 | EUR | 27000000 | (2925824) |  | (2925824) |
|  Pay | 6M EURIBOR | Annually | 1.000% | Annually | 05/13/27 | EUR | 23700000 | (2265951) | (1331) | (2264620) |
|  Pay | 6M EURIBOR | Annually | 1.000% | Annually | 05/18/27 | EUR | 9200000 | (881079) | (388005) | (493074) |
|  Pay | 6M EURIBOR | Semi-Annually | 1.580% | Annually | 05/24/24 | EUR | 265900000 | (5793695) | (347436) | (5446259) |
|  Pay | 6M EURIBOR | Semi-Annually | 1.750% | Annually | 03/15/33 | EUR | 124100000 | (16538594) | (1270742) | (15267852) |
|  Pay | 6M TONA | Semi-Annually | 0.380% | Semi-Annually | 06/18/28 | JPY | 8640000000 | (1114411) | 1818034 | (2932445) |
|  Receive | 1 Day CDI | Maturity | 11.587% | Maturity | 01/02/25 | BRL | 213300000 | 735855 |  | 735855 |
|  Receive | 1 Day CDI | Maturity | 11.663% | Maturity | 01/02/25 | BRL | 218300000 | 663717 |  | 663717 |
|  Receive | 1 Day CDI | Maturity | 11.692% | Maturity | 01/02/25 | BRL | 134700000 | 399522 |  | 399522 |
|  Receive | 1 Day CDI | Maturity | 11.900% | Maturity | 01/02/24 | BRL | 62400000 | 229866 |  | 229866 |
|  Receive | 1 Day CDI | Maturity | 11.910% | Maturity | 01/02/24 | BRL | 62200000 | 227452 |  | 227452 |
|  Receive | 1 Day CDI | Maturity | 11.920% | Maturity | 01/02/24 | BRL | 41600000 | 151002 |  | 151002 |
|  Receive | 1 Day CDI | Maturity | 12.015% | Maturity | 01/02/24 | BRL | 104700000 | 353045 |  | 353045 |
|  Receive | 1 Day CDI | Maturity | 12.020% | Maturity | 01/02/24 | BRL | 103900000 | 348948 |  | 348948 |
|  Receive | 1 Day CDI | Maturity | 12.030% | Maturity | 01/02/24 | BRL | 221100000 | 736097 |  | 736097 |
|  Receive | 1 Day CDI | Maturity | 12.765% | Maturity | 01/02/24 | BRL | 247900000 | 309939 |  | 309939 |
|  Receive | 1 Day CDI | Maturity | 12.835% | Maturity | 01/02/24 | BRL | 242200000 | 267987 |  | 267987 |
|  Receive | 1 Day CDI | Maturity | 12.958% | Maturity | 01/02/24 | BRL | 485000000 | 400921 |  | 400921 |
|  Receive | 1 Day CDI | Maturity | 7.900% | Maturity | 01/02/24 | BRL | 9400000 | 136615 | 64238 | 72377 |
|  Receive | 12M SOFR | Annually | 1.750% | Annually | 06/15/32 | USD | 74900000 | 10590524 | 10924276 | (333752) |
|  Receive | 12M SOFR | Annually | 1.750% | Annually | 12/21/52 | USD | 62900000 | 16871097 | 11733412 | 5137685 |
|  Receive | 12M SOFR | Annually | 4.270% | Annually | 09/13/24 | USD | 49800000 | 65980 |  | 65980 |
|  Receive | 12M SONIA | Annually | 0.900% | Annually | 03/15/52 | GBP | 8400000 | 4665254 | 133 | 4665121 |
|  Receive | 12M SONIA | Annually | 2.000% | Annually | 03/15/53 | GBP | 800000 | 253327 | 249314 | 4013 |
|  Receive | 12M TONA | Annually | 0.500% | Annually | 03/15/42 | JPY | 5085000000 | 5016940 | 1402658 | 3614282 |
|  Receive | 12M TONA | Annually | 0.662% | Annually | 04/19/42 | JPY | 285000000 | 221693 |  | 221693 |
|  Receive | 12M TONA | Annually | 0.800% | Annually | 06/15/52 | JPY | 5040000000 | 5166100 | 35162 | 5130938 |
|  Receive | 6M TONA | Semi-Annually | 0.785% | Semi-Annually | 11/12/38 | JPY | 870000000 | 403442 | (619601) | 1023043 |
|  Receive | 6M TONA | Semi-Annually | 0.800% | Semi-Annually | 10/22/38 | JPY | 570000000 | 252565 | (413967) | 666532 |
|  Totals |  |  |  |  |  |  |  | $(9421092) | $22431828 | $(31852920) |

---

*See accompanying notes to financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Centrally Cleared Credit Default Swaps on Credit Indices—Buy Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal**<br>**(Pay) Rate** | **Payment**<br>**Frequency** | **Maturity**<br>**Date** | **Implied**<br>**Credit Spread**<br>**at**<br>**December 31,**<br>**2022<sup>(b)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Market**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid/(Received)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  CDX.NA.HY.35.V1 | (5.000%) | Quarterly | 12/20/25 | 3.938% | USD | 4059000 | $(111895) | $(216486) | $104591 |
|  CDX.NA.HY.36 V1 | (5.000%) | Quarterly | 06/20/26 | 4.013% | USD | 7722000 | (225567) | (494432) | 268865 |
|  CDX.NA.IG.39.V1 | (1.000%) | Quarterly | 12/20/27 | 0.819% | USD | 77100000 | (616492) | (479815) | (136677) |
|  ITRX.EUR.38.V1 | (1.000%) | Quarterly | 12/20/27 | 0.902% | EUR | 17900000 | (84998) | 154193 | (239191) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1038952) | $(1036540) | $(2412) |

---

**Centrally Cleared Credit Default Swaps on Corporate Issues—Sell Protection (d)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>Receive Rate** | **Payment**<br>**Frequency** | **Maturity**<br>**Date** | **Implied**<br>**Credit Spread**<br>**at December 31,**<br>**2022<sup>(b)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Market<br>Value** | **Upfront**<br>**Premiums**<br>**Paid/(Received)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  Barclays Bank plc<br>1.500%, due 04/04/17 | 1.000% | Quarterly | 12/20/23 | 0.745% | EUR | 3800000 | $9986 | $4249 | $5737 |
|  Boeing Co.<br>2.600%, due 10/30/25 | 1.000% | Quarterly | 12/20/27 | 1.407% | USD | 3400000 | (59588) | (143503) | 83915 |
|  General Electric Co.<br>2.700%, due 10/09/22 | 1.000% | Quarterly | 12/20/23 | 0.443% | USD | 4800000 | 25541 | 22783 | 2758 |
|  General Electric Co.<br>2.700%, due 10/09/22 | 1.000% | Quarterly | 06/20/24 | 0.490% | USD | 2900000 | 21115 | 17040 | 4075 |
|  General Electric Co.<br>2.700%, due 10/09/22 | 1.000% | Quarterly | 06/20/26 | 0.783% | USD | 4700000 | 32590 | 34186 | (1596) |
|  General Electric Co.<br>2.700%, due 10/09/22 | 1.000% | Quarterly | 12/20/26 | 0.870% | USD | 500000 | 2330 | 4395 | (2065) |
|  Rolls Royce plc<br>2.125%, due 06/18/21 | 1.000% | Quarterly | 06/20/24 | 1.741% | EUR | 6200000 | (70151) | (194341) | 124190 |
|  Rolls Royce plc<br>2.125%, due 06/18/21 | 1.000% | Quarterly | 12/20/24 | 2.036% | EUR | 5000000 | (103871) | (221403) | 117532 |
|  Stellantis NV<br>5.250%, due 04/15/23 | 5.000% | Quarterly | 12/20/26 | 1.478% | EUR | 3200000 | 435527 | 556156 | (120629) |
|  Verizon Communications, Inc.<br>4.125%, due 03/16/27 | 1.000% | Quarterly | 12/20/27 | 1.123% | USD | 6600000 | (35363) | (113970) | 78607 |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | $258116 | $(34408) | $292524 |

---

**OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>Receive<br>Rate** | **Payment**<br>**Frequency** | **Maturity**<br>**Date** | **Counterparty** | **Implied**<br>**Credit Spread**<br>**at December 31,**<br>**2022<sup>(b)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Market**<br>**Value** | **Upfront**<br>**Premium**<br>**Paid/(Received)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 12/20/26 | BBP | 2.315% | USD | 2400000 | $(111157) | $(89993) | $(21164) |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 12/20/26 | CBNA | 2.315% | USD | 1700000 | (78736) | (67870) | (10866) |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 12/20/26 | JPMC | 2.315% | USD | 3200000 | (148209) | (65925) | (82284) |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 06/20/27 | BNP | 2.538% | USD | 2400000 | (143679) | (98114) | (45565) |

---

*See accompanying notes to financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)—(Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed Deal<br>Receive<br>Rate** | **Payment**<br>**Frequency** | **Maturity**<br>**Date** | **Counterparty** | **Implied**<br>**Credit Spread**<br>**at December 31,**<br>**2022<sup>(b)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Notional**<br>**Amount<sup>(c)</sup>** | **Market**<br>**Value** | **Upfront**<br>**Premium**<br>**Paid/(Received)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 06/20/27 | CBNA | 2.538% | USD | 400000 | $(23947) | $(12359) | $(11588) |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 06/20/27 | GSI | 2.538% | USD | 3200000 | (191572) | (100964) | (90608) |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 06/20/27 | JPMC | 2.538% | USD | 1300000 | (77826) | (42887) | (34939) |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 12/20/27 | BNP | 2.715% | USD | 500000 | (36432) | (42567) | 6135 |
|  Colombia Government International Bond<br>10.375%, due 01/28/33 | 1.000% | Quarterly | 12/20/27 | GSI | 2.715% | USD | 1400000 | (102009) | (119162) | 17153 |
|  Republic of South Africa<br>5.500%, due 03/09/20 | 1.000% | Quarterly | 06/20/24 | GSI | 1.159% | USD | 14280000 | (32348) | (166980) | 134632 |
|  Republic of South Africa<br>5.875%, due 09/16/25 | 1.000% | Quarterly | 12/20/26 | CBNA | 2.095% | USD | 3100000 | (120265) | (121040) | 775 |
|  Republic of South Africa<br>5.875%, due 09/16/25 | 1.000% | Quarterly | 12/20/26 | MSCS | 2.095% | USD | 36100000 | (1400510) | (1390235) | (10275) |
|  Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(2466690) | $(2318096) | $(148594) |

---

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal
to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap
less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current
status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront
payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under
the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would
be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt
obligation.

(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the
notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap
less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(1) There was no upfront premium paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (BBP)— | Barclays Bank plc |
| (BNP)— | BNP Paribas S.A. |
| (CBNA)— | Citibank N.A. |
| (DBAG)— | Deutsche Bank AG |
| (GSBU)— | Goldman Sachs Bank USA |
| (GSI)— | Goldman Sachs International |
| (JPMC)— | JPMorgan Chase Bank N.A. |
| (MSCS)— | Morgan Stanley Capital Services LLC |
| (SG)— | Societe Generale Paris |
| (UBSA)— | UBS AG |

---

Currencies

------

---

| | |
|:---|:---|
| (AUD)— | Australian Dollar |
| (BRL)— | Brazilian Real |
| (CAD)— | Canadian Dollar |
| (CLP)— | Chilean Peso |
| (CNY)— | Chinese Yuan |
| (DKK)— | Danish Krone |
| (EUR)— | Euro |
| (GBP)— | British Pound |
| (JPY)— | Japanese Yen |
| (KRW)— | South Korean Won |
| (MXN)— | Mexican Peso |
| (MYR)— | Malaysian Ringgit |
| (NZD)— | New Zealand Dollar |
| (PEN)— | Peruvian Nuevo Sol |
| (USD)— | United States Dollar |
| (ZAR)— | South African Rand |

---

*See accompanying notes to financial statements.* 

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Glossary of Abbreviations—(Continued)** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (CDI)— | Brazil Interbank Deposit Rate |
| (CDX.NA.HY)— | Markit North America High Yield CDS Index |
| (CDX.NA.IG)— | Markit North America Investment Grade CDS Index |
| (ECOFC)— | Enterprise 11th District COFI Replacement Index |
| (EURIBOR)— | Euro InterBank Offered Rate |
| (H15)— | U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index |
| (ITRX.EUR)— | Markit iTraxx Europe CDS Index |
| (LIBOR)— | London Interbank Offered Rate |
| (NZDBB)— | New Zealand Dollar Bank Bill Index |
| (PRIME)— | U.S. Federal Reserve Prime Rate |
| (SOFR)— | Secured Overnight Financing Rate |
| (SOFR30A)— | Secured Overnight Financing Rate 30-Day Average |
| (SONIA)— | Sterling Overnight Index Average Deposit Rate |
| (TONA)— | Tokyo Overnight Average Rate |
| (TSFR)— | Term Secured Financing Rate |
| (UKG)— | U.K. Government Bond |

---

Other Abbreviations

------

---

| | |
|:---|:---|
| (ARM)— | Adjustable-Rate Mortgage |
| (CDS)— | Credit Default Swap |
| (CLO)— | Collateralized Loan Obligation |
| (CMO)— | Collateralized Mortgage Obligation |
| (DAC)— | Designated Activity Company |
| (ETF)— | Exchange-Traded Fund |
| (ICE)— | Intercontinental Exchange, Inc. |
| (IRS)— | Interest Rate Swap |
| (REMIC)— | Real Estate Mortgage Investment Conduit |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury & Government Agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Sponsored Mortgage-Backed | $— | $1465532397 | $5400990 | $1470933387 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury |  | 774861576 |  | 774861576 |
|  Total U.S. Treasury & Government Agencies |  | 2240393973 | 5400990 | 2245794963 |
|  Total Corporate Bonds & Notes\* |  | 1194046088 |  | 1194046088 |
|  Total Asset-Backed Securities\* |  | 606382730 |  | 606382730 |
|  Total Mortgage-Backed Securities\* |  | 580580167 |  | 580580167 |
|  Total Foreign Government\* |  | 144387569 |  | 144387569 |
|  Total Municipals\* |  | 26773645 |  | 26773645 |
|  Total Floating Rate Loans\* |  | 11476160 |  | 11476160 |
|  Total Short-Term Investments\* |  | 399335104 |  | 399335104 |
|  Total Purchased Options at Value |  | 1840290 |  | 1840290 |
|  Total Investments | $— | $5205215726 | $5400990 | $5210616716 |
|  TBA Forward Sales Commitments | $— | $(100532615) | $— | $(100532615) |
| Forward Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $3445117 | $— | $3445117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (11513373) |  | (11513373) |
|  Total Forward Contracts | $— | $(8068256) | $— | $(8068256) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $16588904 | $— | $— | $16588904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (1964054) |  |  | (1964054) |
|  Total Futures Contracts | $14624850 | $— | $— | $14624850 |

---

*See accompanying notes to financial statements.* 

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaptions at Value | $— | $(338) | $— | $(338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaptions at Value |  | (4219777) |  | (4219777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options on Exchange-Traded Futures Contracts at Value | (4438825) |  |  | (4438825) |
|  Total Written Options | $(4438825) | $(4220115) | $— | $(8658940) |
| Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | $— | $26502008 | $— | $26502008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) |  | (58064816) |  | (58064816) |
|  Total Centrally Cleared Swap Contracts | $— | $(31562808) | $— | $(31562808) |
| OTC Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) |  | (2466690) |  | (2466690) |
|  Total OTC Swap Contracts | $— | $(2466690) | $— | $(2466690) |

---

\* See Schedule of Investments for additional detailed categorizations.

During the year ended December 31, 2022, transfers out of Level 3 in the amount of $21,539,263 were due to the initiation of a vendor or broker providing prices based on market indications which have been determined to be a significant observable input.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance as<br>December 31,<br>2021** | **Realized<br>Gain (Loss)** | **Purchases** | **Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Transfer<br>Out** | **Balance as of<br>December 31,<br>2022** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>Held at<br>December 31,<br>2022** |
| U.S. Treasury & Government Agencies |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Sponsored Mortgage - Backed | $— | $— | $5394030 | $— | $6960 |  | $5400990 | $6960 |
| Mortgage-Backed Securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 13260674 |  |  |  |  | (13260674) |  |  |
| Preferred Stocks |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 42858168 | (3151159) |  | (41317861) | 1610852 |  |  |  |
| Floating Rate Loans |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 8279263 |  |  |  |  | (8279263) |  |  |
|  | $64398105 | $(3151159) | $5394030 | $(41317861) | $1617812 | $(21539937) | $5400990 | $6960 |

---

*See accompanying notes to financial statements.* 

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) | $5210616716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 31071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (b) | 6187363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (c) | 33058000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 3445117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts sold | 2796001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA securities sold (d) | 1908908631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums on written options | 541219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1771496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 27128046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 3172008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on OTC swap contracts | 416682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 16025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 7198088375 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options at value (e) | 8658940 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA Forward sales commitments, at value | 100532615 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap contracts at market value (f) | 2466690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (g) | 18689000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 11513373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 112294030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA securities purchased (d) | 3025123502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1001460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 109083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1514897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 441574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 581390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3283089830 |
|  **Net Assets** | $3914998545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $4679684895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (764686350) |
|  **Net Assets** | $3914998545 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $1857100644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 2038455068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 19442833 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 192706725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 215927378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 2034468 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 9.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 9.56 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $5,706,868,764.

(b) Identified cost of cash denominated in foreign currencies was $6,129,913.

(c) Includes collateral of $16,092,000 for futures contracts and $16,966,000 for centrally cleared swap contracts.

(d) Included within TBA securities sold is $192,086,345 related to TBA forward sale commitments and included within TBA securities purchased is $91,562,897 related to TBA forward sale commitments.

(e) Premiums received on written options were $4,576,737.

(f) Net premium received on OTC swap contracts was $2,318,096.

(g) Includes collateral of $1,828,000 for OTC swap contracts and forward foreign currency exchange contracts, and $16,861,000 for TBAs.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $2728171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 138256283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 140984454 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 21247980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 182243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 581642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 5726090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 47519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 263699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 124023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 49482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 145017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 37538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 36516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 28451323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (1617073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 26834250 |
|  **Net Investment Income** | 114150204 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on : |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (192233060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (36343906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 1748497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (21025813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2195620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 18328514 |
|  Net realized gain (loss) | (227330148) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (588820568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 1006596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 10478721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (4887932) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (27816745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (96267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (7793040) |
|  Net change in unrealized appreciation (depreciation) | (617929235) |
|  Net realized and unrealized gain (loss) | (845259383) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(731109179) |

---

(a) Net of foreign withholding taxes of $22,035.

*See accompanying notes to financial statements.* 

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $114150204 | $102950668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (227330148) | 1424761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (617929235) | (169347248) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (731109179) | (64971819) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (66219580) | (154457677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (67116890) | (168855624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (627519) | (2050738) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (133963989) | (325364039) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (523548780) | 468596495 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (1388621948) | 78260637 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5303620493 | 5225359856 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3914998545 | $5303620493 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 783465 | $8063608 | 14312843 | $176734373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 6729632 | 66219580 | 13372959 | 154457677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (28749544) | (295964474) | (7257444) | (85698896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (21236447) | $(221681286) | 20428358 | $245493154 |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 5350884 | $53955648 | 22311494 | $265551196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 6955118 | 67116890 | 14903409 | 168855624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (36740156) | (372231128) | (21903688) | (255481991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (24434154) | $(251158590) | 15311215 | $178924829 |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 33221 | $334828 | 3973314 | $45857464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 64229 | 627519 | 179103 | 2050738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (4768591) | (51671251) | (315329) | (3729690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (4671141) | $(50708904) | 3837088 | $44178512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(523548780) |  | $468596495 |

---

*See accompanying notes to financial statements.* 

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.63 | $12.53 | $12.00 | $11.39 | $11.57 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.28 | 0.25 | 0.29 | 0.35 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.94) | (0.39) | 0.75 | 0.63 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.66) | (0.14) | 1.04 | 0.98 | 0.00 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.33) | (0.25) | (0.51) | (0.37) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | 0.00 | (0.51) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.33) | (0.76) | (0.51) | (0.37) | (0.18) |
|  **Net Asset Value, End of Period** | $9.64 | $11.63 | $12.53 | $12.00 | $11.39 |
|  **Total Return (%)** (b) | (14.34) | (1.13) | 8.82 | 8.69 | 0.03 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.52 | 0.50 | 0.59 | 0.86 | 0.74 |
|  Gross ratio of expenses to average net assets excluding interest expense (%) | 0.51 | 0.50 | 0.51 | 0.51 | 0.51 |
|  Net ratio of expenses to average net assets (%)(c) (d) | 0.48 | 0.46 | 0.55 | 0.82 | 0.70 |
|  Net ratio of expenses to average net assets excluding interest expense (%)(c) (d) | 0.47 | 0.46 | 0.47 | 0.46 | 0.47 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.72 | 2.06 | 2.38 | 2.99 | 2.53 |
|  Portfolio turnover rate (%) | 423 (e) | 326 (e) | 504 (e) | 582 (e) | 608 (e) |
|  Net assets, end of period (in millions) | $1857.1 | $2488 | $2424.1 | $2522.9 | $2560 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.39 | $12.29 | $11.78 | $11.18 | $11.36 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.25 | 0.21 | 0.26 | 0.32 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.90) | (0.38) | 0.73 | 0.62 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.65) | (0.17) | 0.99 | 0.94 | (0.03) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.30) | (0.22) | (0.48) | (0.34) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | 0.00 | (0.51) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.30) | (0.73) | (0.48) | (0.34) | (0.15) |
|  **Net Asset Value, End of Period** | $9.44 | $11.39 | $12.29 | $11.78 | $11.18 |
|  **Total Return (%)** (b) | (14.56) | (1.39) | 8.51 | 8.46 | (0.23) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.77 | 0.75 | 0.84 | 1.11 | 0.99 |
|  Gross ratio of expenses to average net assets excluding interest expense (%) | 0.76 | 0.75 | 0.76 | 0.76 | 0.76 |
|  Net ratio of expenses to average net assets (%)(c) (d) | 0.73 | 0.71 | 0.80 | 1.07 | 0.95 |
|  Net ratio of expenses to average net assets excluding interest expense (%)(c) (d) | 0.72 | 0.71 | 0.72 | 0.71 | 0.72 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.47 | 1.81 | 2.13 | 2.74 | 2.28 |
|  Portfolio turnover rate (%) | 423 (e) | 326 (e) | 504 (e) | 582 (e) | 608 (e) |
|  Net assets, end of period (in millions) | $2038.5 | $2738.3 | $2765.6 | $2657.6 | $2723.8 |

---

*Please see following page for Financial Highlights footnote legend.*

*See accompanying notes to financial statements.* 

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.52 | $12.42 | $11.90 | $11.29 | $11.47 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.25 | 0.23 | 0.27 | 0.33 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.91) | (0.39) | 0.74 | 0.63 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.66) | (0.16) | 1.01 | 0.96 | (0.02) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.30) | (0.23) | (0.49) | (0.35) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | 0.00 | (0.51) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.30) | (0.74) | (0.49) | (0.35) | (0.16) |
|  **Net Asset Value, End of Period** | $9.56 | $11.52 | $12.42 | $11.90 | $11.29 |
|  **Total Return (%)** (b) | (14.45) | (1.30) | 8.63 | 8.59 | (0.14) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.67 | 0.65 | 0.74 | 1.01 | 0.89 |
|  Gross ratio of expenses to average net assets excluding interest expense (%) | 0.66 | 0.65 | 0.66 | 0.66 | 0.66 |
|  Net ratio of expenses to average net assets (%) (c)(d) | 0.63 | 0.61 | 0.70 | 0.97 | 0.85 |
|  Net ratio of expenses to average net assets excluding interest expense (%) (c) (d) | 0.62 | 0.61 | 0.62 | 0.61 | 0.62 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.39 | 1.92 | 2.23 | 2.84 | 2.38 |
|  Portfolio turnover rate (%) | 423 (e) | 326 (e) | 504 (e) | 582 (e) | 608 (e) |
|  Net assets, end of period (in millions) | $19.4 | $77.2 | $35.6 | $35.2 | $35.7 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts.
If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022, 2021, 2020, 2019 and 2018 (see Note 6 of the Notes to Financial
Statements).

(e) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 23%, 28%, 34%, 26%, and 53% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018,
respectively.

*See accompanying notes to financial statements.* 

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is PIMCO Total Return Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**High-Yield Debt Securities -** The Portfolio may invest in high-yield debt securities, or "junk bonds," which are securities that are rated below "investment grade" or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio's subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

**Floating Rate Loans -** The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Inflation-Indexed Bonds -** The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity.

**BHFTI-33** 

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**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Collateralized Obligations -** The Portfolio may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Mortgage Dollar Rolls -** The Portfolio may enter into mortgage "dollar rolls" in which a Portfolio sells to-be-announced ("TBA") mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

**TBA Purchase and Forward Sale Commitments -** The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the

**BHFTI-34** 

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**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**When-Issued and Delayed-Delivery Securities -** The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Short Sales -** The Portfolio may enter into a "short sale" of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one "against the box," may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio's net assets will be deposited as collateral for the obligation to replace securities borrowed to effect short sales.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $282,992,451, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Reverse Repurchase Agreements -** The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its Custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding reverse repurchase agreement balance for 1 day. The average amount of borrowings was $2,843,750 and the annualized weighted average interest rate was 3.903% during the 1 day period. There were no outstanding reverse repurchase agreements as of December 31, 2022.

**Secured Borrowing Transactions -** The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales.

**BHFTI-35** 

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**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2022, the Portfolio entered into secured borrowing transactions involving U.S. Treasury and Federal Agency securities. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the "price drop," is included in net investment income. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may also receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The cost of the secured borrowing transaction is recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

For the year ended December 31, 2022 the Portfolio had an outstanding secured borrowing transaction balance for 2 days. For the year ended December 31, 2022, the Portfolio's average amount of borrowings was $2,231,603 and the weighted average interest rate was 4.121% during the 2 day period. There were no outstanding borrowings as of December 31, 2022.

**3. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Options Contracts -** An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

**BHFTI-36** 

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**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tend to increase the Portfolio's exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio's exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio's investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

An Option on Exchange-Traded Futures Contract ("Futures Option") is an option contract in which the underlying instrument is a single futures contract.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

**BHFTI-37** 

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**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Credit Default Swaps*: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity's weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less

**BHFTI-38** 

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**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

*Interest Rate Swaps:* The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

*Total Return Swaps*: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When the Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when the Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) (b) | $25711738 | Unrealized appreciation on centrally cleared swap contracts(a) (b) | $57564658 |
|  | Unrealized appreciation on futures<br>contracts (b) (c) | 16588904 | Unrealized appreciation on futures<br>contracts (b) (c) | 1964054 |
|  | Investments at market value (d) | 1840290 | Written options at value (e) | 8658602 |
|  Credit | Unrealized appreciation on centrally cleared swap contracts (a) (b) | 790270 | Unrealized appreciation on centrally cleared swap contracts (a) (b) | 500158 |
|  |  |  | OTC swap contracts at market<br>value (f) | 2466690 |
|  |  |  | Written options at value | 338 |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 3445117 | Unrealized depreciation on forward foreign currency exchange contracts | 11513373 |
| Total |  | $48376319 |  | $82667873 |

---

(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

(d) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

(e) Includes exchange traded written options with a value of $4,438,825 that are not subject to a master netting agreement.

(f) Excludes OTC swap interest receivable of $416,682.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Barclays Bank plc | $67916 | $(67916) | $– $|  |
|  BNP Paribas S.A. | 2330815 | (2330815) | – |  |
|  Citibank N.A. | 308940 | (308940) | – |  |
|  Deutsche Bank AG | 81633 | (81633) | – |  |
|  Goldman Sachs Bank USA | 493541 | (493541) | – |  |
|  JPMorgan Chase Bank N.A. | 130242 | (130242) | – |  |
|  Morgan Stanley Capital Services LLC | 1840290 | (1840290) | – |  |
|  Societe Generale | 19278 | (19278) | – |  |
|  UBS AG | 12752 | (12752) | – |  |
|  | $5285407 | $(5285407) | $– $|  |

---

**BHFTI-40** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA<br>by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  Barclays Bank plc | $157116 | $(67916) | $(89200) | $— |
|  BNP Paribas S.A. | 2901846 | (2330815) | (571031) |  |
|  Citibank N.A. | 2563618 | (308940) | (2254678) |  |
|  Deutsche Bank AG | 232363 | (81633) |  | 150730 |
|  Goldman Sachs Bank USA | 4186550 | (493541) | (2299918) | 1393091 |
|  Goldman Sachs International | 326267 |  | (326267) |  |
|  JPMorgan Chase Bank N.A. | 623246 | (130242) |  | 493004 |
|  Morgan Stanley Capital Services LLC | 3238762 | (1840290) | (1398472) |  |
|  Societe Generale | 3533450 | (19278) | (3418119) | 96053 |
|  UBS AG | 436960 | (12752) | (282780) | 141428 |
|  | $18200178 | $(5285407) | $(10640465) | $2274306 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location-Net<br>Realized Gain (Loss)** | **Interest<br>Rate** | **Credit** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions . . . . . | $— | $— | $18328514 | $18328514 |
|  Swap contracts . . . . . . . . . . . . . . . . | (11702038) | (9323775) |  | (21025813) |
|  Futures contracts . . . . . . . . . . . . . . . | (36343906) |  |  | (36343906) |
|  Written options . . . . . . . . . . . . . . . . | (2949812) | 3073759 | 1624550 | 1748497 |
|  | $(50995756) | $(6250016) | $19953064 | $(37292708) |
| **Statement of Operations Location-Net<br>Change in Unrealized Appreciation (Depreciation)** | **Interest<br>Rate** | **Credit** | **Foreign<br>Exchange** | **Total** |
|  Purchased options . . . . . . . . . . . . . . | $1006596 | $— | $— | $1006596 |
|  Forward foreign currency transactions . . . . . |  |  | (7793040) | (7793040) |
|  Swap contracts . . . . . . . . . . . . . . . . | (26743645) | (1073100) |  | (27816745) |
|  Futures contracts . . . . . . . . . . . . . . . | 10478721 |  |  | 10478721 |
|  Written options . . . . . . . . . . . . . . . . | (4750298) | (137634) |  | (4887932) |
|  | $(20008626) | $(1210734) | $(7793040) | $(29012400) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Purchased options . . . . . . . . . . . . . . . . | 89469279 |
|  Forward foreign currency transactions . . | 980999293 |
|  Futures contracts long . . . . . . . . . . . . . | 538820429 |
|  Futures contracts short . . . . . . . . . . . . . | (584093741) |
|  Swap contracts . . . . . . . . . . . . . . . . . . | 2579110481 |
|  Written options . . . . . . . . . . . . . . . . . | (865737041) |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**BHFTI-41** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master

**BHFTI-42** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements ("MSFTA") govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30,

**BHFTI-43** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $21448285838 | $665780731 | $20822348636 | $1082930240 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $21136861815 | $20455829657 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $21247980 | 0.500% | First $1.2 billion |
|  | 0.475% | Over $1.2 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pacific Investment Management Company LLC ("the Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023 to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.025% | $1 billion to $3 billion |
| 0.050% | Over $3 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $1,205,051 and are included in the total amount shown as management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $412,022 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**BHFTI-45** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $5676813927 |
|  Gross unrealized appreciation | 21868200 |
|  Gross unrealized (depreciation) | (618986939) |
|  Net unrealized appreciation (depreciation) | $(597118739) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $133963989 | $249480878 | $— | $75883161 | $133963989 | $325364039 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $117035096 | $– $| (596496750) | $(285061419) | $(764523073) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $174,036,502 and accumulated long-term capital losses of $111,024,917.

**9. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-46** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the PlMCO Total Return Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the PlMCO Total Return Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the PlMCO Total Return Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-47** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-48** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-49** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

**BHFTI-50** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio

**BHFTI-51** 

------

**Brighthouse Funds Trust I** 

**PIMCO Total Return Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*PIMCO Total Return Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio performed equal to the median of its Performance Universe for the one-year period ended June 30, 2022 and outperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-52** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Managed By Schroder Investment Management North America Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class B shares of the Schroders Global Multi-Asset Portfolio returned -20.17%. The Portfolio's benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

**MARKET ENVIRONMENT / CONDITIONS** 

It was a difficult start to 2022 as the widespread shock caused by the Russian invasion of Ukraine and its grave human implications fed through into markets just as markets had become increasingly concerned about broadening inflation. Markets around the world struggled as economic uncertainty surged with the war in Europe, high inflation, and several major central banks starting the most aggressive series of policy rate increases in decades.

In the first quarter, U.S. stocks declined as Russia's invasion of Ukraine amplified existing concerns over inflation pressures, although economic data otherwise remained stable. As inflation pressures built, the Federal Reserve initiated a new monetary policy tightening cycle. Eurozone shares fell sharply as certain European countries had a large exposure to Russian gas and the quarter saw rising prices. Emerging markets ("EM") equities were firmly down due to sanctions on Russia. In fixed income, government bond yields rose sharply. Elevated inflationary pressure was exacerbated by the war in Ukraine resulting in a more hawkish turn by central banks than the market expected. Corporate bonds underperformed government bonds as spreads widened. Commodities achieved a strong return in the first quarter of 2022, driven by sharply higher prices for energy and wheat.

The challenging market conditions deepened in the second quarter of 2022 with both equity and bond markets falling as investors eyed rising interest rates and economic growth risk. U.S. equities fell further in the second quarter as the Federal Reserve telegraphed interest rate hikes to tackle rising inflation. Eurozone shares also declined as the war in Ukraine continued and concerns mounted over energy shortages. EM equities experienced a correction in the second quarter, with U.S. dollar strength a key headwind. In fixed income, bonds continued to sell off sharply, with yields markedly higher amid still-elevated inflation data, hawkish central banks and rising interest rates. However, bonds rallied modestly at quarter-end, amid growth concerns. Corporate bonds suffered in the broad bond market sell-off, underperforming government bonds. Commodities continued to outperform in the second quarter with higher energy prices amid rising demand and supply constraints.

Both equity and bond markets continued to be under pressure in the third quarter 2022 as investors eyed inflation with caution. U.S. equities declined further as the Federal Reserve raised the federal funds rate. Eurozone shares experienced further sharp falls amid the ongoing energy crisis, rising inflation, and fears about the outlook for economic growth. EM equities posted negative returns. In bond markets, yields rose across the board. Sell-offs in both government and corporate bonds picked up speed during the period. Commodities declined in the third quarter with energy as the worst-performing component.

Most equities markets were stronger towards the end of the period, with U.S. equities posting robust gains. Bond yields were higher and credit spreads broadly tighter. The Federal Reserve raised the target range for the federal funds rate by 50 basis points, slowing the rate of tightening as expected. Eurozone shares also had a strong fourth quarter; the European Central Bank raised rates in October and December, taking the deposit rate to 2.0%. EM equities posted strong returns over the fourth quarter, helped by a weaker U.S. dollar. Bond yields were elevated towards the end of the final quarter, reflecting some market disappointment at the hawkish tone from some central banks. Credit spreads were largely tighter, with exceptions. The U.S. dollar's rally continued to slow into the final quarter. Commodities gained in the fourth quarter.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio aims to capture global growth opportunities while seeking to protect against market volatility. The Portfolio combines active strategies, for longer-term strategic exposures, and passive components, to facilitate rapid implementation of thematic and tactical views in a cost-effective way. The Portfolio managers seek to pre-emptively manage risk in its strategic exposures through forward-looking market views, complemented by a volatility management strategy aiming to cap Portfolio volatility at 10% over twelve-month periods. The Portfolio employs an interest rate overlay to improve diversification and balance the sources of risk through utilizing U.S. Treasury 10-year interest rate swaps.

The Portfolio underperformed the Dow Jones Moderate Portfolio Index over the twelve-month period ending December 31, 2022. The main headwind to performance over the one-year period was the interest rate swap overlay. The interest rate swap overlay weighed on performance as interest rates rose significantly over the year in response to higher inflation. On the other hand, the volatility cap was one of the largest positive contributors over the period, cushioning the Portfolio as the markets experienced significant volatility and several market downturns. Volatility in the Portfolio rose in the early parts of the year and the volatility cap re-activated for the first time in almost a year on February 4<sup>th</sup> and remained in place through the end of the period.

Commodities were also a large contributor over the year in the Portfolio. The Portfolio started the period with an overweight allocation to commodities due to our concerns about rising inflation. The asset class performed extremely well in the first half of the year as heightened

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Managed By Schroder Investment Management North America Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

geopolitical risks and the imbalance between supply and demand drove prices higher. As the year progressed, we closed our long position in July, taking profit as concerns of slowing global growth and demand destruction due to surging prices began to weigh on commodities.

Overall equity performance was additive to performance; marginal negative relative performance in asset allocation was offset by positive relative performance in security selection. In terms of our equity positioning, the Portfolio started the period with an overweight allocation to equities, however, we reduced our equity exposure over the year as markets were caught between concerns about interest rate increases and worries about recessionary risks. An overweight allocation to U.S. equities over the year was the largest drag on performance as the U.S. equity market suffered its worst calendar year since 2008 due to rising interest rates, slowing economic growth, and inflation. An underweight allocation to EM equities offset some of the relative negative performance from our overweight allocation to U.S. equities. Overall, we ended the period with an underweight allocation to equities versus the Index. Positive relative contribution from equity security selection, which offset relative negative performance from asset allocation, was driven by strong selection in our Quantitative Equity Products Global Core Equity strategy as overweight allocations in Health Care, Consumer Staples, and Telecoms contributed positively.

Overall, fixed income weighed on performance; relative losses in security selection erased relative gains found in asset allocation. Fixed income asset allocation contributed driven by underweight allocations to U.S. and international bonds. Positive relative performance from an underweight allocation in U.S. bonds were driven by a short U.S. five-year position added in August, as we believed inflation was likely to linger in 2023 but bond markets had begun pricing the Federal Reserve getting inflation under control. Our underweight allocation to international bonds was helpful as we added short positions in German two-year and Italian ten-year to capitalize on the European Central Bank's need to start raising rates earlier and longer than expected as a result of a strong labor market and high inflation. Overall, we ended the year neutral on duration, reducing our short positions in both international and U.S. bonds as the risk of recession started to offset the risk of persistent inflation. Turning to fixed income security selection, relative positive performance in international bonds could not offset selection within U.S. bonds.

Currency management was drag on performance over the period. We started the year adding long Australian dollar versus U.S. dollar as we believed this traditional risk-on currency trade was experiencing a break with the historical correlations. We continued to hold this trade at the end of the period adding another long Australian dollar position at the end of the December; this time paired with a short British sterling leg to capitalize on the differing outlook on interest rate hiking path for the Bank of England and Reserve Bank of Australia. We ended the year adding an Asian currency trade going long Chinese yuan versus South Korean won to hedge against global growth weakness. Losses in currencies were further compounded by an overweight allocation to cash versus the Dow Jones Moderate Portfolio Index, which hurt relative performance.

The Portfolio primarily used derivative instruments to adjust equity, fixed income, currency and interest rate exposures. The derivatives positions performed in line with expectations and facilitated the Portfolio's overall performance by providing a cost-effective and liquid approach to gaining the desired market exposure versus implementation via physical instruments.

As of December 31, 2022, the Portfolio had an underweight allocation to equities and fixed income. The Portfolio's allocation to developed equities was 57.0% and the allocation to investment grade bonds was 39.5%, with an additional underweight allocation to government bonds of -4.9%. We held approximately 2.7% in opportunistic asset classes, specifically, EM equities, high yield debt, and EM debt. The Portfolio's cash level was 5.7% as of the end of December. The volatility cap was activated in February 2022 and was active at the end of the period. The volatility of the Portfolio's positioning as of the end of the period was less than 10% per year.

**Johanna Kyrklund** 

**Michael Hodgson** 

Portfolio Managers

*Schroder Investment Management North America Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor's desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index's downside risk over the past 36 months.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX**![LOGO](g394295g92y59.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Schroders Global Multi-Asset Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –20.17 | –0.01 | 3.56 |
| &nbsp;&nbsp;&nbsp;**Dow Jones Moderate Portfolio Index** | –14.97 | 3.26 | 5.66 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Equity Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Information Technology** | **11.5** |
| **Health Care** | **8.4** |
| **Financials** | **6.9** |
| **Consumer Discretionary** | **5.3** |
| **Industrials** | **5.0** |

---

**Top Fixed Income Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Corporate Bonds & Notes** | **33.7** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Schroders Global Multi-Asset Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022**<br>**to<br>December 31,<br>2022** |
|  Class B (a) | Actual | 0.95% | $1000.00 | $986.30 | $4.76 |
|  | Hypothetical\* | 0.95% | $1000.00 | $1020.42 | $4.84 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to
Consolidated Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks — 51.7% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Aerospace & Defense—0.6%** | **Aerospace & Defense—0.6%** | **Aerospace & Defense—0.6%** |
|  Airbus SE | 3413 | $405814 |
|  BAE Systems plc | 21478 | 221979 |
|  Boeing Co. (The) (a)(b) | 2968 | 565374 |
|  General Dynamics Corp. | 2783 | 690490 |
|  HEICO Corp. | 822 | 126292 |
|  Howmet Aerospace, Inc. | 6717 | 264717 |
|  Huntington Ingalls Industries, Inc. | 1323 | 305190 |
|  Lockheed Martin Corp. (b) | 3576 | 1739688 |
|  Raytheon Technologies Corp. | 9446 | 953290 |
|  Safran S.A. | 2293 | 286541 |
|  TransDigm Group, Inc. | 803 | 505609 |
|  |  | 6064984 |
| **Air Freight & Logistics—0.2%** | **Air Freight & Logistics—0.2%** | **Air Freight & Logistics—0.2%** |
|  DSV A/S | 2520 | 399687 |
|  FedEx Corp. | 1588 | 275042 |
|  United Parcel Service, Inc. - Class B (b) | 8724 | 1516580 |
|  |  | 2191309 |
| **Airlines—0.1%** | **Airlines—0.1%** | **Airlines—0.1%** |
|  Southwest Airlines Co. | 20701 | 697003 |
|  **Auto Components—0.1%** | **Auto Components—0.1%** | **Auto Components—0.1%** |
|  Aisin Corp. | 3600 | 95888 |
|  Aptiv plc (a) | 2215 | 206283 |
|  BorgWarner, Inc. (b) | 5810 | 233852 |
|  NGK Spark Plug Co., Ltd. | 5900 | 108865 |
|  |  | 644888 |
| **Automobiles—0.7%** | **Automobiles—0.7%** | **Automobiles—0.7%** |
|  Ferrari NV | 4054 | 867378 |
|  Ford Motor Co. | 19103 | 222168 |
|  General Motors Co. | 7472 | 251358 |
|  Harley-Davidson, Inc. | 2130 | 88608 |
|  Honda Motor Co., Ltd. | 27300 | 624191 |
|  Isuzu Motors, Ltd. | 15800 | 184543 |
|  Kia Corp. (a) | 1909 | 90038 |
|  Mazda Motor Corp. | 28300 | 213920 |
|  Mercedes-Benz Group AG | 5233 | 343408 |
|  Mitsubishi Motors Corp. (a) | 25800 | 99315 |
|  Stellantis NV (Milan-Traded Shares) | 27910 | 395343 |
|  Subaru Corp. | 7400 | 113549 |
|  Suzuki Motor Corp. | 4400 | 141562 |
|  Tesla, Inc. (a)(b) | 20585 | 2535660 |
|  Toyota Motor Corp. | 92000 | 1257377 |
|  Yamaha Motor Co., Ltd. | 7300 | 165893 |
|  |  | 7594311 |
| **Banks—3.2%** | **Banks—3.2%** | **Banks—3.2%** |
|  ANZ Group Holdings, Ltd. | 21022 | 338642 |
|  Banco Bilbao Vizcaya Argentaria S.A. | 62066 | 374803 |
|  Banco Santander S.A. | 124950 | 374204 |
|  Bank of America Corp. | 71444 | 2366225 |
|  Bank of Montreal (b) | 13413 | 1215095 |
|  Bank of Nova Scotia (The) (b) | 7123 | 348995 |
|  Bank OZK | 2862 | 114652 |
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
|  Barclays plc | 234184 | 450239 |
|  BNP Paribas S.A. | 14956 | 851106 |
|  Citigroup, Inc. | 19469 | 880583 |
|  Commonwealth Bank of Australia | 8658 | 604338 |
|  DBS Group Holdings, Ltd. | 22700 | 574683 |
|  Erste Group Bank AG | 9095 | 290018 |
|  Fifth Third Bancorp | 9148 | 300146 |
|  HSBC Holdings plc | 35600 | 219125 |
|  HSBC Holdings plc (Hong Kong-Traded Shares) | 202367 | 1262056 |
|  ING Groep NV | 43376 | 529205 |
|  Intesa Sanpaolo S.p.A. | 159846 | 356615 |
|  JPMorgan Chase & Co. | 54978 | 7372550 |
|  KBC Group NV | 2866 | 184018 |
|  KeyCorp | 19413 | 338174 |
|  Lloyds Banking Group plc | 868582 | 476967 |
|  Mitsubishi UFJ Financial Group, Inc. | 73600 | 496508 |
|  Mizuho Financial Group, Inc. | 30890 | 436591 |
|  National Australia Bank, Ltd. | 22206 | 449985 |
|  National Bank of Canada (b) | 6621 | 446111 |
|  NatWest Group plc | 90012 | 287331 |
|  Nordea Bank Abp | 25192 | 269416 |
|  Oversea-Chinese Banking Corp., Ltd. | 62300 | 565299 |
|  PNC Financial Services Group, Inc. (The) | 4076 | 643763 |
|  Powszechna Kasa Oszczednosci Bank Polski S.A. | 6717 | 46585 |
|  Regions Financial Corp. | 13116 | 282781 |
|  Royal Bank of Canada | 16378 | 1539822 |
|  Skandinaviska Enskilda Banken AB - Class A | 56420 | 649295 |
|  Societe Generale S.A. | 12461 | 312648 |
|  Standard Chartered plc | 67013 | 502981 |
|  Sumitomo Mitsui Financial Group, Inc. | 11000 | 443237 |
|  Swedbank AB - A Shares | 4018 | 68261 |
|  Toronto-Dominion Bank (The) (b) | 23974 | 1552290 |
|  Truist Financial Corp. | 18428 | 792957 |
|  U.S. Bancorp (b) | 58202 | 2538189 |
|  UniCredit S.p.A. | 14998 | 213275 |
|  Wells Fargo & Co. | 40028 | 1652756 |
|  Westpac Banking Corp. | 21978 | 345670 |
|  |  | 34358190 |
| **Beverages—1.3%** | **Beverages—1.3%** | **Beverages—1.3%** |
|  Anheuser-Busch InBev S.A. | 6322 | 380067 |
|  Britvic plc | 10019 | 94212 |
|  Brown-Forman Corp. - Class B | 5258 | 345345 |
|  Coca-Cola Co. (The) | 45397 | 2887703 |
|  Diageo plc | 39634 | 1750209 |
|  Kirin Holdings Co., Ltd. | 27600 | 422839 |
|  Monster Beverage Corp. (a) | 9018 | 915598 |
|  PepsiCo, Inc. | 36183 | 6536821 |
|  Pernod Ricard S.A. | 4499 | 884322 |
|  |  | 14217116 |
| **Biotechnology—1.0%** | **Biotechnology—1.0%** | **Biotechnology—1.0%** |
|  AbbVie, Inc. | 17081 | 2760460 |
|  Alnylam Pharmaceuticals, Inc. (a)(b) | 580 | 137837 |
|  Amgen, Inc. (b) | 6733 | 1768355 |
|  Argenx SE (a) | 512 | 192934 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
|  Biogen, Inc. (a) | 750 | $| 207690 |
|  CSL, Ltd. | 2568 |  | 500736 |
|  Exact Sciences Corp. (a)(b) | 1397 |  | 69165 |
|  Gilead Sciences, Inc. | 14463 |  | 1241649 |
|  Horizon Therapeutics plc (a) | 2350 |  | 267430 |
|  Incyte Corp. (a)(b) | 2047 |  | 164415 |
|  Moderna, Inc. (a)(b) | 1397 |  | 250929 |
|  Regeneron Pharmaceuticals, Inc. (a) | 1957 |  | 1411956 |
|  United Therapeutics Corp. (a) | 752 |  | 209124 |
|  Vertex Pharmaceuticals, Inc. (a) | 4031 |  | 1164072 |
|  |  |  | 10346752 |
| **Building Products—0.3%** | **Building Products—0.3%** | **Building Products—0.3%** | **Building Products—0.3%** |
|  AGC, Inc. (b) | 2500 |  | 82818 |
|  Allegion plc | 2475 |  | 260518 |
|  Assa Abloy AB - Class B | 10906 |  | 234653 |
|  Carlisle Cos., Inc. | 1034 |  | 243662 |
|  Cie de Saint-Gobain | 7065 |  | 346848 |
|  Daikin Industries, Ltd. | 2400 |  | 369191 |
|  Masco Corp. (b) | 5384 |  | 251271 |
|  Owens Corning | 2150 |  | 183395 |
|  Trane Technologies plc | 7524 |  | 1264709 |
|  |  |  | 3237065 |
| **Capital Markets—1.9%** | **Capital Markets—1.9%** | **Capital Markets—1.9%** | **Capital Markets—1.9%** |
|  Affiliated Managers Group, Inc. (b) | 1888 |  | 299116 |
|  Ameriprise Financial, Inc. | 1811 |  | 563891 |
|  Bank of New York Mellon Corp. (The) | 16070 |  | 731506 |
|  BlackRock, Inc. (b) | 2044 |  | 1448440 |
|  Blackstone, Inc. (b) | 3693 |  | 273984 |
|  Brookfield Asset Management, Ltd. - Class A (a) | 2380 |  | 68148 |
|  Brookfield Corp. | 9521 |  | 299412 |
|  Charles Schwab Corp. (The) | 36853 |  | 3068381 |
|  CME Group, Inc. | 1915 |  | 322026 |
|  Credit Suisse Group AG | 36337 |  | 109173 |
|  Deutsche Bank AG | 16043 |  | 181840 |
|  FactSet Research Systems, Inc. | 1386 |  | 556077 |
|  Federated Hermes, Inc. | 3059 |  | 111072 |
|  Franklin Resources, Inc. (b) | 3674 |  | 96920 |
|  Goldman Sachs Group, Inc. (The) | 1953 |  | 670621 |
|  Hong Kong Exchanges & Clearing, Ltd. | 6700 |  | 289542 |
|  Houlihan Lokey, Inc. | 2019 |  | 175976 |
|  IG Group Holdings plc | 23170 |  | 219179 |
|  Intercontinental Exchange, Inc. | 3067 |  | 314644 |
|  Julius Baer Group, Ltd. | 2864 |  | 166473 |
|  London Stock Exchange Group plc | 1797 |  | 155052 |
|  Macquarie Group, Ltd. | 3233 |  | 367027 |
|  Man Group plc | 41198 |  | 106456 |
|  Moody's Corp. | 3213 |  | 895206 |
|  Morgan Stanley | 43445 |  | 3693694 |
|  MSCI, Inc. | 508 |  | 236306 |
|  Nasdaq, Inc. | 17178 |  | 1053870 |
|  Nomura Holdings, Inc. | 43000 |  | 160050 |
|  Northern Trust Corp. | 2285 |  | 202200 |
|  Raymond James Financial, Inc. | 4085 |  | 436482 |
|  S&P Global, Inc. | 2082 |  | 697345 |
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
|  State Street Corp. (b) | 8612 |  | 668033 |
| T. Rowe Price Group, Inc. (b) | 1736 |  | 189328 |
|  UBS Group AG | 56966 |  | 1061823 |
|  |  |  | 19889293 |
| **Chemicals—1.2%** | **Chemicals—1.2%** | **Chemicals—1.2%** | **Chemicals—1.2%** |
|  Air Liquide S.A. (b) | 6665 |  | 948025 |
|  Air Products & Chemicals, Inc. (b) | 5231 |  | 1612508 |
|  Albemarle Corp. (b) | 2985 |  | 647327 |
|  BASF SE | 5381 |  | 267136 |
|  Celanese Corp. | 717 |  | 73306 |
|  CF Industries Holdings, Inc. | 823 |  | 70120 |
|  Chemours Co. (The) | 5307 |  | 162500 |
|  Chr Hansen Holding A/S | 2290 |  | 165092 |
|  Corteva, Inc. | 42732 |  | 2511787 |
|  Dow, Inc. | 5165 |  | 260264 |
|  DuPont de Nemours, Inc. (b) | 4135 |  | 283785 |
|  Ecolab, Inc. (b) | 1840 |  | 267831 |
|  Givaudan S.A. | 74 |  | 225606 |
|  Huntsman Corp. | 3289 |  | 90382 |
|  ICL Group, Ltd. | 9461 |  | 68226 |
|  International Flavors & Fragrances, Inc. (b) | 5848 |  | 613104 |
|  Linde plc | 2500 |  | 815450 |
|  Livent Corp. (a)(b) | 8717 |  | 173207 |
|  Mitsubishi Gas Chemical Co., Inc. | 5400 |  | 74222 |
|  Mosaic Co. (The) | 3869 |  | 169733 |
|  Nutrien, Ltd. (b) | 5170 |  | 377441 |
|  OCI NV | 4373 |  | 156048 |
|  Sherwin-Williams Co. (The) | 4518 |  | 1072257 |
|  Shin-Etsu Chemical Co., Ltd. | 2900 |  | 353323 |
|  Sika AG | 1289 |  | 311022 |
|  Sociedad Quimica y Minera de Chile S.A. (ADR) | 3142 |  | 250857 |
|  Solvay S.A. | 990 |  | 100347 |
|  Tosoh Corp. | 5600 |  | 66446 |
|  Yara International ASA | 4076 |  | 179214 |
|  |  |  | 12366566 |
| **Commercial Services & Supplies—0.4%** | **Commercial Services & Supplies—0.4%** | **Commercial Services & Supplies—0.4%** | **Commercial Services & Supplies—0.4%** |
|  Cintas Corp. | 690 |  | 311618 |
|  Republic Services, Inc. | 8740 |  | 1127372 |
|  Secom Co., Ltd. | 1600 |  | 91273 |
|  Waste Management, Inc. (b) | 15080 |  | 2365750 |
|  |  |  | 3896013 |
| **Communications Equipment—0.3%** | **Communications Equipment—0.3%** | **Communications Equipment—0.3%** | **Communications Equipment—0.3%** |
|  Arista Networks, Inc. (a)(b) | 4900 |  | 594615 |
|  Cisco Systems, Inc. | 36967 |  | 1761108 |
|  Nokia Oyj | 44074 |  | 204785 |
|  Telefonaktiebolaget LM Ericsson - B Shares | 17417 |  | 102001 |
|  |  |  | 2662509 |
| **Construction & Engineering—0.1%** | **Construction & Engineering—0.1%** | **Construction & Engineering—0.1%** | **Construction & Engineering—0.1%** |
|  Kajima Corp. | 3600 |  | 41877 |
|  Obayashi Corp. | 13200 |  | 99795 |
|  Taisei Corp. | 2400 |  | 77316 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Construction & Engineering—(Continued)** | **Construction & Engineering—(Continued)** | **Construction & Engineering—(Continued)** |
|  Vinci S.A. | 4877 | 487090 |
|  |  | 706078 |
| **Construction Materials—0.1%** |  |  |
|  CRH plc | 8493 | 336260 |
|  James Hardie Industries plc | 6639 | 118909 |
|  Vulcan Materials Co. | 5789 | 1013712 |
|  |  | 1468881 |
| **Consumer Finance—0.2%** | **Consumer Finance—0.2%** | **Consumer Finance—0.2%** |
|  American Express Co. | 12842 | 1897405 |
|  Capital One Financial Corp. | 2983 | 277300 |
|  Discover Financial Services | 3843 | 375961 |
|  |  | 2550666 |
| **Containers & Packaging—0.2%** | **Containers & Packaging—0.2%** | **Containers & Packaging—0.2%** |
|  Graphic Packaging Holding Co. | 5685 | 126491 |
|  International Paper Co. (b) | 4176 | 144615 |
|  Packaging Corp. of America | 1963 | 251087 |
|  Sealed Air Corp. (b) | 23186 | 1156518 |
|  Silgan Holdings, Inc. | 4421 | 229185 |
|  Smurfit Kappa Group plc | 6514 | 241346 |
|  Sonoco Products Co. | 6841 | 415317 |
|  |  | 2564559 |
| **Diversified Consumer Services—0.0%** | **Diversified Consumer Services—0.0%** | **Diversified Consumer Services—0.0%** |
|  H&R Block, Inc. (b) | 12295 | 448890 |
| **Diversified Financial Services—0.2%** | **Diversified Financial Services—0.2%** | **Diversified Financial Services—0.2%** |
|  Berkshire Hathaway, Inc. - Class B (a) | 7987 | 2467184 |
|  Plus500, Ltd. | 5314 | 115755 |
|  |  | 2582939 |
| **Diversified Telecommunication Services —0.7%** | **Diversified Telecommunication Services —0.7%** | **Diversified Telecommunication Services —0.7%** |
|  AT&T, Inc. | 104314 | 1920421 |
|  BCE, Inc. | 10876 | 477853 |
|  Cellnex Telecom S.A. | 4314 | 143465 |
|  Deutsche Telekom AG | 22137 | 441555 |
|  Elisa Oyj | 2530 | 134104 |
|  Koninklijke KPN NV | 137806 | 426366 |
|  KT Corp. | 3175 | 85097 |
|  Liberty Global plc - Class A (a) | 9509 | 180005 |
|  Nippon Telegraph & Telephone Corp. | 25200 | 719311 |
|  Spark New Zealand, Ltd. | 177171 | 607287 |
|  Telecom Italia S.p.A. (a) | 257269 | 59776 |
|  Telkom Indonesia Persero Tbk PT | 948900 | 228599 |
|  Verizon Communications, Inc. | 44930 | 1770242 |
|  |  | 7194081 |
| **Electric Utilities—0.7%** | **Electric Utilities—0.7%** | **Electric Utilities—0.7%** |
|  CEZ A/S | 2485 | 84621 |
|  Constellation Energy Corp. | 1962 | 169144 |
|  Duke Energy Corp. (b) | 5891 | 606714 |
|  Edison International | 3227 | 205302 |
| **Electric Utilities—(Continued)** | **Electric Utilities—(Continued)** | **Electric Utilities—(Continued)** |
|  EDP - Energias de Portugal S.A. | 38707 | 192830 |
|  Enel S.p.A. | 49642 | 266989 |
|  Evergy, Inc. | 6966 | 438370 |
|  Eversource Energy | 3588 | 300818 |
|  Exelon Corp. | 8364 | 361576 |
|  Iberdrola S.A. | 35906 | 420010 |
|  NextEra Energy, Inc. (b) | 33705 | 2817738 |
|  Orsted A/S | 2000 | 181453 |
|  Red Electrica Corp. S.A. | 17093 | 296920 |
|  Southern Co. (The) (b) | 7299 | 521222 |
|  Terna - Rete Elettrica Nazionale | 43420 | 321385 |
|  Verbund AG | 2340 | 197357 |
|  |  | 7382449 |
| **Electrical Equipment—0.5%** | **Electrical Equipment—0.5%** | **Electrical Equipment—0.5%** |
|  ABB, Ltd. | 16707 | 508858 |
|  Alfen Beheer B.V. (a) | 550 | 49667 |
|  AMETEK, Inc. | 6823 | 953310 |
|  Array Technologies, Inc. (a) | 4892 | 94562 |
|  Atkore, Inc. (a) | 2029 | 230129 |
|  Bloom Energy Corp. - Class A (a)(b) | 2657 | 50802 |
|  Eaton Corp. plc | 3472 | 544930 |
|  Emerson Electric Co. (b) | 19971 | 1918414 |
|  Encore Wire Corp. (b) | 1361 | 187219 |
|  Generac Holdings, Inc. (a)(b) | 453 | 45599 |
|  Nidec Corp. | 4000 | 208308 |
|  Plug Power, Inc. (a)(b) | 3627 | 44866 |
|  Rockwell Automation, Inc. | 1854 | 477535 |
|  Siemens Energy AG (a) | 2798 | 52645 |
|  Vestas Wind Systems A/S | 10747 | 313986 |
|  |  | 5680830 |
| **Electronic Equipment, Instruments & Components—0.3%** | **Electronic Equipment, Instruments & Components—0.3%** | **Electronic Equipment, Instruments & Components—0.3%** |
|  Amphenol Corp. - Class A | 10200 | 776628 |
|  Corning, Inc. | 7244 | 231373 |
|  Dexerials Corp. | 2700 | 52428 |
|  E Ink Holdings, Inc. | 36000 | 188390 |
|  Keyence Corp. | 1200 | 469806 |
|  Keysight Technologies, Inc. (a) | 1272 | 217601 |
|  Murata Manufacturing Co., Ltd. | 4200 | 210711 |
|  Simplo Technology Co., Ltd. | 3000 | 27802 |
|  Venture Corp., Ltd. | 18400 | 234583 |
|  Vontier Corp. (b) | 5261 | 101695 |
|  Yokogawa Electric Corp. | 9700 | 153679 |
|  Zebra Technologies Corp. - Class A (a) | 652 | 167179 |
|  |  | 2831875 |
| **Energy Equipment & Services—0.2%** | **Energy Equipment & Services—0.2%** | **Energy Equipment & Services—0.2%** |
|  Schlumberger, Ltd. | 36970 | 1976416 |
| **Entertainment—0.5%** |  |  |
|  Activision Blizzard, Inc. | 3553 | 271982 |
|  Electronic Arts, Inc. (b) | 4036 | 493118 |
|  International Games System Co., Ltd. | 4000 | 56377 |
|  Koei Tecmo Holdings Co., Ltd. | 5100 | 91920 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Entertainment—(Continued)** | | |
|  Liberty Media Corp.-Liberty Formula One - Class C (a) | 5062 | 302606 |
|  Netflix, Inc. (a) | 7011 | 2067404 |
|  Nintendo Co., Ltd. | 6000 | 251254 |
|  Roku, Inc. (a)(b) | 1023 | 41636 |
|  Take-Two Interactive Software, Inc. (a)(b) | 1318 | 137243 |
|  Walt Disney Co. (The) (a)(b) | 14685 | 1275833 |
|  Warner Bros Discovery, Inc. (a)(b) | 17385 | 164810 |
|  |  | 5154183 |
|  **Equity Real Estate Investment Trusts—0.6%** | **Equity Real Estate Investment Trusts—0.6%** | **Equity Real Estate Investment Trusts—0.6%** |
|  American Tower Corp. | 6014 | 1274126 |
|  Crown Castle, Inc. | 1947 | 264091 |
|  Daiwa House REIT Investment Corp. | 143 | 319167 |
|  Digital Realty Trust, Inc. | 1366 | 136969 |
|  Equinix, Inc. (b) | 410 | 268562 |
|  Equity LifeStyle Properties, Inc. (b) | 7489 | 483789 |
|  Extra Space Storage, Inc. | 1010 | 148652 |
|  Nippon Building Fund, Inc. (b) | 89 | 397451 |
|  Nippon Prologis REIT, Inc. | 120 | 281037 |
|  Prologis, Inc. | 4714 | 531409 |
|  Public Storage (b) | 1953 | 547211 |
|  Sabra Health Care REIT, Inc. (b) | 8879 | 110366 |
|  SBA Communications Corp. | 694 | 194535 |
|  Simon Property Group, Inc. (b) | 2826 | 331999 |
|  Ventas, Inc. | 4609 | 207635 |
|  Vicinity, Ltd. | 56867 | 77374 |
|  Welltower, Inc. | 3841 | 251778 |
|  Weyerhaeuser Co. (b) | 8863 | 274753 |
|  |  | 6100904 |
| **Food & Staples Retailing—0.5%** | **Food & Staples Retailing—0.5%** | **Food & Staples Retailing—0.5%** |
|  Costco Wholesale Corp. | 6796 | 3102374 |
|  Endeavour Group, Ltd. | 22011 | 95590 |
|  George Weston, Ltd. | 2837 | 351985 |
|  HelloFresh SE (a) | 1494 | 32754 |
|  Kesko Oyj - B Shares | 7127 | 157710 |
|  Koninklijke Ahold Delhaize NV | 8904 | 255846 |
|  Kroger Co. (The) | 3963 | 176671 |
|  Seven & i Holdings Co., Ltd. | 6100 | 260948 |
|  Sysco Corp. (b) | 3314 | 253355 |
|  Walgreens Boots Alliance, Inc. (b) | 3684 | 137634 |
|  Walmart, Inc. | 5714 | 810188 |
|  Woolworths Group, Ltd. | 8626 | 196984 |
|  |  | 5832039 |
| **Food Products—0.8%** | **Food Products—0.8%** | **Food Products—0.8%** |
|  Ajinomoto Co., Inc. | 5400 | 164653 |
|  Archer-Daniels-Midland Co. (b) | 8873 | 823858 |
|  Conagra Brands, Inc. | 4462 | 172679 |
|  Danone S.A. | 4343 | 228806 |
|  Darling Ingredients, Inc. (a)(b) | 2234 | 139826 |
|  General Mills, Inc. | 7404 | 620825 |
|  Hershey Co. (The) | 3621 | 838515 |
|  Kellogg Co. (b) | 12599 | 897553 |
|  Kraft Heinz Co. (The) (b) | 3484 | 141834 |
|  Mondelez International, Inc. - Class A | 22292 | 1485762 |
| **Food Products—(Continued)** | **Food Products—(Continued)** | **Food Products—(Continued)** |
|  Nestle S.A. | 23423 | 2705016 |
|  |  | 8219327 |
| **Gas Utilities—0.0%** | **Gas Utilities—0.0%** | **Gas Utilities—0.0%** |
|  Hong Kong & China Gas Co., Ltd. (b) | 170857 | 162440 |
|  Italgas S.p.A. | 15999 | 88716 |
|  |  | 251156 |
| **Health Care Equipment & Supplies—0.9%** | **Health Care Equipment & Supplies—0.9%** | **Health Care Equipment & Supplies—0.9%** |
|  Abbott Laboratories (b) | 14308 | 1570875 |
|  Align Technology, Inc. (a) | 653 | 137718 |
|  Baxter International, Inc. | 2739 | 139607 |
|  Becton Dickinson & Co. | 1799 | 457486 |
|  Boston Scientific Corp. (a)(b) | 33630 | 1556060 |
|  Coloplast A/S - Class B | 1633 | 191336 |
|  DexCom, Inc. (a) | 6868 | 777732 |
|  Edwards Lifesciences Corp. (a) | 5965 | 445049 |
|  EssilorLuxottica S.A. | 2008 | 365649 |
|  Hoya Corp. | 2000 | 193510 |
|  IDEXX Laboratories, Inc. (a) | 1690 | 689452 |
|  Intuitive Surgical, Inc. (a) | 1582 | 419784 |
|  Koninklijke Philips NV | 7780 | 116772 |
|  Medtronic plc | 9872 | 767252 |
|  Olympus Corp. | 9600 | 169687 |
|  ResMed, Inc. | 1664 | 346328 |
|  Stryker Corp. (b) | 3884 | 949599 |
|  Sysmex Corp. | 2400 | 146185 |
|  Zimmer Biomet Holdings, Inc. | 1922 | 245055 |
|  |  | 9685136 |
| **Health Care Providers & Services—1.5%** | **Health Care Providers & Services—1.5%** | **Health Care Providers & Services—1.5%** |
|  Centene Corp. (a) | 3215 | 263662 |
|  Cigna Corp. | 7009 | 2322362 |
|  CVS Health Corp. | 12650 | 1178854 |
|  Elevance Health, Inc. | 1249 | 640700 |
|  HCA Healthcare, Inc. (b) | 8699 | 2087412 |
|  Humana, Inc. | 965 | 494263 |
|  McKesson Corp. (b) | 1743 | 653834 |
|  UnitedHealth Group, Inc. (b) | 15312 | 8118116 |
|  |  | 15759203 |
| **Health Care Technology—0.0%** | **Health Care Technology—0.0%** | **Health Care Technology—0.0%** |
|  GoodRx Holdings, Inc. - Class A (a) | 16632 | 77505 |
|  Veeva Systems, Inc. - Class A (a) | 801 | 129266 |
|  |  | 206771 |
| **Hotels, Restaurants & Leisure—1.1%** | **Hotels, Restaurants & Leisure—1.1%** | **Hotels, Restaurants & Leisure—1.1%** |
|  Airbnb, Inc. - Class A (a) | 3701 | 316435 |
|  Aristocrat Leisure, Ltd. | 8121 | 167709 |
|  Booking Holdings, Inc. (a) | 1469 | 2960446 |
|  Caesars Entertainment, Inc. (a) | 1939 | 80662 |
|  Chipotle Mexican Grill, Inc. (a)(b) | 169 | 234486 |
|  Choice Hotels International, Inc. | 754 | 84931 |
|  Compass Group plc | 9526 | 220117 |
|  Evolution AB | 6397 | 624755 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
|  Galaxy Entertainment Group, Ltd. | 26000 | 172159 |
|  InterContinental Hotels Group plc | 6078 | 349842 |
|  Las Vegas Sands Corp. (a)(b) | 4211 | 202423 |
|  Marriott International, Inc. - Class A | 1958 | 291527 |
|  McDonald's Corp. | 14200 | 3742126 |
|  Oriental Land Co., Ltd. | 1600 | 233100 |
|  Starbucks Corp. | 5606 | 556115 |
|  Wyndham Hotels & Resorts, Inc. | 17600 | 1255056 |
|  Yum! Brands, Inc. (b) | 2330 | 298426 |
|  |  | 11790315 |
| **Household Durables—0.2%** | **Household Durables—0.2%** | **Household Durables—0.2%** |
|  DR Horton, Inc. (b) | 3430 | 305750 |
|  Lennar Corp. - Class A (b) | 3212 | 290686 |
|  NVR, Inc. (a) | 171 | 788751 |
|  Sekisui Chemical Co., Ltd. | 22900 | 318656 |
|  Sony Group Corp. | 6000 | 457535 |
|  |  | 2161378 |
| **Household Products—0.8%** | **Household Products—0.8%** | **Household Products—0.8%** |
|  Clorox Co. (The) (b) | 690 | 96828 |
|  Colgate-Palmolive Co. | 17577 | 1384892 |
|  Essity AB - Class B | 9307 | 244290 |
|  Kimberly-Clark Corp. | 5726 | 777304 |
|  Procter & Gamble Co. (The) | 31058 | 4707150 |
|  Reckitt Benckiser Group plc | 18247 | 1269426 |
|  |  | 8479890 |
| **Independent Power and Renewable Electricity Producers—0.0%** | **Independent Power and Renewable Electricity Producers—0.0%** | **Independent Power and Renewable Electricity Producers—0.0%** |
|  Drax Group plc | 16428 | 139772 |
|  RWE AG | 6142 | 273115 |
|  |  | 412887 |
| **Industrial Conglomerates—0.4%** | **Industrial Conglomerates—0.4%** | **Industrial Conglomerates—0.4%** |
|  3M Co. | 11946 | 1432564 |
|  General Electric Co. | 6328 | 530223 |
|  Hitachi, Ltd. | 7200 | 362339 |
|  Honeywell International, Inc. | 5075 | 1087573 |
|  Lifco AB - B Shares | 10456 | 174044 |
|  Siemens AG | 3850 | 534352 |
|  |  | 4121095 |
| **Insurance—1.3%** | **Insurance—1.3%** | **Insurance—1.3%** |
|  Aegon NV | 15013 | 76159 |
|  Aflac, Inc. | 3160 | 227330 |
|  Ageas SA | 1974 | 87827 |
|  AIA Group, Ltd. | 65600 | 722715 |
|  Allianz SE | 2637 | 567024 |
|  Allstate Corp. (The) | 1811 | 245572 |
|  Aon plc - Class A | 4209 | 1263289 |
|  Arch Capital Group, Ltd. (a) | 3502 | 219856 |
|  ASR Nederland NV | 6561 | 311081 |
|  Assured Guaranty, Ltd. | 1603 | 99803 |
|  Aviva plc | 10833 | 57741 |
|  AXA S.A. | 18953 | 528234 |
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
|  Axis Capital Holdings, Ltd. | 1403 | 76001 |
|  Chubb, Ltd. | 6628 | 1462137 |
|  Everest Re Group, Ltd. | 1000 | 331270 |
|  Fairfax Financial Holdings, Ltd. | 225 | 133283 |
|  Hartford Financial Services Group, Inc. (The) | 5471 | 414866 |
|  Loews Corp. | 9312 | 543169 |
|  Manulife Financial Corp. | 42836 | 764025 |
|  Markel Corp. (a) | 306 | 403152 |
|  Marsh & McLennan Cos., Inc. | 13113 | 2169939 |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 946 | 307605 |
|  NN Group NV | 3829 | 156381 |
|  Old Republic International Corp. (b) | 4038 | 97518 |
|  Primerica, Inc. | 1423 | 201810 |
|  Progressive Corp. (The) | 3149 | 408457 |
|  Prudential Financial, Inc. | 1862 | 185195 |
|  Prudential plc | 14866 | 201176 |
|  Reinsurance Group of America, Inc. | 1127 | 160135 |
|  RenaissanceRe Holdings, Ltd. | 531 | 97826 |
|  Unum Group | 6361 | 260992 |
|  Willis Towers Watson plc (b) | 1392 | 340455 |
|  Zurich Insurance Group AG | 1410 | 673804 |
|  |  | 13795827 |
| **Interactive Media & Services—1.7%** | **Interactive Media & Services—1.7%** | **Interactive Media & Services—1.7%** |
|  Alphabet, Inc. - Class A (a)(b) | 102062 | 9004930 |
|  Alphabet, Inc. - Class C (a) | 71748 | 6366200 |
|  Match Group, Inc. (a) | 1739 | 72151 |
|  Meta Platforms, Inc. - Class A (a) | 19384 | 2332671 |
|  Pinterest, Inc. - Class A (a) | 3582 | 86971 |
|  Snap, Inc. - Class A (a)(b) | 7369 | 65953 |
|  ZoomInfo Technologies, Inc.-Class A (a) | 8666 | 260933 |
|  |  | 18189809 |
| **Internet & Direct Marketing Retail—1.0%** | **Internet & Direct Marketing Retail—1.0%** | **Internet & Direct Marketing Retail—1.0%** |
|  Amazon.com, Inc. (a) | 106484 | 8944656 |
|  Delivery Hero SE (a) | 1180 | 56531 |
|  eBay, Inc. | 10877 | 451069 |
|  Etsy, Inc. (a)(b) | 837 | 100256 |
|  Just Eat Takeaway.com NV (a) | 3704 | 78874 |
|  MercadoLibre, Inc. (a)(b) | 365 | 308878 |
|  Prosus NV (a) | 4916 | 337510 |
|  |  | 10277774 |
| **IT Services—2.3%** | **IT Services—2.3%** | **IT Services—2.3%** |
|  Accenture plc - Class A (b) | 10209 | 2724170 |
|  Amadeus IT Group S.A. (a) | 3798 | 195863 |
|  Amdocs, Ltd. | 9127 | 829644 |
|  Automatic Data Processing, Inc. (b) | 6247 | 1492158 |
|  Block, Inc. (a) | 2283 | 143464 |
|  Cloudflare, Inc. - Class A (a)(b) | 5206 | 235363 |
|  Cognizant Technology Solutions Corp. - Class A | 2851 | 163049 |
|  Edenred | 10117 | 550508 |
|  EPAM Systems, Inc. (a)(b) | 461 | 151088 |
|  EVERTEC, Inc. | 3039 | 98403 |
|  Fidelity National Information Services, Inc. | 2962 | 200972 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **IT Services—(Continued)** | **IT Services—(Continued)** | **IT Services—(Continued)** |
|  Fiserv, Inc. (a) | 2988 | $301997 |
|  Fujitsu, Ltd. | 1400 | 185399 |
|  Gartner, Inc. (a) | 4139 | 1391284 |
|  Global Payments, Inc. | 1839 | 182650 |
|  Infosys, Ltd. (ADR) | 7211 | 129870 |
|  International Business Machines Corp. (b) | 4053 | 571027 |
|  Itochu Techno-Solutions Corp. | 4600 | 107739 |
|  Jack Henry & Associates, Inc. | 1482 | 260180 |
|  MasterCard, Inc. - Class A (b) | 12906 | 4487803 |
|  MongoDB, Inc. (a) | 573 | 112789 |
|  Nuvei Corp. (a) | 2914 | 74055 |
|  Obic Co., Ltd. | 1000 | 147841 |
|  Okta, Inc. (a)(b) | 1369 | 93544 |
|  Paychex, Inc. | 5729 | 662043 |
|  PayPal Holdings, Inc. (a) | 9982 | 710918 |
|  Shift4 Payments, Inc. - Class A (a)(b) | 2208 | 123493 |
|  Shopify, Inc. - Class A (a) | 4634 | 160890 |
|  Snowflake, Inc. - Class A (a) | 1450 | 208133 |
|  SS&C Technologies Holdings, Inc. | 4036 | 210114 |
|  Twilio, Inc. - Class A (a)(b) | 1445 | 70747 |
|  VeriSign, Inc. (a) | 1535 | 315350 |
|  Visa, Inc. - Class A (b) | 32598 | 6772561 |
|  Wise plc - Class A (a) | 8665 | 58612 |
|  |  | 24123721 |
| **Leisure Products—0.0%** |  |  |
|  Shimano, Inc. | 1500 | 238992 |
| **Life Sciences Tools & Services—0.8%** |  |  |
|  Agilent Technologies, Inc. (b) | 3456 | 517190 |
|  Bachem Holding AG - Class B (b) | 1015 | 88526 |
|  Bio-Techne Corp. | 1784 | 147858 |
|  Danaher Corp. | 11877 | 3152393 |
|  Illumina, Inc. (a) | 907 | 183395 |
|  IQVIA Holdings, Inc. (a) | 995 | 203866 |
|  Lonza Group AG | 400 | 196871 |
|  Mettler-Toledo International, Inc. (a) | 309 | 446644 |
|  Sartorius Stedim Biotech | 231 | 75259 |
|  Thermo Fisher Scientific, Inc. (b) | 5268 | 2901035 |
|  Waters Corp. (a) | 1983 | 679336 |
|  |  | 8592373 |
| **Machinery—1.0%** |  |  |
|  AGCO Corp. | 591 | 81966 |
|  Allison Transmission Holdings, Inc. | 3390 | 141024 |
|  Atlas Copco AB - A Shares | 44099 | 522104 |
|  Caterpillar, Inc. | 8611 | 2062851 |
|  Daimler Truck Holding AG (a) | 3749 | 116156 |
|  Deere & Co. (b) | 5120 | 2195251 |
|  Epiroc AB - A Shares | 4587 | 83825 |
|  FANUC Corp. | 1200 | 179090 |
|  Graco, Inc. | 1800 | 121068 |
|  IDEX Corp. | 552 | 126038 |
|  Illinois Tool Works, Inc. (b) | 4270 | 940681 |
|  Komatsu, Ltd. | 12400 | 269020 |
|  Lincoln Electric Holdings, Inc. | 673 | 97242 |
| **Machinery—(Continued)** |  |  |
|  NGK Insulators, Ltd. | 6400 | 81623 |
|  Otis Worldwide Corp. | 6609 | 517551 |
|  Parker-Hannifin Corp. | 4856 | 1413096 |
|  SMC Corp. | 600 | 253938 |
|  Snap-on, Inc. | 2717 | 620807 |
|  Sumitomo Heavy Industries, Ltd. | 3100 | 61840 |
|  Techtronic Industries Co., Ltd. | 13500 | 150323 |
|  Toro Co. (The) | 890 | 100748 |
|  Volvo AB - B Shares | 16501 | 298778 |
|  |  | 10435020 |
| **Marine—0.0%** |  |  |
|  AP Moller - Maersk A/S - Class B | 50 | 112303 |
|  Mitsui OSK Lines, Ltd. | 2000 | 50121 |
|  Nippon Yusen KK (b) | 7100 | 168201 |
|  |  | 330625 |
| **Media—0.3%** |  |  |
|  Charter Communications, Inc. - Class A (a)(b) | 476 | 161412 |
|  Comcast Corp. - Class A | 48070 | 1681008 |
|  Fox Corp. - Class A (b) | 9962 | 302546 |
|  Liberty Broadband Corp. - Class C (a) | 2515 | 191819 |
|  Nexstar Media Group, Inc. - Class A | 1448 | 253443 |
|  Omnicom Group, Inc. | 7777 | 634370 |
|  Trade Desk, Inc. (The) - Class A (a) | 7812 | 350212 |
|  |  | 3574810 |
| **Metals & Mining—1.0%** |  |  |
|  Agnico Eagle Mines, Ltd. (b) | 3210 | 166806 |
|  Allkem Ltd. (a) | 33245 | 252557 |
|  AMG Advanced Metallurgical Group NV | 2304 | 84322 |
|  Anglo American plc | 16838 | 658579 |
|  ATI, Inc. (a) | 4938 | 147449 |
|  B2Gold Corp. | 16096 | 57180 |
|  Barrick Gold Corp. | 12277 | 210450 |
|  BHP Group, Ltd. | 56182 | 1739463 |
|  BHP Group, Ltd. (London-Traded Shares) - Class DI | 7783 | 239980 |
|  Boliden AB | 6654 | 250221 |
|  Dowa Holdings Co., Ltd. | 1300 | 40759 |
|  Eramet S.A. | 785 | 70305 |
|  Fortescue Metals Group, Ltd. | 21623 | 301453 |
|  Franco-Nevada Corp. | 1610 | 219467 |
|  Freeport-McMoRan, Inc. (b) | 37735 | 1433930 |
|  Glencore plc | 67447 | 451003 |
|  IGO, Ltd. | 11681 | 106161 |
|  Iluka Resources, Ltd. | 10394 | 66952 |
|  Impala Platinum Holdings, Ltd. | 7060 | 88270 |
|  Lynas Rare Earths, Ltd. (a) | 7149 | 37917 |
|  Mineral Resources, Ltd. | 4927 | 259179 |
|  Newmont Corp. | 3557 | 167890 |
|  Nucor Corp. | 1854 | 244376 |
|  Pilbara Minerals, Ltd. (a) | 42893 | 109300 |
|  Rio Tinto plc | 18010 | 1263693 |
|  Rio Tinto, Ltd. | 6618 | 521566 |
|  Steel Dynamics, Inc. (b) | 13005 | 1270588 |
|  |  | 10459816 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Multi-Utilities—0.2%** | | |
|  Centrica plc | 264681 | $308230 |
|  Dominion Energy, Inc. | 6095 | 373745 |
|  E.ON SE | 17416 | 173819 |
|  Engie S.A. | 35372 | 506670 |
|  National Grid plc | 24644 | 296008 |
|  Sempra Energy | 2819 | 435648 |
|  WEC Energy Group, Inc. | 4081 | 382635 |
|  |  | 2476755 |
| **Multiline Retail—0.4%** |  |  |
|  Dollar General Corp. | 8711 | 2145084 |
|  Dollar Tree, Inc. (a)(b) | 1488 | 210463 |
|  Dollarama, Inc. | 12936 | 756574 |
|  Target Corp. (b) | 2946 | 439072 |
|  Wesfarmers, Ltd. | 12002 | 374772 |
|  |  | 3925965 |
| **Oil, Gas & Consumable Fuels —2.7%** |  |  |
|  Advantage Energy, Ltd. (a) | 11814 | 82628 |
|  Aker BP ASA | 5756 | 179421 |
|  ARC Resources, Ltd. | 11039 | 148790 |
|  BP plc (b) | 233386 | 1357194 |
|  Canadian Natural Resources, Ltd. (b) | 18542 | 1029670 |
|  Chevron Corp. (b) | 13338 | 2394038 |
|  ConocoPhillips | 41981 | 4953758 |
|  Coterra Energy, Inc. (b) | 84915 | 2086362 |
|  Devon Energy Corp. | 810 | 49823 |
|  Enbridge, Inc. (b) | 13201 | 515951 |
|  Eni S.p.A. | 37033 | 528988 |
|  EOG Resources, Inc. (b) | 7024 | 909749 |
|  EQT Corp. (b) | 1792 | 60623 |
|  Equinor ASA | 27298 | 979135 |
|  Exxon Mobil Corp. (b) | 30036 | 3312971 |
|  Hess Corp. | 3870 | 548843 |
|  Inpex Corp. (b) | 60300 | 643436 |
|  Keyera Corp. (b) | 10427 | 227869 |
|  Kinder Morgan, Inc. (b) | 23902 | 432148 |
|  Marathon Petroleum Corp. | 4344 | 505598 |
|  Neste Oyj | 2990 | 138102 |
|  OMV AG | 2974 | 153566 |
|  Ovintiv, Inc. | 2750 | 139453 |
|  Phillips 66 | 2674 | 278310 |
|  Pioneer Natural Resources Co. | 742 | 169465 |
|  Repsol S.A. | 27754 | 442435 |
|  Shell plc | 76774 | 2181742 |
|  Shell plc (Euro-Listed Shares) | 12525 | 356349 |
|  Suncor Energy, Inc. | 21485 | 681522 |
|  TC Energy Corp. | 8559 | 341222 |
|  TotalEnergies SE | 26288 | 1640770 |
|  Valero Energy Corp. (b) | 2436 | 309031 |
|  Vermilion Energy, Inc. | 2435 | 43107 |
|  Woodside Energy Group, Ltd. | 27575 | 667180 |
|  |  | 28489249 |
| **Paper & Forest Products —0.0%** |  |  |
|  UPM-Kymmene Oyj | 8491 | 318293 |
| **Personal Products —0.4%** |  |  |
|  Estee Lauder Cos., Inc. (The) - Class A (b) | 3761 | 933142 |
|  Haleon plc (a) | 28969 | 115873 |
|  Kao Corp. (b) | 5400 | 216165 |
|  L'Oreal S.A. | 3167 | 1136138 |
|  Rohto Pharmaceutical Co., Ltd. | 6000 | 106423 |
|  Shiseido Co., Ltd. | 4000 | 197122 |
|  Unilever plc | 22450 | 1132580 |
|  |  | 3837443 |
| **Pharmaceuticals —4.2%** |  |  |
|  Astellas Pharma, Inc. | 76500 | 1160588 |
|  AstraZeneca plc | 17827 | 2419398 |
|  Bayer AG | 4513 | 233017 |
|  Bristol-Myers Squibb Co. | 61093 | 4395641 |
|  Chugai Pharmaceutical Co., Ltd. (b) | 5400 | 137215 |
|  Daiichi Sankyo Co., Ltd. | 8400 | 269199 |
|  Eisai Co., Ltd. | 2100 | 137548 |
|  Eli Lilly and Co. | 16870 | 6171721 |
|  GSK plc | 49129 | 854344 |
|  Jazz Pharmaceuticals plc (a) | 897 | 142901 |
|  Johnson & Johnson | 45993 | 8124663 |
|  Merck & Co., Inc. | 54799 | 6079949 |
|  Novartis AG | 22821 | 2067156 |
|  Novo Nordisk A/S - Class B | 18223 | 2467393 |
|  Ono Pharmaceutical Co., Ltd. | 25500 | 596514 |
|  Pfizer, Inc. | 77420 | 3967001 |
|  Recordati Industria Chimica e Farmaceutica S.p.A. | 2769 | 115100 |
|  Roche Holding AG | 7363 | 2313910 |
|  Sanofi | 18055 | 1747013 |
|  Takeda Pharmaceutical Co., Ltd. | 11400 | 356069 |
|  Viatris, Inc. | 10100 | 112413 |
|  Zoetis, Inc. | 3205 | 469693 |
|  |  | 44338446 |
| **Professional Services —0.3%** |  |  |
|  CoStar Group, Inc. (a)(b) | 2699 | 208578 |
|  Experian plc | 5023 | 171001 |
|  Recruit Holdings Co., Ltd. | 7200 | 228988 |
|  RELX plc | 44675 | 1237756 |
|  TechnoPro Holdings, Inc. | 2700 | 71382 |
|  Verisk Analytics, Inc. | 1191 | 210116 |
|  Visional, Inc. (a) | 600 | 39840 |
|  Wolters Kluwer NV | 5785 | 604296 |
|  |  | 2771957 |
| **Real Estate Management & Development —0.1%** |  |  |
|  CK Asset Holdings, Ltd. | 52500 | 323232 |
|  Mitsui Fudosan Co., Ltd. | 12500 | 228362 |
|  Sagax AB - Class B | 6665 | 151799 |
|  Vonovia SE | 4443 | 104710 |
|  |  | 808103 |
| **Road & Rail—0.6%** |  |  |
|  Canadian National Railway Co. | 8716 | 1035363 |
|  Canadian Pacific Railway, Ltd. (b) | 8422 | 627918 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Road & Rail —(Continued)** | | |
|  CSX Corp. | 20490 | $634780 |
|  GMexico Transportes S.A.B. de C.V. | 30000 | 58348 |
|  Norfolk Southern Corp. | 1545 | 380719 |
|  Odakyu Electric Railway Co., Ltd. | 10600 | 138159 |
|  Old Dominion Freight Line, Inc. (b) | 388 | 110107 |
|  RXO, Inc. (a) | 9188 | 158034 |
|  TFI International, Inc. (b) | 1190 | 119185 |
|  Uber Technologies, Inc. (a) | 8039 | 198804 |
|  Union Pacific Corp. | 13876 | 2873303 |
|  XPO, Inc. (a)(b) | 9188 | 305868 |
|  |  | 6640588 |
| **Semiconductors & Semiconductor Equipment—2.6%** |  |  |
|  Advanced Micro Devices, Inc. (a) | 34675 | 2245900 |
|  Analog Devices, Inc. | 5207 | 854104 |
|  Applied Materials, Inc. | 8861 | 862884 |
|  ASML Holding NV | 3370 | 1824191 |
|  Axcelis Technologies, Inc. (a) | 829 | 65789 |
|  BE Semiconductor Industries NV | 1324 | 80430 |
|  Broadcom, Inc. (b) | 4253 | 2377980 |
|  Enphase Energy, Inc. (a) | 5944 | 1574922 |
|  First Solar, Inc. (a) | 14796 | 2216293 |
|  Infineon Technologies AG | 5980 | 182137 |
|  Intel Corp. | 16972 | 448570 |
|  KLA Corp. (b) | 1592 | 600232 |
|  Lam Research Corp. | 4211 | 1769883 |
|  Lasertec Corp. | 600 | 99661 |
|  Marvell Technology, Inc. | 7785 | 288356 |
|  Microchip Technology, Inc. | 6254 | 439344 |
|  Micron Technology, Inc. (b) | 7908 | 395242 |
|  NVIDIA Corp. | 27216 | 3977346 |
|  NXP Semiconductors NV | 1973 | 311793 |
|  QUALCOMM, Inc. | 11146 | 1225391 |
|  Renesas Electronics Corp. (a) | 8500 | 76819 |
|  Soitec (a) | 225 | 37073 |
|  SolarEdge Technologies, Inc. (a) | 964 | 273072 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 4240 | 315838 |
|  Texas Instruments, Inc. (b) | 28245 | 4666639 |
|  Tokyo Electron, Ltd. | 1300 | 386183 |
|  Tokyo Seimitsu Co., Ltd. | 1700 | 55232 |
|  |  | 27651304 |
| **Software—4.0%** |  |  |
|  Adobe, Inc. (a) | 7202 | 2423689 |
|  Autodesk, Inc. (a) | 1170 | 218638 |
|  Bill.com Holdings, Inc. (a)(b) | 685 | 74638 |
|  Cadence Design Systems, Inc. (a) | 8722 | 1401102 |
|  Check Point Software Technologies, Ltd. (a) | 3975 | 501486 |
|  Constellation Software, Inc. | 361 | 563619 |
|  Crowdstrike Holdings, Inc. - Class A (a) | 9216 | 970353 |
|  Datadog, Inc. - Class A (a)(b) | 6847 | 503254 |
|  DocuSign, Inc. (a)(b) | 1737 | 96264 |
|  DoubleVerify Holdings, Inc. (a) | 2771 | 60851 |
|  Dropbox, Inc. - Class A (a) | 10191 | 228075 |
|  Dynatrace, Inc. (a) | 7160 | 274228 |
|  Fortinet, Inc. (a)(b) | 14375 | 702794 |
| **Software—(Continued)** |  |  |
|  Gen Digital Inc | 10950 | 234658 |
|  HubSpot, Inc. (a) | 836 | 241713 |
|  Intuit, Inc. | 6053 | 2355949 |
|  Microsoft Corp. | 92914 | 22282635 |
|  Nice, Ltd. (ADR) (a) | 747 | 143648 |
|  Oracle Corp. | 32290 | 2639385 |
|  Oracle Corp. Japan | 1500 | 97596 |
|  Palantir Technologies, Inc. - Class A (a)(b) | 10555 | 67763 |
|  Palo Alto Networks, Inc. (a)(b) | 5041 | 703421 |
|  Paycom Software, Inc. (a) | 812 | 251972 |
|  Paylocity Holding Corp. (a) | 1009 | 196008 |
|  Progress Software Corp. (b) | 1383 | 69772 |
|  Qualys, Inc. (a) | 1298 | 145674 |
|  RingCentral, Inc. - Class A (a) | 1936 | 68534 |
|  Roper Technologies, Inc. | 1321 | 570791 |
|  Salesforce, Inc. (a) | 10423 | 1381986 |
|  SAP SE | 4433 | 457483 |
|  ServiceNow, Inc. (a) | 2230 | 865842 |
|  Splunk, Inc. (a)(b) | 1455 | 125261 |
|  Synopsys, Inc. (a) | 1199 | 382829 |
|  Tenable Holdings, Inc. (a) | 5114 | 195099 |
|  VMware, Inc. - Class A (a) | 1385 | 170023 |
|  WiseTech Global, Ltd. | 3381 | 116590 |
|  Workday, Inc. - Class A (a) | 2509 | 419831 |
|  Zoom Video Communications, Inc. - Class A (a)(b) | 1311 | 88807 |
|  Zscaler, Inc. (a)(b) | 2983 | 333798 |
|  |  | 42626059 |
| **Specialty Retail—1.0%** |  |  |
|  AutoZone, Inc. (a) | 293 | 722591 |
|  Fast Retailing Co., Ltd. | 400 | 242402 |
|  H & M Hennes & Mauritz AB - B Shares | 6358 | 68632 |
|  Home Depot, Inc. (The) | 13255 | 4186724 |
|  Industria de Diseno Textil S.A. | 19473 | 518530 |
|  Lowe's Cos., Inc. (b) | 3080 | 613659 |
|  O'Reilly Automotive, Inc. (a)(b) | 2771 | 2338807 |
|  Ross Stores, Inc. | 2370 | 275086 |
|  TJX Cos., Inc. (The) | 5654 | 450058 |
|  Tractor Supply Co. (b) | 5340 | 1201340 |
|  USS Co., Ltd. | 6300 | 99840 |
|  |  | 10717669 |
| **Technology Hardware, Storage & Peripherals—2.1%** |  |  |
|  Apple, Inc. (b) | 162673 | 21136103 |
|  HP, Inc. (b) | 14365 | 385988 |
|  NetApp, Inc. | 4106 | 246606 |
|  Pure Storage, Inc. - Class A (a) | 5017 | 134255 |
|  |  | 21902952 |
| **Textiles, Apparel & Luxury Goods—0.8%** |  |  |
|  Adidas AG | 847 | 115624 |
|  Burberry Group plc | 9561 | 233623 |
|  Cie Financiere Richemont S.A. - Class A | 3294 | 426262 |
|  Crocs, Inc. (a) | 1976 | 214258 |
|  Deckers Outdoor Corp. (a) | 2331 | 930442 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Textiles, Apparel & Luxury Goods—(Continued)** | | |
|  Hermes International | 404 | $623429 |
|  Kering S.A. | 436 | 223137 |
|  Lululemon Athletica, Inc. (a) | 2498 | 800309 |
|  LVMH Moet Hennessy Louis Vuitton SE | 2755 | 2001356 |
|  Moncler S.p.A. | 10213 | 543645 |
|  NIKE, Inc. - Class B | 17888 | 2093075 |
|  VF Corp. (b) | 3386 | 93487 |
|  |  | 8298647 |
| **Thrifts & Mortgage Finance—0.0%** |  |  |
|  Essent Group, Ltd. (b) | 2574 | 100077 |
|  MGIC Investment Corp. | 7230 | 93990 |
|  NMI Holdings, Inc. - Class A (a) | 2170 | 45353 |
|  Radian Group, Inc. | 7200 | 137304 |
|  |  | 376724 |
| **Tobacco—0.2%** |  |  |
|  Altria Group, Inc. (b) | 8644 | 395117 |
|  British American Tobacco plc | 10695 | 424321 |
|  Imperial Brands plc | 8097 | 202300 |
|  Philip Morris International, Inc. | 6608 | 668796 |
|  |  | 1690534 |
| **Trading Companies & Distributors—0.6%** |  |  |
|  Ashtead Group plc | 3154 | 180178 |
|  Boise Cascade Co. (b) | 1519 | 104310 |
|  Brenntag SE | 3550 | 226972 |
|  Bunzl plc | 9025 | 301230 |
|  Fastenal Co. | 10897 | 515646 |
|  Ferguson plc | 2063 | 260646 |
|  ITOCHU Corp. | 7400 | 231375 |
|  Marubeni Corp. | 23200 | 265125 |
|  Mitsui & Co., Ltd. | 25300 | 735655 |
|  MonotaRO Co., Ltd. | 11400 | 161207 |
|  Rexel S.A. (a) | 5416 | 107329 |
|  Sumitomo Corp. | 31000 | 514046 |
|  Toromont Industries, Ltd. | 5393 | 389180 |
|  Toyota Tsusho Corp. | 3700 | 135632 |
|  Triton International, Ltd. (b) | 882 | 60664 |
|  United Rentals, Inc. (a) | 791 | 281137 |
|  Watsco, Inc. (b) | 1187 | 296038 |
|  WESCO International, Inc. (a) | 1597 | 199944 |
|  WW Grainger, Inc. (b) | 1616 | 898900 |
|  |  | 5865214 |
| **Transportation Infrastructure—0.0%** |  |  |
|  Grupo Aeroportuario del Pacifico S.A.B. de C.V. (ADR) | 604 | 86861 |
| **Water Utilities—0.1%** |  |  |
|  American Water Works Co., Inc. (b) | 4098 | 624617 |
| **Wireless Telecommunication Services—0.2%** |  |  |
|  KDDI Corp. | 44300 | 1338929 |
|  SoftBank Group Corp. | 7100 | 300671 |
| **Wireless Telecommunication Services—(Continued)** |  |  |
|  T-Mobile U.S., Inc. (a) | 2923 | 409220 |
|  Vodafone Group plc | 127292 | 129032 |
|  |  | 2177852 |
|  Total Common Stocks<br>(Cost $525,656,069) |  | 547371946 |
| **Corporate Bonds & Notes—33.7%** |  |  |
| **Agriculture—0.3%** |  |  |
|  Altria Group, Inc.<br>5.800%, 02/14/39 (b) | 1171000 | 1079741 |
|  BAT Capital Corp.<br>4.390%, 08/15/37 (b) | 1303000 | 1013084 |
|  Bunge, Ltd. Finance Corp.<br>2.750%, 05/14/31 (b) | 1865000 | 1530646 |
|  |  | 3623471 |
| **Auto Manufacturers—0.2%** |  |  |
|  Ford Motor Credit Co. LLC<br>2.700%, 08/10/26 (b) | 3043000 | 2642541 |
| **Auto Parts & Equipment—0.0%** |  |  |
|  Aptiv plc<br>3.250%, 03/01/32 (b) | 609000 | 498137 |
| **Banks—10.4%** |  |  |
|  Banco Santander S.A.<br>2.749%, 12/03/30 | 2200000 | 1684982 |
|  Bank of America Corp.<br>2.884%, 3M LIBOR + 1.190%, 10/22/30 (c) | 10136000 | 8479525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5Y H15 + 2.760%, 01/27/27 (c) | 10359000 | 8773356 |
|  Bank of Ireland Group plc<br>2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (c) | 5646000 | 4764140 |
|  Barclays plc<br>5.501%, 1Y H15 + 2.650%, 08/09/28 (b)(c) | 2026000 | 1962256 |
|  BPCE S.A.<br>2.277%, SOFR + 1.312%, 01/20/32 (144A) (c) | 2741000 | 2049163 |
|  Citigroup, Inc.<br>2.572%, SOFR + 2.107%, 06/03/31 (c) | 3567000 | 2884955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%, SOFR + 1.146%, 01/29/31 (b)(c) | 5457000 | 4475740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.270%, SOFR + 2.338%, 11/17/33 (b)(c) | 1813000 | 1870367 |
|  Cooperatieve Rabobank UA<br>4.655%, 1Y H15 + 1.750%, 08/22/28 (144A) (c) | 2318000 | 2224771 |
|  Credit Suisse Group AG<br>1.305%, SOFR + 0.980%, 02/02/27 (144A) (c) | 1000000 | 798683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.593%, SOFR + 1.560%, 09/11/25 (144A) (c) | 2281000 | 2016542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%, SOFR + 1.730%, 05/14/32 (144A) (c) | 2800000 | 1934650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/17/26 (b) | 545000 | 480675 |
|  Deutsche Bank AG<br>2.311%, SOFR + 1.219%, 11/16/27 (c) | 2642000 | 2240105 |
|  Discover Bank<br>3.450%, 07/27/26 | 1023000 | 941961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/13/26 (b) | 945000 | 898664 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Banks—(Continued)** | | |
|  JPMorgan Chase & Co.<br>1.953%, SOFR + 1.065%, 02/04/32 (c) | 5587000 | $4273631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 5Y H15 + 2.850%, 06/01/26 (b)(c) | 3695000 | 3163844 |
|  M&T Bank Corp.<br>5.125%, 3M LIBOR + 3.520%, 11/01/26 (b)(c) | 1654000 | 1421486 |
|  Manufacturers & Traders Trust Co.<br>3.400%, 08/17/27 (b) | 4596000 | 4181222 |
|  Morgan Stanley<br>1.928%, SOFR + 1.020%, 04/28/32 (c) | 1219000 | 919768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%, SOFR + 1.200%, 10/20/32 (b)(c) | 1761000 | 1378090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%, SOFR + 1.143%, 01/22/31 (b)(c) | 4389000 | 3626836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.889%, SOFR + 2.076%, 07/20/33 (b)(c) | 2795000 | 2625962 |
|  NatWest Group plc<br>3.073%, 1Y H15 + 2.550%, 05/22/28 (b)(c) | 2333000 | 2084884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 04/05/26 (b) | 1708000 | 1670306 |
|  PNC Financial Services Group, Inc. (The)<br>6.200%, 5Y H15 + 3.238%, 09/15/27 (b)(c) | 4387000 | 4287196 |
|  Santander Holdings USA, Inc.<br>3.500%, 06/07/24 (b) | 1742000 | 1692384 |
|  Societe Generale S.A.<br>1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (b)(c) | 1538000 | 1323311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.797%, 1Y H15 + 1.300%, 01/19/28 (144A) (b)(c) | 1449000 | 1267740 |
|  Truist Financial Corp.<br>4.800%, 5Y H15 + 3.003%, 09/01/24 (b)(c) | 10078000 | 9072744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.916%, SOFR + 2.240%, 07/28/33 (b)(c) | 1543000 | 1447322 |
|  UBS Group AG<br>3.126%, 3M LIBOR + 1.468%, 08/13/30 (144A) (b)(c) | 1378000 | 1168173 |
|  UniCredit S.p.A.<br>1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (c) | 2487000 | 2120212 |
|  Wells Fargo & Co.<br>3.196%, 3M LIBOR + 1.170%, 06/17/27 (b)(c) | 4295000 | 3983966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, SOFR + 1.500%, 03/02/33 (b)(c) | 2483000 | 2091674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5Y H15 + 3.453%, 03/15/26 (b)(c) | 7368000 | 6448953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%, SOFR + 2.100%, 07/25/33 (b)(c) | 1722000 | 1635096 |
|  |  | 110365335 |
| **Beverages—0.9%** |  |  |
|  Anheuser-Busch InBev Worldwide, Inc.<br>4.439%, 10/06/48 (b) | 9294000 | 7937327 |
|  JDE Peet's NV<br>2.250%, 09/24/31 (144A) (b) | 1519000 | 1148218 |
|  |  | 9085545 |
| **Building Materials—0.0%** |  |  |
|  Masco Corp.<br>1.500%, 02/15/28 (b) | 500000 | 413947 |
| **Chemicals—0.1%** |  |  |
|  Westlake Corp.<br>3.375%, 06/15/30 (b) | 1131000 | 967799 |
| **Commercial Services—0.4%** |  |  |
|  Quanta Services, Inc.<br>2.900%, 10/01/30 (b) | 2358000 | 1938797 |
|  S&P Global, Inc.<br>2.500%, 12/01/29 (b) | 1098000 | 938677 |
| **Commercial Services—(Continued)** |  |  |
|  Transurban Finance Co. Pty, Ltd.<br>2.450%, 03/16/31 (144A) (b) | 1116000 | 877820 |
|  |  | 3755294 |
| **Cosmetics/Personal Care—0.5%** |  |  |
|  GSK Consumer Healthcare Capital U.S. LLC<br>3.375%, 03/24/27 | 5594000 | 5207767 |
| **Diversified Financial Services—0.5%** |  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>1.750%, 01/30/26 (b) | 1118000 | 983596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/28 | 3194000 | 2675854 |
|  Discover Financial Services<br>4.500%, 01/30/26 (b) | 659000 | 636994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 11/29/32 (b) | 602000 | 611919 |
|  |  | 4908363 |
| **Electric—1.8%** |  |  |
|  AES Corp. (The)<br>1.375%, 01/15/26 (b) | 928000 | 824054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 07/15/25 (144A) (b) | 2086000 | 1966891 |
|  Berkshire Hathaway Energy Co.<br>6.500%, 09/15/37 | 345000 | 364626 |
|  CenterPoint Energy Houston Electric LLC<br>2.900%, 07/01/50 | 2897000 | 1947808 |
|  Exelon Corp.<br>4.700%, 04/15/50 (b) | 2811000 | 2448571 |
|  NextEra Energy Capital Holdings, Inc.<br>2.440%, 01/15/32 (b) | 1243000 | 1002983 |
|  NRG Energy, Inc.<br>2.450%, 12/02/27 (144A) (b) | 2705000 | 2241241 |
|  Pacific Gas and Electric Co.<br>3.150%, 01/01/26 (b) | 1000000 | 929207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 08/01/40 (b) | 3059000 | 2071150 |
|  PG&E Energy Recovery Funding LLC<br>2.280%, 01/15/38 | 1624000 | 1224978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.822%, 07/15/48 (b) | 2151000 | 1499931 |
|  Sempra Energy<br>3.800%, 02/01/38 | 2000000 | 1640087 |
|  Southern California Edison Co.<br>4.200%, 03/01/29 (b) | 500000 | 475542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/15/40 | 335000 | 322401 |
|  |  | 18959470 |
| **Electronics—0.5%** |  |  |
|  Amphenol Corp.<br>2.800%, 02/15/30 (b) | 5764000 | 4919944 |
| **Entertainment—0.3%** |  |  |
|  Warnermedia Holdings, Inc.<br>5.050%, 03/15/42 (144A) (b) | 1938000 | 1482730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/52 (144A) | 1124000 | 817110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.391%, 03/15/62 (144A) (b) | 1468000 | 1071660 |
|  |  | 3371500 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Food—0.1%** | | |
|  Flowers Foods, Inc.<br>2.400%, 03/15/31 (b) | 1803000 | $1451271 |
| **Gas—0.1%** |  |  |
|  NiSource, Inc.<br>1.700%, 02/15/31 (b) | 1231000 | 938421 |
| **Hand/Machine Tools—0.2%** |  |  |
|  Stanley Black & Decker, Inc.<br>4.000%, 5Y H15 + 2.657%, 03/15/60 (b)(c) | 2255000 | 1919158 |
| **Healthcare-Services—0.5%** |  |  |
|  HCA, Inc.<br>2.375%, 07/15/31 | 3007000 | 2340734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/52 (144A) (b) | 1220000 | 949521 |
|  UnitedHealth Group, Inc.<br>4.200%, 05/15/32 (b) | 1000000 | 949265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/53 (b) | 1458000 | 1574297 |
|  |  | 5813817 |
| **Home Furnishings—0.1%** |  |  |
|  Whirlpool Corp.<br>4.500%, 06/01/46 (b) | 1605000 | 1236973 |
| **Insurance—0.9%** |  |  |
|  Corebridge Financial, Inc.<br>6.875%, 5Y H15 + 3.846%, 12/15/52 (144A) (b)(c) | 1196000 | 1105145 |
|  Hartford Financial Services Group, Inc. (The)<br>2.900%, 09/15/51 | 1285000 | 807722 |
|  High Street Funding Trust II<br>4.682%, 02/15/48 (144A) | 1250000 | 1005717 |
|  Prudential Financial, Inc.<br>4.500%, 3M LIBOR + 2.380%, 09/15/47 (b)(c) | 1870000 | 1685955 |
|  Prudential plc<br>3.625%, 03/24/32 (b) | 5280000 | 4606938 |
|  |  | 9211477 |
| **Internet—0.1%** |  |  |
|  Expedia Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 03/15/31 (b) | 411000 | 330498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/27 (b) | 652000 | 625498 |
|  |  | 955996 |
| **Iron/Steel—0.3%** |  |  |
|  Nucor Corp.<br>3.125%, 04/01/32 | 3902000 | 3307447 |
| **Lodging—0.4%** |  |  |
|  Las Vegas Sands Corp.<br>3.200%, 08/08/24 | 4495000 | 4248633 |
| **Machinery-Diversified—0.1%** |  |  |
|  Xylem, Inc.<br>2.250%, 01/30/31 (b) | 1835000 | 1488554 |
| **Media—1.1%** |  |  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital Corp.<br>3.700%, 04/01/51 | 6000000 | 3648406 |
|  Comcast Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/01/51 | 5246000 | 3369217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 04/01/30 (b) | 1176000 | 1072325 |
|  Discovery Communications LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/30 (b) | 1525000 | 1256736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/15/29 (b) | 2621000 | 2271267 |
|  |  | 11617951 |
| **Mining—0.2%** |  |  |
|  Barrick North America Finance LLC<br>5.750%, 05/01/43 (b) | 2247000 | 2269025 |
| **Oil & Gas—2.0%** |  |  |
|  BP Capital Markets plc<br>4.375%, 5Y H15 + 4.036%, 06/22/25 (b)(c) | 982000 | 937810 |
|  Canadian Natural Resources, Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 07/15/30 (b) | 2106000 | 1774522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 06/01/47 (b) | 2159000 | 1872820 |
|  Cenovus Energy, Inc.<br>2.650%, 01/15/32 (b) | 855000 | 682630 |
|  Continental Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/01/32 (144A) (b) | 2394000 | 1773208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/28 (b) | 1596000 | 1462351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/31 (144A) (b) | 507000 | 471946 |
|  Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 03/24/31 (b) | 2336000 | 1934351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/15/52 (b) | 1585000 | 1159698 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 04/01/28 | 833000 | 828524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/01/25 (b) | 4160000 | 4169776 |
|  Marathon Petroleum Corp.<br>4.500%, 04/01/48 | 2723000 | 2174557 |
|  Valero Energy Corp.<br>4.000%, 04/01/29 (b) | 1705000 | 1604401 |
|  |  | 20846594 |
| **Packaging & Containers—0.3%** |  |  |
|  Berry Global, Inc.<br>1.650%, 01/15/27 | 1986000 | 1698569 |
|  CCL Industries, Inc.<br>3.050%, 06/01/30 (144A) (b) | 1885000 | 1550677 |
|  |  | 3249246 |
| **Pharmaceuticals—0.8%** |  |  |
|  AbbVie, Inc.<br>4.250%, 11/21/49 (b) | 3705000 | 3074724 |
|  Becton Dickinson & Co.<br>2.823%, 05/20/30 (b) | 1581000 | 1356907 |
|  CVS Health Corp.<br>2.700%, 08/21/40 (b) | 5167000 | 3569724 |
|  |  | 8001355 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Pipelines—2.3%** | | | |
|  Cheniere Corpus Christi Holdings LLC<br>3.700%, 11/15/29 (b) | 8126000 | $| 7345263 |
|  Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 03/15/25 | 1531000 |  | 1482918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 03/15/27 (b) | 744000 |  | 706744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/15/28 (b) | 1098000 |  | 1053138 |
|  Kinder Morgan Energy Partners L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 03/15/35 (b) | 311000 |  | 303788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 01/15/38 | 1655000 |  | 1751017 |
|  MPLX L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/38 | 2817000 |  | 2372950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 03/14/52 (b) | 4864000 |  | 3973129 |
|  ONEOK, Inc.<br>4.350%, 03/15/29 (b) | 903000 |  | 834545 |
|  Plains All American Pipeline L.P. / PAA Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 12/15/29 | 1391000 |  | 1206089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 09/15/30 (b) | 1084000 |  | 942084 |
|  Targa Resources Corp.<br>4.200%, 02/01/33 (b) | 2537000 |  | 2182742 |
|  |  |  | 24154407 |
| **Real Estate Investment Trusts—3.9%** |  |  |  |
|  Alexandria Real Estate Equities, Inc.<br>1.875%, 02/01/33 (b) | 2419000 |  | 1798648 |
|  American Tower Corp.<br>2.100%, 06/15/30 (b) | 6606000 |  | 5228956 |
|  Boston Properties L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/30/31 (b) | 2182000 |  | 1803813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 06/21/29 (b) | 1000000 |  | 861209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/28 (b) | 2671000 |  | 2476118 |
|  Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 01/15/31 (b) | 6806000 |  | 5459990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 06/15/26 (b) | 1312000 |  | 1247496 |
|  Digital Realty Trust L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 07/01/29 (b) | 2306000 |  | 2059685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 08/15/27 (b) | 2492000 |  | 2312454 |
|  Equinix, Inc.<br>2.150%, 07/15/30 (b) | 6801000 |  | 5410462 |
|  Essex Portfolio L.P.<br>2.650%, 03/15/32 (b) | 3000000 |  | 2364151 |
|  Highwoods Realty L.P.<br>4.200%, 04/15/29 (b) | 1424000 |  | 1240897 |
|  Mid-America Apartments L.P.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/15/30 (b) | 2000000 |  | 1700620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 06/15/28 (b) | 360000 |  | 341322 |
|  Piedmont Operating Partnership L.P.<br>3.150%, 08/15/30 (b) | 1863000 |  | 1417048 |
|  Prologis L.P.<br>1.750%, 07/01/30 (b) | 2484000 |  | 1956442 |
|  Welltower, Inc.<br>2.050%, 01/15/29 | 4419000 |  | 3589066 |
|  |  |  | 41268377 |
| **Retail—0.3%** |  |  |  |
|  McDonald's Corp.<br>3.600%, 07/01/30 (b) | 1163000 |  | 1066653 |
| **Retail—(Continued)** |  |  |  |
|  Ross Stores, Inc.<br>1.875%, 04/15/31 (b) | 1390000 |  | 1090958 |
|  Tractor Supply Co.<br>1.750%, 11/01/30 | 1350000 |  | 1036589 |
|  |  |  | 3194200 |
| **Semiconductors—0.9%** |  |  |  |
|  Broadcom, Inc.<br>2.600%, 02/15/33 (144A) (b) | 3032000 |  | 2275811 |
|  NXP B.V. / NXP Funding LLC / NXP USA, Inc.<br>3.400%, 05/01/30 (b) | 1746000 |  | 1508796 |
|  QUALCOMM, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 05/20/32 (b) | 4150000 |  | 3196373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 05/20/33 (b) | 2285000 |  | 2378958 |
|  |  |  | 9359938 |
| **Software—0.4%** |  |  |  |
|  Oracle Corp.<br>3.600%, 04/01/50 | 1087000 |  | 731841 |
|  VMware, Inc.<br>2.200%, 08/15/31 (b) | 4864000 |  | 3691114 |
|  |  |  | 4422955 |
| **Telecommunications—2.8%** |  |  |  |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/41 (b) | 9197000 |  | 6858517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 03/01/39 (b) | 2000000 |  | 1789178 |
|  Rogers Communications, Inc.<br>4.550%, 03/15/52 (144A) (b) | 10591000 |  | 8211055 |
|  T-Mobile USA, Inc.<br>3.875%, 04/15/30 | 9601000 |  | 8696727 |
|  Telefonica Emisiones S.A.<br>5.213%, 03/08/47 | 1000000 |  | 802994 |
|  Verizon Communications, Inc.<br>3.550%, 03/22/51 (b) | 4033000 |  | 2872920 |
|  |  |  | 29231391 |
|  Total Corporate Bonds & Notes<br>(Cost $423,395,133) |  |  | 356906299 |
| **Mutual Funds—5.6%** | **Mutual Funds—5.6%** | **Mutual Funds—5.6%** | **Mutual Funds—5.6%** |
| **Investment Company Securities—5.6%** |  |  |  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF (b) | 453435 |  | 47805652 |
|  SPDR Bloomberg Emerging Markets Local Bond ETF | 537376 |  | 11048451 |
|  Total Mutual Funds<br>(Cost $56,606,693) |  |  | 58854103 |
| **Preferred Stocks—0.1%** | **Preferred Stocks—0.1%** | **Preferred Stocks—0.1%** | **Preferred Stocks—0.1%** |
| **Automobiles—0.0%** |  |  |  |
|  Volkswagen AG | 1878 |  | 234072 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Preferred Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** | **Value** |
| **Household Products—0.1%** | | | |
|  Henkel AG & Co. KGaA | 3846 | $| 267735 |
| **Life Sciences Tools & Services—0.0%** |  |  |  |
|  Sartorius AG | 441 |  | 174396 |
|  Total Preferred Stocks<br>(Cost $911,035) |  |  | 676203 |
| **Short-Term Investments—5.1%** | **Short-Term Investments—5.1%** | **Short-Term Investments—5.1%** | **Short-Term Investments—5.1%** |
| **Repurchase Agreement—4.5%** |  |  |  |
|  Fixed Income Clearing Corp.<br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $47,876,373; collateralized by U.S. Treasury Notes with rates ranging from 0.250% - 2.750%, maturity dates ranging from 02/15/24 - 03/15/24, and an aggregate market value of 48,824,251. | 47866800 |  | 47866800 |
| **U.S. Treasury—0.6%** |  |  |  |
|  U.S. Treasury Bill<br>3.684%, 03/09/23 (d) | 6501800 |  | 6451987 |
|  Total Short-Term Investments<br>(Cost $54,324,028) |  |  | 54318787 |
| **Securities Lending Reinvestments (e)—21.0%** | **Securities Lending Reinvestments (e)—21.0%** | **Securities Lending Reinvestments (e)—21.0%** | **Securities Lending Reinvestments (e)—21.0%** |
| **Certificates of Deposit—5.0%** | **Certificates of Deposit—5.0%** | **Certificates of Deposit—5.0%** | **Certificates of Deposit—5.0%** |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (c) | 4000000 |  | 4005403 |
|  Bank of Nova Scotia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (c) | 5000000 |  | 5000089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (c) | 5000000 |  | 5002101 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (c) | 4000000 |  | 4000284 |
|  Cooperatieve Rabobank UA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, SOFR + 0.370%, 03/20/23 (c) | 5000000 |  | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (c) | 5000000 |  | 5001045 |
|  Mitsubishi UFJ Trust and Banking Corp.<br>4.860%, SOFR + 0.560%, 02/14/23 (c) | 3000000 |  | 3000900 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (c) | 5000000 |  | 5001973 |
|  Nordea Bank Abp (NY)<br>4.850%, SOFR + 0.550%, 02/21/23 (c) | 2000000 |  | 2000670 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (c) | 3000000 |  | 2999952 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (c) | 4000000 |  | 4006072 |
|  Sumitomo Mitsui Banking Corp.<br>4.710%, SOFR + 0.410%, 03/06/23 (c) | 3000000 |  | 3000330 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (c) | 5000000 |  | 5000000 |
|  |  |  | 53018819 |
| **Commercial Paper—0.6%** | **Commercial Paper—0.6%** | **Commercial Paper—0.6%** | **Commercial Paper—0.6%** |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (c) | 6000000 |  | 6001620 |
| **Repurchase Agreements—13.0%** | **Repurchase Agreements—13.0%** | **Repurchase Agreements—13.0%** | **Repurchase Agreements—13.0%** |
|  Citigroup Global Markets, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $10,250,264; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $10,200,001. | 10000000 |  | 10000000 |
|  HSBC Bank plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $31,221,904; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $31,858,815. | 31206994 |  | 31206994 |
|  National Bank Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $20,009,600; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $20,477,385. | 20000000 |  | 20000000 |
|  National Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $20,016,800; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $20,447,564. | 20000000 |  | 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $15,012,979; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $16,332,428. | 15000000 |  | 15000000 |
|  Royal Bank of Canada Toronto |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $5,022,604; collateralized by various Common Stock with an aggregate market value of $5,556,273. | 5000000 |  | 5000000 |
|  Societe Generale |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,000,944; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $2,043,613. | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $2,000,976; collateralized by various Common Stock with an aggregate market value of $2,225,694. | 2000000 |  | 2000000 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (e)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/**<br> **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements —(Continued)** | **Repurchase Agreements —(Continued)** | **Repurchase Agreements —(Continued)** |
|  Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $13,667,744; collateralized by various Common Stock with an aggregate market value of $15,203,922. | 13661050 | $13661050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $3,402,922; collateralized by various Common Stock with an aggregate market value of $3,784,853. | 3400000 | 3400000 |
|  TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $15,207,431; collateralized by various Common Stock with an aggregate market value of $16,967,937. | 15200000 | 15200000 |
|  |  | 137468044 |
| **Mutual Funds—2.4%** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class<br>4.170% (f) | 2000000 | 2000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares<br>4.150% (f) | 5000000 | 5000000 |
|  HSBC U.S. Government Money Market Fund, Class I<br>4.130% (f) | 4000000 | 4000000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares<br>4.110% (f) | 10000000 | 10000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class<br>4.120% (f) | 5000000 | 5000000 |
|  |  | 26000000 |
|  Total Securities Lending Reinvestments<br>(Cost $222,468,044) |  | 222488483 |
|  Total Investments— 117.2%<br>(Cost $1,283,361,002) |  | 1240615821 |
|  Other assets and liabilities (net)—(17.2)% |  | (181877857) |
| **Net Assets—100.0%** |  | $1058737964 |

---

\* Principalamount stated in U.S. dollars unless otherwise noted.

(a) Non-incomeproducing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $240,661,710 and the collateral received consisted of cash in the amount of $222,468,044 and non-cash collateral with a value of $25,771,195. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities.

(c) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(d) The rate shown represents current yield to maturity.

(e) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(f) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $46,616,135, which is 4.4% of net assets.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy** | **Contracts to Buy** | **Counterparty** | **Settlement<br>Date** | **In Exchange<br>for** | **In Exchange<br>for** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| AUD | 15832000 | MSIP | 01/25/23 | USD | 10572405 | $215907 |
| CAD | 9882000 | JPMC | 01/26/23 | USD | 7397343 | (98161) |
| CHF | 6421000 | UBSA | 01/26/23 | USD | 6803745 | 156854 |
| CLP | 201568000 | MSIP | 01/19/23 | USD | 217176 | 20131 |
| CLP | 4055515000 | MSIP | 01/19/23 | USD | 4533835 | 240747 |
| CNH | 37374000 | UBSA | 01/19/23 | USD | 5369075 | 37731 |
| COP | 6336758000 | GSI | 01/19/23 | USD | 1249484 | 54056 |
| CZK | 83234000 | UBSA | 01/26/23 | USD | 3629371 | 48917 |
| DKK | 9189000 | MSIP | 01/26/23 | USD | 1285313 | 39646 |
| EUR | 22311103 | JPMC | 01/26/23 | USD | 23130500 | 787482 |
| GBP | 17544000 | UBSA | 01/26/23 | USD | 21307837 | (85779) |
| HUF | 1621043000 | UBSA | 01/26/23 | USD | 4213127 | 104746 |
| IDR | 57665420000 | GSI | 01/19/23 | USD | 3668984 | 34667 |
| ILS | 13463000 | UBSA | 01/26/23 | USD | 3921154 | (87808) |
| INR | 697591000 | GSI | 01/19/23 | USD | 8503060 | (77832) |
| JPY | 3413606344 | UBSA | 01/26/23 | USD | 24367220 | 1715012 |
| MXN | 79243000 | UBSA | 01/26/23 | USD | 3976202 | 74402 |
| NOK | 49627000 | UBSA | 01/26/23 | USD | 4936522 | 133553 |
| NZD | 7837000 | MSIP | 01/26/23 | USD | 4855186 | 122009 |
| PHP | 310901000 | GSI | 01/19/23 | USD | 5408385 | 167565 |
| PLN | 14740000 | UBSA | 01/26/23 | USD | 3314420 | 44029 |
| SEK | 101468000 | UBSA | 01/26/23 | USD | 9766371 | (30294) |
| THB | 296603000 | JPMC | 01/26/23 | USD | 8235916 | 346509 |
| TWD | 27025000 | UBSA | 01/19/23 | USD | 876254 | 4302 |
| ZAR | 62670000 | MSIP | 01/26/23 | USD | 3617155 | 64250 |
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | 7965000 | UBSA | 01/25/23 | USD | 5341743 | (85803) |
| BRL | 3280000 | MSIP | 02/02/23 | USD | 600612 | (17245) |
| CLP | 4302720000 | GSI | 01/19/23 | USD | 4517766 | (547852) |
| CNH | 38979000 | GSI | 01/19/23 | USD | 5455653 | (183345) |
| CNH | 110000 | JPMC | 01/19/23 | USD | 15436 | (478) |
| CZK | 87304000 | UBSA | 01/26/23 | USD | 3695911 | (162239) |
| EUR | 2812000 | UBSA | 01/26/23 | USD | 2983822 | (30703) |
| GBP | 2112100 | UBSA | 01/11/23 | USD | 2548804 | (5092) |
| GBP | 5295419 | MSIP | 01/26/23 | USD | 6313463 | (92128) |
| GBP | 2647710 | MSIP | 01/26/23 | USD | 3163066 | (39730) |
| GBP | 2647710 | UBSA | 01/26/23 | USD | 3158506 | (44290) |
| HUF | 1604350000 | MSIP | 01/26/23 | USD | 4034755 | (238653) |
| IDR | 68722740000 | MSIP | 01/19/23 | USD | 4414359 | 534 |
| ILS | 11794000 | UBSA | 01/26/23 | USD | 3418826 | 60698 |
| INR | 400094000 | MSIP | 01/19/23 | USD | 4829603 | (2573) |
| INR | 364627000 | MSIP | 01/19/23 | USD | 4451258 | 47437 |
| JPY | 1614625000 | UBSA | 01/26/23 | USD | 11844043 | (492770) |
| KRW | 6964767000 | GSI | 01/19/23 | USD | 5349283 | (160079) |
| KRW | 17449000 | GSI | 01/19/23 | USD | 13063 | (739) |
| KRW | 2510997000 | MSIP | 01/19/23 | USD | 1927977 | (58306) |
| MXN | 90741000 | JPMC | 01/26/23 | USD | 4617445 | (20894) |
| MYR | 89000 | GSI | 01/19/23 | USD | 19584 | (633) |
| NOK | 40036000 | UBSA | 01/26/23 | USD | 4031322 | (58901) |
| NZD | 8084000 | UBSA | 01/26/23 | USD | 5131998 | (2064) |
| PHP | 322864000 | MSIP | 01/19/23 | USD | 5822090 | 31586 |
| PLN | 15727000 | UBSA | 01/26/23 | USD | 3411719 | (171615) |
| SEK | 79970000 | MSIP | 01/26/23 | USD | 7562780 | (110516) |
| THB | 317077000 | MSIP | 01/26/23 | USD | 9123770 | (51085) |
| ZAR | 71431000 | UBSA | 01/26/23 | USD | 4103253 | (92797) |
| **Cross Currency Contracts to Buy** | **Cross Currency Contracts to Buy** | **Cross Currency Contracts to Buy** | **Cross Currency Contracts to Buy** |  |  |  |
| AUD | 15895000 | UBSA | 01/25/23 | GBP | 8734318 | 266071 |
| CAD | 493775 | UBSA | 01/25/23 | AUD | 553000 | (12111) |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $1756326 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Euro STOXX 50 Index Futures | 03/17/23 | 807 | EUR | 30544950 | $(1020461) |
|  FTSE 100 Index Futures | 03/17/23 | 223 | GBP | 16649180 | 3055 |
|  MSCI Emerging Markets Index Mini Futures | 03/17/23 | 111 | USD | 5324670 | (21505) |
|  Nikkei 225 Index Futures | 03/09/23 | 25 | JPY | 652000000 | (302042) |
|  S&P 500 Index E-Mini Futures | 03/17/23 | 45 | USD | 8687250 | (268739) |
|  S&P TSX 60 Index Futures | 03/16/23 | 64 | CAD | 14974720 | (399046) |
|  TOPIX Index Futures | 03/09/23 | 74 | JPY | 1399710000 | (270883) |
|  U.S. Treasury Long Bond Futures | 03/22/23 | 460 | USD | 57658125 | (647530) |
|  U.S. Treasury Note 2 Year Futures | 03/31/23 | 263 | USD | 53935547 | 106431 |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | 287 | USD | 30975820 | (11676) |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | 3 | USD | 402938 | (7341) |
| **Futures Contracts—Short** |  |  |  |  |  |
|  Euro STOXX 50 Index Futures | 03/17/23 | (1053) | EUR | (39856050) | 1643717 |
|  Euro-Schatz Futures | 03/08/23 | (55) | EUR | (5798100) | 65150 |
|  FTSE 100 Index Futures | 03/17/23 | (86) | GBP | (6420760) | 3209 |
|  NASDAQ 100 Index E-Mini Futures | 03/17/23 | (46) | USD | (10140470) | 552678 |
|  S&P 500 Index E-Mini Futures | 03/17/23 | (739) | USD | (142663950) | 3607331 |
|  SPI 200 Index Futures | 03/16/23 | (12) | AUD | (2097600) | 24900 |
|  TOPIX Index Futures | 03/09/23 | (136) | JPY | (2572440000) | 445166 |
|  U.S. Treasury Note 10 Year Futures | 03/22/23 | (2255) | USD | (253229453) | 1448416 |
|  U.S. Treasury Note 2 Year Futures | 03/31/23 | (157) | USD | (32197266) | 109378 |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | (126) | USD | (13599141) | 9507 |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $5069715 |

---

**Swap Agreements** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating Rate** | **Floating<br>Rate Index** | **Payment<br>Frequency** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
|  Pay | 12M SOFR | Annually | 3.525% | Annually | 01/24/33 | USD | 305000000 | $(816272) | $– $| (816272) |

---

(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Glossary of Abbreviations** 

Counterparties

------

---

| | |
|:---|:---|
| (GSI)— | GoldmanSachs International |
| (JPMC)— | JPMorganChase Bank N.A. |
| (MSIP)— | MorganStanley & Co. International plc |
| (UBSA)— | UBS AG |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

Currencies

------

---

| | |
|:---|:---|
| (AUD)— | AustralianDollar |
| (BRL)— | BrazilianReal |
| (CAD)— | CanadianDollar |
| (CHF)— | Swiss Franc |
| (CLP)— | ChileanPeso |
| (CNH)— | ChineseRenminbi |
| (COP)— | ColombianPeso |
| (CZK)— | Czech Koruna |
| (DKK)— | DanishKrone |
| (EUR)— | Euro  |
| (GBP)— | British Pound |
| (HUF)— | HungarianForint |
| (IDR)— | IndonesianRupiah |
| (ILS)— | Israeli Shekel |
| (INR)— | Indian Rupee |
| (JPY)— | JapaneseYen |
| (KRW)— | South Korean Won |
| (MXN)— | MexicanPeso |
| (MYR)— | MalaysianRinggit |
| (NOK)— | NorwegianKrone |
| (NZD)— | New Zealand Dollar |
| (PHP)— | PhilippinePeso |
| (PLN)— | Polish Zloty |
| (SEK)— | SwedishKrona |
| (THB)— | Thai Baht |
| (TWD)— | TaiwaneseDollar |
| (USD)— | United States Dollar |
| (ZAR)— | South African Rand |

---

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFFPRV)— | EffectiveFederal Funds Rate |
| (H15)— | U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index |
| (LIBOR)— | London Interbank Offered Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

Other Abbreviations

------

---

| | |
|:---|:---|
| (ADR)— | AmericanDepositary Receipt |
| (DAC)— | DesignatedActivity Company |
| (ETF)— | Exchange-TradedFund |
| (REIT)— | Real Estate Investment Trust |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $5150650 | $914334 | $— | $6064984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 1791622 | 399687 |  | 2191309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines | 697003 |  |  | 697003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 440135 | 204753 |  | 644888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 3097794 | 4496517 |  | 7594311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 22723731 | 11634459 |  | 34358190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 10685467 | 3531649 |  | 14217116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 9653082 | 693670 |  | 10346752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 2203555 | 1033510 |  | 3237065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 17072678 | 2816615 |  | 19889293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 9451859 | 2914707 |  | 12366566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 3804740 | 91273 |  | 3896013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 2355723 | 306786 |  | 2662509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering |  | 706078 |  | 706078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 1013712 | 455169 |  | 1468881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 2550666 |  |  | 2550666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 2323213 | 241346 |  | 2564559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 448890 |  |  | 448890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 2467184 | 115755 |  | 2582939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 4348521 | 2845560 |  | 7194081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 5420884 | 1961565 |  | 7382449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 4547366 | 1133464 |  | 5680830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 1494476 | 1337399 |  | 2831875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 1976416 |  |  | 1976416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 4754632 | 399551 |  | 5154183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts | 5025875 | 1075029 |  | 6100904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 4832207 | 999832 |  | 5832039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 5120852 | 3098475 |  | 8219327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities |  | 251156 |  | 251156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 8501997 | 1183139 |  | 9685136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 15759203 |  |  | 15759203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 206771 |  |  | 206771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 10022633 | 1767682 |  | 11790315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 1385187 | 776191 |  | 2161378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 6966174 | 1513716 |  | 8479890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers |  | 412887 |  | 412887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 3050360 | 1070735 |  | 4121095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 10106080 | 3689747 |  | 13795827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 18189809 |  |  | 18189809 |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | $9804859 | $472915 | $— | $10277774 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 22877759 | 1245962 |  | 24123721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products |  | 238992 |  | 238992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 8231717 | 360656 |  | 8592373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 8418323 | 2016697 |  | 10435020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine |  | 330625 |  | 330625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 3574810 |  |  | 3574810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 3918136 | 6541680 |  | 10459816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 1192028 | 1284727 |  | 2476755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 3551193 | 374772 |  | 3925965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 19220931 | 9268318 |  | 28489249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products |  | 318293 |  | 318293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 933142 | 2904301 |  | 3837443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 29463982 | 14874464 |  | 44338446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 418694 | 2353263 |  | 2771957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development |  | 808103 |  | 808103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 6502429 | 138159 |  | 6640588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 24909578 | 2741726 |  | 27651304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 41954390 | 671669 |  | 42626059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 9788265 | 929404 |  | 10717669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 21902952 |  |  | 21902952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 4131571 | 4167076 |  | 8298647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance | 376724 |  |  | 376724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 1063913 | 626621 |  | 1690534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 2745819 | 3119395 |  | 5865214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure | 86861 |  |  | 86861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 624617 |  |  | 624617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 409220 | 1768632 |  | 2177852 |
|  Total Common Stocks | 435743060 | 111628886 |  | 547371946 |
|  Total Corporate Bonds & Notes\* |  | 356906299 |  | 356906299 |
|  Total Mutual Funds\* | 58854103 |  |  | 58854103 |
|  Total Preferred Stocks\* |  | 676203 |  | 676203 |
|  Total Short-Term Investments\* |  | 54318787 |  | 54318787 |
|  Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 53018819 |  | 53018819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 6001620 |  | 6001620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 137468044 |  | 137468044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 26000000 |  |  | 26000000 |
|  Total Securities Lending Reinvestments | 26000000 | 196488483 |  | 222488483 |
|  Total Investments | $520597163 | $720018658 | $— | $1240615821 |
|  Collateral for Securities Loaned (Liability) | $— | $(222468044) | $— | $(222468044) |
|  Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts | Forward Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | $— | $4818841 | $— | $4818841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) |  | (3062515) |  | (3062515) |
|  Total Forward Contracts | $— | $1756326 | $— | $1756326 |
|  Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $8018938 | $— | $— | $8018938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (2949223) |  |  | (2949223) |
|  Total Futures Contracts | $5069715 | $— | $— | $5069715 |
|  Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts | Centrally Cleared Swap Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) | $— | $(816272) | $— | $(816272) |

---

\* See Consolidated Schedule of Investments for additional detailed categorizations.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Statement of Assets and Liabilities** 

---

| | |
|:---|:---|
| <br> **December 31, 2022** | <br> **December 31, 2022** |
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1240615821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 481672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 894572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (d) | 35004454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 4818841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 4681454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 398247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1286899346 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 3062515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 222468044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 293092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 960248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 585567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 229852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 223391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 338673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 228161382 |
|  **Net Assets** | $1058737964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1187004385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (128266421) |
|  **Net Assets** | $1058737964 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | $1058737964 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | 104912928 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | $10.09 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,283,361,002.

(b) Includes securities loaned at value of $240,661,710.

(c) Identified cost of cash denominated in foreign currencies was $912,225.

(d) Includes collateral of $16,436,135 for futures contracts, $510,000 for forward foreign currency exchange contracts and $18,058,319 for centrally cleared swap contracts.

---

| | |
|:---|:---|
| **Consolidated§ Statement of Operations** | **Consolidated§ Statement of Operations** |
| **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $13528948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 17137476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 425949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 31092373 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 7693819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 83244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 321526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees - Class B | 3013651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 98528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 50711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 44369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 10682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 40464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 11366568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (57162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11309406 |
|  **Net Investment Income** | 19782967 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (21941618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4354648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (68333534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 28086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | (10104326) |
|  Net realized gain (loss) | (104706040) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (210475359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2204291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (4734012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (49201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency transactions | 1717513 |
|  Net change in unrealized appreciation (depreciation) | (211336768) |
|  Net realized and unrealized gain (loss) | (316042808) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(296259841) |

---

(a) Net of foreign withholding taxes of $520,823.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $19782967 | $16086447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (104706040) | 90814634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (211336768) | 62608448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (296259841) | 169509529 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (95867634) | (7937442) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (95867634) | (7937442) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (65020973) | (252406351) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (457148448) | (90834264) |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1515886412 | 1606720676 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1058737964 | $1515886412 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 482149 | $5226618 | 508387 | $6633047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 9362074 | 95867634 | 608233 | 7937442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (14944338) | (166115225) | (20393871) | (266976840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (5100115) | $(65020973) | (19277251) | $(252406351) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(65020973) |  | $(252406351) |

---

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Consolidated§ Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.78 | $12.43 | $13.12 | $10.96 | $12.88 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.18 | 0.13 | 0.10 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.95) | 1.28 | 0.10 | 2.11 | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.77) | 1.41 | 0.20 | 2.34 | (1.15) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.16) | (0.04) | (0.22) | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.76) | (0.02) | (0.67) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.92) | (0.06) | (0.89) | (0.18) | (0.77) |
|  **Net Asset Value, End of Period** | $10.09 | $13.78 | $12.43 | $13.12 | $10.96 |
|  **Total Return (%)** (b) | (20.17) | 11.42 | 2.11 | 21.49 | (9.42) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross ratio of expenses to average net assets (%) | 0.94 | 0.93 | 0.94 | 0.92 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net ratio of expenses to average net assets (%) (c) | 0.94 | 0.92 | 0.93 | 0.91 | 0.91 (d) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets (%) | 1.64 | 1.03 | 0.83 | 1.85 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%) | 45 | 35 | 138 | 90 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in millions) | $1058.7 | $1515.9 | $1606.7 | $1785 | $1693.8 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life
insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net asset was 0.01% for the
year ended December 31, 2018.

*§See Note 2 of the notes to consolidated financial statements.* 

*See accompanying notes to consolidated financial statements.* 

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Schroders Global Multi-Asset Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

**2. Consolidation of Subsidiary—Schroders Global Multi-Asset Portfolio, Ltd.** 

The Portfolio may invest up to 10% of its total assets in the Schroders Global Multi-Asset Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the "Subsidiary"). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio's annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio's business of investing in stock, securities or currencies.

The Subsidiary invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio's transactions in derivatives. In addition, the Portfolio and the Subsidiary will be subject to the Portfolio's fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by Schroder Investment Management North America Inc. (the "Subadviser"), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio's prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $10,164 in the Subsidiary, representing 0.0% of the Portfolio's total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

**3. Significant Accounting Policies** 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification distributable earnings (accumulated losses) and paid-in surplus. Book-tax differences are primarily due to controlled foreign corporation adjustments. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Collateralized Obligations -** The Portfolio may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Consolidated Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Consolidated Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**When-Issued and Delayed-Delivery Securities -** The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $47,866,800. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $137,468,044. The

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

combined value of all repurchase agreements is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending** - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 3. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than<br>90 days** | **Total** |
| Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $(73878367) | $— | $— | $— | $(73878367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | (99505447) |  |  |  | (99505447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | (49084230) |  |  |  | (49084230) |
|  **Total Borrowings** | $**(222468044)** | $**—** | $**—** | $**—** | $**(222468044)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(222468044) |

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**4. Investments in Derivative Instruments** 

**Forward Foreign Currency Exchange Contracts -** The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio's maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio's investment in equity and interest rate futures were used investment exposure purposes. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Interest Rate Swaps:* The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &**<br> **Liabilities Location** | **Fair Value** | **Statement of Assets &**<br> **Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on futures contracts (a) (c) | $1738882 | Unrealized depreciation on futures contracts (a) (c) | $666547 |
|  |  |  | Unrealized depreciation on centrally cleared swap contracts (a) (b) | 816272 |
|  Equity | Unrealized appreciation on futures contracts (a) (c) | 6280056 | Unrealized depreciation on futures contracts (a) (c) | 2282676 |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 4818841 | Unrealized depreciation on forward foreign currency exchange contracts | 3062515 |
|  Total |  | $12837779 |  | $6828010 |

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(a) Financial instrument not subject to a master netting agreement.

(b) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and
Liabilities.

(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of Assets and
Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its consolidated financial position for recognized assets and liabilities.

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>subject to an MNA**<br>**by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Received†** | **Net<br>Amount\*** |
|  Goldman Sachs International | $256288 | $(256288) | $– $|  |
|  JPMorgan Chase Bank N.A. | 1133991 | (119533) | – | 1014458 |
|  Morgan Stanley & Co. International plc | 782247 | (610236) | – | 172011 |
|  UBS AG | 2646315 | (1362266) | – | 1284049 |
|  | $4818841 | $(2348323) | $– $| 2470518 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>subject to an MNA**<br>**by Counterparty** | **Financial<br>Instruments<br>available for offset** | **Collateral<br>Pledged†** | **Net<br>Amount\*\*** |
|  Goldman Sachs International | $970480 | $(256288) | $(510000) | $204192 |
|  JPMorgan Chase Bank N.A. | 119533 | (119533) |  |  |
|  Morgan Stanley & Co. International plc | 610236 | (610236) |  |  |
|  UBS AG | 1362266 | (1362266) |  |  |
|  | $3062515 | $(2348323) | $(510000) | $204192 |

---

---

| | |
|:---|:---|
| \* | Net amount represents the net amount receivable from the counterparty in the event of default. |
| \*\* | Net amount represents the net amount payable due to the counterparty in the event of default. |
| † | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net**<br> **Realized Gain (Loss)** | **Interest<br>Rate** | **Equity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions . . . . . | $— | $— | $(10104326) | $(10104326) |
|  Futures contracts . . . . . . . . . . . . . . . | 13334468 | (17689116) |  | (4354648) |
|  Swap contracts . . . . . . . . . . . . . . . . | (68333534) |  |  | (68333534) |
|  | $(54999066) | $(17689116) | $(10104326) | $(82792508) |
| **Statement of Operations Location—Net**<br> **Change in Unrealized Appreciation (Depreciation)** | **Interest<br>Rate** | **Equity** | **Foreign<br>Exchange** | **Total** |
|  Forward foreign currency transactions . . . . . | $— | $— | $1717513 | $1717513 |
|  Futures contracts . . . . . . . . . . . . . . . | 1977094 | 227197 |  | 2204291 |
|  Swap contracts . . . . . . . . . . . . . . . . | (4734012) |  |  | (4734012) |
|  | $(2756918) | $227197 | $1717513 | $(812208) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional<br>Par or Face<br>Amount‡** |
|  Forward foreign currency transactions . . | 277670372 |
|  Futures contracts long . . . . . . . . . . . . . | 248775814 |
|  Futures contracts short . . . . . . . . . . . . . | (612892978) |
|  Swap contracts . . . . . . . . . . . . . . . . . . | 435083333 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**5. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Commodities Risk:* Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered

**BHFTI-36** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**6. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $496817532 | $0 | $648808813 |

---

**7. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management**<br> **Fees earned by<br>Brighthouse<br>Investment Advisers**<br> **for the year ended**<br> **December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $7693819 | 0.680% | First $100 million |
|  | 0.660% | $100 million to $250 million |
|  | 0.640% | $250 million to $750 million |
|  | 0.620% | $750 million to $1.5 billion |
|  | 0.600% | Over $1.5 billion |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**BHFTI-37** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.010% | First $100 million |
| (0.010)% | $100 million to $200 million |
| 0.010% | $750 million to $1.25 billion |
| 0.040% | $1.25 billion to $1.5 billion |
| 0.020% | $1.5 billion to $1.75 billion |
| 0.050% | Over $1.75 billion |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Consolidated Statement of Assets and Liabilities.

**8. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**9. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1290592957 |
|  Gross unrealized appreciation | 71160928 |
|  Gross unrealized (depreciation) | (121868739) |
|  Net unrealized appreciation (depreciation) | $(50707811) |

---

**BHFTI-38** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Notes to Consolidated Financial Statements—December 31, 2022—(Continued)** 

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $38387605 | $7937442 | $57480029 | $— | $95867634 | $7937442 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary**<br> **Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $19957664 | $– $| (50731066) | $(97269627) | $(128043029) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $97,269,627.

**10. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-39** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Schroders Global Multi-Asset Portfolio and subsidiary:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Schroders Global Multi-Asset Portfolio and subsidiary (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the Schroders Global Multi-Asset Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

xl

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

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**BHFTI-41** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-42** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-43** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-44** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Schroders Global Multi-Asset Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Schroder Investment Management North America Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted that the Portfolio outperformed its blended benchmark for the one-year period ended October 31, 2022 and underperformed the same benchmark for the three- and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

**BHFTI-45** 

------

**Brighthouse Funds Trust I** 

**Schroders Global Multi-Asset Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the average of the Sub-advised Expense Group and above the Sub-advised Expense Universe, each at the Portfolio's current size.

**BHFTI-46** 

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**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Managed By SSGA Funds Management, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the SSGA Emerging Markets Enhanced Index Portfolio returned -20.13% and -20.32%, respectively. The Portfolio's benchmark, MSCI Emerging Markets Index¹, returned -20.09%.

**MARKET ENVIRONMENT / CONDITIONS** 

The period ended December 31, 2022, proved to be a very challenging period for emerging markets ("EM") large cap equities, finishing the year -22.4%, modestly underperforming their developed counterparts (-19.5%). Headwinds for the asset class included rising global bond yields and a rising U.S. dollar; the Russian invasion of Ukraine, which resulted in Russia's exclusion from the MSCI EM Index; and, of course, the persistent concerns in China related to a weak property market and COVID-19 lockdowns.

From a regional perspective, European markets bore the brunt of the poor equity returns, as markets such as Hungary (-33.7%) and Poland (-29.3%) were most directly impacted by the Ukraine crisis. Europe, Middle East, and Africa as a whole were down -30.4%, although Turkey (+83.9%) bears mentioning as the stand-out performer on the year despite its ongoing unorthodox central bank policies. EM Asia fared a bit better but was still down -22.9%, driven lower by index heavyweights China (-23.6%), South Korea (-30.8%), and Taiwan (-32.2%). China stole most of the headlines throughout 2022. The severe COVID-19 lockdowns instituted across the country were a persistent drag on growth throughout most of the year, but the re-opening story that emerged in the fourth quarter was a welcome relief and Chinese equities outperformed the broader EM universe by almost 4% in the fourth quarter. Latin American markets were the best performing group regionally in 2022, falling only -0.10% on the year as they benefitted from relatively high commodity prices. This was despite a turbulent December (-4.7% for the region) that wiped out previous gains as Brazil elected a new president, and Peru saw the impeachment of their president.

All sectors saw negative returns in 2022, with Information Technology (-33.4%) and Communication Services (-27.0%) enduring the most pain. Utilities (-4.5%) and Financials (-7.9%) were the best performing EM sectors for the year.

EM equity flows in 2022 were basically flat, with a heavy spread between Exchange-Traded Funds ("ETFs") and other funds. ETFs continued to see substantial inflows, whereas non-ETFs were beset with outflows. Most of the activity was in global emerging market funds, as regional asset allocation has fallen out of favor with investors.

Earnings expectations were mixed. 2022 saw a modest bump with the change of sentiment as all regions saw positive earnings revisions.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio underperformed its benchmark by 0.04%, net of fees and expenses, in 2022.

In selecting stocks, the portfolio management team looks for EM companies that are cheap relative to peers across several valuation metrics, have a tailwind of positive investor sentiment and exhibit the quality characteristics of a well-managed company, among other attributes. We have often found many attractive investments in the small cap part of the universe and so the Portfolio has a limited tilt to small cap companies.

For the period, relative performance was mostly flat for the Portfolio. One of the key contributors to the strategy's positive relative performance was the outperformance of less expensive stocks relative to more expensive stocks as we purposely tilt towards names that are lower priced. In 2022, value stocks outperformed growth by 8.13% (measured by the MSCI EM Value Index and MSCI EM Growth Index). Additionally, stocks with high quality outperformed those with poor quality, this adding an additional contribution to positive relative performance as quality metrics are one of the core factors in the Portfolio's stock selection model. Our quality theme can be summarized into asset quality measures, balance sheet strength and earnings quality. We make use of income and balance sheet statements to develop a keen sense of what the firm is proactively doing. For earnings quality, we favor companies where bottom-line earnings are well supported by top-line numbers. To assess asset quality, we examine the firm's history of asset growth and whether there are any undesirable characteristics.

The other key characteristic of EM during the period that contributed to the Portfolio's relative performance was lower risk stocks outperformance over higher risk names throughout the year. Our process tends to have a small tilt to lower risk names, driven by our desire to invest in well-managed companies that tend to be less volatile. The return to a more typical paradigm where lower risk companies tend to outperform in volatile markets added an additional tailwind to the strategy. Finally stocks with high sentiment underperformed those with poor sentiment, detracting from relative performance as sentiment metrics are one of the core factors in our stock selection model. Our sentiment theme looks at market trends, analyst earnings and hedge fund data amongst other variables to assess stock sentiment.

By country, the Portfolio had strong performance in China and Mexico. In China, an overweight allocation to Shaanxi Coal (+48.46%) and China Shenhua Energy (+37.78%), two coal companies that benefited from increased petroleum prices, added the most to relative performance. In Mexico, an overweight allocation to Grupo Bimbo

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Managed By SSGA Funds Management, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

(+39.65%) and Arca Continental (+32.44%) were the largest positive contributors, as both consumer staples companies benefited from high quality balance sheets and cash flows. The strategy's weakest performance was in India and Saudi Arabia. In India, an underweight allocation to Adani Enterprises (+102.87%) and Axis Bank (+23.79%) detracted the most. In Saudi Arabia, an underweight allocation to Saudi Arabian Mining (+64.68%) and Saudi Arabian Oil (+1.74%) had the largest negative impact on relative performance.

At the end of the period the Portfolio's positioning favored Korea, Turkey and Mexico with underweights to Kuwait (a newcomer to the benchmark index), Malaysia, and United Arab Emirates. The Portfolio's sector positioning at period end were overweight allocations to the Information Technology, Health Care, and Real Estate sectors, while the largest underweight allocations were in the Financials, Consumer Discretionary and Consumer Staples sectors.

**Robert Luiso** 

**Jay Siegrist** 

Portfolio Managers

*Managed By SSGA Funds Management, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MSCI EMERGING MARKETS INDEX**![LOGO](g394295g38i62.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**SSGA Emerging Markets Enhanced Index Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | –20.13 | –1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | –20.32 | –1.38 |
| &nbsp;&nbsp;&nbsp;**MSCI Emerging Markets Index** | –20.09 | –0.73 |

---

<sup>1</sup> Inception date of the Class A and Class B shares was 04/29/19. The since inception return of the index is based on the Portfolio's inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Taiwan Semiconductor Manufacturing Co., Ltd.** | **5.9** |
| **Tencent Holdings, Ltd.** | **4.1** |
| **Samsung Electronics Co., Ltd.** | **3.6** |
| **Alibaba Group Holding, Ltd.** | **2.8** |
| **Meituan- Class B** | **1.6** |
| **Reliance Industries, Ltd.** | **1.3** |
| **Infosys, Ltd.(ADR)** | **1.2** |
| **China Construction Bank Corp.- Class H** | **0.9** |
| **JD.com, Inc.- Class A** | **0.9** |
| **Hon Hai Precision Industry Co., Ltd.** | **0.8** |

---

**Top Countries** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **China** | **31.6** |
| **India** | **14.4** |
| **Taiwan** | **13.7** |
| **South Korea** | **11.7** |
| **Brazil** | **5.5** |
| **Saudi Arabia** | **4.0** |
| **South Africa** | **3.9** |
| **Mexico** | **2.5** |
| **Thailand** | **2.3** |
| **Indonesia** | **2.1** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SSGA Emerging Markets Enhanced Index Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,**<br>**2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022**<br>**to<br>December 31,<br>2022** |
|  Class A | Actual | 0.76% | $1000.00 | $960.30 | $3.76 |
|  | Hypothetical\* | 0.76% | $1000.00 | $1021.37 | $3.87 |
|  Class B | Actual | 1.00% | $1000.00 | $959.10 | $4.94 |
|  | Hypothetical\* | 1.00% | $1000.00 | $1020.16 | $5.09 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—97.2% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Brazil—3.8%** | | |
|  Ambev S.A. (ADR) | 421900 | $1147568 |
|  B3 S.A. - Brasil Bolsa Balcao | 392300 | 980985 |
|  Banco Bradesco S.A. | 84876 | 216759 |
|  Banco Bradesco S.A. (ADR) | 205945 | 593122 |
|  Banco do Brasil S.A. | 130000 | 853378 |
|  CCR S.A. | 114800 | 235139 |
|  Cia Brasileira de Distribuicao | 105000 | 329538 |
|  Cia Paranaense de Energia | 26200 | 190346 |
|  CPFL Energia S.A. | 76200 | 478637 |
|  Energisa S.A. | 37300 | 311865 |
|  Itau Unibanco Holding S.A. (ADR) | 207000 | 974970 |
|  JBS S.A. | 165500 | 698314 |
|  JHSF Participacoes S.A. | 99800 | 94844 |
|  Kepler Weber S.A. | 39900 | 154199 |
|  Mahle-Metal Leve S.A. | 3418 | 19926 |
|  Mills Estruturas e Servicos de Engenharia S.A. | 49700 | 108069 |
|  Minerva S.A. | 50400 | 123979 |
|  Petroleo Brasileiro S.A. | 130800 | 696919 |
|  Petroleo Brasileiro S.A. (ADR) | 49000 | 521850 |
|  Sao Martinho S.A. | 4476 | 22469 |
|  Telefonica Brasil S.A. | 43400 | 312254 |
|  TIM S.A. (ADR) (a) | 7600 | 88540 |
|  Vale S.A. | 110000 | 1868318 |
|  Vale S.A. (ADR) | 124500 | 2112765 |
|  Vibra Energia S.A. | 103000 | 303360 |
|  |  | 13438113 |
| **Chile—0.6%** |  |  |
|  Cencosud S.A. | 558997 | 919305 |
|  Cia Cervecerias Unidas S.A. | 26735 | 178549 |
|  Empresas CMPC S.A. | 200494 | 334665 |
|  Sociedad Quimica y Minera de Chile S.A. (ADR) | 8200 | 654688 |
|  |  | 2087207 |
| **China—31.6%** |  |  |
|  3SBio, Inc. | 747500 | 792667 |
|  AIMA Technology Group Co., Ltd. - Class A | 10800 | 71420 |
|  AK Medical Holdings, Ltd. | 200000 | 250909 |
|  Akeso, Inc. (b) | 28000 | 154285 |
|  Alibaba Group Holding, Ltd. (b) | 903300 | 9973484 |
|  Alibaba Health Information Technology, Ltd. (b) | 334000 | 280582 |
|  Anhui Conch Cement Co., Ltd. - Class A | 5100 | 20093 |
|  Anhui Conch Cement Co., Ltd. - Class H | 132000 | 457716 |
|  Anhui Expressway Co., Ltd. - Class H | 78000 | 62725 |
|  Anhui Gujing Distillery Co., Ltd. - Class A | 2600 | 99773 |
|  Anhui Yingjia Distillery Co., Ltd. - Class A | 22900 | 206164 |
|  ANTA Sports Products, Ltd. | 29200 | 382830 |
|  Asymchem Laboratories Tianjin Co., Ltd. - Class A | 2800 | 59644 |
|  Autohome, Inc. (ADR) | 15400 | 471240 |
|  Baidu, Inc. - Class A (b) | 169850 | 2441309 |
|  Bank of Chengdu Co., Ltd. - Class A | 77100 | 169728 |
|  Bank of China, Ltd. - Class H | 2592000 | 943166 |
|  Bank of Hangzhou Co., Ltd. - Class A | 164400 | 309387 |
|  Bank of Jiangsu Co., Ltd. - Class A | 529980 | 555905 |
|  Bank of Nanjing Co., Ltd. - Class A | 142100 | 213015 |
| **China—(Continued)** |  |  |
|  Bank of Ningbo Co., Ltd. - Class A | 41700 | 194708 |
|  BeiGene, Ltd. (b) | 18600 | 317725 |
|  Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A | 2175 | 39559 |
|  Beijing Yanjing Brewery Co., Ltd. - Class A | 38700 | 59138 |
|  Bilibili, Inc. - Class Z (b) | 9040 | 215231 |
|  BOE Varitronix, Ltd. | 45000 | 84758 |
|  BYD Co., Ltd. - Class A | 11900 | 440168 |
|  BYD Co., Ltd. - Class H | 60000 | 1475479 |
|  BYD Electronic International Co., Ltd. | 149500 | 480891 |
|  CGN Power Co., Ltd. - Class H | 2642000 | 627436 |
|  China BlueChemical, Ltd. - Class H | 118781 | 27996 |
|  China Coal Energy Co., Ltd. - Class H | 157000 | 127075 |
|  China Communications Services Corp., Ltd. - Class H | 95303 | 34601 |
|  China Construction Bank Corp. - Class A | 260600 | 210910 |
|  China Construction Bank Corp. - Class H | 5424000 | 3398460 |
|  China Galaxy Securities Co., Ltd. - Class H | 504500 | 246299 |
|  China International Marine Containers Group Co., Ltd. - Class A | 201450 | 203475 |
|  China International Marine Containers Group Co., Ltd. - Class H | 197250 | 149555 |
|  China Lesso Group Holdings, Ltd. | 434000 | 452288 |
|  China Medical System Holdings, Ltd. | 426000 | 670327 |
|  China Meidong Auto Holdings, Ltd. | 26000 | 53234 |
|  China Mengniu Dairy Co., Ltd. | 8515 | 38301 |
|  China Merchants Bank Co., Ltd. - Class A | 117900 | 632177 |
|  China Merchants Bank Co., Ltd. - Class H | 334000 | 1851499 |
|  China Overseas Land & Investment, Ltd. | 240000 | 633511 |
|  China Pacific Insurance Group Co., Ltd. - Class A | 81200 | 286494 |
|  China Petroleum & Chemical Corp. - Class A | 171800 | 107815 |
|  China Petroleum & Chemical Corp. - Class H | 1518000 | 733641 |
|  China Resources Beer Holdings Co., Ltd. | 88000 | 615123 |
|  China Resources Land, Ltd. | 302000 | 1371681 |
|  China Resources Medical Holdings Co., Ltd. | 140500 | 103137 |
|  China Resources Pharmaceutical Group, Ltd. | 171000 | 138475 |
|  China Resources Power Holdings Co., Ltd. | 206000 | 421282 |
|  China Shenhua Energy Co., Ltd. - Class A | 61811 | 244787 |
|  China Shenhua Energy Co., Ltd. - Class H | 407000 | 1171642 |
|  China State Construction Engineering Corp., Ltd. - Class A | 370100 | 288454 |
|  China Tower Corp., Ltd. - Class H | 4092000 | 440430 |
|  China Traditional Chinese Medicine Holdings Co., Ltd. | 324000 | 147370 |
|  China United Network Communications, Ltd. - Class A | 443400 | 285589 |
|  China Vanke Co., Ltd. - Class H | 272700 | 546584 |
|  China Yangtze Power Co., Ltd. - Class A | 71900 | 216874 |
|  China Yongda Automobiles Services Holdings, Ltd. | 305000 | 224788 |
|  Chlitina Holding, Ltd. | 17000 | 109746 |
|  Chongqing Brewery Co., Ltd. - Class A | 13100 | 240158 |
|  Chongqing Zhifei Biological Products Co., Ltd. - Class A | 11200 | 141549 |
|  Chow Tai Fook Jewellery Group, Ltd. (a) | 94000 | 191761 |
|  CITIC Telecom International Holdings, Ltd. | 635000 | 215188 |
|  CITIC, Ltd. | 550000 | 580698 |
|  Contemporary Amperex Technology Co., Ltd. - Class A | 10800 | 611512 |
|  COSCO SHIPPING Holdings Co., Ltd. - Class A | 114120 | 168778 |
|  COSCO SHIPPING Holdings Co., Ltd. - Class H | 303200 | 309263 |
|  Country Garden Services Holdings Co., Ltd. | 311 | 770 |
|  CRRC Corp., Ltd. - Class H | 375000 | 150788 |
|  CSPC Pharmaceutical Group, Ltd. | 1156240 | 1214933 |
|  Da An Gene Co., Ltd. of Sun Yat-Sen University - Class A | 69380 | 154822 |
|  Dali Foods Group Co., Ltd. (a) | 564500 | 256738 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **China—(Continued)** | | |
|  Daqin Railway Co., Ltd. - Class A | 345500 | $332029 |
|  Daqo New Energy Corp. (ADR) (b) | 6300 | 243243 |
|  Dian Diagnostics Group Co., Ltd. - Class A | 11200 | 40358 |
|  Dongfang Electric Corp., Ltd. - Class A | 28300 | 85597 |
|  Dongyue Group, Ltd. | 173000 | 190434 |
|  EEKA Fashion Holdings, Ltd. | 63500 | 91045 |
|  ENN Energy Holdings, Ltd. | 10500 | 146484 |
|  ENN Natural Gas Co., Ltd. - Class A | 108800 | 251604 |
|  Fuyao Glass Industry Group Co., Ltd. - Class H | 70800 | 297129 |
|  G-bits Network Technology Xiamen Co., Ltd. - Class A | 3244 | 145669 |
|  GD Power Development Co., Ltd. - Class A | 564000 | 346053 |
|  GDS Holdings, Ltd. - Class A (b) | 67700 | 175371 |
|  Geely Automobile Holdings, Ltd. | 199000 | 287840 |
|  Genscript Biotech Corp. (b) | 108000 | 343947 |
|  Great Wall Motor Co., Ltd. - Class H | 167000 | 217464 |
|  Guangdong Provincial Expressway Development Co., Ltd. - Class A | 88320 | 99366 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class A | 30600 | 131017 |
|  Guangzhou Kingmed Diagnostics Group Co., Ltd. - Class A | 5200 | 58348 |
|  H World Group, Ltd. (ADR) | 11500 | 487830 |
|  Haier Smart Home Co., Ltd. - Class A | 65800 | 231662 |
|  Haier Smart Home Co., Ltd. - Class H | 101400 | 345672 |
|  Haitian International Holdings, Ltd. (a) | 150000 | 401179 |
|  Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A | 93100 | 117856 |
|  Hangzhou Tigermed Consulting Co., Ltd. - Class A | 2338 | 35266 |
|  Harbin Electric Co., Ltd. - Class H (b) | 402000 | 161225 |
|  Health & Happiness H&H International Holdings, Ltd. | 51000 | 108233 |
|  Hengan International Group Co., Ltd. (a) | 114000 | 604122 |
|  Hongfa Technology Co., Ltd. - Class A | 22640 | 108847 |
|  Huadong Medicine Co., Ltd. - Class A | 39300 | 264638 |
|  Huaibei Mining Holdings Co., Ltd. - Class A | 28700 | 52785 |
|  Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A | 29300 | 114753 |
|  Hubei Xingfa Chemicals Group Co., Ltd. - Class A | 22900 | 95578 |
|  Hygeia Healthcare Holdings Co., Ltd. (a) (b) | 38600 | 277002 |
|  Imeik Technology Development Co., Ltd. - Class A | 2420 | 197238 |
|  Industrial & Commercial Bank of China, Ltd. - Class H | 2186000 | 1125972 |
|  Industrial Bank Co., Ltd. - Class A | 181100 | 458391 |
|  Inner Mongolia ERDOS Resources Co., Ltd. - Class A | 69440 | 151584 |
|  JD Health International, Inc. (b) | 102415 | 936609 |
|  JD.com, Inc. - Class A | 117804 | 3311511 |
|  Jiangsu Expressway Co., Ltd. - Class H (a) | 256000 | 233080 |
|  Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. - Class A | 4700 | 108197 |
|  Jiumaojiu International Holdings, Ltd. | 59000 | 155652 |
|  JNBY Design, Ltd. | 92500 | 110486 |
|  Joincare Pharmaceutical Group Industry Co., Ltd. - Class A | 109499 | 177877 |
|  Jointown Pharmaceutical Group Co., Ltd. - Class A | 64800 | 121434 |
|  JOYY, Inc. (ADR) | 8000 | 252720 |
|  Kuaishou Technology (b) | 136300 | 1222221 |
|  Kunlun Energy Co., Ltd. | 1166000 | 826977 |
|  Kweichow Moutai Co., Ltd. - Class A | 3400 | 841348 |
|  Lenovo Group, Ltd. | 1206000 | 990634 |
|  Li Ning Co., Ltd. | 113000 | 969681 |
|  Livzon Pharmaceutical Group, Inc. - Class H | 48000 | 161454 |
|  Longfor Group Holdings, Ltd. | 178500 | 547045 |
|  Lonking Holdings, Ltd. | 235000 | 41022 |
|  Luxi Chemical Group Co., Ltd. - Class A | 43700 | 77829 |
|  Luzhou Laojiao Co., Ltd. - Class A | 4000 | 128540 |
| **China—(Continued)** |  |  |
|  Meituan - Class B (b) | 262900 | 5813082 |
|  MINISO Group Holding, Ltd. (ADR) | 18700 | 200651 |
|  NARI Technology Co., Ltd. - Class A | 49944 | 174670 |
|  NetDragon Websoft Holdings, Ltd. | 86000 | 183731 |
|  NetEase, Inc. | 152300 | 2220007 |
|  New Oriental Education & Technology Group, Inc. (b) | 93900 | 331771 |
|  Newland Digital Technology Co., Ltd. - Class A | 81400 | 152377 |
|  Ningbo Tuopu Group Co., Ltd. - Class A | 18000 | 151744 |
|  NIO, Inc. (ADR) (b) | 56100 | 546975 |
|  Nongfu Spring Co., Ltd. - Class H (a) | 98600 | 557186 |
|  PetroChina Co., Ltd. - Class H | 2514000 | 1150843 |
|  Pharmaron Beijing Co., Ltd. - Class H | 65400 | 447660 |
|  PICC Property & Casualty Co., Ltd. - Class H | 1008000 | 954100 |
|  Pinduoduo, Inc. (ADR) (b) | 26900 | 2193695 |
|  Ping An Insurance Group Co. of China, Ltd. - Class A | 33800 | 228599 |
|  Ping An Insurance Group Co. of China, Ltd. - Class H | 411000 | 2712679 |
|  Poly Developments and Holdings Group Co., Ltd. - Class A | 53700 | 116889 |
|  Power Construction Corp. of China, Ltd. - Class A | 177400 | 180447 |
|  Proya Cosmetics Co., Ltd. - Class A | 14003 | 337435 |
|  Remegen Co., Ltd. - Class H (b) | 42000 | 311664 |
|  Shaanxi Coal Industry Co., Ltd. - Class A | 172600 | 461482 |
|  Shan Xi Hua Yang Group New Energy Co., Ltd. - Class A | 44800 | 91912 |
|  Shandong Chenming Paper Holdings, Ltd. - Class A | 46800 | 33532 |
|  Shandong Sinocera Functional Material Co., Ltd. - Class A | 6600 | 26183 |
|  Shandong Weigao Group Medical Polymer Co., Ltd. - Class H | 75200 | 123166 |
|  Shanghai Fosun Pharmaceutical Group Co., Ltd. - Class H | 31000 | 99317 |
|  Shanghai International Port Group Co., Ltd. - Class A | 219000 | 168261 |
|  Shanxi Lu'an Environmental Energy Development Co., Ltd. - Class A | 46300 | 112257 |
|  Shanxi Xinghuacun Fen Wine Factory Co., Ltd. - Class A | 9060 | 371536 |
|  Shenzhen Expressway Corp., Ltd. - Class H (a) | 156000 | 134221 |
|  Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 7400 | 335882 |
|  Shougang Fushan Resources Group, Ltd. | 358000 | 114222 |
|  Sichuan Kelun Pharmaceutical Co., Ltd. - Class A | 64600 | 247301 |
|  Sihuan Pharmaceutical Holdings Group, Ltd. | 603000 | 73231 |
|  Silergy Corp. | 4000 | 56721 |
|  Sinopharm Group Co., Ltd. - Class H | 200400 | 508218 |
|  Sinotrans, Ltd. - Class H | 1032000 | 335860 |
|  Sunny Optical Technology Group Co., Ltd. | 40300 | 479584 |
|  Sunwoda Electronic Co., Ltd. - Class A | 18600 | 56616 |
|  Suzhou Dongshan Precision Manufacturing Co., Ltd. - Class A | 53400 | 190133 |
|  TangShan Port Group Co., Ltd. - Class A | 323600 | 127558 |
|  TBEA Co., Ltd. - Class A | 125656 | 363104 |
|  Tencent Holdings, Ltd. (a) | 344100 | 14625009 |
|  Tencent Music Entertainment Group (ADR) (b) | 33800 | 279864 |
|  Tian Di Science & Technology Co., Ltd. - Class A | 108500 | 80964 |
|  Tian Ge Interactive Holdings, Ltd. | 66231 | 4580 |
|  Tianneng Power International, Ltd. | 46000 | 48568 |
|  Tingyi Cayman Islands Holding Corp. | 125876 | 221691 |
|  Tongcheng Travel Holdings, Ltd. (b) | 9614 | 23138 |
|  Tongwei Co., Ltd. - Class A | 73200 | 406427 |
|  Topsports International Holdings, Ltd. | 323000 | 253444 |
|  Trina Solar Co., Ltd. - Class A | 9399 | 86243 |
|  Trip.com Group, Ltd. (ADR) (b) | 30200 | 1038880 |
|  Tsingtao Brewery Co., Ltd. - Class A | 8400 | 129947 |
|  Tsingtao Brewery Co., Ltd. - Class H | 58000 | 573029 |
|  Uni-President China Holdings, Ltd. | 205000 | 204260 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **China—(Continued)** | | |
|  Vipshop Holdings, Ltd. (ADR) (b) | 25600 | $349184 |
|  Wangfujing Group Co., Ltd. - Class A | 10000 | 40238 |
|  Want Want China Holdings, Ltd. | 75000 | 50082 |
|  Weibo Corp. (ADR) (b) | 17100 | 326952 |
|  Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. - Class A | 56300 | 146260 |
|  Wuliangye Yibin Co., Ltd. - Class A | 9800 | 253747 |
|  WuXi AppTec Co., Ltd. - Class A | 10991 | 127222 |
|  WuXi AppTec Co., Ltd. - Class H | 67500 | 713250 |
|  Wuxi Biologics Cayman, Inc. (b) | 211500 | 1623700 |
|  XD, Inc. (a) (b) | 14000 | 38258 |
|  Xiamen C & D, Inc. - Class A | 154600 | 302834 |
|  Xiaomi Corp. - Class B (b) | 374800 | 521628 |
|  Xinhua Winshare Publishing & Media Co., Ltd. - Class A | 56400 | 80233 |
|  Xinte Energy Co., Ltd. - Class H (a) | 70000 | 129536 |
|  XPeng, Inc. (ADR) (a) (b) | 16000 | 159040 |
|  Yadea Group Holdings, Ltd. (144A) | 486000 | 809462 |
|  YongXing Special Materials Technology Co., Ltd. - Class A | 8900 | 118058 |
|  YuanShengTai Dairy Farm, Ltd. (b) | 953000 | 27423 |
|  Yuexiu Property Co., Ltd. | 131000 | 157293 |
|  Yum China Holdings, Inc. | 23200 | 1267880 |
|  Zai Lab, Ltd. (ADR) (b) | 217 | 6662 |
|  Zangge Mining Co., Ltd. - Class A | 25400 | 94833 |
|  Zhejiang Century Huatong Group Co., Ltd. - Class A | 11850 | 6496 |
|  Zhejiang Expressway Co., Ltd. - Class H (a) | 158000 | 121423 |
|  Zhejiang Jiahua Energy Chemical Industry Co., Ltd. - Class A | 172000 | 207146 |
|  Zhejiang Xinan Chemical Industrial Group Co., Ltd. - Class A | 70600 | 153816 |
|  Zhihu, Inc. (ADR) (a) (b) | 46500 | 60450 |
|  Zhuzhou CRRC Times Electric Co., Ltd. | 21400 | 106260 |
|  Zijin Mining Group Co., Ltd. - Class H | 108000 | 145352 |
|  ZTE Corp. - Class A | 34600 | 128746 |
|  ZTE Corp. - Class H | 302200 | 666020 |
|  ZTO Express Cayman, Inc. (ADR) | 18200 | 489034 |
|  |  | 113189925 |
| **Czech Republic—0.3%** |  |  |
|  Komercni Banka A/S | 20560 | 594505 |
|  Moneta Money Bank AS | 133141 | 447847 |
|  Philip Morris CR A/S | 106 | 78337 |
|  |  | 1120689 |
| **Egypt—0.1%** |  |  |
|  Eastern Co. S.A.E. | 179207 | 103593 |
|  ElSewedy Electric Co. | 254173 | 122699 |
|  Telecom Egypt Co. | 129900 | 131710 |
|  |  | 358002 |
| **Greece—0.5%** |  |  |
|  Danaos Corp. | 558 | 29384 |
|  JUMBO S.A. | 24605 | 420027 |
|  Motor Oil Hellas Corinth Refineries S.A. | 9085 | 212234 |
|  Mytilineos S.A. | 28379 | 615899 |
|  OPAP S.A. | 38281 | 542709 |
|  Piraeus Financial Holdings S.A. (b) | 68760 | 105442 |
|  |  | 1925695 |
| **Hong Kong—0.4%** |  |  |
|  Bosideng International Holdings, Ltd. (a) | 1260000 | 599057 |
|  China High Speed Transmission Equipment Group Co., Ltd. (a) (b) | 189000 | 84579 |
|  Orient Overseas International, Ltd. | 6000 | 108198 |
|  Sino Biopharmaceutical, Ltd. | 147000 | 86083 |
|  Skyworth Group, Ltd. | 246000 | 105596 |
|  United Laboratories International Holdings, Ltd. (The) | 276000 | 172297 |
|  Vinda International Holdings, Ltd. (a) | 112000 | 328873 |
|  |  | 1484683 |
| **Hungary—0.1%** |  |  |
|  Magyar Telekom Telecommunications plc | 42755 | 38762 |
|  MOL Hungarian Oil & Gas plc | 51279 | 358181 |
|  |  | 396943 |
| **India—14.4%** |  |  |
|  Adani Enterprises, Ltd. | 1167 | 54141 |
|  Adani Power, Ltd. (b) | 114285 | 414184 |
|  Adani Transmission, Ltd. (b) | 1910 | 59040 |
|  Alkem Laboratories, Ltd. | 599 | 21655 |
|  Allcargo Logistics, Ltd. | 29629 | 144168 |
|  Ambuja Cements, Ltd. | 17851 | 113096 |
|  Apollo Hospitals Enterprise, Ltd. | 4213 | 227349 |
|  Apollo Tyres, Ltd. | 24674 | 96689 |
|  Asahi India Glass, Ltd. | 11155 | 70444 |
|  Asian Paints, Ltd. | 9122 | 340451 |
|  Aster DM Healthcare, Ltd. (b) | 46157 | 129054 |
|  Axis Bank, Ltd. | 160958 | 1811372 |
|  Bajaj Auto, Ltd. | 1894 | 82905 |
|  Bajaj Finance, Ltd. | 8355 | 661454 |
|  Bajaj Finserv, Ltd. | 35992 | 670300 |
|  Bandhan Bank, Ltd. (b) | 124136 | 350150 |
|  Bank of Baroda | 128930 | 287759 |
|  Bharat Electronics, Ltd. | 718416 | 869376 |
|  Bharat Petroleum Corp., Ltd. | 56639 | 226216 |
|  Bharti Airtel, Ltd. | 68775 | 670453 |
|  Bombay Burmah Trading Co. | 6950 | 76215 |
|  CESC, Ltd. | 123023 | 113294 |
|  Cipla, Ltd. | 13734 | 178815 |
|  Cochin Shipyard, Ltd. | 44208 | 283413 |
|  Cyient, Ltd. | 11704 | 114679 |
|  Dabur India, Ltd. | 20262 | 137219 |
|  DCM Shriram, Ltd. | 20916 | 227252 |
|  Dr Reddy's Laboratories, Ltd. | 1546 | 78989 |
|  Eicher Motors, Ltd. | 3291 | 127727 |
|  EID Parry India, Ltd. | 51984 | 357426 |
|  Emami, Ltd. | 40962 | 210810 |
|  Engineers India, Ltd. | 45586 | 43501 |
|  Finolex Cables, Ltd. | 22810 | 151335 |
|  Finolex Industries, Ltd. | 20842 | 46789 |
|  GAIL India, Ltd. | 566244 | 656820 |
|  Glenmark Pharmaceuticals, Ltd. | 44332 | 227201 |
|  Grasim Industries, Ltd. | 47003 | 975150 |
|  Gujarat Ambuja Exports, Ltd. | 23404 | 72182 |
|  Gujarat Pipavav Port, Ltd. | 115327 | 140975 |
|  Gujarat State Fertilizers & Chemicals, Ltd. | 42606 | 71625 |
|  Gujarat State Petronet, Ltd. | 106922 | 340389 |
|  HCL Technologies, Ltd. | 115132 | 1437106 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **India—(Continued)** | | |
|  Hindalco Industries, Ltd. | 207527 | $1181972 |
|  Hindustan Aeronautics, Ltd. | 10913 | 333542 |
|  Hindustan Unilever, Ltd. | 26348 | 814540 |
|  Housing Development Finance Corp., Ltd. | 76251 | 2431948 |
|  ICICI Bank, Ltd. | 233445 | 2508078 |
|  IIFL Wealth Management, Ltd. | 7720 | 166595 |
|  Indian Oil Corp., Ltd. | 966046 | 891909 |
|  Indraprastha Gas, Ltd. | 18679 | 93374 |
|  Indus Towers, Ltd. | 107206 | 246803 |
|  Infosys, Ltd. | 3819 | 69204 |
|  Infosys, Ltd. (ADR) | 232100 | 4180121 |
|  ITC, Ltd. | 217434 | 870103 |
|  JB Chemicals & Pharmaceuticals, Ltd. | 14445 | 336776 |
|  Jindal Steel & Power, Ltd. | 141337 | 992815 |
|  JK Lakshmi Cement, Ltd. | 39177 | 388396 |
|  JSW Steel, Ltd. | 91410 | 849003 |
|  Kalpataru Power Transmission, Ltd. | 33854 | 227202 |
|  Kotak Mahindra Bank, Ltd. | 15118 | 332401 |
|  LT Foods, Ltd. | 128969 | 180413 |
|  Mahindra & Mahindra, Ltd. | 98169 | 1479577 |
|  Mahindra CIE Automotive, Ltd. | 16972 | 70875 |
|  MakeMyTrip, Ltd. (b) | 2300 | 63411 |
|  Manappuram Finance, Ltd. | 276128 | 386827 |
|  Maruti Suzuki India, Ltd. | 769 | 77946 |
|  Motilal Oswal Financial Services, Ltd. | 10632 | 88121 |
|  Muthoot Finance, Ltd. | 13796 | 176691 |
|  NCC, Ltd. | 39746 | 40048 |
|  NHPC, Ltd. | 670375 | 324183 |
|  NIIT, Ltd. | 25672 | 97156 |
|  NTPC, Ltd. | 580759 | 1168103 |
|  Orient Cement, Ltd. | 55756 | 82957 |
|  Page Industries, Ltd. | 1370 | 709478 |
|  Polyplex Corp., Ltd. | 11988 | 230754 |
|  Power Finance Corp., Ltd. | 229588 | 392033 |
|  Power Grid Corp. of India, Ltd. | 431682 | 1112539 |
|  Raymond, Ltd. | 17500 | 310824 |
|  REC, Ltd. | 287610 | 404670 |
|  Redington, Ltd. | 160473 | 350191 |
|  Reliance Industries, Ltd. | 150228 | 4608052 |
|  RITES, Ltd. | 36885 | 150206 |
|  Shriram Finance, Ltd. | 41138 | 685472 |
|  Sonata Software, Ltd. | 9583 | 65450 |
|  State Bank of India | 200272 | 1481152 |
|  Sun Pharmaceutical Industries, Ltd. | 76889 | 929543 |
|  Sun TV Network, Ltd. | 25982 | 152849 |
|  Tata Chemicals, Ltd. | 23147 | 263051 |
|  Tata Steel, Ltd. | 168697 | 229255 |
|  Tech Mahindra, Ltd. | 76826 | 937821 |
|  Torrent Power, Ltd. | 58076 | 344732 |
|  Triveni Turbine, Ltd. | 40705 | 127948 |
|  Tube Investments of India, Ltd. | 6797 | 226399 |
|  Uflex, Ltd. | 8654 | 58544 |
|  UltraTech Cement, Ltd. | 914 | 76722 |
|  Union Bank of India, Ltd. | 65467 | 63701 |
|  UPL, Ltd. | 105427 | 914109 |
|  Varun Beverages, Ltd. | 30626 | 487925 |
|  Vedanta, Ltd. | 218112 | 809808 |
| **India—(Continued)** |  |  |
|  Voltamp Transformers, Ltd. | 1800 | 60370 |
|  Welspun India, Ltd. | 151719 | 141745 |
|  Wipro, Ltd. | 135089 | 641515 |
|  |  | 51487116 |
| **Indonesia—2.1%** |  |  |
|  Astra International Tbk PT | 2290700 | 834548 |
|  Bank Central Asia Tbk PT | 2942200 | 1613062 |
|  Bank Mandiri Persero Tbk PT | 2224000 | 1413357 |
|  Bank Rakyat Indonesia Persero Tbk PT | 6042100 | 1915413 |
|  Indo Tambangraya Megah Tbk PT | 121000 | 303155 |
|  Indofood Sukses Makmur Tbk PT | 1488500 | 643051 |
|  Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 463878 | 30231 |
|  Sumber Alfaria Trijaya Tbk PT | 656600 | 111775 |
|  United Tractors Tbk PT | 420900 | 704780 |
|  |  | 7569372 |
| **Malaysia—1.3%** |  |  |
|  Alliance Bank Malaysia Bhd | 386200 | 321670 |
|  AMMB Holdings Bhd | 29554 | 27791 |
|  Astro Malaysia Holdings Bhd | 110422 | 16253 |
|  Bermaz Auto Bhd | 234300 | 113314 |
|  Bumi Armada Bhd (b) | 3077300 | 333964 |
|  CIMB Group Holdings Bhd | 486723 | 641124 |
|  Hartalega Holdings Bhd | 50800 | 19620 |
|  Heineken Malaysia Bhd | 10900 | 62365 |
|  Hong Leong Financial Group Bhd | 31400 | 132565 |
|  IJM Corp. Bhd | 157700 | 57307 |
|  IOI Corp. Bhd | 259300 | 238401 |
|  Malayan Banking Bhd | 44367 | 87488 |
|  Petronas Chemicals Group Bhd | 278900 | 544711 |
|  Petronas Gas Bhd | 35400 | 137459 |
|  Public Bank Bhd | 209000 | 204725 |
|  RHB Bank Bhd | 529580 | 695519 |
|  Sime Darby Bhd | 137500 | 71639 |
|  Sime Darby Plantation Bhd | 400500 | 422894 |
|  Ta Ann Holdings Bhd | 86500 | 74103 |
|  Telekom Malaysia Bhd | 369064 | 452672 |
|  TSH Resources Bhd | 345000 | 83790 |
|  |  | 4739374 |
| **Mexico—2.5%** |  |  |
|  Alfa S.A.B. de C.V. — Class A | 720900 | 459846 |
|  Alpek S.A.B. de C.V. | 72900 | 106620 |
|  Alsea S.A.B. de C.V. (b) | 67000 | 126460 |
|  America Movil S.A.B. de C.V. - Series L | 2358373 | 2130057 |
|  Arca Continental S.A.B. de C.V. | 97800 | 793180 |
|  Cemex S.A.B. de C.V. (ADR) (b) | 116900 | 473445 |
|  Fibra Uno Administracion S.A. de C.V. (a) | 733700 | 865989 |
|  Fomento Economico Mexicano S.A.B. de C.V. | 17000 | 132910 |
|  GMexico Transportes S.A.B. de C.V. | 42500 | 82660 |
|  Grupo Bimbo S.A.B. de C.V. - Series A | 244800 | 1033897 |
|  Grupo Comercial Chedraui S.A. de C.V. | 87300 | 371932 |
|  Grupo Financiero Banorte S.A.B. de C.V. - Class O | 150500 | 1083115 |
|  Grupo Mexico S.A.B. de C.V. - Series B | 34600 | 121983 |
|  Orbia Advance Corp. S.A.B. de C.V. | 274000 | 485808 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Mexico—(Continued)** | | |
|  TF Administradora Industrial S de RL de C.V. | 27200 | $38972 |
|  Wal-Mart de Mexico S.A.B. de C.V. | 200000 | 706951 |
|  |  | 9013825 |
| **Peru—0.1%** |  |  |
|  Credicorp, Ltd. | 2800 | 379848 |
|  Sociedad Minera Cerro Verde SAA | 2082 | 62044 |
|  |  | 441892 |
| **Philippines—0.7%** |  |  |
|  DMCI Holdings, Inc. | 703000 | 151835 |
|  Filinvest Land, Inc. | 2072000 | 33419 |
|  First Gen Corp. | 70600 | 21485 |
|  Globe Telecom, Inc. | 9841 | 385963 |
|  International Container Terminal Services, Inc. | 171860 | 618544 |
|  Manila Electric Co. | 58980 | 315619 |
|  Metropolitan Bank & Trust Co. | 186980 | 181187 |
|  Nickel Asia Corp. | 749500 | 78872 |
|  PLDT, Inc. | 26395 | 625636 |
|  Semirara Mining & Power Corp. | 195600 | 121454 |
|  |  | 2534014 |
| **Poland—0.5%** |  |  |
|  Asseco Poland S.A. | 17977 | 297945 |
|  Bank Polska Kasa Opieki S.A. | 29043 | 575353 |
|  Dino Polska S.A. (b) | 1730 | 148342 |
|  KRUK S.A. | 5344 | 377826 |
|  Powszechna Kasa Oszczednosci Bank Polski S.A. | 50295 | 348816 |
|  Powszechny Zaklad Ubezpieczen S.A. | 12840 | 104005 |
|  XTB S.A. | 13118 | 92891 |
|  |  | 1945178 |
| **Qatar—0.9%** |  |  |
|  Commercial Bank PSQC (The) | 189071 | 259533 |
|  Industries Qatar QSC | 45058 | 158692 |
|  Ooredoo QPSC | 299157 | 755641 |
|  Qatar Gas Transport Co., Ltd. | 301507 | 303308 |
|  Qatar International Islamic Bank QSC | 112534 | 321820 |
|  Qatar Islamic Bank SAQ | 105474 | 537970 |
|  Qatar National Bank QPSC | 144912 | 716319 |
|  Vodafone Qatar QSC | 106310 | 46204 |
|  |  | 3099487 |
| **Russia—0.0%** |  |  |
|  Gazprom PJSC (b) (c) (d) | 595658 | 0 |
|  Lukoil PJSC (c) (d) | 28706 | 0 |
|  Magnit PJSC (c) (d) | 5721 | 0 |
|  MMC Norilsk Nickel PJSC (ADR) (c) (d) | 9141 | 0 |
|  Mobile TeleSystems PJSC (c) (d) | 253200 | 0 |
|  Novatek PJSC (GDR) (b) (c) (d) | 1686 | 0 |
|  Novolipetsk Steel PJSC (GDR) (c) (d) | 19696 | 0 |
|  PhosAgro PAO (c) (d) | 287 | 0 |
|  PhosAgro PJSC (GDR) (c) (d) | 44560 | 0 |
|  Rosneft Oil Co. PJSC (c) (d) | 77745 | 0 |
|  Sberbank of Russia PJSC† (b) (c) (d) | 879480 | 0 |
| **Russia—(Continued)** |  |  |
|  Severstal PAO (GDR) (b) (c) (d) | 30364 | 0 |
|  Tatneft PJSC (ADR) (c) (d) | 7842 | 0 |
|  X5 Retail Group NV (GDR) (c) (d) | 23631 | 0 |
|  |  | 0 |
| **Saudi Arabia—4.0%** |  |  |
|  Al Rajhi Bank (b) | 74530 | 1495043 |
|  Alinma Bank | 115489 | 1002313 |
|  Almarai Co. JSC | 18748 | 267278 |
|  Arab National Bank | 126832 | 1082881 |
|  Arriyadh Development Co. | 14702 | 70841 |
|  Astra Industrial Group | 9151 | 126157 |
|  Bank Al-Jazira | 115203 | 586279 |
|  Banque Saudi Fransi | 74362 | 804800 |
|  Etihad Etisalat Co. | 52400 | 485224 |
|  Leejam Sports Co. JSC | 5269 | 117999 |
|  Mouwasat Medical Services Co. | 8 | 445 |
|  National Industrialization Co. (b) | 114561 | 377793 |
|  National Medical Care Co. | 3401 | 66615 |
|  Riyad Bank | 145638 | 1234967 |
|  SABIC Agri-Nutrients Co. | 29921 | 1163882 |
|  Sahara International Petrochemical Co. | 81222 | 735792 |
|  Saudi Arabian Mining Co. (b) | 17514 | 302371 |
|  Saudi Arabian Oil Co. | 70609 | 603557 |
|  Saudi Basic Industries Corp. | 55880 | 1329509 |
|  Saudi British Bank (The) | 31121 | 323245 |
|  Saudi Electricity Co. | 139929 | 859655 |
|  Saudi National Bank (The) | 65787 | 885613 |
|  Saudi Telecom Co. | 23051 | 224895 |
|  United Electronics Co. | 244 | 4496 |
|  |  | 14151650 |
| **Singapore—0.1%** |  |  |
|  BOC Aviation, Ltd. | 45900 | 381539 |
| **South Africa—3.9%** |  |  |
|  Absa Group, Ltd. | 57173 | 652605 |
|  African Rainbow Minerals, Ltd. | 28347 | 480440 |
|  Anglo American Platinum, Ltd. | 5622 | 471647 |
|  Astral Foods, Ltd. | 23786 | 227882 |
|  Capitec Bank Holdings, Ltd. | 4028 | 440603 |
|  Exxaro Resources, Ltd. | 6056 | 77200 |
|  FirstRand, Ltd. | 121796 | 444855 |
|  Fortress REIT, Ltd. (REIT) - Class A | 92373 | 57141 |
|  Foschini Group, Ltd. (The) | 8327 | 49663 |
|  Gold Fields, Ltd. | 54394 | 562964 |
|  Impala Platinum Holdings, Ltd. | 74256 | 928407 |
|  Investec, Ltd. | 64485 | 407924 |
|  KAP Industrial Holdings, Ltd. | 192476 | 50191 |
|  Kumba Iron Ore, Ltd. | 17155 | 493157 |
|  Motus Holdings, Ltd. | 50551 | 329185 |
|  Mr. Price Group, Ltd. | 6680 | 62526 |
|  MTN Group, Ltd. | 56118 | 420362 |
|  MultiChoice Group | 31197 | 214984 |
|  Naspers, Ltd. - N Shares | 11013 | 1815501 |
|  Ninety One, Ltd. | 8867 | 19716 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **South Africa—(Continued)** | | |
|  Northam Platinum Holdings, Ltd. (b) | 30339 | $334063 |
|  Old Mutual, Ltd. | 483946 | 297489 |
|  Omnia Holdings, Ltd. | 37943 | 139634 |
|  OUTsurance Group, Ltd. | 214955 | 399103 |
|  Reunert, Ltd. | 45892 | 140806 |
|  Sappi, Ltd. | 99191 | 287051 |
|  Sasol, Ltd. | 22281 | 352424 |
|  Shoprite Holdings, Ltd. | 81135 | 1079396 |
|  Sibanye Stillwater, Ltd. | 332199 | 882002 |
|  Standard Bank Group, Ltd. | 60681 | 599280 |
|  Truworths International, Ltd. | 121292 | 390342 |
|  Vodacom Group, Ltd. | 9242 | 66299 |
|  Vukile Property Fund, Ltd. | 137437 | 107037 |
|  Woolworths Holdings, Ltd. | 168480 | 657772 |
|  Zeda, Ltd. (b) | 30680 | 24593 |
|  |  | 13964244 |
| **South Korea—11.2%** |  |  |
|  BGF retail Co., Ltd. | 4881 | 814033 |
|  Celltrion, Inc. | 473 | 60513 |
|  Cheil Worldwide, Inc. | 28959 | 529861 |
|  Chong Kun Dang Pharmaceutical Corp. | 2633 | 171760 |
|  CJ CheilJedang Corp. | 887 | 267695 |
|  Daewoong Pharmaceutical Co., Ltd. | 1055 | 132949 |
|  Daishin Securities Co., Ltd. | 13315 | 136348 |
|  DB Insurance Co., Ltd. | 18426 | 955643 |
|  Doosan Bobcat, Inc. | 20794 | 573367 |
|  Green Cross Holdings Corp. | 3469 | 46937 |
|  GS Holdings Corp. | 5723 | 199104 |
|  Hana Financial Group, Inc. | 37926 | 1269034 |
|  Hankook Tire & Technology Co., Ltd. | 24403 | 604889 |
|  HD Hyundai Co., Ltd. | 8713 | 395206 |
|  Humasis Co., Ltd. | 7234 | 81170 |
|  Hyundai Glovis Co., Ltd. | 6268 | 815030 |
|  Hyundai Mobis Co., Ltd. | 3225 | 514128 |
|  Hyundai Motor Co. | 13111 | 1575802 |
|  i-SENS, Inc. | 2515 | 65162 |
|  INTOPS Co., Ltd. | 1860 | 41160 |
|  ISU Chemical Co., Ltd. | 17593 | 256077 |
|  Kakao Corp. | 1363 | 58001 |
|  KB Financial Group, Inc. | 39495 | 1504324 |
|  Kia Corp. | 3870 | 182529 |
|  Korea Investment Holdings Co., Ltd. | 2864 | 121693 |
|  Korean Air Lines Co., Ltd. (b) | 36669 | 670874 |
|  Korean Reinsurance Co. | 6614 | 35701 |
|  KT&G Corp. | 14023 | 1013978 |
|  Kumho Petrochemical Co., Ltd. | 4984 | 499794 |
|  LG Chem, Ltd. | 1492 | 713729 |
|  LG Corp. | 3484 | 216374 |
|  LG Electronics, Inc. | 1414 | 97600 |
|  LG Energy Solution, Ltd. (b) | 150 | 51973 |
|  LG Innotek Co., Ltd. | 4211 | 851041 |
|  LS Corp. | 1163 | 64504 |
|  LS Electric Co., Ltd. | 909 | 40801 |
|  MegaStudyEdu Co., Ltd. | 4555 | 288509 |
|  Mirae Asset Securities Co., Ltd. | 129734 | 627469 |
| **South Korea—(Continued)** |  |  |
|  NAVER Corp. | 2609 | 370553 |
|  NCSoft Corp. | 1189 | 425159 |
|  Neowiz (b) | 3640 | 107242 |
|  NH Investment & Securities Co., Ltd. | 25346 | 176576 |
|  Orion Corp. | 798 | 81053 |
|  POSCO Holdings, Inc. | 4327 | 952415 |
|  PSK, Inc. | 11592 | 143101 |
|  Samsung C&T Corp. | 5454 | 492587 |
|  Samsung Electro-Mechanics Co., Ltd. | 5893 | 614094 |
|  Samsung Electronics Co., Ltd. | 290339 | 12803395 |
|  Samsung Engineering Co., Ltd. (b) | 4708 | 83377 |
|  Samsung Fire & Marine Insurance Co., Ltd. | 3837 | 608286 |
|  Samsung Life Insurance Co., Ltd. | 1929 | 108686 |
|  Samsung SDI Co., Ltd. | 2015 | 949475 |
|  Samsung Securities Co., Ltd. | 17194 | 430453 |
|  SD Biosensor, Inc. | 25787 | 619104 |
|  Shinhan Financial Group Co., Ltd. | 51576 | 1437179 |
|  SK Hynix, Inc. | 38507 | 2317808 |
|  SK Inc. | 5754 | 866141 |
|  Woori Financial Group, Inc. | 8764 | 80508 |
|  Youngone Corp. | 2029 | 74869 |
|  |  | 40286823 |
| **Taiwan—13.7%** |  |  |
|  Advanced International Multitech Co., Ltd. | 82000 | 253043 |
|  ASE Technology Holding Co., Ltd. | 359000 | 1095795 |
|  Asia Vital Components Co., Ltd. | 73000 | 265774 |
|  Cathay Financial Holding Co., Ltd. | 883953 | 1149756 |
|  Chicony Power Technology Co., Ltd. | 19000 | 45109 |
|  Chunghwa Telecom Co., Ltd. | 296000 | 1087988 |
|  Compeq Manufacturing Co., Ltd. | 248000 | 358769 |
|  CTBC Financial Holding Co., Ltd. | 1873000 | 1346169 |
|  Delta Electronics, Inc. | 33000 | 307421 |
|  Eva Airways Corp. | 63000 | 57658 |
|  Evergreen Marine Corp. Taiwan, Ltd. | 116800 | 609282 |
|  Far Eastern Department Stores, Ltd. | 144000 | 100703 |
|  Far Eastern New Century Corp. | 121000 | 125535 |
|  Farglory Land Development Co., Ltd. | 84000 | 155210 |
|  First Financial Holding Co., Ltd. | 814332 | 701855 |
|  Fubon Financial Holding Co., Ltd. | 782434 | 1432505 |
|  Fusheng Precision Co., Ltd. | 20000 | 136918 |
|  Gamania Digital Entertainment Co., Ltd. | 133000 | 302198 |
|  Gigabyte Technology Co., Ltd. | 61000 | 211188 |
|  Global Mixed Mode Technology, Inc. | 12000 | 55589 |
|  Goldsun Building Materials Co., Ltd. | 240000 | 197090 |
|  Holtek Semiconductor, Inc. | 73000 | 161889 |
|  Hon Hai Precision Industry Co., Ltd. | 922000 | 2995467 |
|  Huaku Development Co., Ltd. | 46000 | 133180 |
|  International Games System Co., Ltd. | 21000 | 295980 |
|  Kindom Development Co., Ltd. | 155100 | 147298 |
|  King's Town Bank Co., Ltd. | 120000 | 132323 |
|  Kung Long Batteries Industrial Co., Ltd. | 7000 | 31193 |
|  Largan Precision Co., Ltd. | 16000 | 1061122 |
|  Lite-On Technology Corp. | 437000 | 906746 |
|  Makalot Industrial Co., Ltd. | 38000 | 287925 |
|  MediaTek, Inc. | 112000 | 2274953 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Taiwan—(Continued)** | | |
|  Micro-Star International Co., Ltd. | 31000 | $120444 |
|  Novatek Microelectronics Corp. | 51000 | 523049 |
|  Parade Technologies, Ltd. | 6000 | 150734 |
|  Pou Chen Corp. | 785000 | 873018 |
|  Primax Electronics, Ltd. | 136000 | 245443 |
|  Quanta Computer, Inc. | 191000 | 449094 |
|  Realtek Semiconductor Corp. | 53000 | 484146 |
|  Sanyang Motor Co., Ltd. | 305000 | 335737 |
|  Shinkong Insurance Co., Ltd. | 61000 | 96792 |
|  Simplo Technology Co., Ltd. | 37000 | 342891 |
|  Sinon Corp. | 83000 | 98378 |
|  SinoPac Financial Holdings Co., Ltd. | 1877210 | 1016013 |
|  Taiwan Hon Chuan Enterprise Co., Ltd. | 108000 | 305525 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 1449000 | 21118666 |
|  Teco Electric and Machinery Co., Ltd. | 214000 | 191731 |
|  Test Research, Inc. | 28000 | 57995 |
|  Tong Hsing Electronic Industries, Ltd. | 10800 | 67043 |
|  Uni-President Enterprises Corp. | 45000 | 97477 |
|  Unimicron Technology Corp. | 148000 | 576985 |
|  United Integrated Services Co., Ltd. | 42000 | 249885 |
|  United Microelectronics Corp. | 609000 | 800106 |
|  Voltronic Power Technology Corp. | 11000 | 551966 |
|  Walsin Lihwa Corp. | 63000 | 96655 |
|  Wan Hai Lines, Ltd. | 138805 | 361407 |
|  Winbond Electronics Corp. | 348000 | 221708 |
|  Yang Ming Marine Transport Corp. | 123 | 262 |
|  Yuanta Financial Holding Co., Ltd. | 1605954 | 1133443 |
|  Zhen Ding Technology Holding, Ltd. | 27000 | 92172 |
|  |  | 49082396 |
| **Thailand—2.3%** |  |  |
|  AP Thailand PCL (NVDR) | 2569100 | 860571 |
|  Bangkok Bank PCL | 70800 | 302538 |
|  Bangkok Dusit Medical Services PCL (NVDR) | 534900 | 447959 |
|  Chularat Hospital PCL - Class F | 4358900 | 463137 |
|  Delta Electronics Thailand PCL | 30100 | 721322 |
|  Ichitan Group PCL | 699000 | 228055 |
|  Indorama Ventures PCL | 172400 | 202838 |
|  Indorama Ventures PCL (NVDR) | 550700 | 645936 |
|  Kasikornbank PCL (NVDR) | 27700 | 117966 |
|  Kiatnakin Phatra Bank PCL (NVDR) | 369700 | 785229 |
|  PTT Exploration & Production PCL (NVDR) | 240400 | 1226197 |
|  Siam Cement PCL (The) | 605 | 5974 |
|  SPCG PCL | 70100 | 29348 |
|  Supalai PCL | 654500 | 459199 |
|  Supalai PCL (NVDR) | 435200 | 305365 |
|  Thai Vegetable Oil PCL | 139200 | 114543 |
|  Thanachart Capital PCL | 137200 | 168356 |
|  Tisco Financial Group PCL (NVDR) | 279200 | 798424 |
|  TMBThanachart Bank PCL | 11144200 | 453683 |
|  |  | 8336640 |
| **Turkey—0.9%** |  |  |
|  AG Anadolu Grubu Holding A/S | 12415 | 73056 |
|  Haci Omer Sabanci Holding A/S | 258961 | 624391 |
|  KOC Holding A/S | 235731 | 1054873 |
|  Turk Hava Yollari (b) | 32297 | 243056 |
| **Turkey—(Continued)** |  |  |
|  Turkcell Iletisim Hizmetleri A/S | 304590 | 617415 |
|  Turkiye Is Bankasi - Class C | 784693 | 536167 |
|  Yapi ve Kredi Bankasi | 255100 | 159905 |
|  |  | 3308863 |
| **United Arab Emirates—1.2%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 239845 | 587306 |
|  Abu Dhabi Islamic Bank PJSC | 226078 | 560176 |
|  Air Arabia PJSC | 271633 | 158904 |
|  Aldar Properties PJSC | 232716 | 280005 |
|  Dubai Islamic Bank PJSC | 519113 | 805801 |
|  Emaar Properties PJSC | 80679 | 128421 |
|  Emirates NBD Bank PJSC | 150305 | 531218 |
|  Emirates Telecommunications Group Co. PJSC | 83556 | 519545 |
|  Fertiglobe plc | 117656 | 135401 |
|  First Abu Dhabi Bank PJSC | 88021 | 409391 |
|  |  | 4116168 |
|  Total Common Stocks<br>(Cost $392,120,705) |  | 348459838 |
| **Preferred Stocks—2.2%** |  |  |
| **Brazil—1.7%** |  |  |
|  Banco Bradesco S.A. | 164536 | 477127 |
|  Braskem S.A. - Class A | 53400 | 244310 |
|  Cia Energetica de Minas Gerais | 385450 | 810371 |
|  Cia Paranaense de Energia | 262200 | 392257 |
|  Gerdau S.A. | 188100 | 1039597 |
|  Itausa S.A. | 630674 | 1016101 |
|  Petroleo Brasileiro S.A. | 366100 | 1713611 |
|  Randon S.A. Implementos e Participacoes | 55900 | 86886 |
|  Unipar Carbocloro S.A. - Class B | 15880 | 264550 |
|  |  | 6044810 |
| **Chile—0.0%** |  |  |
|  Sociedad Quimica y Minera de Chile S.A. - Class B | 500 | 40436 |
| **Colombia—0.0%** |  |  |
|  Bancolombia S.A. | 14973 | 106757 |
| **South Korea—0.5%** |  |  |
|  Samsung Electronics Co., Ltd. | 45266 | 1821407 |
| **Taiwan—0.0%** |  |  |
|  China Development Financial Holding Corp. | 5460 | 1375 |
|  Total Preferred Stocks<br>(Cost $8,113,333) |  | 8014785 |
| **Short-Term Investment—0.6%** |  |  |
| **Mutual Funds—0.6%** |  |  |
|  Invesco STIC Prime Portfolio, Institutional Class 4.240% (f) | 2026434 | 2026434 |
|  Total Short-Term Investments<br>(Cost $2,026,434) |  | 2026434 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (e)—0.6%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—0.3%** | | |
|  Cantor Fitzgerald & Co.<br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $400,191; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $408,000. | 400000 | $400000 |
|  HSBC Securities, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $69,940; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $71,339. | 69907 | 69907 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $173,817; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $177,210. | 173735 | 173735 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $400,196; collateralized by various Common Stock with an aggregate market value of $447,874. | 400000 | 400000 |
|  |  | 1043642 |
| **Mutual Funds—0.3%** |  |  |
|  Allspring Government Money Market Fund, Select Class<br>4.090% (f) | 200000 | 200000 |
|  BlackRock Liquidity Funds FedFund, Institutional Shares<br>4.020% (f) | 200000 | 200000 |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (f) | 200000 | 200000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (f) | 153219 | 153219 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (f) | 200000 | 200000 |
|  STIT-Government & Agency Portfolio, Institutional Class 4.220% (f) | 200000 | 200000 |
|  U.S. Government Money Market Fund, Institutional Share 4.110% (f) | 2000 | 2000 |
|  |  | 1155219 |
|  Total Securities Lending Reinvestments<br>(Cost $2,198,861) |  | 2198861 |
|  Total Investments—100.6%<br>(Cost $404,459,333) |  | 360699918 |
|  Other assets and liabilities (net)—(0.6)% |  | (2299313) |
| **Net Assets—100.0%** |  | $358400605 |

---

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $2,461,428 and the collateral received consisted of cash in the amount of $2,198,861 and non-cash collateral with a value of $415,878. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. |
| (b) | Non-income producing security. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets. |
| (e) | Represents investment of cash collateral received from securities on loan as of December 31, 2022. |
| (f) | The rate shown represents the annualized seven-day yield as of December 31, 2022. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $809,462, which is 0.2% of net assets. |

---

---

| | |
|:---|:---|
| **Ten Largest Industries as of**<br> **December 31, 2022 (Unaudited)** | **% of<br>Net Assets** |
|  Banks | 16.0 |
|  Semiconductors & Semiconductor Equipment | 8.3 |
|  Internet & Direct Marketing Retail | 7.1 |
|  Interactive Media & Services | 5.4 |
|  Technology Hardware, Storage & Peripherals | 5.1 |
|  Oil, Gas & Consumable Fuels | 4.8 |
|  Metals & Mining | 4.5 |
|  Chemicals | 3.4 |
|  Electronic Equipment, Instruments & Components | 2.8 |
|  Insurance | 2.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Shares** | **Cost** | **Value** |
|  Sberbank of Russia PJSC | 04/29/19-05/10/21 | 879480 | $3157857 | $0 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  MSCI Emerging Markets Index Mini Futures | 03/17/23 | 68 | USD | 3261960 | $(91001) |

---

**Glossary of Abbreviations** 

Currencies

------

(USD)— United States Dollar

Other Abbreviations

------

---

| | |
|:---|:---|
| (NVDR)— | Non-Voting Depository Receipts |
| (ADR)— | American Depositary Receipt |
|  (GDR)— | Global Depositary Receipt |
| (REIT)— | Real Estate Investment Trust |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | $5438815 | $7999298 | $— | $13438113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 2087207 |  |  | 2087207 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 8374300 | 104815625 |  | 113189925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Republic |  | 1120689 |  | 1120689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Egypt |  | 358002 |  | 358002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 29384 | 1896311 |  | 1925695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 1484683 |  | 1484683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 396943 |  | 396943 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 4243532 | 47243584 |  | 51487116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 7569372 |  | 7569372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 4739374 |  | 4739374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 9013825 |  |  | 9013825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 441892 |  |  | 441892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 2534014 |  | 2534014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 1945178 |  | 1945178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar |  | 3099487 |  | 3099487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 14151650 |  | 14151650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 381539 |  | 381539 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 74256 | 13889988 |  | 13964244 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 40286823 |  | 40286823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 49082396 |  | 49082396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand | 3148993 | 5187647 |  | 8336640 |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey | $— | $3308863 | $— | $3308863 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 4116168 |  | 4116168 |
|  Total Common Stocks | 32852204 | 315607634 | 0 | 348459838 |
| Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 6044810 |  | 6044810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 40436 |  |  | 40436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia |  | 106757 |  | 106757 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 1821407 |  | 1821407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 1375 |  | 1375 |
|  Total Preferred Stocks | 40436 | 7974349 |  | 8014785 |
|  Total Short-Term Investment\* | 2026434 |  |  | 2026434 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1043642 |  | 1043642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 1155219 |  |  | 1155219 |
|  Total Securities Lending Reinvestments | 1155219 | 1043642 |  | 2198861 |
|  Total Investments | $36074293 | $324625625 | $0 | $360699918 |
|  Collateral for Securities Loaned (Liability) | $— | $(2198861) | $— | $(2198861) |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | $(91001) | $— | $— | $(91001) |

---

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months year ended December 31, 2022 is not presented.

During the year ended December 31, 2022, transfers into Level 3 in the amount of $14,597,946 were due to trading halts on the securities' respective exchanges which resulted in the lack of observable inputs.

During the year ended December 31, 2022, transfers out of Level 3 in the amount of $416,862 were due to the resumption of trading activity which resulted in the availability of significant observable inputs.

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $360699918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 29639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies (c) | 592951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for futures contracts | 161461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 566263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 362051675 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 2198861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 63879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes | 850827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 50255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 164510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 18568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custudian fees | 211876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 39411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 51564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3651070 |
|  **Net Assets** | $358400605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $408458541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributed earnings (Accumulated losses) (d) | (50057936) |
|  **Net Assets** | $358400605 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $352353221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 6047384 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 39383693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 679602 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 8.90 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $404,459,333.

(b) Includes securities loaned at value of $2,461,428.

(c) Identified cost of cash denominated in foreign currencies was $588,425.

(d) Includes foreign capital gains tax of $851,660.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $14422297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 28341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 14450638 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2056375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 31381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 435172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 15649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 75280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 23117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 65775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2760833 |
|  **Net Investment Income** | 11689805 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on : |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (b) | (12234064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3372421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (352813) |
|  Net realized gain (loss) | (15959298) |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (c) | (86399950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 12029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2741) |
|  Net change in unrealized appreciation (depreciation) | (86390662) |
|  Net realized and unrealized gain (loss) | (102349960) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(90660155) |

---

(a) Net of foreign withholding taxes of $1,898,021.

(b) Net of foreign capital gains tax of $72,637.

(c) Includes change in foreign capital gains tax of $34,813.

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11689805 | $10429279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (15959298) | 20557948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (86390662) | (32824692) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (90660155) | (1837465) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (9714538) | (7077960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (148392) | (85562) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (9862930) | (7163522) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 5595091 | 69046807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (94927994) | 60045820 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 453328599 | 393282779 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $358400605 | $453328599 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 216109 | $1815196 | 7471225 | $93001263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 1014044 | 9714538 | 568511 | 7077960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (663465) | (6566503) | (2904558) | (35905042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 566688 | $4963231 | 5135178 | $64174181 |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 145413 | $1386869 | 434454 | $5269665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 15555 | 148392 | 6900 | 85562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (93745) | (903401) | (40081) | (482601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 67223 | $631860 | 401273 | $4872626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $5595091 |  | $69046807 |

---

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019 (a)** |
|  **Net Asset Value, Beginning of Period** | $11.50 | $11.60 | $10.38 | $10.00 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (b) | 0.29 | 0.29 | 0.18 | 0.24 (c) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.59) | (0.20) | 1.29 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.30) | 0.09 | 1.47 | 0.38 |
|  **Less Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.25) | (0.19) | (0.25) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.25) | (0.19) | (0.25) | 0.00 |
|  **Net Asset Value, End of Period** | $8.95 | $11.50 | $11.60 | $10.38 |
|  **Total Return (%)** (d) | (20.13) | 0.64 | 14.86 | 3.80 (e) |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Ratio of expenses to average net assets (%) | 0.71 | 0.67 | 0.68 | 0.74 (f)(g) |
|  Ratio of net investment income (loss) to average net assets (%) | 3.03 | 2.37 | 1.91 | 3.69 (c)(f) |
|  Portfolio turnover rate (%) | 23 | 45 | 42 | 41 (e) |
|  Net assets, end of period (in millions) | $352.4 | $446.3 | $390.8 | $369.1 |
|  | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019 (a)** |
|  **Net Asset Value, Beginning of Period** | $11.44 | $11.57 | $10.37 | $10.00 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (b) | 0.27 | 0.26 | 0.15 | 0.14 (c) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.58) | (0.21) | 1.29 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.31) | 0.05 | 1.44 | 0.37 |
|  **Less Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.23) | (0.18) | (0.24) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.23) | (0.18) | (0.24) | 0.00 |
|  **Net Asset Value, End of Period** | $8.90 | $11.44 | $11.57 | $10.37 |
|  **Total Return (%)** (d) | (20.32) | 0.31 | 14.64 | 3.70 (e) |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Ratio of expenses to average net assets (%) | 0.96 | 0.92 | 0.93 | 0.99 (f)(g) |
|  Ratio of net investment income (loss) to average net assets (%) | 2.78 | 2.21 | 1.56 | 2.10 (c)(f) |
|  Portfolio turnover rate (%) | 23 | 45 | 42 | 41 (e) |
|  Net assets, end of period (in millions) | $6.0 | $7.0 | $2.4 | $1.0 |

---

(a) Commencement of operations was April 29, 2019.

(b) Per share amounts based on average shares outstanding during the period.

(c) Net investment income per share and ratio of net investment income to average net assets for Class A shares may be less than Class B or significantly more than Class B because of the timing of income received in the
Portfolio.

(d) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts.
If these charges were included, the returns would be lower.

(e) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

(g) Non-recurring expenses, associated with the launch of the Portfolio, are included in the ratio on a non-annualized basis.

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is SSGA Emerging Markets Enhanced Index Portfolio (the "Portfolio"), which is non-diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements** - The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee") as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $1,043,642, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Investments in Derivative Instruments** 

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Equity | Unrealized depreciation on futures contracts (a) | $91001 |

---

(a)<br> Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net**<br> **Realized Gain (Loss)** | **Equity** |
|  Futures contracts | $(3372421) |
| **Statement of Operations Location—Net**<br> **Change in Unrealized Appreciation (Depreciation)** | **Equity** |
|  Futures contracts | $12029 |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Futures contracts long | $10553552 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*Foreign Investment Risk:* The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

*China Investment Risk:* On June 2, 2021, an Executive Order (the "Order") was issued prohibiting investment activity by U.S. persons, which includes the Portfolio, in relation to certain companies determined by the U.S. Secretary of the Treasury and the U.S. Secretary of Defense to (i) be operating or have been previously operating in the defense and related material sector or the surveillance technology sector (collectively, "Defense Sectors") of the economy of China; or (ii) own or control, or to be owned or controlled by, directly or indirectly, a person or entity who operates or has operated in any of the Defense Sectors (each, a "Chinese Military Company, " and together, the "Chinese Military Companies"). Each Chinese Military Company is included on the Non-SDN Chinese Military-Industrial Complex Companies List ("Non-SDN CMIC List") administered by the Office of Foreign Assets Control within the U.S. Department of the Treasury. The Order supersedes similar executive orders previously issued on November 12, 2020 and January 13, 2021 related to investments in "Communist Chinese Military Companies." Beginning August 2, 2021 for Chinese Military Companies designated to the Non-SDN CMIC List in connection with the Order (or 60 days after an entity is newly-designated as a Chinese Military Company), all transactions in public securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any of the Chinese Military Companies (the "Sanctioned Securities") are prohibited. The Order contained a limited exception for transactions made solely for the purpose of divestment through June 3, 2022 for securities designated in connection with the Order, and 365 days after designation for other companies. The Portfolio's holdings in the Sanctioned Securities may adversely impact the Portfolio's performance. The extent of the impact will depend on future developments, including the Portfolio's ability to sell the Sanctioned Securities, uncertainties on valuation of the Sanctioned Securities, modifications to the Order and/or interpretations thereof (including which companies are considered Chinese Military Companies), and the duration of the Order, all of which are highly uncertain and cannot be predicted.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $107517749 | $0 | $87497037 |

---

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $2056375 | 0.550% | First $250 million |
|  | 0.500% | Next $250 million |
|  | 0.450% | Over $500 million |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSGA Funds Management, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

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| | |
|:---|:---|
|  Cost basis of investments | $405651781 |
|  Gross unrealized appreciation | 26429516 |
|  Gross unrealized (depreciation) | (71381379) |
|  Net unrealized appreciation (depreciation) | $(44951863) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $9862930 | $7163522 | $— | $— | $9862930 | $7163522 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $11963702 | $– $| (45799108) | $(16183118) | $(50018524) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $7,695,624 and accumulated long-term capital losses of $8,487,494.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the SSGA Emerging Markets Enhanced Index Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the SSGA Emerging Markets Enhanced Index Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years then ended, the financial highlights for each of the three years in the period then ended and for the period from April 29, 2019 (commencement of operations) to December 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the SSGA Emerging Markets Enhanced Index Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from April 29, 2019 (commencement of operations) to December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

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**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

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**Officers** 

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance*. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses*. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**SSGA Emerging Markets Enhanced Index Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*SSGA Emerging Markets Enhanced Index Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and SSGA Funds Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-year and since-inception (beginning April 29, 2019) periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the MSCI Emerging Markets Index, for the one- and three-year periods ended October 31, 2022 and underperformed its benchmark for the since-inception period ended October 31, 2022.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Managed By State Street Global Advisors Funds Management Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the SSGA Growth and Income ETF Portfolio returned -15.09%, -15.38%, and -15.26%, respectively. The Portfolio's benchmarks, the MSCI All Country World Index¹ and the SSGA Growth and Income Composite Index², returned -18.36% and -15.11%, respectively.

**MARKET ENVIRONMENT / CONDITIONS** 

Global economic growth and equity markets faced multiple headwinds in the first quarter of 2022. Commodity prices accelerated the trend as western countries imposed strict sanctions on Russia's economy. Hawkish pivots by western central banks amid rising inflation also weighed on stocks and bonds. The Russia-Ukraine War further exacerbated the supply chain and inflation problems at the end of February. Chinese economic activity surprised on the downside in March, with both manufacturing and services contracting simultaneously after beating expectations in January and February. The surge in COVID-19 Omicron outbreaks coupled with geopolitical instability impacted growth recovery toward the end of the quarter.

By the end of the second quarter, incoming data from key developed markets pointed toward broad-based deceleration in economic activities. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine War and continued escalations between the U.S. and China over Taiwan. As a result, markets remained volatile in the second quarter and equities and bonds posted sharp declines. Central banks remained in tightening mode with 54 rate-hiking actions globally in June – an all-time high. Unsurprisingly, the actions followed elevated inflation rates around the world. Home sales were the first domino to fall prodded by the tightening monetary policy as first-time homebuyers were increasingly being priced out of the market. With consumer spending data coming in weak, the U.S. was vulnerable to further financial tightening. Even outside of the U.S., recession probabilities were moving upward. These fears were more pronounced in the euro area with the common currency falling to a 20-year low against the U.S. dollar and Germany reporting its first deficit since 1991.

Inflation expectations in the U.S. trended downward in the beginning of the third quarter, setting up a market rally that was short-lived. By mid-August, a myriad of economic data confirmed that inflation was more entrenched and investors became less confident that the central banks were able to engineer an economic soft-landing and began selling risky assets. Bond markets followed a similar pattern and sold off sharply in August and September. The market was also spooked by the unorthodox policy adopted by the new United Kingdom ("U.K.") administration in September. The call for an unfunded 45 billion pound sterling mini-budget to ease the impact of inflation on the U.K. economy was later rescinded and brought down with it the Chancellor of the Exchequer. However, the irrevocable damage reverberated beyond Downing Street with subsequent days that saw yields on 10-year Gilts hitting a high of 4.3% and the pound falling to its lowest level of 1.03 against the U.S. dollar. These events resulted in the Bank of England intervening with a 65 billion pound sterling bond buying program to restore stability as pension funds came under heavy pressure. The economic tremor also spread to the other side of the continent where Japan's finance ministry intervened in the foreign exchange market to prop up the yen as the currency came under renewed pressure after the Bank of Japan (the "BoJ") left its monetary policy unchanged while global central banks tightened to record levels, leaving the yen trading at close to a 30-year low.

If there was one enduring theme in the 2022, that would be the constant downward economic trajectory throughout the year. The global economy decelerated further in the fourth quarter, albeit with inflation showing signs of slowing down in the U.S. and peaking in the eurozone and Japan. However, key central banks continued with their hawkish tone, which further dented market sentiment toward the end of the fourth quarter. In the final month of 2022, 48 countries saw higher interest rates as policy rates were hiked by all major central banks. After four consecutive 75 basis point ("bps") hikes, the U.S. Federal Reserve slowed hiking to 50 bps in December but still directed that the rates will remain elevated through 2023. Elsewhere in the globe, central banks continued to lift the policy rates with even the BoJ carefully expanding the target band of its Yield Curve Control program by 50 bps on either side of its 0% target in order to combat the weakening yen. The COVID-19 vaccines that saved millions of lives were not the panacea that cured the unconventional economic conditions and impediment that the modern market has experienced since it remerged in 2021. Economic uncertainty and fear of uncontrolled inflation dominated the investment narrative in 2022, leading the MSCI All Country World Index to post a 18.36% loss and giving up all the prior year's gain. The bond market was in no position to be a defensive asset class contender as the negative return for the Bloomberg U.S. Aggregate Bond Index was -13.01%.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio delivered absolute returns of -15.09% in 2022, modestly outperforming its composite benchmark. The positive relative return was driven primarily by asset allocation decisions, with defensive positioning and allocations to commodities contributing to the relative results.

A mostly defensive posture for the Portfolio during a turbulent year contributed to favorable benchmark-relative performance. For most of the year, a neutral or underweight position was maintained across equity markets in total as our quantitative tools raised flags from an investor sentiment, or risk, perspective, as well as from a more fundamental standpoint with respect to weakening earnings and sales expectations. In addition to limiting exposure to equities, an overweight allocation to commodities was a large driver of positive relative results. The allocation, which was driven by a combination of quantitative and discretionary views, bolstered results as the Russian

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Managed By State Street Global Advisors Funds Management Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

invasion of Ukraine negatively impacted the supply of commodities and drove prices higher. An allocation to cash also contributed favorably to results. With short-term interest rates rising steadily throughout the year, cash provided a relatively remunerative way to position the Portfolio defensively throughout the period. Equity sector allocations also contributed positively with a persistent overweight allocation to the Energy sector accounting for much of the benefit.

The largest detractor to performance in 2022 was a steady overweight allocation to longer term government bonds. Though our fixed income models correctly anticipated the overall change in the shape of the yield curve (towards a flattening, or inverting, curve—which is when longer term rates fall relative to shorter term rates), from a directional perspective our expectations for steady to, at times, lower long-term interest rates, led to relative underperformance as rising inflation and sharply tighter monetary policy consistently pushed interest rates higher across the curve.

At period end, the Portfolio was positioned with small overweight allocations to equities, commodities and cash. At the time, information on the economic front was mixed with growth indicators decelerating but inflation pressures also easing. From a markets perspective, the easing of inflation alongside some weakness in the U.S. dollar helped some of our proprietary sentiment models to start to suggest a healthier environment for stock markets. Within equities, improved momentum, relatively attractive valuations as well as superior expectations around earnings and sales supported an overweight allocation to non-U.S. developed equity markets such as Europe and Asia-Pacific and a corresponding underweight position in U.S. equities and emerging market equities. In fixed income, the Portfolio maintained exposure to the long end of the Treasury yield curve but also held an overweight to cash to balance out the total interest rate risk, or duration, of the Portfolio.

**Jerry Holly** 

**Mike Martel** 

Portfolio Managers

*State Street Global Advisors Funds Management Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed and 24 emerging market indices. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

<sup>2</sup> The SSGA Growth and Income Composite Index is computed by SSGA, consisting of 30% S&P 500 Index, 2% S&P MidCap 400 Index, 3% S&P 600 Index, 13% MSCI World ex-U.S. Index, 2% S&P/Citigroup World ex-U.S. Range < 2 Billion USD Index, 5% MSCI Emerging Markets Index, 3% MSCI U.S. REIT Index, 2% Dow Jones Global ex-U.S. Select Real Estate Securities Index, 23% Bloomberg U.S. Aggregate Bond Index, 10% Bloomberg High Yield Very Liquid Index, 5% Bloomberg U.S. TIPS Index, and 2% Bloomberg 1-3 Month U.S. T-Bill Index.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD INDEX** 

**AND THE SSGA GROWTH AND INCOME COMPOSITE INDEX**![LOGO](g382964g59f71.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**SSGA Growth and Income ETF Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -15.09 | 3.60 | 5.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -15.38 | 3.33 | 5.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -15.26 | 3.45 | 5.52 |
| &nbsp;&nbsp;&nbsp;**MSCI All Country World Index** | -18.36 | 5.23 | 7.98 |
| &nbsp;&nbsp;&nbsp;**SSGA Growth and Income Composite Index** | -15.11 | 3.99 | 6.14 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **SPDR S&P 500 ETF Trust** | **21.8** |
| **Vanguard Total Bond Market ETF** | **18.0** |
| **iShares MSCI EAFE ETF** | **11.5** |
| **SPDR Bloomberg High Yield Bond ETF** | **7.1** |
| **Vanguard FTSE Pacific ETF** | **5.0** |
| **iShares TIPS Bond ETF** | **5.0** |
| **Vanguard FTSE Europe ETF** | **4.0** |
| **iShares 20+ Year Treasury Bond ETF** | **3.3** |
| **iShares Core MSCI Emerging Markets ETF** | **3.0** |
| **SPDR Dow Jones International Real Estate ETF** | **2.0** |

---

**Asset Allocation** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Large Cap Equities** | **27.9** |
| **Investment Grade Fixed Income** | **26.3** |
| **International Developed Market Equities** | **24.2** |
| **High Yield Fixed Income** | **7.1** |
| **Money Market** | **4.6** |
| **Emerging Market Equities** | **3.0** |
| **Real Estate Equities** | **2.0** |
| **U.S. Mid Cap Equities** | **2.0** |
| **U.S. Small Cap Equities** | **2.0** |
| **Commodities** | **0.9** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SSGA Growth and Income ETF Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.32% | $1000.00 | $1006.70 | $1.62 |
|  | Hypothetical\* | 0.32% | $1000.00 | $1023.59 | $1.63 |
|  Class B (a) | Actual | 0.57% | $1000.00 | $1004.50 | $2.88 |
|  | Hypothetical\* | 0.57% | $1000.00 | $1022.33 | $2.91 |
|  Class E (a) | Actual | 0.47% | $1000.00 | $1005.60 | $2.38 |
|  | Hypothetical\* | 0.47% | $1000.00 | $1022.79 | $2.40 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mutual Funds—95.3% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Investment Company Securities—95.3%** | | |
|  Consumer Staples Select Sector SPDR Fund (a) (b) | 461639 | $34415187 |
|  Energy Select Sector SPDR Fund (b) | 207132 | 18117836 |
|  Financial Select Sector SPDR Fund (a) (b) | 1019009 | 34850108 |
|  Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF (a) | 1091986 | 16139553 |
|  iShares 20+ Year Treasury Bond ETF (a) | 564551 | 56206698 |
|  iShares Core MSCI Emerging Markets ETF | 1094546 | 51115298 |
|  iShares Core S&P Mid-Cap ETF (a) | 141258 | 34168898 |
|  iShares Core S&P Small-Cap ETF (a) | 358339 | 33913203 |
|  iShares MSCI Canada ETF (a) | 824834 | 26996817 |
|  iShares MSCI EAFE ETF (a) | 3008372 | 197469538 |
|  iShares TIPS Bond ETF (a) | 804061 | 85584253 |
|  Materials Select Sector SPDR Fund (a) (b) | 215264 | 16721707 |
|  SPDR Bloomberg High Yield Bond ETF (a) (b) | 1344054 | 120964860 |
|  SPDR Dow Jones International Real Estate ETF (a) (b) | 1304367 | 34917905 |
|  SPDR S&P 500 ETF Trust (a)(b) | 979455 | 374572976 |
|  SPDR S&P International Small Cap ETF (b) | 1183671 | 34811764 |
|  Vanguard FTSE Europe ETF (a) | 1245208 | 69034331 |
|  Vanguard FTSE Pacific ETF (a) | 1339875 | 86220956 |
|  Vanguard Total Bond Market ETF | 4299478 | 308874499 |
|  Total Mutual Funds <br>(Cost $1,713,896,351) |  | 1635096387 |
| **Short-Term Investment—4.6%** |  |  |
| **Mutual Funds—4.6%** |  |  |
|  Invesco STIC Prime Portfolio, Institutional Class <br>4.240% (c) | 79141211 | 79141211 |
|  Total Short-Term Investments <br>(Cost $79,141,211) |  | 79141211 |
| **Securities Lending Reinvestments (d)—29.7%** | **Securities Lending Reinvestments (d)—29.7%** |  |
| **Certificates of Deposit—8.5%** |  |  |
|  Bank of Montreal<br>4.710%, SOFR + 0.410%, 04/04/23 (e) | 5000000 | 4999922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090%, SOFR + 0.790%, 11/08/23 (e) | 5000000 | 5006754 |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e) | 10000000 | 10000000 |
|  Bank of Nova Scotia<br>4.710%, FEDEFF PRV + 0.380%, 01/06/23 (e) | 4000000 | 4000071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (e) | 14000000 | 14005884 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.550%, SOFR + 0.250%, 02/03/23 (e) | 7000000 | 7000463 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (e) | 8000000 | 8000568 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (e) | 10000000 | 10000000 |
|  Credit Agricole S.A.<br>4.700%, 02/03/23 | 6000000 | 6001500 |
|  Credit Industriel et Commercial<br>4.730%, SOFR + 0.430%, 01/06/23 (e) | 6000000 | 6000168 |
|  Credit Industriel et Commercial (NY)<br>4.710%, FEDEFF PRV + 0.380%, 01/09/23 (e) | 5000000 | 5000145 |
| **Certificates of Deposit—(Continued)** |  |  |
|  Mitsubishi UFJ Trust and Banking Corp.<br>4.860%, SOFR + 0.560%, 02/14/23 (e) | 5000000 | 5001500 |
|  MUFG Bank Ltd. (NY)<br>4.810%, SOFR + 0.510%, 02/17/23 (e) | 6000000 | 6001524 |
|  Nordea Bank Abp (NY)<br>4.760%, SOFR + 0.460%, 02/13/23 (e) | 3000000 | 3000513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, SOFR + 0.500%, 02/27/23 (e) | 5000000 | 5001385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 02/21/23 (e) | 4000000 | 4001340 |
|  Rabobank (London)<br>4.830%, SOFR + 0.530%, 05/16/23 (e) | 4000000 | 4000000 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (e) | 15000000 | 14999760 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.750%, SOFR + 0.450%, 02/24/23 (e) | 11000000 | 11003608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 03/07/23 (e) | 2000000 | 2000556 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (e) | 5000000 | 5000000 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (e) | 5000000 | 4999450 |
|  |  | 145025111 |
| **Commercial Paper—1.4%** |  |  |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (e) | 5000000 | 5006810 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (e) | 8000000 | 8002160 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (e) | 6000000 | 6000000 |
|  United Overseas Bank, Ltd.<br>4.850%, SOFR + 0.550%, 02/03/23 (e) | 5000000 | 5001205 |
|  |  | 24010175 |
| **Master Demand Notes—0.7%** |  |  |
|  Natixis Financial Products LLC<br>4.550%, OBFR + 0.230%, 01/03/23 (e) | 12000000 | 12000000 |
| **Repurchase Agreements—13.4%** |  |  |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $5,022,458; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $5,100,000. | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $10,250,264; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $10,200,001. | 10000000 | 10000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $56,177,774; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $57,323,771. | 56150946 | 56150946 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (d)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $24,026,023; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $24,587,703. | 24014496 | $24014496 |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $31,926,796; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $32,613,865. | 31900000 | 31900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $40,034,611; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $43,553,141. | 40000000 | 40000000 |
|  Royal Bank of Canada Toronto <br>Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $10,045,208; collateralized by various Common Stock with an aggregate market value of $11,112,546. | 10000000 | 10000000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $4,702,219; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $4,802,490. | 4700000 | 4700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $20,409,996; collateralized by various Common Stock with an aggregate market value of $22,705,667. | 20400000 | 20400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $11,710,056; collateralized by various Common Stock with an aggregate market value of $13,024,345. | 11700000 | 11700000 |
|  TD Prime Services LLC <br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $16,652,883; collateralized by various Common Stock with an aggregate market value of $18,534,308. | 16644745 | 16644745 |
|  |  | 230510187 |
| **Time Deposits—0.6%** |  |  |
|  Canadian Imperial Bank London<br>4.250%, 01/03/23 | 5000000 | 5000000 |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (e) | 5000000 | 5000000 |
|  |  | 10000000 |
| **Mutual Funds—5.1%** |  |  |
|  AB Government Money Market Portfolio, Institutional Class <br>4.110% (c) | 10000000 | 10000000 |
|  BlackRock Liquidity Funds FedFund, Institutional Shares <br>4.020% (c) | 10000000 | 10000000 |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (c) | 2000000 | 2000000 |
|  Fidelity Investments Money Market Government Portfolio, Class I <br>4.060% (c) | 15000000 | 15000000 |
|  HSBC U.S. Government Money Market Fund, Class I <br>4.130% (c) | 19800000 | 19800000 |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (c) | 10000000 | 10000000 |
|  STIT-Government & Agency Portfolio, Institutional Class <br>4.220% (c) | 15000000 | 15000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (c) | 5000000 | 5000000 |
|  |  | 86800000 |
|  Total Securities Lending Reinvestments <br>(Cost $508,310,251) |  | 508345473 |
|  Total Investments—129.6% <br>(Cost $2,301,347,813) |  | 2222583071 |
|  Other assets and liabilities (net)—(29.6)% |  | (507516550) |
| **Net Assets—100.0%** |  | $1715066521 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $496,275,624 and the collateral received consisted of cash in the amount of $508,310,517 and non-cash collateral with a value of $77,720. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(c) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(d) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Glossary of Abbreviations** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

Other Abbreviations

------

(ETF)— Exchange-Traded Fund

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company Securities | $1635096387 | $— | $— | $1635096387 |
|  Total Short-Term Investment\* | 79141211 |  |  | 79141211 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 145025111 |  | 145025111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 24010175 |  | 24010175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Demand Notes |  | 12000000 |  | 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 230510187 |  | 230510187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 10000000 |  | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 86800000 |  |  | 86800000 |
|  Total Securities Lending Reinvestments | 86800000 | 421545473 |  | 508345473 |
|  Total Investments | $1801037598 | $421545473 | $— | $2222583071 |
|  Collateral for Securities Loaned (Liability) | $— | $(508310517) | $— | $(508310517) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1553210728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (c) (d) | 669372343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 23566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 401810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on affiliated investments | 1744801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 6949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2224760197 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 508310517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 304645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 457933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 21875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 19696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 365116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 50619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 509693676 |
|  **Net Assets** | $1715066521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1828381916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (113315395) |
|  **Net Assets** | $1715066521 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $24474297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 1683855407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 6736817 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2729068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 189740224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 756174 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 8.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 8.91 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,585,340,956.

(b) Includes securities loaned at value of $67,335,066.

(c) Identified cost of affiliated investments was $716,006,857.

(d) Includes securities loaned at value of $428,940,558.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Underlying ETFs | $29177456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 18577152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3751585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 51506193 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 5828611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 37500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 38799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 4647504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 11179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 48382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 41467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 16130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 22188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 10746415 |
|  **Net Investment Income** | 40759778 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (116672381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 48783179 |
|  Net realized gain (loss) | (67889202) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (99998905) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (209102660) |
|  Net change in unrealized appreciation (depreciation) | (309101565) |
|  Net realized and unrealized gain (loss) | (376990767) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(336230989) |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $40759778 | $57777115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (67889202) | 311770889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (309101565) | (84914991) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (336230989) | 284633013 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (5135426) | (1945395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (361953101) | (140262345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (1440231) | (545548) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (368528758) | (142753288) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 168700698 | (131580105) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (536059049) | 10299620 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2251125570 | 2240825950 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1715066521 | $2251125570 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 100401 | $1046539 | 147611 | $1917968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 572511 | 5135426 | 153422 | 1945395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (289557) | (3124301) | (232942) | (3045991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 383355 | $3057664 | 68091 | $817372 |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1639285 | $17955994 | 1740557 | $22363163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 40714635 | 361953101 | 11149630 | 140262345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (20783723) | (214988779) | (22885246) | (294939631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 21570197 | $164920316 | (9995059) | $(132314123) |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 60421 | $663670 | 49065 | $635457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 161461 | 1440231 | 43229 | 545548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (130980) | (1381183) | (98346) | (1264359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 90902 | $722718 | (6052) | $(83354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $168700698 |  | $(131580105) |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.27 | $12.48 | $12.12 | $10.93 | $12.52 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.25 | 0.37 | 0.25 | 0.32 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.25) | 1.29 | 0.85 | 1.78 | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.00) | 1.66 | 1.10 | 2.10 | (0.72) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.39) | (0.27) | (0.34) | (0.31) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.91) | (0.60) | (0.40) | (0.60) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.30) | (0.87) | (0.74) | (0.91) | (0.87) |
|  **Net Asset Value, End of Period** | $8.97 | $13.27 | $12.48 | $12.12 | $10.93 |
|  **Total Return (%)** (b) | (15.09) | 13.61 | 10.14 | 19.88 | (6.29) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (c) | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 2.41 | 2.83 | 2.20 | 2.77 | 2.39 |
|  Portfolio turnover rate (%) | 148 | 91 | 72 | 57 | 34 |
|  Net assets, end of period (in millions) | $24.5 | $31.1 | $28.4 | $27.9 | $26.7 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.15 | $12.37 | $12.02 | $10.84 | $12.42 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.22 | 0.33 | 0.22 | 0.29 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.24) | 1.29 | 0.84 | 1.77 | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.02) | 1.62 | 1.06 | 2.06 | (0.74) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.35) | (0.24) | (0.31) | (0.28) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.91) | (0.60) | (0.40) | (0.60) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.26) | (0.84) | (0.71) | (0.88) | (0.84) |
|  **Net Asset Value, End of Period** | $8.87 | $13.15 | $12.37 | $12.02 | $10.84 |
|  **Total Return (%)** (b) | (15.38) | 13.38 | 9.83 | 19.61 | (6.52) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (c) | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 2.15 | 2.54 | 1.94 | 2.52 | 2.13 |
|  Portfolio turnover rate (%) | 148 | 91 | 72 | 57 | 34 |
|  Net assets, end of period (in millions) | $1683.9 | $2211.2 | $2204.1 | $2232.3 | $2118.1 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.20 | $12.41 | $12.05 | $10.88 | $12.46 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.23 | 0.35 | 0.23 | 0.30 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.24) | 1.29 | 0.85 | 1.76 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.01) | 1.64 | 1.08 | 2.06 | (0.73) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.37) | (0.25) | (0.32) | (0.29) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.91) | (0.60) | (0.40) | (0.60) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.28) | (0.85) | (0.72) | (0.89) | (0.85) |
|  **Net Asset Value, End of Period** | $8.91 | $13.20 | $12.41 | $12.05 | $10.88 |
|  **Total Return (%)** (b) | (15.26) | 13.52 | 10.01 | 19.57 | (6.39) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (c) | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 |
|  Ratio of net investment income (loss) to average net assets (%) (d) | 2.24 | 2.68 | 2.03 | 2.62 | 2.25 |
|  Portfolio turnover rate (%) | 148 | 91 | 72 | 57 | 34 |
|  Net assets, end of period (in millions) | $6.7 | $8.8 | $8.3 | $9 | $8.5 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is SSGA Growth and Income ETF Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio was designed on established principles of asset allocation. The Portfolio will primarily invest its assets in other investment companies known as exchange-traded funds ("Underlying ETFs"), including, but not limited to, Standard and Poors Depositary Receipts (SPDRs<sup>®</sup>) of the S&P 500<sup>®</sup> ETF Trust, series of the Select Sector SPDR Trust, SPDR Series Trust, SPDR Index Shares Funds, iShares<sup>®</sup> Trust, iShares<sup>®</sup>, Inc., and Vanguard ETFs<sup>TM</sup> of the Vanguard<sup>®</sup> Index Funds.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. The NAV of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy

Investments in registered open-end management investment companies are valued at reported NAV per share and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

(the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Investment Transactions and Related Investment Income -** The Portfolio's security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying ETFs are recorded as Net realized gain in the Statement of Operations.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $230,510,187. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper,

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Mutual Funds in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio and the Underlying ETFs may be exposed to counterparty risk, or the risk that an entity with which the Portfolio and the Underlying ETFs have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio and the Underlying ETFs to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio and the Underlying ETFs manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser's assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio and the Underlying ETFs restrict their exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom the Portfolio and the Underlying ETFs undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio and the Underlying ETFs in which it invests.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $2607197783 | $0 | $2712386172 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $5828611 | 0.330% | First $500 million |
|  | 0.300% | Over $500 million |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSGA Funds Management, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Transactions in Securities of Affiliated Issuers** 

A summary of the Portfolio's transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending<br>Value as of<br>December 31, 2022** |
|  Consumer Staples Select Sector SPDR Fund | $— | $35215993 | $— | $— | $(800806) | $34415187 |
|  Energy Select Sector SPDR Fund | 46374246 | 52059897 | (92970267) | 9819427 | 2834533 | 18117836 |
|  Financial Select Sector SPDR Fund | 22816954 | 80755645 | (64895957) | (4885163) | 1058629 | 34850108 |
|  Health Care Select Sector SPDR Fund |  | 18674223 | (18184520) | (489703) |  |  |
|  Industrial Select Sector SPDR Fund |  | 22029256 | (21496197) | (533059) |  |  |
|  Materials Select Sector SPDR Fund | 23341861 | 61754290 | (60895235) | (6206927) | (1272282) | 16721707 |
|  SPDR Bloomberg High Yield Bond ETF | 154400546 | 231870358 | (236483923) | (20598913) | (8223208) | 120964860 |
|  SPDR Dow Jones International Real Estate ETF | 22640140 | 27427637 | (5858483) | (2079261) | (7212128) | 34917905 |
|  SPDR Gold Shares |  | 104310813 | (94805979) | (9504834) |  |  |
|  SPDR S&P 500 ETF Trust | 525808743 | 314230801 | (369551152) | 78876358 | (174791774) | 374572976 |
|  SPDR S&P International Small Cap ETF | 45668122 | 6894451 | (7910784) | 483937 | (10323962) | 34811764 |
|  Technology Select Sector SPDR Fund | 46069986 | 3486400 | (42983362) | 3798638 | (10371662) |  |
|  Utilities Select Sector SPDR Fund |  | 43116168 | (43218847) | 102679 |  |  |
|  | $887120598 | $1001825932 | $(1059254706) | $48783179 | $(209102660) | $669372343 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held at<br>December 31, 2022** |
|  Consumer Staples Select Sector SPDR Fund | $246061 | 461639 |
|  Energy Select Sector SPDR Fund | 1070174 | 207132 |
|  Financial Select Sector SPDR Fund | 479663 | 1019009 |
|  Health Care Select Sector SPDR Fund |  |  |
|  Industrial Select Sector SPDR Fund |  |  |
|  Materials Select Sector SPDR Fund | 421326 | 215264 |
|  SPDR Bloomberg High Yield Bond ETF | 7057675 | 1344054 |
|  SPDR Dow Jones International Real Estate ETF | 1290634 | 1304367 |
|  SPDR Gold Shares |  |  |
|  SPDR S&P 500 ETF Trust | 6525261 | 979455 |
|  SPDR S&P International Small Cap ETF | 943777 | 1183671 |
|  Technology Select Sector SPDR Fund | 40271 |  |
|  Utilities Select Sector SPDR Fund | 502310 |  |
|  | $18577152 |  |

---

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $2361348480 |
|  Gross unrealized appreciation | 14307598 |
|  Gross unrealized (depreciation) | (153073007) |
|  Net unrealized appreciation (depreciation) | $(138765409) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $103052628 | $51215575 | $265476130 | $91537713 | $368528758 | $142753288 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $39821651 | $– $| (138765410) | $(14208360) | $(113152119) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $14,208,360.

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the SSGA Growth and Income ETF Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the SSGA Growth and Income ETF Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the SSGA Growth and Income ETF Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and transfer agents; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*SSGA Growth and Income ETF Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and SSGA Funds Management, Inc. regarding the Portfolio:

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests.

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the MSCI ACWI (All Country World Index), for the one-year period ended October 31, 2022 and underperformed the same benchmark for the three- and five-year periods ended

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth and Income ETF Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

October 31, 2022. The Board also noted that the Portfolio underperformed its other benchmark, the SSGA Growth & Income Composite Index, for theone-, three-, and five-year periods ended October 31, 2022.

The Board also considered that the Portfolio's actual management fees were below the Expense Group median and the Sub-advised Expense Universe median and above the Expense Universe median. The Board also considered that the Portfolio's total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were above the Expense Group median, below the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Managed By State Street Global Advisors Funds Management Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the SSGA Growth ETF Portfolio returned -15.67%, -15.87%, and -15.78%, respectively. The Portfolio's benchmarks, the MSCI All Country World Index¹ and the SSGA Growth Composite Index², returned -18.36% and -15.83%, respectively.

**MARKET ENVIRONMENT / CONDITIONS** 

Global economic growth and equity markets faced multiple headwinds in the first quarter of 2022. Commodity prices accelerated the trend as western countries imposed strict sanctions on Russia's economy. Hawkish pivots by western central banks amid rising inflation also weighed on stocks and bonds. The Russia-Ukraine War further exacerbated the supply chain and inflation problems at the end of February. Chinese economic activity surprised on the downside in March, with both manufacturing and services contracting simultaneously after beating expectations in January and February. The surge in COVID-19 Omicron outbreaks coupled with geopolitical instability impacted growth recovery toward the end of the quarter.

By the end of the second quarter, incoming data from key developed markets pointed toward broad-based deceleration in economic activities. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine War and continued escalations between the U.S. and China over Taiwan. As a result, markets remained volatile in the second quarter and equities and bonds posted sharp declines. Central banks remained in tightening mode with 54 rate-hiking actions globally in June – an all-time high. Unsurprisingly, the actions followed elevated inflation rates around the world. Home sales were the first domino to fall prodded by the tightening monetary policy as first-time homebuyers were increasingly being priced out of the market. With consumer spending data coming in weak, the U.S. was vulnerable to further financial tightening. Even outside of the U.S., recession probabilities were moving upward. These fears were more pronounced in the euro area with the common currency falling to a 20-year low against the U.S. dollar and Germany reporting its first deficit since 1991.

Inflation expectations in the U.S. trended downward in the beginning of the third quarter, setting up a market rally that was short-lived. By mid-August, a myriad of economic data confirmed that inflation was more entrenched and investors became less confident that the central banks were able to engineer an economic soft-landing and began selling risky assets. Bond markets followed a similar pattern and sold off sharply in August and September. The market was also spooked by the unorthodox policy adopted by the new United Kingdom ("U.K.") administration in September. The call for an unfunded 45 billion pound sterling mini-budget to ease the impact of inflation on the U.K. economy was later rescinded and brought down with it the Chancellor of the Exchequer. However, the irrevocable damage reverberated beyond Downing Street with subsequent days that saw yields on 10-year Gilts hitting a high of 4.3% and the pound falling to its lowest level of 1.03 against the U.S. dollar. These events resulted in the Bank of England intervening with a 65 billion pound sterling bond buying program to restore stability as pension funds came under heavy pressure. The economic tremor also spread to the other side of the continent where Japan's finance ministry intervened in the foreign exchange market to prop up the yen as the currency came under renewed pressure after the Bank of Japan (the "BoJ") left its monetary policy unchanged while global central banks tightened to record levels, leaving the yen trading at close to a 30-year low.

If there was one enduring theme in the 2022, that would be the constant downward economic trajectory throughout the year. The global economy decelerated further in the fourth quarter, albeit with inflation showing signs of slowing down in the U.S. and peaking in the eurozone and Japan. However, key central banks continued with their hawkish tone, which further dented market sentiment toward the end of the fourth quarter. In the final month of 2022, 48 countries saw higher interest rates as policy rates were hiked by all major central banks. After four consecutive 75 basis point ("bps") hikes, the U.S. Federal Reserve slowed hiking to 50 bps in December but still directed that the rates will remain elevated through 2023. Elsewhere in the globe, central banks continued to lift the policy rates with even the BoJ carefully expanding the target band of its Yield Curve Control program by 50 bps on either side of its 0% target in order to combat the weakening yen. The COVID-19 vaccines that saved millions of lives were not the panacea that cured the unconventional economic conditions and impediment that the modern market has experienced since it remerged in 2021. Economic uncertainty and fear of uncontrolled inflation dominated the investment narrative in 2022, leading the MSCI All Country World Index to post a 18.36% loss and giving up all the prior year's gain. The bond market was in no position to be a defensive asset class contender as the negative return for the Bloomberg U.S. Aggregate Bond Index was -13.01%.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio delivered absolute returns of -15.67% in 2022, modestly outperforming its composite benchmark. The positive relative return was driven primarily by asset allocation decisions, with defensive positioning and allocations to commodities contributing to the relative results.

A mostly defensive posture for the Portfolio during a turbulent year contributed to favorable benchmark-relative performance. For most of the year, a neutral or underweight position was maintained across equity markets in total as our quantitative tools raised flags from an investor sentiment, or risk, perspective, as well as from a more fundamental standpoint with respect to weakening earnings and sales expectations. In addition to limiting exposure to equities, an overweight allocation to commodities was a large driver of positive relative results. The allocation, which was driven by a combination of quantitative and discretionary views, bolstered results as the Russian invasion of Ukraine negatively impacted the supply of commodities

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Managed By State Street Global Advisors Funds Management Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

and drove prices higher. An allocation to cash also contributed favorably to results. With short-term interest rates rising steadily throughout the year, cash provided a relatively remunerative way to position the Portfolio defensively throughout the period. Equity sector allocations also contributed positively with a persistent overweight allocation to the Energy sector accounting for much of the benefit.

The largest detractor to performance in 2022 was a steady overweight allocation to longer term government bonds. Though our fixed income models correctly anticipated the overall change in the shape of the yield curve (towards a flattening, or inverting, curve—which is when longer term rates fall relative to shorter term rates), from a directional perspective our expectations for steady to, at times, lower long-term interest rates, led to relative underperformance as rising inflation and sharply tighter monetary policy consistently pushed interest rates higher across the curve.

At period end, the Portfolio was positioned with small overweight allocations to equities, commodities and cash. At the time, information on the economic front was mixed with growth indicators decelerating but inflation pressures also easing. From a markets perspective, the easing of inflation alongside some weakness in the U.S. dollar helped some of our proprietary sentiment models to start to suggest a healthier environment for stock markets. Within equities, improved momentum, relatively attractive valuations as well as superior expectations around earnings and sales supported an overweight allocation to non-U.S. developed equity markets such as Europe and Asia-Pacific and a corresponding underweight position in U.S. equities and emerging market equities. In fixed income, the Portfolio maintained exposure to the long end of the Treasury yield curve but also held an overweight to cash to balance out the total interest rate risk, or duration, of the Portfolio.

**Jerry Holly** 

**Mike Martel** 

Portfolio Managers

*State Street Global Advisors Funds Management Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed and 24 emerging market indices. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

<sup>2</sup> The SSGA Growth Composite Index is computed by SSGA, consisting of 35% S&P 500 Index, 5% S&P MidCap 400 Index, 5% S&P 600 Index, 20% MSCI World ex-U.S. Index, 3% S&P/Citigroup World ex-U.S. Range < 2 Billion USD Index, 7% MSCI Emerging Markets Index, 3% MSCI U.S. REIT Index, 2% Dow Jones Global ex-U.S. Select Real Estate Securities Index, 10% Bloomberg U.S. Aggregate Bond Index, 5% Bloomberg High Yield Very Liquid Index, 3% Bloomberg Barclays U.S. TIPS Index, and 2% Bloomberg 1-3 Month U.S. T-Bill Index.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD INDEX** 

**AND THE SSGA GROWTH COMPOSITE INDEX**![LOGO](g382964g62h91.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**SSGA Growth ETF Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -15.67 | 4.38 | 6.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -15.87 | 4.13 | 6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -15.78 | 4.24 | 6.75 |
| &nbsp;&nbsp;&nbsp;**MSCI All Country World Index** | -18.36 | 5.23 | 7.98 |
| &nbsp;&nbsp;&nbsp;**SSGA Growth Composite Index** | -15.83 | 4.68 | 7.35 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **SPDR S&P 500 ETF Trust** | **26.8** |
| **iShares MSCI EAFE ETF** | **17.8** |
| **Vanguard FTSE Pacific ETF** | **5.0** |
| **Vanguard Total Bond Market ETF** | **5.0** |
| **iShares Core S&P Mid-Cap ETF** | **5.0** |
| **iShares Core MSCI Emerging Markets ETF** | **5.0** |
| **Vanguard FTSE Europe ETF** | **4.0** |
| **iShares Core S&P Small-Cap ETF** | **4.0** |
| **iShares 20+ Year Treasury Bond ETF** | **3.3** |
| **SPDR S&P International Small Cap ETF** | **3.0** |

---

**Asset Allocation** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Large Cap Equities** | **32.9** |
| **International Developed Market Equities** | **32.2** |
| **Investment Grade Fixed Income** | **11.3** |
| **Emerging Market Equities** | **5.0** |
| **U.S. Mid Cap Equities** | **5.0** |
| **Money Market** | **4.7** |
| **U.S. Small Cap Equities** | **4.0** |
| **High Yield Fixed Income** | **2.0** |
| **Real Estate Equities** | **2.0** |
| **Commodities** | **0.9** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SSGA Growth ETF Portfolio** |  | **Annualized<br>Expense Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.36% | $1000.00 | $1017.60 | $1.83 |
|  | Hypothetical\* | 0.36% | $1000.00 | $1023.39 | $1.84 |
|  Class B (a) | Actual | 0.61% | $1000.00 | $1016.60 | $3.10 |
|  | Hypothetical\* | 0.61% | $1000.00 | $1022.13 | $3.11 |
|  Class E (a) | Actual | 0.51% | $1000.00 | $1016.60 | $2.59 |
|  | Hypothetical\* | 0.51% | $1000.00 | $1022.64 | $2.60 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mutual Funds—95.3% of Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** | **Value** |
| **Investment Company Securities—95.3%** | | | |
|  Consumer Staples Select Sector SPDR Fund (a) (b) | 189770 | $| 14147353 |
|  Energy Select Sector SPDR Fund (b) | 85100 |  | 7443697 |
|  Financial Select Sector SPDR Fund (a) (b) | 418740 |  | 14320908 |
|  Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF | 446710 |  | 6602374 |
|  iShares 20+ Year Treasury Bond ETF (a) | 232090 |  | 23106880 |
|  iShares Core MSCI Emerging Markets ETF | 749557 |  | 35004312 |
|  iShares Core S&P Mid-Cap ETF (a) | 145113 |  | 35101384 |
|  iShares Core S&P Small-Cap ETF (a) | 294223 |  | 27845265 |
|  iShares MSCI Canada ETF (a) | 509581 |  | 16678586 |
|  iShares MSCI EAFE ETF (a) | 1909550 |  | 125342862 |
|  iShares TIPS Bond ETF (a) | 198358 |  | 21113226 |
|  Materials Select Sector SPDR Fund (a) (b) | 88430 |  | 6869242 |
|  SPDR Bloomberg High Yield Bond ETF (a) (b) | 157825 |  | 14204250 |
|  SPDR Dow Jones International Real Estate ETF (a) (b) | 536629 |  | 14365558 |
|  SPDR S&P 500 ETF Trust (a) (b) | 494013 |  | 188925392 |
|  SPDR S&P International Small Cap ETF (b) | 730423 |  | 21481740 |
|  Vanguard FTSE Europe ETF (a) | 512074 |  | 28389383 |
|  Vanguard FTSE Pacific ETF | 551030 |  | 35458780 |
|  Vanguard Total Bond Market ETF | 490939 |  | 35269058 |
|  Total Mutual Funds <br>(Cost $699,912,637) |  |  | 671670250 |
| **Short-Term Investment—4.7%** |  |  |  |
| **Mutual Funds—4.7%** |  |  |  |
|  Invesco STIC Prime Portfolio, Institutional Class<br>4.240% (c) | 32999400 |  | 32999400 |
|  Total Short-Term Investments <br>(Cost $32,999,400) |  |  | 32999400 |
| **Securities Lending Reinvestments (d)—30.5%** | **Securities Lending Reinvestments (d)—30.5%** | **Securities Lending Reinvestments (d)—30.5%** | **Securities Lending Reinvestments (d)—30.5%** |
| **Certificates of Deposit — 6.7%** |  |  |  |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e) | 6000000 |  | 6000000 |
|  Bank of Nova Scotia<br>4.810%, SOFR + 0.510%, 03/15/23 (e) | 5000000 |  | 5002101 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (e) | 4000000 |  | 4000284 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (e) | 5000000 |  | 5000000 |
|  Mitsubishi UFJ Trust and Banking Corp.<br>4.860%, SOFR + 0.560%, 02/14/23 (e) | 3000000 |  | 3000900 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (e) | 6000000 |  | 6002367 |
|  Nordea Bank Abp (NY)<br>4.850%, SOFR + 0.550%, 02/21/23 (e) | 2000000 |  | 2000670 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (e) | 5000000 |  | 4999920 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (e) | 3000000 |  | 3004554 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.750%, SOFR + 0.450%, 02/24/23 (e) | 4000000 |  | 4001312 |
| **Certificates of Deposit—(Continued)** |  |  |  |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (e) | 4000000 |  | 3999560 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;47011668 |
| **Commercial Paper—2.1%** |  |  |  |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (e) | 4000000 |  | 4005448 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (e) | 5000000 |  | 5001350 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (e) | 6000000 |  | 6000000 |
|  |  |  | 15006798 |
| **Repurchase Agreements—14.4%** |  |  |  |
|  Cantor Fitzgerald & Co. <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $10,004,778; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $10,200,000. | 10000000 |  | 10000000 |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $4,017,967; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $4,080,000. | 4000000 |  | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $5,125,132; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $5,100,001.. | 5000000 |  | 5000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $25,083,762; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $25,595,458 | 25071783 |  | 25071783 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $5,002,400; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $5,119,346. | 5000000 |  | 5000000 |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $10,008,400; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $10,223,782. | 10000000 |  | 10000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (d)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $10,008,653; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $10,888,285. | 10000000 | $10000000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,201,039; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $2,247,974. | 2200000 | 2200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $18,308,967; collateralized by various Common Stock with an aggregate market value of $20,367,964. | 18300000 | 18300000 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $12,005,867; collateralized by various Common Stock with an aggregate market value of $13,333,652. | 12000000 | 12000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;101571783 |
| **Time Deposits—1.1%** |  |  |
|  First Abu Dhabi Bank USA NV<br>4.300%, 01/03/23 | 3000000 | 3000000 |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (e) | 5000000 | 5000000 |
|  |  | 8000000 |
| **Mutual Funds—6.2%** |  |  |
|  AB Government Money Market Portfolio, Institutional Class <br>4.110% (c) | 10000000 | 10000000 |
|  BlackRock Liquidity Funds FedFund, Institutional Shares <br>4.020% (c) | 10000000 | 10000000 |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (c) | 2000000 | 2000000 |
|  HSBC U.S. Government Money Market Fund, Class I 4.130% (c) | 5000000 | 5000000 |
| **Mutual Funds—(Continued)** |  |  |
|  Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (c) | 5000000 | 5000000 |
|  STIT-Government & Agency Portfolio, Institutional Class<br>4.220% (c) | 10000000 | 10000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (c) | 2000000 | 2000000 |
|  |  | 44000000 |
|  Total Securities Lending Reinvestments <br>(Cost $215,571,783) |  | 215590249 |
|  Total Investments—130.5% <br>(Cost $948,483,820) |  | 920259899 |
|  Other assets and liabilities (net)—(30.5)% |  | (215333353) |
| **Net Assets—100.0%** |  | $704926546 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $210,574,450 and the collateral received consisted of cash in the amount of $215,571,783 and non-cash collateral with a value of $13,824. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(c) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(d) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

**Glossary of Abbreviations** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

Other Abbreviations

------

(ETF)— Exchange-Traded Fund

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company Securities | $671670250 | $— | $— | $671670250 |
|  Total Short-Term Investment\* | 32999400 |  |  | 32999400 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 47011668 |  | 47011668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 15006798 |  | 15006798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 101571783 |  | 101571783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 8000000 |  | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 44000000 |  |  | 44000000 |
|  Total Securities Lending Reinvestments | 44000000 | 171590249 |  | 215590249 |
|  Total Investments | $748669650 | $171590249 | $— | $920259899 |
|  Collateral for Securities Loaned (Liability) | $— | $(215571783) | $— | $(215571783) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $638501759.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (c) (d) | 281758140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4396.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 166615.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on affiliated investments | 880035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2853.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 921313798.0 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 215571783.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 228115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 195681.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 21875.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 19625.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 144618.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 42280.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 216387252.0 |
|  **Net Assets** | $704926546.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $698874688.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 6051858.0 |
|  **Net Assets** | $704926546.0 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $33810296.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 664706270.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 6409980.0 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3653216.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 72557890.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 697301.0 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 9.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 9.19 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $652,388,971.

(b) Includes securities loaned at value of $22,944,728.

(c) Identified cost of affiliated investments was $296,094,849.

(d) Includes securities loaned at value of $187,629,722.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Underlying ETFs | $10990682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 6216670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 955520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 18162872 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2456377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 37500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 38478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 1815382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 10661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 48382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 28085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 6549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4511535 |
|  **Net Investment Income** | 13651337 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (18985704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 42182883 |
|  Net realized gain (loss) | 23197179 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (69277643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (109541386) |
|  Net change in unrealized appreciation (depreciation) | (178819029) |
|  Net realized and unrealized gain (loss) | (155621850) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(141970513) |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $13651337 | $21386416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 23197179 | 131166567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (178819029) | (5676963) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (141970513) | 146876020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (7057572) | (2671933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (143623872) | (57744054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (1436124) | (538194) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (152117568) | (60954181) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 81269459 | (41389318) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (212818622) | 44532521 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 917745168 | 873212647 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $704926546 | $917745168 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 142121 | $1483016 | 126229 | $1701069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 767962 | 7057572 | 202419 | 2671933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (208173) | (2216472) | (231180) | (3125517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 701910 | $6324116 | 97468 | $1247485 |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1026716 | $10893746 | 1270474 | $16973787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 15765518 | 143623872 | 4407943 | 57744054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (7449884) | (80425114) | (8789579) | (117181691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 9342350 | $74092504 | (3111162) | $(42463850) |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 77296 | $893204 | 46062 | $613778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 157125 | 1436124 | 40990 | 538194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (139576) | (1476489) | (98482) | (1324925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 94845 | $852839 | (11430) | $(172953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $81269459 |  | $(41389318) |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.86 | $12.61 | $12.18 | $10.86 | $12.87 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.22 | 0.36 | 0.22 | 0.30 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.41) | 1.85 | 0.97 | 2.07 | (1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.19) | 2.21 | 1.19 | 2.37 | (0.99) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.37) | (0.23) | (0.31) | (0.27) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.05) | (0.73) | (0.45) | (0.78) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.42) | (0.96) | (0.76) | (1.05) | (1.02) |
|  **Net Asset Value, End of Period** | $9.25 | $13.86 | $12.61 | $12.18 | $10.86 |
|  **Total Return (%)** (b) (c) | (15.67) | 17.88 | 11.06 | 22.71 (d) | (8.44) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (e) | 0.35 | 0.34 | 0.35 | 0.35 | 0.34 |
|  Ratio of net investment income (loss) to average net assets (%) (f) | 2.04 | 2.64 | 1.95 | 2.58 | 2.06 |
|  Portfolio turnover rate (%) | 123 | 80 | 73 | 57 | 32 |
|  Net assets, end of period (in millions) | $33.8 | $40.9 | $36.0 | $34.8 | $29.9 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.74 | $12.51 | $12.09 | $10.78 | $12.78 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.19 | 0.31 | 0.19 | 0.27 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.39) | 1.85 | 0.96 | 2.06 | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.20) | 2.16 | 1.15 | 2.33 | (1.01) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.33) | (0.20) | (0.28) | (0.24) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.05) | (0.73) | (0.45) | (0.78) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.38) | (0.93) | (0.73) | (1.02) | (0.99) |
|  **Net Asset Value, End of Period** | $9.16 | $13.74 | $12.51 | $12.09 | $10.78 |
|  **Total Return (%)** (b) (c) | (15.87) | 17.60 | 10.75 | 22.44 | (8.75) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (e) | 0.60 | 0.59 | 0.60 | 0.60 | 0.59 |
|  Ratio of net investment income (loss) to average net assets (%) (f) | 1.76 | 2.33 | 1.69 | 2.30 | 1.79 |
|  Portfolio turnover rate (%) | 123 | 80 | 73 | 57 | 32 |
|  Net assets, end of period (in millions) | $664.7 | $868.5 | $829.5 | $830.6 | $755.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.78 | $12.54 | $12.12 | $10.81 | $12.81 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.20 | 0.33 | 0.20 | 0.28 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.39) | 1.85 | 0.96 | 2.06 | (1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.19) | 2.18 | 1.16 | 2.34 | (1.00) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.35) | (0.21) | (0.29) | (0.25) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.05) | (0.73) | (0.45) | (0.78) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.40) | (0.94) | (0.74) | (1.03) | (1.00) |
|  **Net Asset Value, End of Period** | $9.19 | $13.78 | $12.54 | $12.12 | $10.81 |
|  **Total Return (%)** (b) (c) | (15.78) | 17.75 | 10.84 | 22.53 | (8.63) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (e) | 0.50 | 0.49 | 0.50 | 0.50 | 0.49 |
|  Ratio of net investment income (loss) to average net assets (%) (f) | 1.86 | 2.46 | 1.79 | 2.42 | 1.91 |
|  Portfolio turnover rate (%) | 123 | 80 | 73 | 57 | 32 |
|  Net assets, end of period (in millions) | $6.4 | $8.3 | $7.7 | $7.6 | $6.8 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) During 2021, 0.08% of the Portfolio's total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadviser (See Note 5 of the Notes to Financial
Statements) Excluding this item, total return would have been 17.80%, 17.52.%, and 17.67% for Class A, Class B and Class E, respectively.

(d) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder
transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

(e) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

(f) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is SSGA Growth ETF Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio was designed on established principles of asset allocation. The Portfolio will primarily invest its assets in other investment companies known as exchange-traded funds ("Underlying ETFs"), including, but not limited to, Standard and Poors Depositary Receipts (SPDRs<sup>®</sup>) of the S&P 500<sup>®</sup> ETF Trust, series of the Select Sector SPDR Trust, SPDR Series Trust, SPDR Index Shares Funds, iShares<sup>®</sup> Trust, iShares<sup>®</sup>, Inc., and Vanguard ETFs<sup>TM</sup> of the Vanguard<sup>®</sup> Index Funds.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. The NAV of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy

Investments in registered open-end management investment companies are valued at reported NAV per share and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Investment Transactions and Related Investment Income -** The Portfolio's security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying ETFs are recorded as Net realized gain in the Statement of Operations.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $101,571,783, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional

**BHFTI-13** 

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**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Mutual Funds in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia

**BHFTI-14** 

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**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser's assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom the Portfolio undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio and the Underlying ETFs in which it invests.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $887515182 | $0 | $932094619 |

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**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

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| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $2456377 | 0.330% | First $500 million |
|  | 0.300% | Over $500 million |

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Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSGA Funds Management, Inc. (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

During the year ended December 31, 2021, the Subadviser voluntarily reimbursed the Portfolio for under performance that occurred as a result of an operational error. The error did not result in a breach of regulatory or investment guidelines for the Portfolio.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an

**BHFTI-15** 

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**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Transactions in Securities of Affiliated Issuers** 

A summary of the Portfolio's transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Realized<br>Gain** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending<br>Value as of<br>December 31, 2022** |
|  Consumer Staples Select Sector SPDR Fund | $— | $14476548 | $— | $— | $(329195) | $14147353 |
|  Energy Select Sector SPDR Fund | 18743183 | 21120756 | (37472371) | 3912541 | 1139588 | 7443697 |
|  Financial Select Sector SPDR Fund | 9203616 | 32797967 | (26086258) | (2015401) | 420984 | 14320908 |
|  Health Care Select Sector SPDR Fund |  | 7604736 | (7405318) | (199418) |  |  |
|  Industrial Select Sector SPDR Fund |  | 8999639 | (8781868) | (217771) |  |  |
|  Materials Select Sector SPDR Fund | 9404684 | 25173369 | (24623542) | (2568035) | (517234) | 6869242 |
|  SPDR Bloomberg High Yield Bond ETF | 17777360 | 70549065 | (70356315) | (2958567) | (807293) | 14204250 |
|  SPDR Dow Jones International Real Estate ETF | 9132717 | 10771743 | (1722026) | (651160) | (3165716) | 14365558 |
|  SPDR Gold Shares |  | 27311197 | (24296694) | (3014503) |  |  |
|  SPDR S&P 500 ETF Trust | 258949142 | 123791526 | (146109880) | 48162032 | (95867428) | 188925392 |
|  SPDR S&P International Small Cap ETF | 27626036 | 3546050 | (3680678) | 202596 | (6212264) | 21481740 |
|  Technology Select Sector SPDR Fund | 18578531 | 1327522 | (17224840) | 1521615 | (4202828) |  |
|  Utilities Select Sector SPDR Fund |  | 17040420 | (17049374) | 8954 |  |  |
|  | $369415269 | $364510538 | $(384809164) | $42182883 | $(109541386) | $281758140 |

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| | | |
|:---|:---|:---|
| **Security Description** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held at<br>December 31, 2022** |
|  Consumer Staples Select Sector SPDR Fund | $101150 | 189770 |
|  Energy Select Sector SPDR Fund | 435841 | 85100 |
|  Financial Select Sector SPDR Fund | 195584 | 418740 |
|  Health Care Select Sector SPDR Fund |  |  |
|  Industrial Select Sector SPDR Fund |  |  |
|  Materials Select Sector SPDR Fund | 171175 | 88430 |
|  SPDR Bloomberg High Yield Bond ETF | 756252 | 157825 |
|  SPDR Dow Jones International Real Estate ETF | 525962 | 536629 |
|  SPDR Gold Shares |  |  |
|  SPDR S&P 500 ETF Trust | 3231386 | 494013 |
|  SPDR S&P International Small Cap ETF | 578542 | 730423 |
|  Technology Select Sector SPDR Fund | 16139 |  |
|  Utilities Select Sector SPDR Fund | 204639 |  |
|  | $6216670 |  |

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**BHFTI-16** 

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**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

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| | |
|:---|:---|
|  Cost basis of investments | $965561517 |
|  Gross unrealized appreciation | 11185419 |
|  Gross unrealized (depreciation) | (56487037) |
|  Net unrealized appreciation (depreciation) | $(45301618) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $35140682 | $18605761 | $116976886 | $42348420 | $152117568 | $60954181 |

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As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $13521899 | $37994855 | $(45301618) | $– $| 6215136 |

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The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-17** 

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**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the SSGA Growth ETF Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the SSGA Growth ETF Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the SSGA Growth ETF Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-18** 

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**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** |  |  |  |  |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

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**BHFTI-19** 

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**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*SSGA Growth ETF Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and SSGA Funds Management, Inc. regarding the Portfolio:

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests.

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the MSCI ACWI (All Country World Index), for the one-year period ended October 31, 2022 and underperformed the same benchmark for the three- and five-year periods ended October 31, 2022. The Board also noted that the Portfolio outperformed its other benchmark, the SSGA Growth Composite Index, for

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**SSGA Growth ETF Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

the one- and three-year periods ended October 31, 2022 and underperformed the same benchmark for the five-year period ended October 31, 2022.

The Board also considered that the Portfolio's actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median, Expense Universe Median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Managed by T. Rowe Price Associates, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the T. Rowe Price Large Cap Value Portfolio returned -4.89%, -5.15%, and -5.07%, respectively. The Portfolio's benchmark, the Russell 1000 Value Index¹, returned -7.54%.

**MARKET ENVIRONMENT / CONDITIONS** 

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, tightening financial conditions, and slowing economic and corporate earnings growth. The U.S. Federal Reserve's (the "Fed") aggressive short-term interest rate hikes that began in March, as well as comments that it would be willing to risk causing a recession by raising rates and keeping them at a higher level in order to bring inflation down, also weighed on the market. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

Domestic investment grade and high yield bond prices tumbled in 2022. U.S. Treasury yields rose sharply, and the U.S. Treasury yield curve inverted during the year as short- and intermediate-term yields rose above longer-term yields. Historically, this has often signaled an approaching recession. In the investment grade universe, corporate bonds fell sharply as interest rates rose and credit spreads—the yield difference between higher- and lower-quality issues—widened amid concerns that Fed rate hikes would weaken the economy and corporate earnings.

Stocks in developed non-U.S. markets declined in 2022, as elevated inflation prompted many central banks to tighten their monetary policies. Developed European markets fell broadly in U.S. dollar terms. Stocks in Sweden, the Netherlands, Ireland, and Austria were among the worst performers, while Norway, Denmark, and the U.K. held up well. Developed markets in Asia also fell broadly. Stocks in Hong Kong and Australia held up best, while Japanese shares performed the worst. Stocks in emerging markets fared worse than developed non-U.S. markets in 2022. Emerging Asian markets were mostly lower in U.S. dollar terms. Shares in China, South Korea and Taiwan fell, while shares in Thailand and Indonesia rose.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio posted negative results yet outperformed its benchmark, the Russell 1000 Value Index (the "Index"), during the reporting period. Broadly speaking, both sector allocation and stock selection drove relative outperformance.

Stock selection in Financials was a notable contributor, led by American International Group. Shares benefited from a strong property and casualty pricing cycle that allowed the company to focus on pushing price, in addition to improved underwriting. The company's life and retirement business line, which was spun off in September 2022, had a mixed impact on the stock as capital markets pressure impacted earnings and a declining investment portfolio impacted book value.

Stock selection and an underweight position in Consumer Discretionary also aided relative returns. Shares of Las Vegas Sands have lagged reopening peers as China's increased lockdowns throughout the year delayed reopening in Macau. Shares benefited during the third and fourth quarter due to a strong recovery in its Singapore operations, which helped offset some of the costs associated with Macau.

Stock choices in the Consumer Staples sector further added to relative performance. Shares of Conagra Brands aided relative performance over the period as shares outperformed the Consumer Staples sector. Early in the year, shares faced pressure following Russia's invasion of Ukraine, as the company's margins were negatively impacted due to rising input costs, particularly grain.

Conversely, the Energy sector was a significant relative detractor, primarily due to stock choices, such as TC Energy. Shares of TC Energy detracted from relative performance over the calendar-year period. Shares were lifted early in the year as global natural gas prices dramatically rose following Russia's invasion of Ukraine. In the third quarter, shares were pressured as capital markets risk and a higher interest rate environment weighed on performance. In early December, shares were again pressured as the company's Keystone pipeline was shut down following a leak of 14,000 barrels.

Weak stock choices in the Industrials sector also weighed on relative performance.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Managed by T. Rowe Price Associates, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

At the end of the period, the Portfolio was overweight relative to the benchmark in the Health Care, Utilities, Consumer Staples, Real Estate, and Materials sectors. The Portfolio was underweight relative to the benchmark in the Financials, Consumer Discretionary, Information Technology, Communication Services, Industrials, and Energy sectors. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

**Gabriel Solomon** 

**John D. Linehan** 

**Mark S. Finn^** 

Portfolio Managers

*T. Rowe Price Associates, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

^ Mark S. Finn relinquished his portfolio management duties for the Portfolio effective December 31, 2022.

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX**![LOGO](g382964g58g78.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** | **Since Inception<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -4.89 | 7.42 | 11.12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -5.15 | 7.15 | 10.84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -5.07 | 7.26 |  | 8.58 |
| &nbsp;&nbsp;&nbsp;**Russell 1000 Value Index** | -7.54 | 6.67 | 10.29 |  |

---

<sup>1</sup> Inception dates of the Class A, Class B and Class E shares are 12/11/1989, 3/22/2001 and 4/23/2014, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

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| | |
|:---|:---|
|  | **% of<br>Net<br>Assets** |
| **Southern Co. (The)** | **3.2** |
| **TotalEnergies SE(ADR)** | **3.1** |
| **Johnson & Johnson** | **3.0** |
| **Wells Fargo & Co.** | **2.9** |
| **Chubb, Ltd.** | **2.6** |
| **Philip Morris International, Inc.** | **2.3** |
| **Fiserv, Inc.** | **2.3** |
| **Walmart, Inc.** | **2.3** |
| **AvalonBay Communities, Inc.** | **2.2** |
| **American International Group, Inc.** | **2.2** |

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**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net<br>Assets** |
| **Health Care** | **20.6** |
| **Financials** | **17.1** |
| **Industrials** | **9.7** |
| **Consumer Staples** | **8.9** |
| **Energy** | **8.2** |
| **Utilities** | **7.9** |
| **Information Technology** | **7.9** |
| **Communication Services** | **5.4** |
| **Real Estate** | **4.8** |
| **Materials** | **4.4** |

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**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>T. Rowe Price Large Cap Value Portfolio** |  | **<br>Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account<br>Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.51% | $1000.00 | $1058.10 | $2.65 |
|  | Hypothetical\* | 0.51% | $1000.00 | $1022.64 | $2.60 |
|  Class B (a) | Actual | 0.76% | $1000.00 | $1056.50 | $3.94 |
|  | Hypothetical\* | 0.76% | $1000.00 | $1021.37 | $3.87 |
|  Class E (a) | Actual | 0.66% | $1000.00 | $1057.00 | $3.42 |
|  | Hypothetical\* | 0.66% | $1000.00 | $1021.88 | $3.36 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—97.7% of Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Aerospace & Defense — 1.6%** | | | |
|  L3Harris Technologies, Inc. | 201031 | $| 41856665 |
| **Air Freight & Logistics — 1.6%** |  |  |  |
|  United Parcel Service, Inc. - Class B | 242597 |  | 42173063 |
| **Airlines — 0.4%** |  |  |  |
|  Southwest Airlines Co. (a) | 321505 |  | 10825073 |
| **Auto Components — 0.4%** |  |  |  |
|  Magna International, Inc. (b) | 212008 |  | 11910609 |
| **Banks — 8.8%** |  |  |  |
|  Bank of America Corp. | 1400408 |  | 46381513 |
|  Citigroup, Inc. | 537197 |  | 24297420 |
|  Fifth Third Bancorp (b) | 649586 |  | 21312917 |
|  Huntington Bancshares, Inc. | 2392352 |  | 33732163 |
|  U.S. Bancorp | 693374 |  | 30238040 |
|  Wells Fargo & Co. | 1857972 |  | 76715664 |
|  |  |  | 232677717 |
| **Beverages — 0.8%** |  |  |  |
|  Coca-Cola Co. (The) | 338322 |  | 21520662 |
| **Biotechnology — 1.4%** |  |  |  |
|  AbbVie, Inc. | 230787 |  | 37297487 |
| **Capital Markets — 0.6%** |  |  |  |
|  Goldman Sachs Group, Inc. (The) | 47561 |  | 16331496 |
| **Chemicals — 2.8%** |  |  |  |
|  CF Industries Holdings, Inc. | 238533 |  | 20323011 |
|  International Flavors & Fragrances, Inc. | 340983 |  | 35748658 |
|  RPM International, Inc. (b) | 184186 |  | 17948926 |
|  |  |  | 74020595 |
| **Commercial Services & Supplies — 0.2%** |  |  |  |
|  Stericycle, Inc. (a) (b) | 93177 |  | 4648601 |
| **Communications Equipment — 0.6%** |  |  |  |
|  Cisco Systems, Inc. | 319933 |  | 15241608 |
| **Containers & Packaging — 1.6%** |  |  |  |
|  International Paper Co. (b) | 1254122 |  | 43430245 |
| **Diversified Financial Services — 1.4%** |  |  |  |
|  Equitable Holdings, Inc. | 1266262 |  | 36341719 |
| **Diversified Telecommunication Services — 0.3%** |  |  |  |
|  Verizon Communications, Inc. | 191000 |  | 7525400 |
| **Electric Utilities — 3.6%** |  |  |  |
|  Entergy Corp. | 96413 |  | 10846462 |
|  Southern Co. (The) (b) | 1190024 |  | 84979614 |
|  |  |  | 95826076 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
|  TE Connectivity, Ltd. | 75128 |  | 8624694 |
| **Entertainment — 1.6%** |  |  |  |
|  Walt Disney Co. (The) (a) | 491224 |  | 42677541 |
| **Equity Real Estate Investment Trusts — 4.8%** |  |  |  |
|  AvalonBay Communities, Inc. (b) | 365892 |  | 59098876 |
|  Equinix, Inc. | 37974 |  | 24874109 |
|  Weyerhaeuser Co. | 1353778 |  | 41967118 |
|  |  |  | 125940103 |
| **Food & Staples Retailing — 2.3%** |  |  |  |
|  Walmart, Inc. | 422522 |  | 59909394 |
| **Food Products — 1.9%** |  |  |  |
|  Conagra Brands, Inc. | 1321460 |  | 51140502 |
| **Health Care Equipment & Supplies — 6.4%** |  |  |  |
|  Becton Dickinson & Co. (b) | 228172 |  | 58024140 |
|  Hologic, Inc. (a) | 208964 |  | 15632597 |
|  Medtronic plc | 534049 |  | 41506288 |
|  Zimmer Biomet Holdings, Inc. | 418693 |  | 53383357 |
|  |  |  | 168546382 |
| **Health Care Providers & Services — 4.9%** |  |  |  |
|  Cigna Corp. | 155461 |  | 51510448 |
|  CVS Health Corp. | 245907 |  | 22916073 |
|  Elevance Health, Inc. | 108346 |  | 55578248 |
|  |  |  | 130004769 |
| **Hotels, Restaurants & Leisure — 0.5%** |  |  |  |
|  Las Vegas Sands Corp. (a) (b) | 303835 |  | 14605349 |
| **Household Products — 1.6%** |  |  |  |
|  Kimberly-Clark Corp. | 305181 |  | 41428321 |
| **Industrial Conglomerates — 3.2%** |  |  |  |
|  General Electric Co. | 547595 |  | 45882985 |
|  Siemens AG (ADR) | 579568 |  | 39868483 |
|  |  |  | 85751468 |
| **Insurance — 6.4%** |  |  |  |
|  American International Group, Inc. | 925955 |  | 58557394 |
|  Chubb, Ltd. | 307910 |  | 67924946 |
|  Hartford Financial Services Group, Inc. (The) | 550820 |  | 41768681 |
|  |  |  | 168251021 |
| **Interactive Media & Services — 1.3%** |  |  |  |
|  Alphabet, Inc. - Class C (a) | 151060 |  | 13403554 |
|  Meta Platforms, Inc. - Class A (a) | 180000 |  | 21661200 |
|  |  |  | 35064754 |
| **IT Services — 2.3%** |  |  |  |
|  Fiserv, Inc. (a) | 603143 |  | 60959663 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
| **Life Sciences Tools & Services — 0.8%** | | | |
|  Thermo Fisher Scientific, Inc. | 38139 | $| 21002766 |
| **Machinery — 2.7%** |  |  |  |
|  Cummins, Inc. | 175858 |  | 42608635 |
|  Stanley Black & Decker, Inc. (b) | 382836 |  | 28758640 |
|  |  |  | 71367275 |
| **Media — 2.2%** |  |  |  |
|  Comcast Corp. - Class A | 537219 |  | 18786548 |
|  News Corp. - Class A | 2114105 |  | 38476711 |
|  |  |  | 57263259 |
| **Multi-Utilities — 4.3%** |  |  |  |
|  Ameren Corp. (b) | 343863 |  | 30576298 |
|  Dominion Energy, Inc. | 475383 |  | 29150486 |
|  Sempra Energy | 344064 |  | 53171650 |
|  |  |  | 112898434 |
| **Multiline Retail — 0.4%** |  |  |  |
|  Kohl's Corp. (b) | 447456 |  | 11298264 |
| **Oil, Gas & Consumable Fuels — 8.2%** |  |  |  |
|  ConocoPhillips | 373893 |  | 44119374 |
|  Exxon Mobil Corp. | 409125 |  | 45126488 |
|  TC Energy Corp. (b) | 1121077 |  | 44686129 |
|  TotalEnergies SE (ADR) (b) | 1339527 |  | 83157836 |
|  |  |  | 217089827 |
| **Pharmaceuticals — 6.9%** |  |  |  |
|  Bristol-Myers Squibb Co. | 295340 |  | 21249713 |
|  Elanco Animal Health, Inc. (a) | 1353195 |  | 16536043 |
|  Johnson & Johnson | 452716 |  | 79972281 |
|  Merck & Co., Inc. | 316863 |  | 35155950 |
|  Pfizer, Inc. | 570172 |  | 29215613 |
|  |  |  | 182129600 |
| **Semiconductors & Semiconductor Equipment — 3.0%** |  |  |  |
|  Applied Materials, Inc. | 70336 |  | 6849320 |
|  QUALCOMM, Inc. | 511773 |  | 56264323 |
|  Texas Instruments, Inc. | 99905 |  | 16506304 |
|  |  |  | 79619947 |
| **Software — 0.7%** |  |  |  |
|  Microsoft Corp. | 75686 |  | 18151017 |
| **Specialty Retail — 1.6%** |  |  |  |
|  Best Buy Co., Inc. | 335000 |  | 26870350 |
|  TJX Cos., Inc. (The) | 198686 |  | 15815406 |
|  |  |  | 42685756 |
| **Technology Hardware, Storage & Peripherals — 1.0%** |  |  |  |
|  Western Digital Corp. (a) | 827000 |  | 26091850 |
| **Tobacco — 2.3%** |  |  |  |
|  Philip Morris International, Inc. | 607913 |  | 61526875 |
|  Total Common Stocks <br>(Cost $2,275,812,880) |  |  | 2585655847 |
| **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
|  Becton Dickinson and Co.<br>6.000%, 06/01/23 (b) | 114664 |  | 5742373 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
|  Elanco Animal Health, Inc.<br>5.000%, 02/01/23  | 19833 |  | 387339 |
|  Total Convertible Preferred Stocks <br>(Cost $6,724,850) |  |  | 6129712 |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Mutual Funds — 1.8%** | **Mutual Funds — 1.8%** | **Mutual Funds — 1.8%** | **Mutual Funds — 1.8%** |
| T. Rowe Price Treasury Reserve Fund (c) | 47062725 |  | 47062725 |
|  Total Short-Term Investments <br>(Cost $47,062,725) |  |  | 47062725 |
| **Securities Lending Reinvestments (d) — 8.9%** | **Securities Lending Reinvestments (d) — 8.9%** | **Securities Lending Reinvestments (d) — 8.9%** | **Securities Lending Reinvestments (d) — 8.9%** |
| **Certificates of Deposit — 0.8%** | **Certificates of Deposit — 0.8%** | **Certificates of Deposit — 0.8%** | **Certificates of Deposit — 0.8%** |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e) | 3000000 |  | 3000000 |
|  Bank of Nova Scotia<br>4.710%, FEDEFF PRV + 0.380%, 01/06/23 (e) | 2000000 |  | 2000036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (e) | 2000000 |  | 2000840 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.800%, SOFR + 0.500%, 03/03/23 (e) | 3000000 |  | 3001148 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (e) | 1000000 |  | 1000071 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (e) | 2000000 |  | 2000000 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (e) | 2000000 |  | 2000789 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (e) | 2000000 |  | 1999968 |
|  Sumitomo Mitsui Banking Corp.<br>4.710%, SOFR + 0.410%, 03/06/23 (e) | 1000000 |  | 1000110 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.750%, SOFR + 0.450%, 02/24/23 (e) | 1000000 |  | 1000328 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (e) | 3000000 |  | 2999670 |
|  |  |  | 22002960 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (d)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Principal<br>Amount\*** | **Value** |
| **Commercial Paper — 0.2%** | | |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (e) | 1000000 | $1001362 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (e) | 3000000 | 3000810 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (e) | 2000000 | 2000000 |
|  |  | 6002172 |
| **Repurchase Agreements — 2.9%** |  |  |
|  BofA Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $27,941,385; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $28,486,918. | 27928351 | 27928351 |
|  Cantor Fitzgerald & Co. <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $10,004,778; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $10,200,000. | 10000000 | 10000000 |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $5,022,458; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $5,100,000. | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000. | 2000000 | 2000000 |
|  National Bank of Canada <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $4,503,780; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $4,600,702. | 4500000 | 4500000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,700,803; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $1,737,071. | 1700000 | 1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $5,002,439; collateralized by various Common Stock with an aggregate market value of $5,564,235. | 5000000 | 5000000 |
| **Repurchase Agreements —(Continued)** |  |  |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $10,004,900; collateralized by various Common Stock with an aggregate market value of $11,128,471. | 10000000 | 10000000 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $9,006,965; collateralized by various Common Stock with an aggregate market value of $6,578,908. | 9002564 | 9002564 |
|  |  | 75130915 |
| **Time Deposits — 0.6%** | **Time Deposits — 0.6%** | **Time Deposits — 0.6%** |
|  Canadian Imperial Bank London<br>4.250%, 01/03/23 | 5000000 | 5000000 |
|  First Abu Dhabi Bank USA NV<br>4.300%, 01/03/23 | 8000000 | 8000000 |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (e) | 3000000 | 3000000 |
|  |  | 16000000 |
| **Mutual Funds — 4.4%** | **Mutual Funds — 4.4%** | **Mutual Funds — 4.4%** |
|  AB Government Money Market Portfolio, Institutional Class <br>4.110% (f) | 5000000 | 5000000 |
|  Allspring Government Money Market Fund, Select Classs <br>4.090% (f) | 7000000 | 7000000 |
|  BlackRock Liquidity Funds FedFund, Institutional Shares <br>4.020% (f) | 10000000 | 10000000 |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (f) | 30000000 | 30000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (f) | 25000000 | 25000000 |
|  HSBC U.S. Government Money Market Fund, Class I 4.130% (f) | 5000000 | 5000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (f) | 8000000 | 8000000 |
|  STIT-Government & Agency Portfolio, Institutional Class <br>4.220% (f) | 15000000 | 15000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Shares 4.220% (f) | 11000000 | 11000000 |
|  |  | 116000000 |
|  Total Securities Lending Reinvestments <br>(Cost $235,130,915) |  | 235136047 |
|  Total Investments—108.6% <br>(Cost $2,564,731,370) |  | 2873984331 |
|  Other assets and liabilities (net)—(8.6)% |  | (227952944) |
| **Net Assets—100.0%** |  | $2646031387 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $229,956,248 and the collateral received consisted of cash in the amount of $235,130,915. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

(c) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(d) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published
reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and
mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(f) The rate shown represents the annualized seven-day yield as of December 31, 2022.

**Glossary of Abbreviations** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

Other Abbreviations

------

(ADR)— American Depositary Receipt

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Common Stocks\* | $2585655847 | $— | $— | $2585655847 |
|  Total Convertible Preferred Stocks\* | 6129712 |  |  | 6129712 |
|  Total Short-Term Investments\* | 47062725 |  |  | 47062725 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 22002960 |  | 22002960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 6002172 |  | 6002172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 75130915 |  | 75130915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 16000000 |  | 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 116000000 |  |  | 116000000 |
|  Total Securities Lending Reinvestments | 116000000 | 119136047 |  | 235136047 |
|  Total Investments | $2754848284 | $119136047 | $— | $2873984331 |
|  Collateral for Securities Loaned (Liability) | $— | $(235130915) | $— | $(235130915) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $2826921606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (c) | 47062725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3737796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 372239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 18627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 7001767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on affiliated investments | 160389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 10827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2885285976 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 235130915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1610394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 755172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1131135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 240192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 223506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 239254589 |
|  **Net Assets** | $2646031387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1914155383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 731876004 |
|  **Net Assets** | $2646031387 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $1409098921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 928922116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 308010350 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 48986148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 32706080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 10780228 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $28.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 28.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 28.57 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $2,517,668,645.

(b) Includes securities loaned at value of $229,956,248.

(c) Identified cost of affiliated investments was $47,062,725.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $71963888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 771111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 229107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 72964106 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 16379260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 116616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 140276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 2457634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 498579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 91273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 24398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 24579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 19833621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (2191700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 17641921 |
|  **Net Investment Income** | 55322185 |
|  Net Realized and Unrealized Gain (Loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 378256322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (5909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 378250413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (589529019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (589531733) |
|  Net realized and unrealized gain (loss) | (211281320) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(155959135) |

---

(a) Net of foreign withholding taxes of $1,357,800.

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $55322185 | $52395998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 378250413 | 353453836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (589531733) | 362908583 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (155959135) | 768758417 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (218363299) | (39677794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (136983911) | (20601813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (46504521) | (7578725) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (401851731) | (67858332) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (88417509) | (563235165) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (646228375) | 137664920 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3292259762 | 3154594842 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2646031387 | $3292259762 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 169567 | $5309331 | 278785 | $9364420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 8048776 | 218363299 | 1182647 | 39677794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (10940146) | (352560980) | (14812338) | (490457931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (2721803) | $(128888350) | (13350906) | $(441415717) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 2172353 | $68545859 | 2679471 | $88367794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 5107528 | 136983911 | 620163 | 20601813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (5238148) | (163722356) | (5625338) | (184237002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 2041733 | $41807414 | (2325704) | $(75267395) |
|  **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 199673 | $5937047 | 721438 | $24272999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 1724306 | 46504521 | 227112 | 7578725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (1730543) | (53778141) | (2363712) | (78403777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 193436 | $(1336573) | (1415162) | $(46552053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(88417509) |  | $(563235165) |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $35.57 | $28.77 | $31.29 | $28.64 | $35.45 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.63 | 0.56 | 0.64 | 0.74 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.66) | 6.96 | (0.35) | 6.42 | (3.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.03) | 7.52 | 0.29 | 7.16 | (2.79) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.62) | (0.68) | (0.71) | (0.75) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (4.15) | (0.04) | (2.10) | (3.76) | (3.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (4.77) | (0.72) | (2.81) | (4.51) | (4.02) |
|  **Net Asset Value, End of Period** | $28.77 | $35.57 | $28.77 | $31.29 | $28.64 |
|  **Total Return (%)** (b) | (4.89) | 26.30 | 3.15 | 26.81 | (8.95) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
|  Net ratio of expenses to average net assets (%) (c) (d) | 0.51 | 0.51 | 0.52 | 0.52 | 0.54 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.02 | 1.68 | 2.48 | 2.44 | 2.12 |
|  Portfolio turnover rate (%) | 30 | 16 | 30 | 19 | 20 |
|  Net assets, end of period (in millions) | $1409.1 | $1839.4 | $1871.9 | $1829.4 | $1654.3 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $35.17 | $28.47 | $30.99 | $28.39 | $35.16 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.55 | 0.47 | 0.57 | 0.66 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.63) | 6.89 | (0.35) | 6.37 | (3.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.08) | 7.36 | 0.22 | 7.03 | (2.84) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.54) | (0.62) | (0.64) | (0.67) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (4.15) | (0.04) | (2.10) | (3.76) | (3.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (4.69) | (0.66) | (2.74) | (4.43) | (3.93) |
|  **Net Asset Value, End of Period** | $28.40 | $35.17 | $28.47 | $30.99 | $28.39 |
|  **Total Return (%)** (b) | (5.15) | 25.98 | 2.87 | 26.52 | (9.16) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
|  Net ratio of expenses to average net assets (%) (c) (d) | 0.76 | 0.76 | 0.77 | 0.77 | 0.79 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.79 | 1.44 | 2.23 | 2.19 | 1.89 |
|  Portfolio turnover rate (%) | 30 | 16 | 30 | 19 | 20 |
|  Net assets, end of period (in millions) | $928.9 | $1078.6 | $939.3 | $940.1 | $819.3 |

---

Please see following page for Financial Highlights footnote legend.

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $35.36 | $28.61 | $31.12 | $28.50 | $35.28 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.58 | 0.51 | 0.60 | 0.69 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.65) | 6.92 | (0.35) | 6.39 | (3.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.07) | 7.43 | 0.25 | 7.08 | (2.82) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.57) | (0.64) | (0.66) | (0.70) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (4.15) | (0.04) | (2.10) | (3.76) | (3.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (4.72) | (0.68) | (2.76) | (4.46) | (3.96) |
|  **Net Asset Value, End of Period** | $28.57 | $35.36 | $28.61 | $31.12 | $28.50 |
|  **Total Return (%)** (b) | (5.07) | 26.12 | 3.00 | 26.62 | (9.06) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
|  Net ratio of expenses to average net assets (%) (c) (d) | 0.66 | 0.66 | 0.67 | 0.67 | 0.69 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.88 | 1.53 | 2.33 | 2.29 | 1.98 |
|  Portfolio turnover rate (%) | 30 | 16 | 30 | 19 | 20 |
|  Net assets, end of period (in millions) | $308.0 | $374.3 | $343.4 | $366.7 | $334.5 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.02% for each of the years ended December 31, 2022 through 2018. (see Note 5 of the Notes to Financial
Statements).

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Large Cap Value Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $75,130,915, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than<br>90 days** | **Total** |
| Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $(229818896) | $— | $— | $— | $(229818896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | (5312019) |  |  |  | (5312019) |
|  **Total Borrowings** | $**(235130915)** | $**—** | $**—** | $**—** | $**(235130915)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(235130915) |

---

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $849981011 | $0 | $1296241454 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.570% of average daily net assets, provided the assets exceed $1 billion. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022, were $16,379,260.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio at the annual rate of 0.055% on all assets when average daily net assets exceed $2 billion to below $3 billion. When average daily net assets exceed $3 billion to below $4 billion, the advisory fees are reduced at the annual rate of 0.060% on all assets.

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year December 31, 2022 amounted to $1,631,744 and are included in the total amount shown as management fee waivers in the Statement of Operations.

The Subadviser has agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by the Subadviser for the Trust and Brighthouse Funds Trust II ("BHFTII") in the aggregate exceed $750 million (ii) the Subadviser subadvises three or more portfolios of the Trust and BHFTII in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, the Subadviser will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTII average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived for the year ended December 31, 2022 amounted to $559,956 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Transactions in Securities of Affiliated Issuers** 

A summary of the Portfolio's transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31,<br>2021** | **Purchases** | **Sales** | **Ending<br>Value as of<br>December 31, 2022** | **Income earned<br>from affiliates<br>during the period** | **Number of<br>shares held at<br>December 31, 2022** |
| T. Rowe Price Treasury Reserve Fund | $47144467 | $404030715 | $(404112457) | $47062725 | $771111 | 47062725 |

---

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $2573001435 |
|  Gross unrealized appreciation | 429557999 |
|  Gross unrealized (depreciation) | (128575103) |
|  Net unrealized appreciation (depreciation) | $300982896 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $77642188 | $64155551 | $324209543 | $3702781 | $401851731 | $67858332 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $51644742 | $379411362 | $300983177 | $– $| 732039281 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the T. Rowe Price Large Cap Value Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the T. Rowe Price Large Cap Value Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the T. Rowe Price Large Cap Value Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*T. Rowe Price Large Cap Value Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed its benchmark, the Russell 1000 Value Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Large Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the average of the Sub-advised Expense Group and equal to the average of the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Managed by T. Rowe Price Associates, Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the T. Rowe Price Mid Cap Growth Portfolio returned -22.33%, -22.53%, and -22.50%, respectively. The Portfolio's benchmark, the Russell Midcap Growth Index¹, returned -26.72%.

**MARKET ENVIRONMENT / CONDITIONS** 

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, tightening financial conditions, and slowing economic and corporate earnings growth. The U.S. Federal Reserve's (the "Fed") aggressive short-term interest rate hikes that began in March, as well as comments that it would be willing to risk causing a recession by raising rates and keeping them at a higher level in order to bring inflation down, also weighed on the market. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

Domestic investment grade and high yield bond prices tumbled in 2022. U.S. Treasury yields rose sharply, and the U.S. Treasury yield curve inverted during the year as short- and intermediate-term yields rose above longer-term yields. Historically, this has often signaled an approaching recession. In the investment grade universe, corporate bonds fell sharply as interest rates rose and credit spreads—the yield difference between higher- and lower-quality issues—widened amid concerns that Fed rate hikes would weaken the economy and corporate earnings.

Stocks in developed non-U.S. markets declined in 2022, as elevated inflation prompted many central banks to tighten their monetary policies. Developed European markets fell broadly in U.S. dollar terms. Stocks in Sweden, the Netherlands, Ireland, and Austria were among the worst performers, while Norway, Denmark, and the U.K. held up well. Developed markets in Asia also fell broadly. Stocks in Hong Kong and Australia held up best, while Japanese shares performed the worst. Stocks in emerging markets fared worse than developed non-U.S. markets in 2022. Emerging Asian markets were mostly lower in U.S. dollar terms. Shares in China, South Korea and Taiwan fell, while shares in Thailand and Indonesia rose.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio posted negative results but outperformed its benchmark, the Russell Midcap Growth Index (the "Index"), during the reporting period. Broadly speaking, security selection and sector allocation contributed to relative performance.

The Information Technology ("IT") sector was the largest relative contributor, aided by favorable stock selection coupled with an underweight allocation. Shares of KLA Corp., a capital equipment company that provides control systems for the semiconductor industry, held up better than industry peers. The company executed well during the year, despite supply chain and pandemic-related headwinds.

The Health Care sector also boosted relative performance due to strong stock choices. Shares of Hologic ended slightly up in a volatile year for the stock. Hologic is a medical technology company focused on women's health and makes screening, detection, and treatment products. COVID-19 testing accelerated the placement of Hologic's diagnostic testing machines in many medical facilities, but as a result, the stock has traded on news related to COVID-19 testing volumes.

An underweight allocation coupled with favorable stock selection in the Communication Services sector further contributed to relative performance. The Communication Services sector tends to be a small area of investment in the Portfolio.

Conversely, an underweight allocation in the Energy sector notably detracted from relative performance. Within the Energy sector, we seek selective exposure to low-cost producers that can use advanced drilling technology to access vast new oil and gas reserves. The Financials sector also hampered relative performance due to detrimental stock choices, although an overweight position partially offset the losses.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Managed by T. Rowe Price Associates, Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

At the end of the period, the Portfolio was overweight relative to the benchmark in the Health Care, Materials, Industrials, and Financials sectors. The Portfolio was underweight against the benchmark in the IT, Real Estate, Consumer Discretionary, Energy, Communication Services, Consumer Staples, and Utilities sectors. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

**Brian W. H. Berghuis** 

Portfolio Manager

*T. Rowe Price Associates, Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and higher forecasted growth values.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX**![LOGO](g382964g94m08.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -22.33 | 7.44 | 12.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -22.53 | 7.19 | 11.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -22.50 | 7.28 | 12.01 |
| &nbsp;&nbsp;&nbsp;**Russell Midcap Growth Index** | -26.72 | 7.64 | 11.41 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

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| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Hologic, Inc.** | **3.1** |
| **Microchip Technology, Inc.** | **2.9** |
| **Agilent Technologies, Inc.** | **2.5** |
| **Textron, Inc.** | **2.4** |
| **Teleflex, Inc.** | **2.4** |
| **Ingersoll Rand, Inc.** | **2.3** |
| **Burlington Stores, Inc.** | **2.0** |
| **Bruker Corp.** | **1.7** |
| **Marvell Technology, Inc.** | **1.7** |
| **Keysight Technologies, Inc.** | **1.6** |

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**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Health Care** | **24.9** |
| **Information Technology** | **21.6** |
| **Industrials** | **16.1** |
| **Consumer Discretionary** | **13.3** |
| **Financials** | **6.5** |
| **Materials** | **5.4** |
| **Energy** | **3.3** |
| **Communication Services** | **2.7** |
| **Consumer Staples** | **2.5** |

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**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **T. Rowe Price Mid Cap Growth Portfolio** <br>|  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,**<br>**2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022**<br>**to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.67% | $1000.00 | $1041.30 | $3.45 |
|  | Hypothetical\* | 0.67% | $1000.00 | $1021.83 | $3.41 |
|  Class B (a) | Actual | 0.92% | $1000.00 | $1040.30 | $4.73 |
|  | Hypothetical\* | 0.92% | $1000.00 | $1020.57 | $4.69 |
|  Class E (a) | Actual | 0.82% | $1000.00 | $1040.20 | $4.22 |
|  | Hypothetical\* | 0.82% | $1000.00 | $1021.07 | $4.18 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—95.8% of Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Aerospace & Defense — 2.8%** | | | |
|  BWX Technologies, Inc. | 79400 | $| 4611552 |
|  Textron, Inc. | 415500 |  | 29417400 |
|  |  |  | 34028952 |
| **Airlines — 1.1%** |  |  |  |
|  Southwest Airlines Co. (a) | 404000 |  | 13602680 |
| **Auto Components — 0.1%** |  |  |  |
|  Mobileye Global, Inc. - Class A (a) (b) | 22437 |  | 786641 |
| **Automobiles — 0.2%** |  |  |  |
|  Rivian Automotive, Inc. - Class A (a) (b) | 102105 |  | 1881795 |
| **Beverages — 0.4%** |  |  |  |
|  Boston Beer Co., Inc. (The) - Class A (a) (b) | 16287 |  | 5366892 |
| **Biotechnology — 4.7%** |  |  |  |
|  Alnylam Pharmaceuticals, Inc. (a) (b) | 71300 |  | 16944445 |
|  Apellis Pharmaceuticals, Inc. (a) (b) | 45140 |  | 2334189 |
|  Argenx SE (ADR) (a) | 15845 |  | 6002561 |
|  Ascendis Pharma A/S (ADR) (a) (b) | 27200 |  | 3321936 |
|  CRISPR Therapeutics AG (a) (b) | 42883 |  | 1743194 |
|  Exact Sciences Corp. (a) (b) | 65900 |  | 3262709 |
|  Horizon Therapeutics plc (a) | 90400 |  | 10287520 |
|  Ionis Pharmaceuticals, Inc. (a) (b) | 190900 |  | 7210293 |
|  Karuna Therapeutics, Inc. (a) (b) | 11289 |  | 2218289 |
|  Seagen, Inc. (a) | 36400 |  | 4677764 |
|  |  |  | 58002900 |
| **Capital Markets — 4.4%** |  |  |  |
|  Cboe Global Markets, Inc. | 31600 |  | 3964852 |
|  Intercontinental Exchange, Inc. | 89700 |  | 9202323 |
|  KKR & Co., Inc. | 293900 |  | 13642838 |
|  MarketAxess Holdings, Inc. | 45100 |  | 12577939 |
|  Raymond James Financial, Inc. (b) | 44900 |  | 4797565 |
|  Tradeweb Markets, Inc. - Class A | 163300 |  | 10603069 |
|  |  |  | 54788586 |
| **Chemicals — 0.7%** |  |  |  |
|  RPM International, Inc. | 89700 |  | 8741265 |
| **Commercial Services & Supplies — 0.4%** |  |  |  |
|  Waste Connections, Inc. | 36100 |  | 4785416 |
| **Construction Materials — 1.1%** |  |  |  |
|  Martin Marietta Materials, Inc. | 39138 |  | 13227470 |
| **Containers & Packaging — 3.6%** |  |  |  |
|  Avery Dennison Corp. | 84900 |  | 15366900 |
|  Ball Corp. (b) | 335986 |  | 17182324 |
|  Sealed Air Corp. | 238700 |  | 11906356 |
|  |  |  | 44455580 |
| **Diversified Consumer Services — 0.4%** |  |  |  |
|  Bright Horizons Family Solutions, Inc. (a) | 76600 |  | 4833460 |
| **Electrical Equipment — 0.2%** |  |  |  |
|  Shoals Technologies Group, Inc. - Class A (a) (b) | 114800 |  | 2832116 |
| **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** |
|  Amphenol Corp. - Class A | 123000 |  | 9365220 |
|  Cognex Corp. (b) | 112000 |  | 5276320 |
|  Corning, Inc. (b) | 113200 |  | 3615608 |
|  Keysight Technologies, Inc. (a) | 116000 |  | 19844120 |
|  Littelfuse, Inc. | 9400 |  | 2069880 |
|  National Instruments Corp. (b) | 179500 |  | 6623550 |
|  |  |  | 46794698 |
| **Entertainment — 1.4%** |  |  |  |
|  Liberty Media Corp.-Liberty Formula One - Class C (a) | 212800 |  | 12721184 |
|  Spotify Technology S.A. (a) | 61100 |  | 4823845 |
|  |  |  | 17545029 |
| **Food & Staples Retailing — 1.0%** |  |  |  |
|  Casey's General Stores, Inc. | 56500 |  | 12675775 |
| **Food Products — 0.5%** |  |  |  |
|  TreeHouse Foods, Inc. (a) (b) | 124649 |  | 6155168 |
| **Health Care Equipment & Supplies — 9.7%** |  |  |  |
|  Alcon, Inc. (b) | 141800 |  | 9720390 |
|  Cooper Cos., Inc. (The) | 53600 |  | 17723912 |
|  Dentsply Sirona, Inc. | 112900 |  | 3594736 |
|  Enovis Corp. (a) | 134200 |  | 7182384 |
|  Hologic, Inc. (a) | 517800 |  | 38736618 |
|  ICU Medical, Inc. (a) (b) | 38600 |  | 6078728 |
|  QuidelOrtho Corp. (a) (b) | 89774 |  | 7690939 |
|  Teleflex, Inc. (b) | 116523 |  | 29087636 |
|  |  |  | 119815343 |
| **Health Care Providers & Services — 1.9%** |  |  |  |
|  Acadia Healthcare Co., Inc. (a) (b) | 180700 |  | 14875224 |
|  Agilon Health, Inc. (a) (b) | 58451 |  | 943399 |
|  Molina Healthcare, Inc. (a) | 22800 |  | 7529016 |
|  |  |  | 23347639 |
| **Health Care Technology — 1.4%** |  |  |  |
|  Doximity, Inc. - Class A (a) (b) | 90700 |  | 3043892 |
|  Veeva Systems, Inc. - Class A (a) | 90461 |  | 14598596 |
|  |  |  | 17642488 |
| **Hotels, Restaurants & Leisure — 5.1%** |  |  |  |
|  Chipotle Mexican Grill, Inc. (a) (b) | 4500 |  | 6243705 |
|  Domino's Pizza, Inc. | 33900 |  | 11742960 |
|  Hilton Worldwide Holdings, Inc. | 150800 |  | 19055088 |
|  MGM Resorts International (b) | 474220 |  | 15900597 |
|  Vail Resorts, Inc. (b) | 24800 |  | 5911080 |
|  Yum! Brands, Inc. | 34000 |  | 4354720 |
|  |  |  | 63208150 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| **Household Products — 0.4%** | | | |
|  Reynolds Consumer Products, Inc. (b) | 179100 | $| 5369418 |
| **Insurance — 1.9%** |  |  |  |
|  Assurant, Inc. | 99600 |  | 12455976 |
|  Axis Capital Holdings, Ltd. | 160300 |  | 8683451 |
|  Kemper Corp. (b) | 54400 |  | 2676480 |
|  |  |  | 23815907 |
| **Interactive Media & Services — 0.2%** |  |  |  |
|  Match Group, Inc. (a) | 56700 |  | 2352483 |
| **IT Services — 1.9%** |  |  |  |
|  Broadridge Financial Solutions, Inc. (b) | 49700 |  | 6666261 |
|  FleetCor Technologies, Inc. (a) | 78400 |  | 14400512 |
|  MongoDB, Inc. (a) (b) | 11300 |  | 2224292 |
|  |  |  | 23291065 |
| **Life Sciences Tools & Services — 6.3%** |  |  |  |
|  Agilent Technologies, Inc. | 207100 |  | 30992515 |
|  Avantor, Inc. (a) | 803000 |  | 16935270 |
|  Bruker Corp. (b) | 307700 |  | 21031295 |
|  West Pharmaceutical Services, Inc. | 36218 |  | 8523907 |
|  |  |  | 77482987 |
| **Machinery — 5.1%** |  |  |  |
|  Esab Corp. | 140564 |  | 6595263 |
|  Fortive Corp. | 268800 |  | 17270400 |
|  IDEX Corp. (b) | 45000 |  | 10274850 |
|  Ingersoll Rand, Inc. | 543000 |  | 28371750 |
|  |  |  | 62512263 |
| **Multiline Retail — 2.3%** |  |  |  |
|  Dollar General Corp. | 64900 |  | 15981625 |
|  Dollar Tree, Inc. (a) | 90471 |  | 12796218 |
|  |  |  | 28777843 |
| **Oil, Gas & Consumable Fuels — 3.3%** |  |  |  |
|  Cheniere Energy, Inc. | 53800 |  | 8067848 |
|  Coterra Energy, Inc. (b) | 204000 |  | 5012280 |
|  Devon Energy Corp. | 67813 |  | 4171178 |
|  Pioneer Natural Resources Co. | 63301 |  | 14457315 |
|  Venture Global LNG, Inc. - Series B† (a) (c) (d) | 78 |  | 1154029 |
|  Venture Global LNG, Inc. - Series C† (a) (c) (d) | 540 |  | 7989430 |
|  |  |  | 40852080 |
| **Pharmaceuticals — 0.8%** |  |  |  |
|  Catalent, Inc. (a) | 232922 |  | 10483819 |
| **Professional Services — 4.4%** |  |  |  |
|  CoStar Group, Inc. (a) (b) | 165783 |  | 12811710 |
|  Equifax, Inc. (b) | 89700 |  | 17434092 |
|  Leidos Holdings, Inc. | 33900 |  | 3565941 |
|  TransUnion | 158800 |  | 9011900 |
|  Verisk Analytics, Inc. | 63000 |  | 11114460 |
|  |  |  | 53938103 |
| **Road & Rail — 1.6%** |  |  |  |
|  J.B. Hunt Transport Services, Inc. | 112500 |  | 19615500 |
| **Semiconductors & Semiconductor Equipment — 6.8%** |  |  |  |
|  KLA Corp. | 49639 |  | 18715392 |
|  Lattice Semiconductor Corp. (a) | 107700 |  | 6987576 |
|  Marvell Technology, Inc. (b) | 553369 |  | 20496788 |
|  Microchip Technology, Inc. (b) | 503700 |  | 35384925 |
|  NXP Semiconductors NV | 11400 |  | 1801542 |
|  |  |  | 83386223 |
| **Software — 10.3%** |  |  |  |
|  Atlassian Corp. - Class A (a) (b) | 36100 |  | 4645348 |
|  Bill.com Holdings, Inc. (a) (b) | 33900 |  | 3693744 |
|  Black Knight, Inc. (a) | 172322 |  | 10640883 |
|  CCC Intelligent Solutions Holdings, Inc. (a) (b) | 668625 |  | 5817038 |
|  Clear Secure, Inc. - Class A (b) | 77027 |  | 2112851 |
|  Confluent, Inc. - Class A (a) (b) | 45200 |  | 1005248 |
|  Crowdstrike Holdings, Inc. - Class A (a) | 83677 |  | 8810351 |
|  Fair Isaac Corp. (a) (b) | 20200 |  | 12091316 |
|  Fortinet, Inc. (a) (b) | 358100 |  | 17507509 |
|  Hashicorp, Inc. - Class A (a) (b) | 22700 |  | 620618 |
|  Palo Alto Networks, Inc. (a) | 13600 |  | 1897744 |
|  Paylocity Holding Corp. (a) | 38400 |  | 7459584 |
|  PTC, Inc. (a) | 78400 |  | 9411136 |
|  Roper Technologies, Inc. | 29000 |  | 12530610 |
|  Synopsys, Inc. (a) | 48183 |  | 15384350 |
|  Trade Desk, Inc. (The) - Class A (a) | 298100 |  | 13363823 |
|  |  |  | 126992153 |
| **Specialty Retail — 4.8%** |  |  |  |
|  Bath & Body Works, Inc. | 179200 |  | 7551488 |
|  Burlington Stores, Inc. (a) (b) | 123700 |  | 25081412 |
|  Five Below, Inc. (a) (b) | 49700 |  | 8790439 |
|  O'Reilly Automotive, Inc. (a) | 13500 |  | 11394405 |
|  Ross Stores, Inc. | 58600 |  | 6801702 |
|  |  |  | 59619446 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |  |
|  Lululemon Athletica, Inc. (a) | 8400 |  | 2691192 |
|  ON Holding AG - Class A (a) (b) | 68000 |  | 1166880 |
|  |  |  | 3858072 |
| **Trading Companies & Distributors — 0.5%** |  |  |  |
|  United Rentals, Inc. (a) (b) | 18100 |  | 6433102 |
|  Total Common Stocks <br>(Cost $913,932,491) |  |  | 1183298507 |
| **Convertible Preferred Stocks — 0.5%** | **Convertible Preferred Stocks — 0.5%** | **Convertible Preferred Stocks — 0.5%** | **Convertible Preferred Stocks — 0.5%** |
| **Automobiles — 0.1%** |  |  |  |
|  Nuro, Inc. - Series D† (a) (c) (d) | 37838 |  | 525191 |
|  Sila Nano, Inc. - Series F† (a) (c) (d) | 43934 |  | 1369423 |
|  |  |  | 1894614 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Convertible Preferred Stocks—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** | **Value** |
| **Commercial Services & Supplies — 0.1%** | | | |
|  Redwood Materials, Inc. - Series C† (a) (c) (d) | 18350 | $| 1431300 |
| **Health Care Providers & Services — 0.1%** |  |  |  |
|  Caris Life Sciences, Inc. - Series D† (a) (c) (d) | 156199 |  | 1027789 |
| **Internet & Direct Marketing Retail — 0.1%** |  |  |  |
|  Maplebear, Inc. - Series E† (a) (c) (d) | 21660 |  | 1050077 |
|  Maplebear, Inc. - Series I† (a) (c) (d) | 3514 |  | 170359 |
|  |  |  | 1220436 |
| **Software — 0.1%** |  |  |  |
|  Databricks, Inc. - Series H† (a) (c) (d) | 11738 |  | 704280 |
|  Total Convertible Preferred Stocks <br>(Cost $8,643,188) |  |  | 6278419 |
| **Short-Term Investments — 3.7%** |  |  |  |
| **Mutual Funds — 3.7%** |  |  |  |
| T. Rowe Price Treasury Reserve Fund (e) | 45169678 |  | 45169678 |
|  Total Short-Term Investments <br>(Cost $45,169,678) |  |  | 45169678 |
| **Securities Lending Reinvestments (f) — 16.9%** | **Securities Lending Reinvestments (f) — 16.9%** | **Securities Lending Reinvestments (f) — 16.9%** | **Securities Lending Reinvestments (f) — 16.9%** |
| **Certificates of Deposit — 7.3%** |  |  |  |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (g) | 1000000 |  | 1001351 |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (g) | 3000000 |  | 3000000 |
|  Bank of Nova Scotia<br>4.550%, SOFR + 0.250%, 02/17/23 (g) | 2000000 |  | 1999909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (g) | 5000000 |  | 5000089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (g) | 4000000 |  | 4001681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980%, SOFR + 0.680%, 08/16/23 (g) | 2000000 |  | 2002338 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.550%, SOFR + 0.250%, 02/03/23 (g) | 4000000 |  | 4000265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, SOFR + 0.500%, 03/03/23 (g) | 4000000 |  | 4001531 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (g) | 4000000 |  | 4000284 |
|  Commonwealth Bank of Australia<br>4.680%, SOFR + 0.380%, 03/30/23 (g) | 1000000 |  | 1000074 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (g) | 6000000 |  | 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (g) | 5000000 |  | 5001045 |
|  Mizuho Bank, Ltd.<br>4.850%, SOFR + 0.550%, 01/26/23 (g) | 3000000 |  | 3000901 |
|  Natixis S.A.<br>4.750%, SOFR + 0.450%, 06/21/23 (g) | 1000000 |  | 1000324 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (g) | 4000000 |  | 4001578 |
| **Certificates of Deposit —(Continued)** |  |  |  |
|  Nordea Bank Abp (NY)<br>4.760%, SOFR + 0.460%, 02/13/23 (g) | 3000000 |  | 3000513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, SOFR + 0.500%, 02/27/23 (g) | 3000000 |  | 3000831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 02/21/23 (g) | 5000000 |  | 5001675 |
|  Rabobank (London)<br>4.830%, SOFR + 0.530%, 05/16/23 (g) | 3000000 |  | 3000000 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (g) | 5000000 |  | 4999920 |
|  Standard Chartered Bank (NY)<br>4.860%, FEDEFF PRV + 0.530%, 01/17/23 (g) | 2000000 |  | 2000246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, SOFR + 0.740%, 05/02/23 (g) | 3000000 |  | 3004554 |
|  Sumitomo Mitsui Banking Corp.<br>4.710%, SOFR + 0.410%, 03/06/23 (g) | 3000000 |  | 3000330 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.750%, SOFR + 0.450%, 02/24/23 (g) | 4000000 |  | 4001312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 03/07/23 (g) | 5000000 |  | 5001390 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (g) | 3000000 |  | 2999670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 02/22/23 (g) | 2000000 |  | 2000682 |
|  |  |  | 90022493 |
| **Commercial Paper — 0.9%** |  |  |  |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (g) | 5000000 |  | 5006810 |
|  Macquarie Bank Ltd.<br>4.880%, SOFR + 0.580%, 02/03/23 (g) | 4000000 |  | 4001080 |
|  Skandinaviska Enskilda Banken AB<br>4.980%, SOFR + 0.680%, 05/03/23 (g) | 2000000 |  | 2001976 |
|  |  |  | 11009866 |
| **Master Demand Notes — 0.6%** |  |  |  |
|  Bank of America N.A.<br>4.880%, SOFR + 0.580%, 05/15/23 (g) | 7000000 |  | 6999921 |
| **Repurchase Agreements — 5.5%** |  |  |  |
|  BofA Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $20,901,070; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $21,309,147. | 20891320 |  | 20891320 |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $5,022,458; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $5,100,000. | 5000000 |  | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $8,200,211; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $8,160,001. | 8000000 |  | 8000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (f)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements —(Continued)** | | |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $7,607,879; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $7,763,076. | 7604246 | $7604246 |
|  National Bank of Canada<br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $6,305,292; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $6,440,983. | 6300000 | 6300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $16,614,364; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $18,074,554. | 16600000 | 16600000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $1,000,488; collateralized by various Common Stock with an aggregate market value of $1,112,847. | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $1,000,490; collateralized by various Common Stock with an aggregate market value of $1,113,192. | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of 20,03,192; collateralized by various Common Stock with an aggregate market value of $2,226,384. | 2000000 | 2000000 |
|  |  | 68395566 |
| **Time Deposits — 0.7%** |  |  |
|  First Abu Dhabi Bank USA NV<br>4.300%, 01/03/23 | 3000000 | 3000000 |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (g) | 5000000 | 5000000 |
|  |  | 8000000 |
| **Mutual Funds — 1.9%** |  |  |
|  AB Government Money Market Portfolio, Institutional Class 4.110% (h) | 5000000 | 5000000 |
|  Fidelity Investments Money Market Government Portfolio, Class I 4.060% (h) | 5000000 | 5000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (h) | 10000000 | 10000000 |
|  HSBC U.S. Government Money Market Fund, Class I 4.130% (h) | 1000000 | 1000000 |
|  STIT-Government & Agency Portfolio, Institutional Class 4.220% (h) | 1000000 | 1000000 |
| **Mutual Funds —(Continued)** |  |  |
|  Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (h) | 2000000 | 2000000 |
|  |  | 24000000 |
|  Total Securities Lending Reinvestments <br>(Cost $208,395,568) |  | 208427846 |
|  Total Investments—116.9% <br>(Cost $1,176,140,925) |  | 1443174450 |
|  Other assets and liabilities (net)—(16.9)% |  | (208458703) |
| **Net Assets—100.0%** |  | $1234715747 |

---

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $15,421,878, which is 1.2% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $204,976,423 and the collateral received consisted of cash in the amount of $208,395,566 and non-cash collateral with a value of $2,151,422. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 1.2% of net assets. |
| (e) | Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.) |
| (f) | Represents investment of cash collateral received from securities on loan as of December 31, 2022. |
| (g) | Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. |
| (h) | The rate shown represents the annualized seven-day yield as of December 31, 2022. |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Shares** | **Cost** | **Value** |
|  Caris Life Sciences, Inc. - Series D | 05/11/21 | 156199 | $1265212 | $1027789 |
|  Databricks, Inc. - Series H | 08/31/21 | 11738 | 862557 | 704280 |
|  Maplebear, Inc. - Series E | 11/19/21 | 21660 | 2604276 | 1050077 |
|  Maplebear, Inc. - Series I | 02/26/21 | 3514 | 439250 | 170359 |
|  Nuro, Inc. - Series D | 10/29/21 | 37838 | 788760 | 525191 |
|  Redwood Materials, Inc. - Series C | 05/28/21 | 18350 | 869854 | 1431300 |
|  Sila Nano, Inc. - Series F | 01/07/21 | 43934 | 1813279 | 1369423 |
|  Venture Global LNG, Inc. - Series B | 03/08/18 | 78 | 235560 | 1154029 |
|  Venture Global LNG, Inc. - Series C | 10/16/17-03/08/18 | 540 | 1987525 | 7989430 |
|  |  |  |  | $15421878 |

---

**Glossary of Abbreviations** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

Other Abbreviations

------

(ADR)— American Depositary Receipt

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $34028952 | $— | $— | $34028952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines | 13602680 |  |  | 13602680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 786641 |  |  | 786641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 1881795 |  |  | 1881795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 5366892 |  |  | 5366892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 58002900 |  |  | 58002900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 54788586 |  |  | 54788586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 8741265 |  |  | 8741265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 4785416 |  |  | 4785416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 13227470 |  |  | 13227470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 44455580 |  |  | 44455580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 4833460 |  |  | 4833460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 2832116 |  |  | 2832116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 46794698 |  |  | 46794698 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | $17545029 | $— | $— | $17545029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 12675775 |  |  | 12675775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 6155168 |  |  | 6155168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 119815343 |  |  | 119815343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 23347639 |  |  | 23347639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 17642488 |  |  | 17642488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 63208150 |  |  | 63208150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 5369418 |  |  | 5369418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 23815907 |  |  | 23815907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 2352483 |  |  | 2352483 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 23291065 |  |  | 23291065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 77482987 |  |  | 77482987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 62512263 |  |  | 62512263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 13363823 |  |  | 13363823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 28777843 |  |  | 28777843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 31708621 |  | 9143459 | 40852080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 10483819 |  |  | 10483819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 53938103 |  |  | 53938103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 19615500 |  |  | 19615500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 83386223 |  |  | 83386223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 113628330 |  |  | 113628330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 59619446 |  |  | 59619446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 3858072 |  |  | 3858072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 6433102 |  |  | 6433102 |
|  Total Common Stocks | 1174155048 |  | 9143459 | 1183298507 |
|  Total Convertible Preferred Stocks\* |  |  | 6278419 | 6278419 |
|  Total Short-Term Investments\* | 45169678 |  |  | 45169678 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 90022493 |  | 90022493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 11009866 |  | 11009866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Demand Notes |  | 6999921 |  | 6999921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 68395566 |  | 68395566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 8000000 |  | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 24000000 |  |  | 24000000 |
|  Total Securities Lending Reinvestments | 24000000 | 184427846 |  | 208427846 |
|  Total Investments | $1243324726 | $184427846 | $15421878 | $1443174450 |
|  Collateral for Securities Loaned (Liability) | $— | $(208395566) | $— | $(208395566) |

---

\* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance as of<br>December 31,<br>2021** | **Sales** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Balance as of<br>December 31,<br>2022** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>Held at December 31,<br>2022** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | $3677205 | $— | $— | $5466254 | $9143459 | $5466254 |
| Convertible Preferred Stocks | Convertible Preferred Stocks | Convertible Preferred Stocks | Convertible Preferred Stocks | Convertible Preferred Stocks | Convertible Preferred Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 2602039 |  |  | (707425) | 1894614 | (707425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 869854 |  |  | 561446 | 1431300 | 561446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 1265212 |  |  | (237423) | 1027789 | (237423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 2989413 |  |  | (1768977) | 1220436 | (1768977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 1677710 | (621516) | (9843) | (342071) | 704280 | (178496) |
|  | $13081433 | $(621516) | $(9843) | $2971804 | $15421878 | $3135379 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br>December 31,<br>2022** | **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Range** | **Weighted<br>Average** | **Relationship<br>Between<br>Fair Value<br>and Input; if<br>input value<br>increases<br>then Fair<br>Value:** |
| Common Stock |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | $9143459 | Discounted Projected Multiple | 5 Yr. Average Enterprise Value/EBITDA | 14.0x | 14.0x | 14.0x | Increase |
|  |  |  | Discount Rate | 12.50% | 12.50% | 12.50% | Decrease |
|  |  |  | Discount for Lack of Marketability | 10.00% | 10.00% | 10.00% | Decrease |
|  |  | Comparable Company Analysis | Forward Enterprise Value/EBITDA | 10.1x | 10.1x | 10.1x | Increase |
|  |  |  | Discount for Lack of Marketability | 10.00% | 10.00% | 10.00% | Decrease |
| Convertible Preferred Stocks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 1369423 (a) | Market Transaction Method | Precedent Transaction | $41.27 | $41.27 | $41.27 | Increase |
|  |  | Comparable Company Analysis | Enterprise Value/Revenue | 6.2x | 6.2x | 6.2x | Increase |
|  |  |  | Enterprise Value/EBITDA | 4.3x | 4.3x | 4.3x | Increase |
|  |  |  | Discount for Lack of Marketability | 10.00% | 10.00% | 10.00% | Decrease |
|  | 525191 (b) | Discounted Cash Flow | Discount Rate | 25.00% | 25.00% | 25.00% | Decrease |
|  Commercial Services & Supplies | 1431300 | Market Transaction Method | Precedent Transaction | $78.00 | $78.00 | $78.00 | Increase |
|  Health Care Providers & Services | 1027789 (a) | Market Transaction Method | Precedent Transaction | $8.10 | $8.10 | $8.10 | Increase |
|  |  | Comparable Company Analysis | Enterprise Value/Sales | 5.3x | 5.3x | 5.3x | Increase |
|  |  |  | Discount for Lack of Marketability | 10.00% | 10.00% | 10.00% | Decrease |
|  Internet & Direct Marketing Retail | 1220436 (a) | Market Transaction Method | Precedent Transaction | $118.75 | $125.00 | $121.88 | Increase |
|  |  | Comparable Company Analysis | Enterprise Value/GMV | 0.29x | 0.41x | 0.33x | Increase |
|  |  |  | Discount for Lack of Marketability | 10.00% | 10.00% | 10.00% | Decrease |
|  Software | 704280 (c) | Market Transaction Method | Secondary Market Transaction | $60.00 | $60.00 | $60.00 | Increase |

---

(a) For the year ended December 31, 2022, the valuation technique for investments amounting to $3,617,648 changed to a
multi-tiered approach. The investments were previously valued utilizing only the precedent transaction price. The change was due to the consideration of the most recent financial information that was available at the time the investments were
valued.

(b) For the year ended December 31, 2022, the valuation technique for investments amounting to $525,191 changed to a
discounted cash flow method. The investments were previously valued utilizing a precedent transaction price. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

(c) For the year ended December 31, 2022, the valuation technique for investments amounting to $1,233,483 changed to a
market transaction method. The investments were previously valued utilizing a multi-tiered approach. The change was due to the consideration of the most recent information available at the time the investments were valued.

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1398004772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (c) | 45169678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1338815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 34957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 316512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on affiliated investments | 164686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1445034178 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 208395566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 704200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 689956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 185800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 179634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 210318431 |
|  **Net Assets** | $1234715747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $898554842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 336160905 |
|  **Net Assets** | $1234715747 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $375828543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 843450782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 15436422 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 45174724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 121065762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 2054721 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 6.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 7.51 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Includes securities loaned at value of $204,976,423.

(b) Identified cost of investments, excluding affiliated investments, was $1,130,971,247.

(c) Identified cost of affiliated investments was $45,169,678.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $7930110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 868834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 514723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 9313667 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 10222375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 63434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 106591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 2332497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 26744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 54672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 76841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 11712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 18517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12968038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (1486545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11481493 |
|  **Net Investment Loss** | (2167826) |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 72980040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2256 |
|  Net realized gain (loss) | 72982296 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (456752574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 152 |
|  Net change in unrealized appreciation (depreciation) | (456752422) |
|  Net realized and unrealized gain (loss) | (383770126) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(385937952) |

---

(a) Net of foreign withholding taxes of $19,523.

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2167826) | $(7773454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 72982296 | 262853426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (456752422) | (5051647) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (385937952) | 250028325 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (70062648) | (45207080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (182004988) | (117698260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (3225603) | (2378152) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (255293239) | (165283492) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 140504690 | (172515958) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (500726501) | (87771125) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1735442248 | 1823213373 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1234715747 | $1735442248 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1027883 | $10186623 | 1300823 | $16906708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 8725112 | 70062648 | 3714633 | 45207080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (4485913) | (41881778) | (16458155) | (216953995) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 5267082 | $38367493 | (11442699) | $(154840207) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 4117792 | $36469353 | 4308723 | $48768512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 27043832 | 182004988 | 11114094 | 117698260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (14424394) | (115580239) | (16189549) | (182910405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 16737230 | $102894102 | (766732) | $(16443633) |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 34438 | $315053 | 118602 | $1415341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 444298 | 3225603 | 211768 | 2378152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (472654) | (4297561) | (421276) | (5025611) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 6082 | $(756905) | (90906) | $(1232118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $140504690 |  | $(172515958) |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $13.10 | $12.48 | $11.24 | $10.19 | $11.92 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.00 (b) | (0.04) | (0.00)(b) | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.99) | 1.84 | 2.40 | 3.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.99) | 1.80 | 2.40 | 3.03 | (0.09) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | 0.00 | (0.03) | (0.03) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.79) | (1.18) | (1.13) | (1.95) | (1.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.79) | (1.18) | (1.16) | (1.98) | (1.64) |
|  **Net Asset Value, End of Period** | $8.32 | $13.10 | $12.48 | $11.24 | $10.19 |
|  **Total Return (%)** (c) | (22.33) | 15.15 | 24.30 | 31.42 | (2.01) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 |
|  Net ratio of expenses to average net assets (%) (d)(e) | 0.67 | 0.73 | 0.74 | 0.74 | 0.74 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.01 | (0.27) | (0.04) | 0.27 | 0.26 |
|  Portfolio turnover rate (%) | 23 | 15 | 24 | 21 | 24 |
|  Net assets, end of period (in millions) | $375.8 | $522.8 | $640.8 | $601.8 | $527.7 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $11.39 | $11.02 | $10.06 | $9.29 | $11.02 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.02) | (0.06) | (0.03) | 0.00 (b) | 0.00 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.61) | 1.61 | 2.12 | 2.72 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.63) | 1.55 | 2.09 | 2.72 | (0.09) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | 0.00 | (0.00)(e) | (0.00)(f) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.79) | (1.18) | (1.13) | (1.95) | (1.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.79) | (1.18) | (1.13) | (1.95) | (1.64) |
|  **Net Asset Value, End of Period** | $6.97 | $11.39 | $11.02 | $10.06 | $9.29 |
|  **Total Return (%)**(c) | (22.53) | 14.87 (g) | 24.03 (g) | 31.07 | (2.19) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 |
|  Net ratio of expenses to average net assets (%) (d)(e) | 0.92 | 0.98 | 0.99 | 0.99 | 0.99 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.24) | (0.52) | (0.29) | 0.02 | 0.01 |
|  Portfolio turnover rate (%) | 23 | 15 | 24 | 21 | 24 |
|  Net assets, end of period (in millions) | $843.5 | $1187.9 | $1157.6 | $1057.5 | $920.9 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $12.08 | $11.61 | $10.54 | $9.65 | $11.38 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | (0.01) | (0.05) | (0.02) | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.77) | 1.70 | 2.23 | 2.84 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.78) | 1.65 | 2.21 | 2.85 | (0.09) |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | 0.00 | 0.00 | (0.01) | (0.01) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.79) | (1.18) | (1.13) | (1.95) | (1.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.79) | (1.18) | (1.14) | (1.96) | (1.64) |
|  **Net Asset Value, End of Period** | $7.51 | $12.08 | $11.61 | $10.54 | $9.65 |
|  **Total Return (%)** (c) | (22.50) | 14.98 | 24.09 | 31.30 | (2.11) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 |
|  Net ratio of expenses to average net assets (%) (d)(e) | 0.82 | 0.88 | 0.89 | 0.89 | 0.89 |
|  Ratio of net investment income (loss) to average net assets (%) | (0.14) | (0.42) | (0.19) | 0.12 | 0.11 |
|  Portfolio turnover rate (%) | 23 | 15 | 24 | 21 | 24 |
|  Net assets, end of period (in millions) | $15.4 | $24.7 | $24.8 | $23.7 | $20.2 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the year ended December 31, 2022. (see Note 5 of the Notes to Financial Statements).

(f) Distributions from net investment income were less than $0.01.

(g) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder
transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Mid Cap Growth Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Special Purpose Acquisition Companies -** The Portfolio may invest in Special Purpose Acquisition Companies ("SPAC"). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an "IPO") for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a "Transaction"). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant. The shares of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio's ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC's management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $68,395,566, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper,

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $301531813 | $0 | $403800505 |

---

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $638,691 in purchases and $1,917,007 in sales of investments, which are included above, and resulted in net realized losses of $1,340,717.

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.750% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $10,222,375.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.075% | All Assets |

---

An identical agreement was in place for the period January 1, 2022 to April 29, 2022. Amounts waived for the year ended December 31, 2022 amounted to $1,022,237 and are included in the total amount shown as management fee waivers in the Statement of Operations.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The Subadviser has agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by the Subadviser for the Trust and Brighthouse Funds Trust II ("BHFTII") in the aggregate exceed $750 million, (ii) the Subadviser subadvises three or more portfolios of the Trust and BHFTII in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, the Subadviser will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTII average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived for the year ended December 31, 2022 amounted to $464,308 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Transactions in Securities of Affiliated Issuers** 

A summary of the Portfolio's transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31, 2021** | **Purchases** | **Sales** | **Ending Value as of<br>December 31, 2022** | **Income earned from<br>affiliates during the<br>period** | **Number of shares<br>held at<br>December 31, 2022** |
| T. Rowe Price Treasury Reserve Fund | $56020730 | $124407935 | $(135258987) | $45169678 | $868834 | 45169678 |

---

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1177926484 |
|  Gross unrealized appreciation | 334105894 |
|  Gross unrealized (depreciation) | (68857927) |
|  Net unrealized appreciation (depreciation) | $265247967 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $4484531 | $6863467 | $250808708 | $158420025 | $255293239 | $165283492 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $— | $71076215 | $265247967 | $– $| 336324182 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**9. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the T. Rowe Price Mid Cap Growth Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the T. Rowe Price Mid Cap Growth Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the T. Rowe Price Mid Cap Growth Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** |  |  |  |  |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on February 10, 16-17, 2022 (the "February Meeting"), the Board of Trustees (the "Board") of Brighthouse Funds Trust I (the "Trust"), including a majority of the Trustees who are not "interested persons" of the Trust (the "Independent Trustees") under the Investment Company Act of 1940 (the "1940 Act"), approved an amendment (the "Amendment") to the existing Investment Advisory Agreement (the "Subadvisory Agreement") between Brighthouse Investment Advisers, LLC (the "Adviser") and T. Rowe Price Associates, Inc. ("TRPA") and a new Sub-Subadvisory Agreement (the "Sub-Subadvisory Agreement" and, together with the Amendment, the "Agreements") between BIA, TRPA, and T. Rowe Price Investment Management, Inc. ("TRPIM"), each on behalf of the T. Rowe Price Mid Cap Growth Portfolio, a series of the Trust (the "Portfolio"). The Agreements were proposed by the Adviser for the Board's approval in order to reflect an internal restructuring within T. Rowe Price Group, Inc., the parent company of TRPA and TRPIM, which established TRPIM as a separate U.S.-based SEC-registered investment adviser (the "Restructuring"). The Amendment permits TRPA, as the existing subadviser to the Portfolio, to delegate to any affiliate of TRPA, including TRPIM, any or all responsibilities under the Subadvisory Agreement. The Sub-Subadvisory Agreement sets forth the obligations of TRPIM in managing the Portfolio to the extent that TRPA delegates such responsibilities to TRPIM.

In assessing the Adviser's recommendation to approve the Agreements, the Board reviewed a variety of materials provided by the Adviser and TRPA and TRPIM, at the February Meeting and at prior meetings of the Board, related to the Restructuring, including the material terms of the Agreements and the Restructuring and the nature, extent and quality of services to be provided by TRPA and TRPIM under the Agreements. During the February Meeting and at prior meetings of the Board, representatives of the Adviser had responded to questions from the Independent Trustees and, at prior meetings of the Board, the Board had received presentations from senior executives of TRPA and TRPIM and other information with regard to the Restructuring. The Independent Trustees were separately advised by independent legal counsel throughout the process and met with independent legal counsel in executive session outside the presence of management.

The Adviser provided a representation to the Board that, after a review of the scope and terms of the Restructuring and its potential implications for the Portfolio, the Adviser had concluded that the Portfolio could expect to continue to receive subadvisory services of the same nature, extent and quality from TRPA and TRPIM following the Restructuring as it received from TRPA prior to the Restructuring. In particular, the Board considered the Adviser's representations that, after the Restructuring, TRPA and TRPIM expect that: (i) there will be no planned portfolio management changes associated with the Portfolio; (ii) there will be no changes in the day to day management of the Portfolio; (iii) the Portfolio will not experience any increase in aggregate fees paid as a result of the Agreements; and (iii) as a wholly-owned subsidiary of TRPA, TRPIM will retain at least the same level of financial resources in order to support the management of the Portfolio.

In approving the Agreements, the Board also considered its prior conclusions with respect to its approval of the Subadvisory Agreement with respect to the Portfolio, including the Board's general satisfaction with the nature, extent and quality of the services being provided by the TRPA to the Portfolio. In making that approval at a Board meeting held on November 18, 30 and December 1, 2021, the Board considered a variety of factors, including, for example, the experience and qualifications of the portfolio management team and the Portfolio's performance.

Based on the foregoing and other relevant considerations, at the February Meeting, the Board, including a majority of the Independent Trustees, voted to approve the Agreements. The Board concluded that, in light of all factors considered, the terms of the Agreements, including fee rates, were fair and reasonable.

\* \* \* \*

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the

Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**T. Rowe Price Mid Cap Growth Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*T. Rowe Price Mid Cap Growth Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. and Agreements with the Adviser, T. Rowe Price Associates, Inc., and T. Rowe Price Investment Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2022 and underperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one- and three-year periods ended June 30, 2022 and underperformed the average of its Morningstar Category for the five-year period ended June 30, 2022. The Board also considered that the Portfolio outperformed its benchmark, the Russell Midcap Growth Index, for the one-year period ended October 31, 2022 and underperformed its benchmark for the three- and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median and above the Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size. In addition, the Board considered that the Adviser had negotiated reductions to the Portfolio's sub-advisory fee schedule and that the Adviser agreed to waive a portion of its advisory fee in order for contract holders to benefit from the lower sub-advisory fee effective January 1, 2022.

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Managed by TCW Investment Management Company LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A and B shares of the TCW Core Fixed Income Portfolio returned -14.12% and -14.37%, respectively. The Portfolio's benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned -13.01%.

**MARKET ENVIRONMENT / CONDITIONS** 

Much as any year brings its share of the unexpected, possibly the biggest surprise of 2022 was the U.S. Federal Reserve (the "Fed") finding a long-lost resolve in the face of a capital markets-wide selloff precipitated by a rooted and flowered inflation. As for the markets, the tumult of the year would be hard to overstate. Pricing weakness was felt across asset classes with broad stock and bond measures dropping at record levels. Compounding the deleterious effect of one of the most hawkish and synchronized central bank tightening campaigns in history, low bond yields and relatively lofty stock valuations to start the year set the stage for such disappointing results. What periodic relief there was in 2022 manifested itself as a pattern of sporadic bear market rallies though optimism proved unsustainable. Although late to take action to combat inflation, central banks around the world turned from accommodative to tighter monetary policy in 2022. The initiated its aggressive tightening measures in March to eventually get through four consecutive 75 basis point ('bps") increases to the Fed Funds rate, followed by an additional 50 bps bump in December, bringing the target range to 4.25% to 4.50% by year-end. The Fed was not alone as nearly all other major central banks hiked rates considerably in 2022. Bank of Japan (the "BoJ") was the exception as it reiterated its commitment to easy monetary policy throughout the year. As the Fed neared the anticipated end of its hiking cycle, and with Japanese investors likely moving to the sidelines, and the European Central Bank (the "ECB") still facing higher inflation, the U.S. dollar weakened into the end of the year, though it remained significantly stronger over the full year.

Notwithstanding rates peaking in October, rate volatility eased in the fourth quarter as the pace of central bank rate hikes began to slow. Fixed income remediated into the fourth quarter, with the Bloomberg Global Aggregate Bond Index gaining 4.5%, but year-to-date losses were too steep to overcome, falling 16%. Credit markets lagged in 2022 as spreads widened in both the investment grade and high yield markets. Despite widening, U.S. investment grade spreads around 130 bps are still moderately tighter than their long-term averages and substantially narrower than they have been in recessions, suggesting there is room for them to widen further in 2023 if the economy endures a more significant downturn. For leveraged finance, despite a fourth quarter rally of 4.2%, U.S. high yield bonds were down 11.2% for the year and the amount of distressed debt in the U.S. alone jumped more than 300% in 12 months.

Even more affected than the corporate market, Agency Mortgage-Backed Securities ("MBS") spreads reached levels similar to where they were in 2008 and delivered an 11.8% loss for 2022 despite clawing back 2.1% in the fourth quarter. Similarly, non-Agency MBS spreads reflected weaker economic expectations than those priced by credit markets, resulting in deeply negative year-to-date returns (though better than the Agency MBS market). Commercial real estate remained vulnerable as the work from home dynamic has weighed on office properties, adding to stress in brick-and-mortar retailers and translating to lagging results and an increasing percentage of Commercial Mortgage-Backed Securities ("CMBS") collateral loans going to special servicing. Both Agency and Non-Agency CMBS tumbled approximately 11% on the year, with the Agency market dragged down mostly on duration while non-Agency CMBS experienced more pronounced spread widening. On the Asset-Backed Securities ("ABS") front, early signs of stress are emerging despite a modest current annual loss of 4.3%, with delinquencies and write-offs picking up, especially among the highest risk borrowers.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index (the "Index"), during the reporting period. The underperformance was driven primarily by issue selection within residential MBS, particularly non-Agency MBS. Non-Agency MBS tightened into year-end, but underperformed for the year given increased volatility, money manager outflows, and overall financial market stress, with a notable bifurcation between higher quality issues that traded more frequently and less liquid issues. Ultimately, non-Agency MBS spreads reflect much more dire economic conditions than are indicated by credit markets. An additional drag came from the overweight to Agency MBS, which experienced its best and worst monthly performance in history during 2022 but was ultimately weakened by sustained interest rate volatility. ABS and CMBS also detracted, but to a lesser extent, with spreads widening in both sectors as cracks in consumer strength held back ABS, while slowing retail activity and the popularization of away-from-the-office work arrangements weighed on CMBS collateral. Among corporates, additions made during the year benefited returns in periods when the sector rallied (first quarter and November in particular), though a drag came from the overweight to communications, which was one of the worst performing sectors. Finally, duration positioning benefited relative returns for the year given the shorter-than-Index position in the first quarter when rates rose, and the longer-than-Index position in November when rates fell considerably. The curve steepening bias (overweight to 2- and 5-year parts of the curve) detracted for the year as Treasury yields marched higher, led by short interest rates.

The impact of derivatives—used largely to manage the duration and curve exposure—was minimal for the year; futures produced a minor headwind given the increased funding costs brought forth by rising short maturities, while interest rate swap positions largely offset each other as the benefit from pay fixed rate positions was partially negated by the receive fixed positions.

With the bellwether Treasury yield above the team's estimate of sustainable levels, the duration of the Portfolio was extended throughout 2022 to approximately 0.6 years long versus the Index. Sector

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Managed by TCW Investment Management Company LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

allocations dictated caution given that corporate spread levels remained insufficient. As such, the Portfolio emphasized more resilient sectors and issues subject to less would-be volatility, with the expectation that as recession unfolds, the non-linear move in spreads should allow for de-risking as valuations improve, while maintaining room to increase exposure during larger corrections. Unlike credit markets, both Agency and non-Agency MBS prices reflected economic pressure and represented what we viewed as attractive value at that point. As for non-Agency MBS, especially long-seasoned legacy issues, these continued to exhibit good collateral performance, i.e., low delinquencies and improving loan-to-value ratios. The team remained selective in these sectors and, like credit, looked to reduce higher quality holdings, using proceeds to migrate down the quality spectrum as valuations cheapened to improve the return outlook. Finally, exposure to other securitized issues was higher quality, particularly in the CMBS market. ABS at the top of the capital structure provided what we believe to be fair compensation given robust structures, with an ongoing focus on off-the-run sectors that offered more attractive yields than more traditional credit cards and auto receivables.

**Stephen Kane** 

**Laird Landman** 

**Bryan Whalen** 

Portfolio Managers

*TCW Investment Management Company LLC* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX**![LOGO](g382964g65v38.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**TCW Core Fixed Income Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -14.12 | 0.24 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -14.37 | 0.00 | 0.58 |
| &nbsp;&nbsp;&nbsp;**Bloomberg U.S. Aggregate Bond Index** | -13.01 | 0.02 | 0.72 |

---

<sup>1</sup> Inception date of the Class A and Class B shares is 5/1/2015. The since inception return of the index is based on the Portfolio's inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Treasury & Government Agencies** | **65.4** |
| **Corporate Bonds & Notes** | **29.9** |
| **Asset-Backed Securities** | **11.2** |
| **Mortgage-Backed Securities** | **7.6** |
| **Municipals** | **0.5** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TCW Core Fixed Income Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.46% | $1000.00 | $964.40 | $2.28 |
|  | Hypothetical\* | 0.46% | $1000.00 | $1022.89 | $2.35 |
|  Class B (a) | Actual | 0.71% | $1000.00 | $962.30 | $3.51 |
|  | Hypothetical\* | 0.71% | $1000.00 | $1021.63 | $3.62 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—65.4% of Net Assets** 

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| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage-Backed—37.0%** | | |
|  Fannie Mae 15 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/32 | 473655 | $450761 |
|  Fannie Mae 20 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/40 | 2351179 | 2002385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/40 | 6006942 | 5115815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/40 | 3503152 | 2983452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/41 | 3831082 | 3229411 |
|  Fannie Mae 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/51 | 14732899 | 12010378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/52 | 14164549 | 11542782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/52 | 20545765 | 16769053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/51 | 9089979 | 7712991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 709888 | 602293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52 | 9068832 | 7688252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 6933967 | 5876606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/45 | 7742681 | 6976940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/49 | 4057595 | 3613519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/48 | 2669902 | 2475520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/48 | 1357449 | 1261490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/47 | 673558 | 642968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/46 | 1233627 | 1211865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/48 | 3604043 | 3526279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/48 | 621310 | 608809 |
|  Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.455%, 04/01/40 | 2790000 | 1930334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/49 | 1019274 | 887353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/44 | 2408606 | 2249650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/42 | 347152 | 332617 |
|  Fannie Mae REMICS (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/25/48 | 1660271 | 1464430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/25/47 | 1937575 | 1865016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/25/47 | 1073106 | 1024141 |
|  Freddie Mac 15 Yr. Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/31 | 729356 | 698479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/33 | 208748 | 196289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/33 | 1029850 | 991453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/34 | 1795846 | 1729101 |
|  Freddie Mac 30 Yr. Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/46 | 915618 | 820706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/46 | 2451988 | 2202369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/46 | 3819925 | 3411729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/47 | 4707066 | 4211842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/44 | 1835876 | 1720049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/45 | 2886132 | 2700324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/45 | 287634 | 267847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/46 | 1040501 | 961821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/46 | 1223913 | 1141296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/47 | 6363608 | 5913939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/47 | 10039279 | 9331528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/48 | 11830300 | 11088754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/48 | 8403309 | 7851554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/45 | 1968650 | 1899050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/45 | 4422427 | 4248231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/48 | 374815 | 359562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/48 | 25579 | 24449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/48 | 607633 | 582903 |
| **Agency Sponsored Mortgage-Backed —(Continued)** |  |  |
|  Freddie Mac 30 Yr. Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/48 | 1268358 | 1244408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/48 | 347565 | 348965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/48 | 58041 | 58158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/48 | 698076 | 699593 |
|  Freddie Mac 30 Yr. Pool<br>2.000%, 04/01/52 | 6691442 | 5450696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 7540873 | 6398559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52 | 8579331 | 7273270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/52 | 2234565 | 1893019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/52 | 8878784 | 7519414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/50 | 5443402 | 4847464 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates<br>3.750%, 04/25/33 | 5465000 | 5120756 |
|  Freddie Mac REMICS (CMO)<br>3.000%, 04/15/48 | 705415 | 611949 |
|  Ginnie Mae II 30 Yr. Pool<br>2.500%, TBA (a) | 26700000 | 23131760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/20/46 | 781507 | 706903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/46 | 2460544 | 2222872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/47 | 501375 | 452005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/47 | 886222 | 801646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/46 | 1770893 | 1651595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/46 | 787250 | 735003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/46 | 173569 | 161962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/46 | 2621878 | 2440209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/47 | 453300 | 423267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/20/47 | 843762 | 790037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/47 | 1718543 | 1599915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/47 | 867738 | 833112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/47 | 785784 | 754432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/20/48 | 568506 | 545845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/48 | 1135109 | 1086309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/20/47 | 1631139 | 1621666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/20/47 | 2459267 | 2411044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/20/47 | 1342989 | 1352216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/20/47 | 695184 | 699948 |
|  Ginnie Mae II Pool<br>3.000%, 10/20/49 | 914909 | 809715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/49 | 128409 | 116825 |
|  Government National Mortgage Association (CMO)<br>3.500%, 09/20/48 | 1371407 | 1290865 |
|  Uniform Mortgage-Backed Securities 30 Yr. Pool<br>2.000%, TBA (a) | 80125000 | 65178503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, TBA (a) | 73500000 | 62218802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, TBA (a) | 31850000 | 27944211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (a) | 13075000 | 11876058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, TBA (a) | 21550000 | 20206572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, TBA (a) | 45475000 | 43758605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (a) | 70150000 | 69113282 |
|  |  | 556809820 |
| **Federal Agencies—1.3%** |  |  |
|  Federal Home Loan Banks<br>1.040%, 06/14/24 | 20515000 | 19420314 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **U.S. Treasury—27.1%** | | |
|  U.S. Treasury Bonds<br>2.000%, 11/15/41 (b) | 86087000 | $61468136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/42 | 38805000 | 29628224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 (b) | 26025000 | 26061598 |
|  U.S. Treasury Inflation Indexed Notes<br>0.625%, 07/15/32 (b) (c) | 2090071 | 1914331 |
|  U.S. Treasury Notes<br>3.750%, 12/31/27 | 70535000 | 70127219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 47185000 | 46926957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/25 (b) | 57770000 | 57399911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 2305000 | 2313464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 (b) | 16090000 | 16419342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/24 | 7040000 | 7015525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/30/24 (b) | 88105000 | 88108441 |
|  |  | 407383148 |
|  Total U.S. Treasury & Government Agencies <br>(Cost $1,030,113,209) |  | 983613282 |
| **Corporate Bonds & Notes—29.9%** |  |  |
| **Aerospace/Defense—0.3%** |  |  |
|  BAE Systems Holdings, Inc.<br>3.850%, 12/15/25 (144A) | 1500000 | 1446159 |
|  Boeing Co. (The)<br>1.433%, 02/04/24 | 3500000 | 3354075 |
|  |  | 4800234 |
| **Agriculture—0.7%** |  |  |
|  BAT Capital Corp.<br>4.390%, 08/15/37 (b) | 830000 | 645326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 08/15/47 (b) | 5585000 | 3946218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 03/16/52 (b) | 430000 | 354453 |
|  Imperial Brands Finance plc<br>3.125%, 07/26/24 (144A) | 2800000 | 2676755 |
|  Reynolds American, Inc.<br>5.700%, 08/15/35 (b) | 1170000 | 1056115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 08/15/45 | 1805000 | 1537493 |
|  |  | 10216360 |
| **Airlines—0.1%** |  |  |
|  American Airlines Pass-Through Trust<br>4.000%, 07/15/25 | 851146 | 737930 |
|  U.S. Airways Pass-Through Trust<br>6.250%, 04/22/23 | 862856 | 862274 |
|  |  | 1600204 |
| **Auto Manufacturers—0.2%** |  |  |
|  General Motors Co.<br>4.875%, 10/02/23 (b) | 3330000 | 3319641 |
| **Banks—11.4%** |  |  |
|  Bank of America Corp.<br>1.658%, SOFR + 0.910%, 03/11/27 (d) | 9885000 | 8745295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734%, SOFR + 0.960%, 07/22/27 (b) (d) | 1591000 | 1393901 |
| **Banks—(Continued)** |  |  |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%, SOFR + 1.060%, 06/14/29 (b) (d) | 3640000 | 3063038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592%, SOFR + 2.150%, 04/29/31 (b) (d) | 2305000 | 1877275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, SOFR + 1.320%, 04/22/32 (d) | 4260000 | 3409636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%, SOFR + 1.330%, 02/04/33 (d) | 1060000 | 853956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 3M LIBOR + 1.070%, 03/05/29 (d) | 990000 | 913498 |
|  Bank of New York Mellon Corp. (The)<br>5.834%, SOFR + 2.074%, 10/25/33 (d) | 295000 | 305795 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.981%, SOFR + 0.669%, 05/01/25 (b) (d) | 335000 | 313708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.462%, SOFR + 0.770%, 06/09/27 (b) (d) | 6220000 | 5395277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%, SOFR + 1.167%, 05/01/32 (d) | 1895000 | 1496035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, SOFR + 2.107%, 06/03/31 (b) (d) | 1230000 | 994812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%, SOFR + 1.422%, 11/05/30 (d) | 1090000 | 916500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%, SOFR + 1.351%, 01/25/33 (d) | 5015000 | 4047179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.070%, SOFR + 1.280%, 02/24/28 (d) | 960000 | 865468 |
|  Credit Suisse Group AG<br>1.305%, SOFR + 0.980%, 02/02/27 (144A) (b) (d) | 1650000 | 1317828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%, SOFR + 1.730%, 05/14/32 (144A) (b) (d) | 3180000 | 2197210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.869%, 3M LIBOR + 1.410%, 01/12/29 (144A) (b) (d) | 785000 | 629215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.537%, SOFR + 3.920%, 08/12/33 (144A) (b) (d) | 7530000 | 6606772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.016%, SOFR + 5.020%, 11/15/33 (144A) (d) | 4950000 | 5068143 |
|  DNB Bank ASA<br>1.605%, 1Y H15 + 0.680%, 03/30/28 (144A) (b) (d) | 3140000 | 2656317 |
|  Goldman Sachs Group, Inc. (The)<br>0.925%, SOFR + 0.486%, 10/21/24 (b) (d) | 2060000 | 1973480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.093%, SOFR + 0.789%, 12/09/26 (d) | 1025000 | 903564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.217%, 12/06/23 (b) | 5155000 | 4976193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.431%, SOFR + 0.798%, 03/09/27 (b) (d) | 5605000 | 4915069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542%, SOFR + 0.818%, 09/10/27 (d) | 1970000 | 1699376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948%, SOFR + 0.913%, 10/21/27 (d) | 3925000 | 3431961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%, SOFR + 1.248%, 07/21/32 (b) (d) | 2705000 | 2098833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, SOFR + 1.264%, 10/21/32 (d) | 1310000 | 1034336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 02/23/23 (b) | 875000 | 872805 |
|  HSBC Holdings plc<br>2.013%, SOFR + 1.732%, 09/22/28 (d) | 6700000 | 5599897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%, SOFR + 1.285%, 08/17/29 (b) (d) | 2880000 | 2324681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.633%, SOFR + 1.402%, 11/07/25 (b) (d) | 535000 | 502436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.804%, SOFR + 1.187%, 05/24/32 (d) | 2180000 | 1686620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%, SOFR + 1.410%, 11/22/32 (b) (d) | 1025000 | 783345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.755%, SOFR + 2.110%, 06/09/28 (d) | 675000 | 638015 |
|  JPMorgan Chase & Co.<br>0.697%, SOFR + 0.580%, 03/16/24 (b) (d) | 3935000 | 3893616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.969%, 3M TSFR + 0.580%, 06/23/25 (b) (d) | 3930000 | 3663424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578%, SOFR + 0.885%, 04/22/27 (d) | 5695000 | 5003983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%, SOFR + 1.065%, 02/04/32 (d) | 3330000 | 2547197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.005%, 3M TSFR + 1.585%, 03/13/26 (b) (d) | 1700000 | 1573445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%, SOFR + 1.180%, 11/08/32 (d) | 3000000 | 2371293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%, SOFR + 1.250%, 04/22/32 (b) (d) | 1910000 | 1529986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%, SOFR + 1.510%, 10/15/30 (b) (d) | 1215000 | 1018918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.947%, SOFR + 1.170%, 02/24/28 (d) | 1250000 | 1130747 |
|  Lloyds Banking Group plc<br>1.627%, 1Y H15 + 0.850%, 05/11/27 (d) | 1200000 | 1038655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870%, 1Y H15 + 3.500%, 07/09/25 (d) | 2515000 | 2434190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.976%, 1Y H15 + 2.300%, 08/11/33 (b) (d) | 3055000 | 2805071 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Banks—(Continued)** | | |
|  Macquarie Group, Ltd.<br>2.871%, SOFR + 1.532%, 01/14/33 (144A) (d) | 5160000 | $3958663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.442%, SOFR + 2.405%, 06/21/33 (144A) (b) (d) | 680000 | 590169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 3M LIBOR + 1.750%, 01/15/30 (144A) (d) | 628000 | 590614 |
|  Morgan Stanley<br>1.164%, SOFR + 0.560%, 10/21/25 (b) (d) | 7505000 | 6908441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%, SOFR + 1.020%, 04/28/32 (d) | 2965000 | 2237171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.475%, SOFR + 1.000%, 01/21/28 (d) | 2740000 | 2434635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%, SOFR + 1.360%, 09/16/36 (d) | 2235000 | 1620668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%, SOFR + 1.200%, 10/20/32 (b) (d) | 700000 | 547793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%, SOFR + 1.290%, 01/21/33 (d) | 1460000 | 1181108 |
|  NatWest Group plc<br>4.269%, 3M LIBOR + 1.762%, 03/22/25 (d) | 3830000 | 3745276 |
|  PNC Financial Services Group, Inc. (The)<br>6.037%, SOFR + 2.140%, 10/28/33 (b) (d) | 1455000 | 1514800 |
|  Santander UK Group Holdings plc<br>1.089%, SOFR + 0.787%, 03/15/25 (b) (d) | 3445000 | 3218716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.532%, 1Y H15 + 1.250%, 08/21/26 (d) | 330000 | 290692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.673%, SOFR + 0.989%, 06/14/27 (b) (d) | 1250000 | 1062866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.469%, SOFR + 1.220%, 01/11/28 (d) | 725000 | 619121 |
|  Santander UK plc<br>5.000%, 11/07/23 (144A) | 3950000 | 3937897 |
|  U.S. Bancorp<br>5.850%, SOFR + 2.090%, 10/21/33 (d) | 1480000 | 1536447 |
|  UBS Group AG<br>4.488%, 1Y H15 + 1.550%, 05/12/26 (144A) (b) (d) | 1040000 | 1016458 |
|  Wells Fargo & Co.<br>2.164%, 3M LIBOR + 0.750%, 02/11/26 (b) (d) | 2885000 | 2689492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393%, SOFR + 2.100%, 06/02/28 (d) | 6130000 | 5410269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, SOFR + 1.500%, 03/02/33 (b) (d) | 5085000 | 4283593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526%, SOFR + 1.510%, 03/24/28 (d) | 4740000 | 4389245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%, SOFR + 2.100%, 07/25/33 (b) (d) | 2290000 | 2174431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013%, SOFR + 4.502%, 04/04/51 (d) | 755000 | 665061 |
|  |  | 172141620 |
| **Beverages—0.2%** |  |  |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.<br>4.700%, 02/01/36 (b) | 1500000 | 1416664 |
|  Anheuser-Busch InBev Worldwide, Inc.<br>4.600%, 04/15/48 (b) | 512000 | 444903 |
|  Bacardi, Ltd.<br>4.450%, 05/15/25 (144A) (b) | 405000 | 392973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 05/15/48 (144A) | 1105000 | 984148 |
|  |  | 3238688 |
| **Chemicals—0.3%** |  |  |
|  International Flavors & Fragrances, Inc.<br>2.300%, 11/01/30 (144A) (b) | 4273000 | 3390080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/26/48 (b) | 460000 | 390588 |
|  |  | 3780668 |
| **Commercial Services—0.2%** |  |  |
|  Global Payments, Inc.<br>5.400%, 08/15/32 (b) | 795000 | 757119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 08/15/52 (b) | 1024000 | 925861 |
| **Commercial Services—(Continued)** |  |  |
|  S&P Global, Inc.<br>4.750%, 08/01/28 (144A) | 1500000 | 1482483 |
|  |  | 3165463 |
| **Computers—0.1%** |  |  |
|  Lenovo Group, Ltd.<br>6.536%, 07/27/32 (144A) | 825000 | 798953 |
| **Diversified Financial Services—1.6%** |  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>3.000%, 10/29/28 | 1765000 | 1478674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/30/32 (b) | 4300000 | 3361571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/23/28 (b) | 475000 | 427189 |
|  Air Lease Corp.<br>2.300%, 02/01/25 | 4715000 | 4389803 |
|  American Express Co.<br>2.550%, 03/04/27 (b) | 1930000 | 1755727 |
|  Avolon Holdings Funding, Ltd.<br>2.528%, 11/18/27 (144A) | 1274000 | 1018302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 02/15/25 (144A) | 1995000 | 1842912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 07/01/24 (144A) (b) | 560000 | 536089 |
|  Capital One Financial Corp.<br>3.273%, SOFR + 1.790%, 03/01/30 (b) (d) | 2700000 | 2308418 |
|  Intercontinental Exchange, Inc.<br>1.850%, 09/15/32 (b) | 2155000 | 1621047 |
|  ORIX Corp.<br>5.200%, 09/13/32 (b) | 1585000 | 1544858 |
|  Park Aerospace Holdings, Ltd.<br>4.500%, 03/15/23 (144A) | 2330000 | 2324249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/24 (144A) | 390000 | 384914 |
|  Raymond James Financial, Inc.<br>4.950%, 07/15/46 (b) | 995000 | 884578 |
|  |  | 23878331 |
| **Electric—2.0%** |  |  |
|  Appalachian Power Co.<br>3.300%, 06/01/27 (b) | 760000 | 711314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 06/01/45 | 1440000 | 1183682 |
|  Duke Energy Carolinas LLC<br>4.250%, 12/15/41 | 1300000 | 1121911 |
|  Duke Energy Progress LLC<br>4.100%, 05/15/42 (b) | 1000000 | 839386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 03/15/43 (b) | 2325000 | 1947178 |
|  Evergy Metro, Inc.<br>4.200%, 03/15/48 | 2250000 | 1824016 |
|  Eversource Energy<br>4.600%, 07/01/27 (b) | 1660000 | 1636896 |
|  FirstEnergy Transmission LLC<br>4.350%, 01/15/25 (144A) | 3430000 | 3342320 |
|  Florida Power & Light Co.<br>3.990%, 03/01/49 (b) | 2000000 | 1676757 |
|  International Transmission Co.<br>4.625%, 08/15/43 | 2750000 | 2381336 |
|  MidAmerican Energy Co.<br>4.800%, 09/15/43 (b) | 905000 | 843161 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Electric—(Continued)** | | |
|  NextEra Energy Capital Holdings, Inc.<br>2.250%, 06/01/30 (b) | 1495000 | $1229412 |
|  PacifiCorp<br>3.350%, 07/01/25 | 2000000 | 1916236 |
|  Pennsylvania Electric Co.<br>3.250%, 03/15/28 (144A) | 570000 | 511998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/15/25 (144A) | 2800000 | 2689879 |
|  Public Service Co. of New Mexico<br>3.850%, 08/01/25 | 3135000 | 2986536 |
|  Southwestern Electric Power Co.<br>4.100%, 09/15/28 | 3000000 | 2843366 |
|  |  | 29685384 |
| **Entertainment—0.5%** |  |  |
|  Warnermedia Holdings, Inc.<br>4.279%, 03/15/32 (144A) (b) | 870000 | 716675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/15/42 (144A) (b) | 4510000 | 3450521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/52 (144A) (b) | 4800000 | 3489439 |
|  |  | 7656635 |
| **Food—0.5%** |  |  |
|  JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.<br>3.000%, 05/15/32 (144A) (b) | 1085000 | 832033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/01/31 (144A) (b) | 380000 | 310422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/02/52 (144A) (b) | 1500000 | 1060386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/52 (144A) | 1795000 | 1708502 |
|  Kraft Heinz Foods Co.<br>4.875%, 10/01/49 (b) | 1645000 | 1427931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 07/15/45 | 1915000 | 1766801 |
|  Pilgrim's Pride Corp.<br>3.500%, 03/01/32 (144A) (b) | 1200000 | 939000 |
|  |  | 8045075 |
| **Gas—0.5%** |  |  |
|  KeySpan Gas East Corp.<br>3.586%, 01/18/52 (144A) | 5000000 | 3311404 |
|  Southern Co. Gas Capital Corp.<br>3.250%, 06/15/26 | 4000000 | 3723486 |
|  Spire, Inc.<br>4.700%, 08/15/44 | 1000000 | 808638 |
|  |  | 7843528 |
| **Healthcare-Services—1.9%** |  |  |
|  Centene Corp.<br>3.000%, 10/15/30 | 4362000 | 3575746 |
|  CommonSpirit Health<br>2.782%, 10/01/30 | 870000 | 717597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.347%, 10/01/29 | 1050000 | 913761 |
|  Elevance Health, Inc.<br>3.650%, 12/01/27 (b) | 2235000 | 2107401 |
|  Fresenius Medical Care U.S. Finance III, Inc.<br>1.875%, 12/01/26 (144A) (b) | 2050000 | 1738375 |
|  HCA, Inc.<br>2.375%, 07/15/31 (b) | 465000 | 361969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/15/32 (144A) (b) | 1875000 | 1586538 |
| **Healthcare-Services—(Continued)** |  |  |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/29 | 2493000 | 2275837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/26 (b) | 1505000 | 1486834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/49 | 3200000 | 2725474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/47 | 1000000 | 888121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/01/29 | 2000000 | 1993751 |
|  Humana, Inc.<br>3.700%, 03/23/29 | 4685000 | 4289299 |
|  New York and Presbyterian Hospital (The)<br>3.563%, 08/01/36 | 4490000 | 3728774 |
|  |  | 28389477 |
| **Insurance—0.9%** |  |  |
|  Aon Corp.<br>3.900%, 02/28/52 (b) | 960000 | 740847 |
|  Athene Global Funding<br>1.985%, 08/19/28 (144A) (b) | 5100000 | 4103319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.205%, 03/08/27 (144A) (b) | 1055000 | 940098 |
|  Berkshire Hathaway Finance Corp.<br>3.850%, 03/15/52 (b) | 615000 | 490184 |
|  Farmers Exchange Capital III<br>5.454%, 3M LIBOR + 3.454%, 10/15/54 (144A) (d) | 3530000 | 3220260 |
|  Farmers Insurance Exchange<br>4.747%, 3M LIBOR + 3.231%, 11/01/57 (144A) (d) | 90000 | 72146 |
|  Teachers Insurance & Annuity Association of America<br>4.375%, 3M LIBOR + 2.661%, 09/15/54 (144A) (d) | 3500000 | 3347639 |
|  |  | 12914493 |
| **Internet—0.1%** |  |  |
|  Tencent Holdings, Ltd.<br>3.680%, 04/22/41 (144A) | 920000 | 676472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.840%, 04/22/51 (144A) | 910000 | 644726 |
|  |  | 1321198 |
| **Media—0.6%** |  |  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital Corp.<br>5.250%, 04/01/53 (b) | 1605000 | 1238808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/01/47 (b) | 6500000 | 5098877 |
|  Paramount Global<br>4.200%, 05/19/32 (b) | 1780000 | 1456875 |
|  Time Warner Cable LLC<br>5.500%, 09/01/41 (b) | 2065000 | 1713691 |
|  |  | 9508251 |
| **Oil & Gas—0.3%** |  |  |
|  Hess Corp.<br>5.600%, 02/15/41 (b) | 1200000 | 1134323 |
|  Petroleos Mexicanos<br>6.750%, 09/21/47 (b) | 3228000 | 2059460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 01/28/60 | 355000 | 224368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.690%, 01/23/50 (b) | 2110000 | 1459906 |
|  |  | 4878057 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Packaging & Containers—0.4%** | | |
|  Amcor Finance USA, Inc.<br>3.625%, 04/28/26 (b) | 2625000 | $2483655 |
|  Berry Global, Inc.<br>1.570%, 01/15/26 (b) | 1660000 | 1478754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 01/15/27 | 2575000 | 2202323 |
|  |  | 6164732 |
| **Pharmaceuticals—1.1%** |  |  |
|  AbbVie, Inc.<br>4.450%, 05/14/46 | 1384000 | 1189452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/14/35 (b) | 599000 | 554857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 03/15/35 | 205000 | 191691 |
|  Bayer U.S. Finance LLC<br>4.250%, 12/15/25 (144A) | 135000 | 130805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/28 (144A) | 4506000 | 4229852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 07/15/44 (144A) (b) | 1205000 | 949779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/25/38 (144A) (b) | 1250000 | 1087582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/25/48 (144A) | 1965000 | 1694319 |
|  Cigna Corp.<br>3.400%, 03/15/51 (b) | 739000 | 525249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/47 | 1100000 | 852774 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/25/48 | 5280000 | 4739037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/20/45 | 100000 | 91141 |
|  |  | 16236538 |
| **Pipelines—1.1%** |  |  |
|  Enbridge Energy Partners L.P.<br>5.875%, 10/15/25 (b) | 850000 | 863167 |
|  Energy Transfer L.P.<br>5.000%, 05/15/50 | 3830000 | 3059905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/15/45 | 2352000 | 1946708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/01/47 | 1200000 | 1016469 |
|  Enterprise Products Operating LLC<br>5.100%, 02/15/45 | 970000 | 871738 |
|  Kinder Morgan, Inc.<br>5.550%, 06/01/45 | 1275000 | 1162559 |
|  Plains All American Pipeline L.P. / PAA Finance Corp.<br>3.800%, 09/15/30 (b) | 1290000 | 1121115 |
|  Rockies Express Pipeline LLC<br>4.950%, 07/15/29 (144A) (b) | 3000000 | 2692050 |
|  Ruby Pipeline LLC<br>8.000%, 04/01/22† (144A) (b) (e) | 2262727 | 2455059 |
|  Sabine Pass Liquefaction LLC<br>4.500%, 05/15/30 (b) | 1405000 | 1302318 |
|  |  | 16491088 |
| **Real Estate Investment Trusts—1.5%** |  |  |
|  American Assets Trust L.P.<br>3.375%, 02/01/31 | 1950000 | 1546708 |
|  American Homes 4 Rent L.P.<br>2.375%, 07/15/31 | 975000 | 752045 |
|  CubeSmart L.P.<br>2.500%, 02/15/32 (b) | 530000 | 405183 |
| **Real Estate Investment Trusts—(Continued)** |  |  |
|  Extra Space Storage L.P.<br>2.350%, 03/15/32 | 435000 | 329167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 06/01/31 | 1000000 | 782270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/01/29 (b) | 320000 | 286637 |
|  GLP Capital L.P. / GLP Financing II, Inc.<br>4.000%, 01/15/30 | 487000 | 426521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/25 (b) | 1000000 | 983015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 01/15/29 (b) | 265000 | 250780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/15/26 (b) | 3160000 | 3100172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/01/28 | 2000000 | 1961059 |
|  Healthcare Realty Holdings L.P.<br>2.000%, 03/15/31 (b) | 1347000 | 1019724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 03/15/31 | 141000 | 103071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/26 (b) | 2399000 | 2232888 |
|  Hudson Pacific Properties L.P.<br>3.250%, 01/15/30 | 480000 | 363820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 02/15/28 | 1395000 | 1302424 |
|  Invitation Homes Operating Partnership L.P.<br>2.000%, 08/15/31 (b) | 310000 | 229089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/15/32 (b) | 1545000 | 1351698 |
|  Physicians Realty L.P.<br>2.625%, 11/01/31 (b) | 990000 | 772734 |
|  VICI Properties L.P.<br>5.125%, 05/15/32 (b) | 1790000 | 1657450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/15/52 (b) | 954000 | 843880 |
|  VICI Properties L.P. / VICI Note Co., Inc. | VICI Properties L.P. / VICI Note Co., Inc. | VICI Properties L.P. / VICI Note Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/27 (144A) (b) | 100000 | 90775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/29 (144A) (b) | 995000 | 872052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/26 (144A) (b) | 550000 | 517593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/15/28 (144A) (b) | 335000 | 307405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/25 (144A) | 145000 | 139019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 02/01/27 (144A) | 610000 | 594604 |
|  |  | 23221783 |
| **Retail—0.2%** |  |  |
|  Alimentation Couche-Tard, Inc.<br>3.550%, 07/26/27 (144A) | 2340000 | 2162794 |
| **Savings & Loans—0.3%** |  |  |
|  Nationwide Building Society<br>2.972%, SOFR + 1.290%, 02/16/28 (144A) (b) (d) | 2435000 | 2140356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.766%, 3M LIBOR + 1.064%, 03/08/24 (144A) (b) (d) | 2820000 | 2804535 |
|  |  | 4944891 |
| **Semiconductors—0.2%** |  |  |
|  Broadcom, Inc.<br>2.600%, 02/15/33 (144A) (b) | 1969000 | 1477926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 04/15/34 (144A) (b) | 916000 | 730723 |
|  |  | 2208649 |
| **Software—0.4%** |  |  |
|  Oracle Corp.<br>3.600%, 04/01/50 | 2750000 | 1851483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/25/51 (b) | 2710000 | 1930711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 11/09/52 | 1465000 | 1567293 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Corporate Bonds & Notes—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Software—(Continued)** | | |
|  Take-Two Interactive Software, Inc.<br>4.000%, 04/14/32 (b) | 775000 | $685977 |
|  |  | 6035464 |
| **Telecommunications—2.2%** |  |  |
|  AT&T, Inc.<br>2.550%, 12/01/33 (b) | 1985000 | 1525492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/01/57 | 499000 | 344277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 12/15/42 (b) | 1791000 | 1469326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/46 (b) | 1590000 | 1344208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 03/01/39 | 1368000 | 1223798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/01/37 (b) | 2485000 | 2394313 |
|  Level 3 Financing, Inc.<br>3.400%, 03/01/27 (144A) (b) | 228000 | 192657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/29 (144A) (b) | 5185000 | 4091667 |
|  Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC<br>4.738%, 03/20/25 (144A) | 4770000 | 4713764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.152%, 09/20/29 (144A) (b) | 1650000 | 1626119 |
|  T-Mobile USA, Inc.<br>2.550%, 02/15/31 (b) | 3056000 | 2496508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/15/27 (b) | 2145000 | 2020358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/30 | 4498000 | 4074355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/40 | 1035000 | 883269 |
|  Verizon Communications, Inc.<br>2.550%, 03/21/31 (b) | 1105000 | 908706 |
|  Vodafone Group plc<br>4.875%, 06/19/49 | 2620000 | 2189239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/30/48 | 1690000 | 1488433 |
|  |  | 32986489 |
| **Water—0.1%** |  |  |
|  Essential Utilities, Inc.<br>4.276%, 05/01/49 | 2025000 | 1631241 |
|  Total Corporate Bonds & Notes <br>(Cost $515,504,780) |  | 449265929 |
| **Asset-Backed Securities—11.2%** |  |  |
| **Asset-Backed - Home Equity—0.8%** |  |  |
|  New Century Home Equity Loan Trust<br>5.169%, 1M LIBOR + 0.780%, 08/25/34 (d) | 5420409 | 5078614 |
|  Option One Mortgage Loan Trust<br>5.049%, 1M LIBOR + 0.660%, 05/25/35 (d) | 300323 | 297186 |
|  Soundview Home Loan Trust<br>4.599%, 1M LIBOR + 0.210%, 06/25/37 (d) | 10417370 | 7391594 |
|  |  | 12767394 |
| **Asset-Backed - Other—6.7%** |  |  |
|  AGL CLO, Ltd.<br>5.403%, 3M LIBOR + 1.160%, 07/20/34 (144A) (d) | 5400000 | 5263466 |
|  AIG CLO, Ltd.<br>5.363%, 3M LIBOR + 1.120%, 04/20/32 (144A) (d) | 5000000 | 4919660 |
| **Asset-Backed - Other—(Continued)** |  |  |
|  Ameriquest Mortgage Securities, Inc.<br>4.974%, 1M LIBOR + 0.585%, 03/25/36 (d) | 314393 | 312151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.139%, 1M LIBOR + 0.750%, 01/25/36 (d) | 5965000 | 5775859 |
|  AMMC CLO, Ltd.<br>5.219%, 3M LIBOR + 1.140%, 10/16/28 (144A) (d) | 682392 | 681994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3M LIBOR + 1.050%, 07/24/29 (144A) (d) | 3980956 | 3947237 |
|  Arbor Realty Commercial Real Estate Notes, Ltd.<br>5.388%, 1M LIBOR + 1.070%, 08/15/34 (144A) (d) | 4570000 | 4346289 |
|  Carrington Mortgage Loan Trust Series 2007-RFC1<br>4.529%, 1M LIBOR + 0.140%, 12/25/36 (d) | 7056441 | 6680720 |
|  CWABS Asset-Backed Certificates Trust<br>5.439%, 1M LIBOR + 1.050%, 11/25/35 (d) | 372117 | 370805 |
|  Dryden XXVI Senior Loan Fund<br>4.979%, 3M LIBOR + 0.900%, 04/15/29 (144A) (d) | 2049275 | 2024586 |
|  Flexential Issuer<br>3.250%, 11/27/51 (144A) | 4753000 | 4143541 |
|  FS Rialto<br>5.526%, 1M LIBOR + 1.200%, 12/16/36 (144A) (d) | 1888855 | 1879050 |
|  JPMorgan Mortgage Acquisition Trust<br>4.739%, 1M LIBOR + 0.350%, 01/25/37 (d) | 8307000 | 7369765 |
|  Madison Park Funding, Ltd.<br>5.245%, 3M LIBOR + 0.920%, 01/22/28 (144A) (d) | 1720938 | 1702799 |
|  Neuberger Berman CLO XX, Ltd.<br>5.729%, 3M LIBOR + 1.650%, 07/15/34 (144A) (d) | 5000000 | 4812955 |
|  New Economy Assets Phase 1 Sponsor LLC<br>2.410%, 10/20/61 (144A) | 4765000 | 3914518 |
|  Octagon Investment Partners 46, Ltd.<br>5.239%, 3M LIBOR + 1.160%, 07/15/36 (144A) (d) | 5520000 | 5366726 |
|  OHA Credit Funding 4, Ltd.<br>5.975%, 3M LIBOR + 1.650%, 10/22/36 (144A) (d) | 4000000 | 3859276 |
|  Popular ABS Mortgage Pass-Through Trust<br>4.974%, 1M LIBOR + 0.585%, 02/25/36 (d) | 2525670 | 2475416 |
|  Rockford Tower CLO, Ltd.<br>5.433%, 3M LIBOR + 1.190%, 10/20/30 (144A) (d) | 5200000 | 5133591 |
|  Structured Asset Investment Loan Trust<br>5.189%, 1M LIBOR + 0.800%, 07/25/34 (d) | 1596243 | 1534828 |
|  U.S. Small Business Administration<br>3.800%, 08/01/47 | 3896000 | 3661016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.930%, 07/01/47 | 7250000 | 6891267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 10/01/47 | 3928000 | 3946872 |
|  Vantage Data Centers Issuer LLC<br>4.196%, 11/15/43 (144A) | 4800629 | 4683972 |
|  Wellman Park CLO, Ltd.<br>5.179%, 3M LIBOR + 1.100%, 07/15/34 (144A) (d) | 4750000 | 4646726 |
|  |  | 100345085 |
| **Asset-Backed - Student Loan—3.7%** |  |  |
|  Navient Student Loan Trust<br>5.439%, 1M LIBOR + 1.050%, 07/26/66 (144A) (d) | 5564098 | 5386979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.889%, 1M LIBOR + 1.500%, 10/25/58 (d) | 2470000 | 2147286 |
|  SLC Student Loan Trust<br>4.929%, 3M LIBOR + 0.160%, 09/15/39 (d) | 8012070 | 7547064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.929%, 3M LIBOR + 0.160%, 03/15/55 (d) | 7354829 | 6979225 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Asset-Backed Securities—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Asset-Backed - Student Loan—(Continued)** | | |
|  SLM Student Loan Trust<br>4.688%, 3M LIBOR + 0.330%, 01/25/22 (d) | 2319687 | $2255089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.728%, 3M LIBOR + 0.370%, 01/25/40 (d) | 2704170 | 2481243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908%, 3M LIBOR + 0.550%, 10/25/64 (144A) (d) | 3853502 | 3697557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.139%, 1M LIBOR + 0.750%, 05/26/26 (d) | 4433778 | 4239946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.139%, 1M LIBOR + 0.750%, 01/25/45 (144A) (d) | 2092797 | 2017389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.458%, 3M LIBOR + 1.100%, 07/25/23 (d) | 4622652 | 4473369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.858%, 3M LIBOR + 1.500%, 04/25/23 (d) | 1922792 | 1904156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.969%, 3M LIBOR + 1.200%, 12/15/33 (144A) (d) | 3095210 | 3033775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.189%, 1M LIBOR + 1.800%, 09/25/43 (d) | 5800000 | 5456659 |
|  Wachovia Student Loan Trust<br>4.528%, 3M LIBOR + 0.170%, 04/25/40 (144A) (d) | 4011069 | 3828994 |
|  |  | 55448731 |
|  Total Asset-Backed Securities <br>(Cost $172,270,567) |  | 168561210 |
| **Mortgage-Backed Securities—7.6%** |  |  |
| **Collateralized Mortgage Obligations—4.8%** |  |  |
|  Angel Oak Mortgage Trust<br>3.353%, 01/25/67 (144A) (d) | 7319383 | 6607848 |
|  CIM Trust<br>1.951%, 06/25/57 (144A) (d) | 5628329 | 4940241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/61 (144A) (d) | 6392242 | 5542768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/25/61 (144A) (d) | 4946512 | 4148737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/25/51 (144A) (d) | 11003278 | 8832276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/25/59 (144A) (d) | 4582796 | 4159485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 07/25/58 (144A) (d) | 2398364 | 2301166 |
|  Credit Suisse Mortgage Trust<br>2.609%, 09/27/46 (144A) (d) | 9167 | 9124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 09/25/57 (144A) (d) | 4333691 | 4048560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.547%, 05/25/67 (144A) (d) | 4359737 | 4168058 |
|  GS Mortgage-Backed Securities Trust<br>3.750%, 10/25/57 (144A) | 3513250 | 3359442 |
|  JPMorgan Mortgage Trust<br>2.500%, 06/25/52 (144A) (d) | 10726661 | 9196857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/25/51 (144A) (d) | 6612328 | 5722904 |
|  Nomura Resecuritization Trust<br>3.398%, 11/26/35 (144A) (d) | 88503 | 88132 |
|  PHH Alternative Mortgage Trust<br>4.989%, 1M LIBOR + 0.600%, 07/25/37 (d) | 4126554 | 3990365 |
|  Towd Point Mortgage Trust<br>2.750%, 10/25/56 (144A) (d) | 924891 | 909336 |
|  WaMu Mortgage Pass-Through Certificates Trust<br>3.469%, 06/25/34 (d) | 2693008 | 2515955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.969%, 1M LIBOR + 0.580%, 10/25/45 (d) | 1855960 | 1707972 |
|  |  | 72249226 |
| **Commercial Mortgage-Backed Securities—2.8%** |  |  |
|  BAMLL Commercial Mortgage Securities Trust<br>4.091%, 08/10/38 (144A) (d) | 3265000 | 2935550 |
| **Commercial Mortgage-Backed Securities—(Continued)** |  |  |
|  BANK<br>4.493%, 06/15/55 (d) | 4231000 | 4042813 |
|  BX Trust<br>3.202%, 12/09/41 (144A) | 895000 | 748735 |
|  BXHPP Trust<br>4.968%, 1M LIBOR + 0.650%, 08/15/36 (144A) (d) | 4777000 | 4467547 |
|  CALI Mortgage Trust<br>3.957%, 03/10/39 (144A) | 2200000 | 1896356 |
|  COMM Mortgage Trust<br>3.620%, 07/10/50 | 2728219 | 2633605 |
|  CSAIL Commercial Mortgage Trust<br>2.561%, 03/15/53 | 3384500 | 2826463 |
|  DC Office Trust<br>2.965%, 09/15/45 (144A) | 1850000 | 1470105 |
|  GS Mortgage Securities Corp. Trust<br>5.268%, 1M LIBOR + 0.950%, 12/15/36 (144A) (d) | 4225000 | 4054629 |
|  Hudson Yards Mortgage Trust<br>2.943%, 12/10/41 (144A) (d) | 1850000 | 1549960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.228%, 07/10/39 (144A) | 1875000 | 1612126 |
|  JPMorgan Chase Commercial Mortgage Securities Trust<br>3.397%, 06/05/39 (144A) | 2000000 | 1737937 |
|  LCCM Trust<br>3.551%, 07/12/50 (144A) | 2834000 | 2618838 |
|  MKT Mortgage Trust<br>2.694%, 02/12/40 (144A) | 1500000 | 1173048 |
|  One Bryant Park Trust<br>2.516%, 09/15/54 (144A) | 2390000 | 1956605 |
|  RBS Commercial Funding, Inc. Trust<br>3.834%, 01/15/32 (144A) (d) | 1205000 | 1159780 |
|  SFAVE Commercial Mortgage Securities Trust<br>3.872%, 01/05/43 (144A) (d) | 2219000 | 1512980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.144%, 01/05/43 (144A) (d) | 110000 | 74910 |
|  SMRT Commercial Mortgage Trust<br>7.686%, 1M TSFR + 3.350%, 01/15/39 (144A) (d) | 4000000 | 3640645 |
|  |  | 42112632 |
|  Total Mortgage-Backed Securities <br>(Cost $126,851,435) |  | 114361858 |
| **Municipals—0.5%** |  |  |
|  Miami-Dade County, FL Aviation Revenue<br>3.555%, 10/01/34 | 600000 | 504600 |
|  New York City Transitional Finance Authority, Future Tax Secured Revenue<br>4.200%, 11/01/30 | 1250000 | 1179760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.267%, 05/01/27 | 2150000 | 2169079 |
|  New York City, General Obligation Unlimited, Build America Bond<br>5.968%, 03/01/36 | 1750000 | 1871369 |
|  Regents of the University of California Medical Center Pooled Revenue<br>3.256%, 05/15/60 | 3485000 | 2258437 |
|  Total Municipals <br>(Cost $10,032,423) |  | 7983245 |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Short-Term Investments—11.9%** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Discount Note—0.4%** | | |
|  Federal Home Loan Bank<br>3.930%, 04/14/23 (f) | 6360000 | $6281774 |
| **Mutual Funds—8.9%** |  |  |
|  State Street Institutional Liquid Reserves Fund, Trust Class <br>4.360% (g) | 133687488 | 133740963 |
| **U.S. Treasury—2.6%** |  |  |
|  U.S. Treasury Bills<br>4.571%, 05/11/23 (f) | 13615000 | 13395191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.580%, 05/25/23 (f) | 25520000 | 25065863 |
|  |  | 38461054 |
|  Total Short-Term Investments <br>(Cost $178,494,647) |  | 178483791 |
| **Securities Lending Reinvestments (h)—13.9%** | **Securities Lending Reinvestments (h)—13.9%** |  |
| **Certificates of Deposit—6.2%** |  |  |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (d) | 3000000 | 3004052 |
|  Bank of Montreal (Chicago)<br>4.790%, FEDEFF PRV + 0.460%, 03/02/23 (d) | 3000000 | 3000000 |
|  Bank of Nova Scotia<br>4.550%, SOFR + 0.250%, 02/17/23 (d) | 3000000 | 2999864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770%, FEDEFF PRV + 0.440%, 01/09/23 (d) | 2000000 | 2000081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, SOFR + 0.510%, 03/15/23 (d) | 6000000 | 6002522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980%, SOFR + 0.680%, 08/16/23 (d) | 2000000 | 2002338 |
|  BNP Paribas S.A.<br>4.810%, SOFR + 0.510%, 03/15/23 (d) | 5000000 | 5001740 |
|  Canadian Imperial Bank of Commerce (NY)<br>4.800%, SOFR + 0.500%, 03/03/23 (d) | 7000000 | 7002679 |
|  Commonwealth Bank of Australia<br>4.680%, SOFR + 0.380%, 03/30/23 (d) | 2000000 | 2000148 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (d) | 5000000 | 5000000 |
|  Credit Agricole S.A.<br>4.700%, 02/03/23 | 5000000 | 5001250 |
|  Credit Industriel et Commercial<br>4.730%, SOFR + 0.430%, 01/06/23 (d) | 5000000 | 5000140 |
|  Mitsubishi UFJ Trust and Banking Corp.<br>4.860%, SOFR + 0.560%, 02/14/23 (d) | 5000000 | 5001500 |
|  Mizuho Bank, Ltd.<br>4.850%, SOFR + 0.550%, 01/26/23 (d) | 2000000 | 2000601 |
|  Royal Bank of Canada<br>4.880%, SOFR + 0.580%, 09/20/23 (d) | 5000000 | 5003305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890%, FEDEFF PRV + 0.560%, 04/10/23 (d) | 2000000 | 2001152 |
|  Standard Chartered Bank (NY)<br>5.040%, SOFR + 0.740%, 05/02/23 (d) | 3000000 | 3004554 |
|  State Street Bank and Trust Co.<br>4.980%, SOFR + 0.680%, 07/14/23 (d) | 2000000 | 2002354 |
|  Sumitomo Mitsui Banking Corp.<br>4.710%, SOFR + 0.410%, 03/06/23 (d) | 4000000 | 4000440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, SOFR + 0.750%, 04/21/23 (d) | 5000000 | 5006770 |
| **Certificates of Deposit—(Continued)** |  |  |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.750%, SOFR + 0.450%, 02/24/23 (d) | 5000000 | 5001640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.840%, SOFR + 0.540%, 01/10/23 (d) | 2000000 | 2000156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, SOFR + 0.550%, 03/07/23 (d) | 2000000 | 2000556 |
|  Svenska Handelsbanken AB<br>4.900%, SOFR + 0.600%, 04/12/23 (d) | 2000000 | 2001358 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (d) | 7000000 | 6999230 |
|  |  | 94038430 |
| **Commercial Paper—0.9%** |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (d) | 5000000 | 5001265 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (d) | 3000000 | 3004086 |
|  Skandinaviska Enskilda Banken AB<br>4.980%, SOFR + 0.680%, 05/03/23 (d) | 1000000 | 1000988 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (d) | 5000000 | 5000000 |
|  |  | 14006339 |
| **Repurchase Agreements—6.3%** |  |  |
|  BofA Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $17,146,103; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $17,480,868. | 17138105 | 17138105 |
|  Citigroup Global Markets, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $5,125,132; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $5,100,001. | 5000000 | 5000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $10,004,778; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $10,208,870. | 10000000 | 10000000 |
|  HSBC Securities, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $5,002,361; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $5,102,408. | 5000000 | 5000000 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $5,004,200; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $5,111,891. | 5000000 | 5000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (h)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $35,030,285; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $38,108,998. | 35000000 | $35000000 |
|  Royal Bank of Canada Toronto <br>Repurchase Agreement dated 12/30/22 at 4.570%, due on 02/03/23 with a maturity value of $5,022,215; collateralized by various Common Stock with an aggregate market value of $5,556,261. | 5000000 | 5000000 |
|  Societe Generale | Societe Generale | Societe Generale |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $5,302,503; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $5,415,574. | 5300000 | 5300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $7,206,188; collateralized by various Common Stock with an aggregate market value of $8,014,982. | 7200000 | 7200000 |
|  |  | 94638105 |
| **Time Deposits—0.5%** |  |  |
|  First Abu Dhabi Bank USA NV<br>4.300%, 01/03/23 | 3000000 | 3000000 |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (d) | 5000000 | 5000000 |
|  |  | 8000000 |
|  Total Securities Lending Reinvestments <br>(Cost $210,638,218) |  | 210682874 |
|  Total Investments—140.4% <br>(Cost $2,243,905,279) |  | 2112952189 |
|  Other assets and liabilities (net)—(40.4)% |  | (607966878) |
| **Net Assets—100.0%** |  | $1504985311 |

---

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $2,455,059, which is 0.2% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date. |
| (b) | All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $307,910,851 and the collateral received consisted of cash in the amount of $210,638,242 and non-cash collateral with a value of $105,428,195. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. |
| (c) | Principal amount of security is adjusted for inflation. |
| (d) | Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. |
| (e) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (f) | The rate shown represents current yield to maturity. |
| (g) | The rate shown represents the annualized seven-day yield as of December 31, 2022. |
| (h) | Represents investment of cash collateral received from securities on loan as of December 31, 2022. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $296,176,655, which is 19.7% of net assets. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition<br>Date** | **Principal<br>Amount** | **Cost** | **Value** |
|  Ruby Pipeline LLC, 8.000%, 04/01/22 | 01/24/18 | $2262727 | $2395662 | $2455059 |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br>**Value** | **Notional**<br>**Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  U.S. Treasury Note 2 Year Futures | 03/31/23 | 1354 | USD | 277675783 | $244281 |
|  U.S. Treasury Note 5 Year Futures | 03/31/23 | 202 | USD | 21801797 | (14157) |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | 7 | USD | 940188 | (77923) |
| **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** |
|  U.S. Treasury Note Ultra 10 Year Futures | 03/22/23 | (128) | USD | (15140000) | 41338 |
|  Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | $193539 |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Swap Agreements** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating Rate** | **Floating<br>Rate Index** | **Payment <br>Frequency** | **Fixed<br>Rate** | **Payment <br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
|  Pay | 3M LIBOR | Quarterly | 1.026% | Semi-Annually | 07/24/25 | USD | 47170000 | $(2870063) | $– $| (2870063) |
|  Pay | 3M LIBOR | Quarterly | 1.034% | Semi-Annually | 07/24/25 | USD | 34890000 | (2117732) | – | (2117732) |
|  Pay | 3M LIBOR | Quarterly | 1.073% | Semi-Annually | 07/24/25 | USD | 23585000 | (1414576) | – | (1414576) |
|  Pay | 3M LIBOR | Quarterly | 1.390% | Semi-Annually | 09/28/25 | USD | 54410000 | (2765443) | – | (2765443) |
|  Receive | 3M LIBOR | Semi-Annually | 1.773% | Quarterly | 07/24/53 | USD | 3940000 | 1202739 | – | 1202739 |
|  Receive | 3M LIBOR | Semi-Annually | 1.785% | Quarterly | 07/24/53 | USD | 2915000 | 883172 | – | 883172 |
|  Receive | 3M LIBOR | Semi-Annually | 1.808% | Quarterly | 07/24/53 | USD | 1970000 | 588745 | – | 588745 |
|  Receive | 3M LIBOR | Semi-Annually | 1.870% | Quarterly | 09/28/53 | USD | 4645000 | 1309172 | – | 1309172 |
|  Totals  | Totals  | Totals  | Totals  | Totals  | Totals  | Totals  | Totals  | $(5183986) | $– $| (5183986) |

---

(1) There were no upfront premiums paid or (received), therefore the market value equals unrealized
appreciation/(depreciation).

**Glossary of Abbreviations** 

Currencies

------

(USD)— United States Dollar

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (H15)— | U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index |
| (LIBOR)— | London Interbank Offered Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |
| (TSFR)— | Term Secured Financing Rate |

---

Other Abbreviations

------

---

| | |
|:---|:---|
| (CLO)— | Collateralized Loan Obligation |
| (CMO)— | Collateralized Mortgage Obligation |
| (DAC)— | Designated Activity Company |
| (REMIC)— | Real Estate Mortgage Investment Conduit |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total U.S. Treasury & Government Agencies\* | $— | $983613282 | $— | $983613282 |
|  Total Corporate Bonds & Notes\* |  | 449265929 |  | 449265929 |
|  Total Asset-Backed Securities\* |  | 168561210 |  | 168561210 |
|  Total Mortgage-Backed Securities\* |  | 114361858 |  | 114361858 |
|  Total Municipals\* |  | 7983245 |  | 7983245 |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discount Note | $— | $6281774 | $— | $6281774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 133740963 |  |  | 133740963 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury |  | 38461054 |  | 38461054 |
|  Total Short-Term Investments | 133740963 | 44742828 |  | 178483791 |
|  Total Securities Lending Reinvestments\* |  | 210682874 |  | 210682874 |
|  Total Investments | $133740963 | $1979211226 | $— | $2112952189 |
|  Collateral for Securities Loaned (Liability) | $— | $(210638242) | $— | $(210638242) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $285619 | $— | $— | $285619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (92080) |  |  | (92080) |
|  Total Futures Contracts | $193539 | $— | $— | $193539 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | $— | $3983828 | $— | $3983828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) |  | (9167814) |  | (9167814) |
|  Total Centrally Cleared Swap Contracts | $— | $(5183986) | $— | $(5183986) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $2112952189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral (c) | 4113622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2283847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA securities sold | 19443765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 8518651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 6253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2147318327 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 315217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 210638242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 83948718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA securities purchased | 346067332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 177906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 113063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 224287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 555960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 103352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 188887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 642333016 |
|  **Net Assets** | $1504985311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1760021242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributed earnings (Accumulated losses) | (255035931) |
|  **Net Assets** | $1504985311 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $1504743454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 241857 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 173307739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 27850 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 8.68 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,243,905,279.

(b) Includes securities loaned at value of $307,910,851.

(c) Includes collateral of $1,817,000 for futures contracts and $2,296,622 for centrally cleared swaps.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $908142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 48542586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1060713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 50511441 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 9369736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 81665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 161231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 68787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 37381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 14558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 18268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9806980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (2155689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7651291 |
|  **Net Investment Income** | 42860150 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (147929428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4329117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (53131) |
|  Net realized gain (loss) | (152311676) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (160350187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 170740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (3693373) |
|  Net change in unrealized appreciation (depreciation) | (163872820) |
|  Net realized and unrealized gain (loss) | (316184496) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(273324346) |

---

*See accompanying notes to financial statements.* 

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Statement of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $42860150 | $22173264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (152311676) | (2660793) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (163872820) | (39572021) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (273324346) | (20059550) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (26475551) | (130937197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (3755) | (19431) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (26479306) | (130956628) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (229598540) | 409200298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (529402192) | 258184120 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2034387503 | 1776203383 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1504985311 | $2034387503 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 26733 | $251477 | 29089229 | $318109748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 2984842 | 26475551 | 12811859 | 130937197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (27810147) | (256299121) | (3847494) | (39786886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (24798572) | $(229572093) | 38053594 | $409260059 |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 5043 | $47023 | 3330 | $35724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 422 | 3755 | 1899 | 19431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (8479) | (77225) | (10606) | (114916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (3014) | $(26447) | (5377) | $(59761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(229598540) |  | $409200298 |

---

*See accompanying notes to financial statements.* 

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $10.27 | $11.10 | $10.47 | $9.98 | $10.22 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.23 | 0.12 | 0.19 | 0.27 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.68) | (0.26) | 0.80 | 0.58 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.45) | (0.14) | 0.99 | 0.85 | 0.02 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.14) | (0.19) | (0.36) | (0.36) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | 0.00 | (0.50) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.14) | (0.69) | (0.36) | (0.36) | (0.26) |
|  **Net Asset Value, End of Period** | $8.68 | $10.27 | $11.10 | $10.47 | $9.98 |
|  **Total Return (%)** (b) | (14.12) | (1.19) | 9.54 | 8.64 | 0.23 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.58 | 0.57 | 0.58 | 0.57 | 0.57 |
|  Net ratio of expenses to average net assets (%) (c) | 0.45 | 0.44 | 0.45 | 0.45 | 0.44 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.52 | 1.12 | 1.75 | 2.63 | 2.59 |
|  Portfolio turnover rate (%) | 449 (d) | 454 (d) | 352 (d) | 232 (d) | 262 (d) |
|  Net assets, end of period (in millions) | $1504.7 | $2034.1 | $1775.8 | $1831.5 | $2057.7 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $10.27 | $11.07 | $10.45 | $9.96 | $10.19 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.21 | 0.09 | 0.16 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.68) | (0.24) | 0.79 | 0.59 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.47) | (0.15) | 0.95 | 0.83 | 0.00 |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.12) | (0.15) | (0.33) | (0.34) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | 0.00 | (0.50) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.12) | (0.65) | (0.33) | (0.34) | (0.23) |
|  **Net Asset Value, End of Period** | $8.68 | $10.27 | $11.07 | $10.45 | $9.96 |
|  **Total Return (%)** (b) | (14.37) | (1.34) | 9.14 | 8.39 | 0.07 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.83 | 0.82 | 0.83 | 0.82 | 0.82 |
|  Net ratio of expenses to average net assets (%) (c) | 0.70 | 0.69 | 0.70 | 0.70 | 0.69 |
|  Ratio of net investment income (loss) to average net assets (%) | 2.28 | 0.87 | 1.48 | 2.38 | 2.34 |
|  Portfolio turnover rate (%) | 449 (d) | 454 (d) | 352 (d) | 232 (d) | 262 (d) |
|  Net assets, end of period (in millions) | $0.2 | $0.3 | $0.4 | $0.5 | $0.5 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts.
If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 292%, 264%, 207%, 203%, and 198% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018,
respectively.

*See accompanying notes to financial statements.* 

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is TCW Core Fixed Income Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded over-the-counter ("OTC") are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Inflation-Indexed Bonds -** The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Stripped Securities -** The Portfolio may invest in "stripped securities," a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities ("POs"), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities ("IOs"), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

**Collateralized Obligations -** The Portfolio may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Mortgage Dollar Rolls -** The Portfolio may enter into mortgage "dollar rolls" in which a Portfolio sells to-be-announced ("TBA") mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

**TBA Purchase and Forward Sale Commitments -** The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**When-Issued and Delayed-Delivery Securities -** The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Due to Custodian -** Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio's assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $315,217 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio's average overdraft advances during the year ended December 31, 2022 were not significant.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $94,638,105, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br>As of December 31, 2022** |
| | **Overnight and<br>Continuous** | **Up to<br>30 Days** | **31 - 90<br>Days** | **Greater than<br>90 days** | **Total** |
| Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $(89293405) | $— | $— | $— | $(89293405) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury & Government Agencies | (121344837) |  |  |  | (121344837) |
|  **Total Borrowings** | $**(210638242)** | $**—** | $**—** | $**—** | $**(210638242)** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $(210638242) |

---

**3. Investments in Derivative Instruments** 

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

**Swap Agreements -** The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market ("OTC swaps") or executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps"). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

*Centrally Cleared Swaps:* Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio's exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio's exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

*Interest Rate Swaps:* The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
|  Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) (b) | $3983828 | Unrealized depreciation on centrally cleared swap contracts (a) (b) | $9167814 |
|  | Unrealized appreciation on futures contracts (b) (c) | 285619 | Unrealized depreciation on futures contracts (b) (c) | 92080 |
| Total |  | $4269447 |  | $9259894 |

---

(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

---

| | |
|:---|:---|
| **Statement of Operations Location-Net Realized Gain (Loss)** | **Interest Rate** |
|  Futures contracts | $(4329117) |
|  Swap contracts | (53131) |
|  | $(4382248) |
| **Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** |
|  Futures contracts | $170740 |
|  Swap contracts | (3693373) |
|  | $(3522633) |

---

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Futures contracts long | $182580069 |
|  Futures contracts short | (13963854) |
|  Swap contracts | 203610000 |

---

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements ("MSFTA") govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $8445773346 | $351876362 | $8742526031 | $267161262 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $4096357225 | $4116232034 |

---

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.550% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $9,369,736.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. TCW Investment Management Company LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.070% | Of the first $500 million |
| 0.150% | Of the next $1.5 billion |
| 0.200% | On amounts in excess of $2 billion |

---

An identical agreement was in place for the period from April 30, 2021 through April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $2249734529 |
|  Gross unrealized appreciation | 6053034 |
|  Gross unrealized (depreciation) | (148019362) |
|  Net unrealized appreciation (depreciation) | $(141966328) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $26479306 | $107056522 | $— | $23900106 | $26479306 | $130956628 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $45391248 | $– $| (141966326) | $(158357500) | $(254932578) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $146,657,858 and accumulated long-term capital losses of $11,699,642.

**9. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the TCW Core Fixed Income Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the TCW Core Fixed Income Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the TCW Core Fixed Income Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |  |  |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |  |  |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-32** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-33** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio

**BHFTI-34** 

------

**Brighthouse Funds Trust I** 

**TCW Core Fixed Income Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*TCW Core Fixed Income Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and TCW Investment Management Company LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one-year period ended June 30, 2022 and outperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year period ended October 31, 2022 and outperformed its benchmark for the three- and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-35** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Managed by Victory Capital Management Inc.** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Victory Sycamore Mid Cap Value Portfolio returned -2.45%, -2.70%, and -2.62%, respectively. The Portfolio's benchmark, the Russell Midcap Value Index¹, returned -12.03%.

**MARKET ENVIRONMENT / CONDITIONS** 

The last quarter of the year closed a tumultuous year for the U.S. equity market. While the market, as measured by the S&P 500 Index, rallied 7.56% during the quarter, the broad market index posted its first down year since 2018 and its worst year of performance (-18.11%) since 2008 (-37.00%). In retrospect, it should not be entirely surprising that the market closed the year in negative territory. An unprecedented policy response to the pandemic helped the S&P 500 Index post a cumulative return of nearly 120% from the pandemic-induced bottom through the end of 2021. Policy once again had a meaningful impact on equity market performance in 2022.

Market participants entered the year with a degree of uncertainty plaguing the backdrop. Chiefly, it was unclear how the market would endure a shift in monetary policy that would result in the withdrawal of unprecedented levels of stimulus from the economy. To recall, in 2021, the Federal Reserve (the "Fed"), stuck to its message that inflation was "transitory" and should abate once supply chain issues are resolved. However, stubborn inflation that persistently registered at a four decades high debunked the notion that inflation was transitory. Consequently, the Fed was forced to pursue the most aggressive tightening campaign since the early 1980s, which led to a spike in market volatility. 2022 marked the eighth most volatile year for the S&P 500 Index, with a move of +/- 1% in approximately 49% of trading sessions. That only trailed 2008 (53%) and 2002 (50%) in recent history.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

The Portfolio outperformed its benchmark, the Russell Midcap Value Index (the "Index"), during the 12-month period ending December 31, 2022. Stock selection was the key driver of relative performance, while sector allocation was also positive but had a less meaningful impact on relative returns. Index returns were negative across 9 of the 11 major economic sectors for the year and varied widely, with only 6 sectors outpacing the Index. Energy was the top-performing sector, posting a return of 52.60%. By contrast, Communication Services was the worst-performing sector, returning -31.62%.

Stock selection in Financials, Information Technology ("IT"), Industrials, Materials and Real Estate contributed to relative outperformance for the year. However, an overweight in IT partially offset the favorable impact of stock selection in the sector. An underweight in Communication Services (the worst-performing sector) and Real Estate, as well as an overweight in Materials and Consumer Staples also contributed to relative return. Conversely, an underweight in Utilities and Energy (the top-performing sector) were the primary detractors from relative performance for the year.

Two of the top contributors for the year were holdings in the Energy sector. Valero Energy and Devon Energy traded in sympathy with the best-performing Energy sector. WTI crude oil rallied meaningfully earlier in the year as the Russian invasion of Ukraine sparked concerns over a possible global supply shock. We also believe that Devon's shareholder-friendly capital strategy rewarded their share price. Valero Energy benefited from strong crack spreads (the difference between the purchase price of crude oil and the selling price of finished products) and lower product inventories during the year. Some refining capacity exited the market following the pandemic, which boded well for the company. Additionally, Valero Energy was better positioned than European refiners given its position in the Gulf Coast, which provides the company access to cheaper natural gas. We sold the stock during the year on relative valuation. Steel Dynamics, one of the largest steel producers in the U.S., was another top contributor for the year. The conflict in Ukraine, which is disrupting the global steel supply chain, caused steel prices to appreciate. We believe that these macro headwinds helped lift shares higher.

V.F. Corp., an apparel company with a portfolio of well-known brands such as Vans, JanSport, Dickies, North Face and Timberland, was the top detractor for the year. Shares underperformed the broader market during our holding period for several reasons that resulted in the decision to divest the shares. First, a badly timed acquisition of Supreme, a streetwear company, for a hefty multiple resulted in increased leverage on the balance sheet. Second, their flagship Vans brand failed to stabilize after successive quarters of underperformance mainly driven by stringent COVID lockdowns in China and outsized exposure to California, which also was slow to recover from the pandemic. Furthermore, we believe that management's credibility took a hit after multiple guidance reductions, which shifted sentiment to the downside. The combination of the above skewed the risk/reward profile negatively. Shares were divested during the year. MKS Instruments, a provider of instruments that enable process control for the semiconductor and other periphery markets, was another detractor on the year. The stock appreciated following the above consensus second quarter earnings report in early August; however, shares underperformed since. We suspect that the announced closure of the Atotech acquisition in mid-August may have injected an element of uncertainty into the thesis despite long-term synergies. The acquisition enables the company to enter a new market segment, most notably the electronics materials and chemicals markets. Our thesis for MKS Instruments remained intact. Vertiv Holdings, a company that offers power management, infrastructure and IT solutions to data centers, was also a top detractor for the period. The company meaningfully missed estimates on fourth quarter 2021 earnings and lowered fiscal year 2022 guidance—citing inflationary headwinds as a key factor. Management was candid that they were behind on adjusting pricing to offset some of the inflationary pressures. By the time they were able to deploy a pricing

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Managed by Victory Capital Management Inc.** 

**Portfolio Manager Commentary\*—(Continued)** 

strategy, it was too late, and margins had already eroded. We divested our position in the company earlier in the year given the diminished risk/reward following these disappointing developments.

The Portfolio's turnover for the 12-month period ended December 31, 2022, was 30%. There were 12 new positions initiated during the year and 9 positions eliminated during the year.

Within IT, the investment team initiated positions in MKS Instruments, Skyworks Solutions, and Western Digital. In Health Care, investments were made in Hologic and Zimmer Biomet Holdings. Within Financials, positions were initiated in Allstate and T. Rowe Price Group. In Materials, positions in Crown Holdings and Franco-Nevada Corp. were initiated. Earlier in the year, the team initiated a position in Duke Realty an Industrial REIT, which was acquired by Prologis. Additionally, one position was initiated in each of Consumer Discretionary and Industrials.

Within Consumer Staples, the team divested Hershey Co. due to relative valuation. Within Energy, the team divested Valero Energy due to relative valuation. Two positions, Eastman Chemical Co. and International Flavors & Fragrances, were divested from Materials due to a change in conviction. Additionally, one position was divested from each of Communication Services, Consumer Discretionary, Financials and Industrials.

As of December 31, 2022, the Portfolio had 76 holdings (excluding cash). Relative to the Index, the Portfolio was overweight in the Industrials, IT and Materials sectors. Conversely, the Portfolio was underweight in Utilities, Financials, Energy, Communication Services, Real Estate, Consumer Discretionary, Health Care and Consumer Staples. Sector weighting is a by-product of the bottom-up stock selection process, and not a result of top-down tactical decisions.

**Gary H. Miller** 

**Gregory M. Connors** 

**Jeffrey M. Graff** 

**James M. Albers** 

**Michael F. Rodarte** 

Portfolio Managers

*Victory Capital Management Inc.* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and lower forecasted growth values.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**<br>A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX**![LOGO](g382964g46x63.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Victory Sycamore Mid Cap Value Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A** | -2.45 | 10.12 | 10.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -2.70 | 9.85 | 10.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class E** | -2.62 | 9.95 | 10.26 |
| &nbsp;&nbsp;&nbsp;**Russell Midcap Value Index** | -12.03 | 5.72 | 10.11 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Holdings** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Sysco Corp.** | **2.1** |
| **Progressive Corp. (The)** | **2.0** |
| **Quest Diagnostics, Inc.** | **2.0** |
| **Alexandria Real Estate Equities, Inc.** | **2.0** |
| **Textron, Inc.** | **1.9** |
| **Flex, Ltd.** | **1.9** |
| **AGCO Corp.** | **1.9** |
| **Yum! Brands, Inc.** | **1.8** |
| **Toro Co. (The)** | **1.8** |
| **Ross Stores, Inc.** | **1.8** |

---

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **Industrials** | **21.8** |
| **Financials** | **15.3** |
| **Information Technology** | **14.3** |
| **Materials** | **11.6** |
| **Consumer Discretionary** | **9.2** |
| **Real Estate** | **8.7** |
| **Health Care** | **6.9** |
| **Consumer Staples** | **3.9** |
| **Utilities** | **3.2** |
| **Energy** | **2.6** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Victory Sycamore Mid Cap Value Portfolio** |  | **<br>Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,**<br>**2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class A (a) | Actual | 0.59% | $1000.00 | $1094.40 | $3.11 |
|  | Hypothetical\* | 0.59% | $1000.00 | $1022.23 | $3.01 |
|  Class B (a) | Actual | 0.84% | $1000.00 | $1093.20 | $4.43 |
|  | Hypothetical\* | 0.84% | $1000.00 | $1020.97 | $4.28 |
|  Class E (a) | Actual | 0.74% | $1000.00 | $1093.40 | $3.90 |
|  | Hypothetical\* | 0.74% | $1000.00 | $1021.48 | $3.77 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—98.5% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Aerospace & Defense—1.9%** | | |
|  Textron, Inc. | 255400 | $18082320 |
| **Airlines—1.2%** |  |  |
|  Alaska Air Group, Inc. (a) (b) | 268300 | 11520802 |
| **Auto Components—3.0%** |  |  |
|  Aptiv plc (a) | 127700 | 11892701 |
|  BorgWarner, Inc. (b) | 406300 | 16353575 |
|  |  | 28246276 |
| **Banks—3.8%** |  |  |
|  Huntington Bancshares, Inc. | 450000 | 6345000 |
|  Prosperity Bancshares, Inc. (b) | 203000 | 14754040 |
|  Zions Bancorp N.A. (b) | 306000 | 15042960 |
|  |  | 36142000 |
| **Building Products—1.7%** |  |  |
|  Carrier Global Corp. | 150400 | 6204000 |
|  Owens Corning | 115700 | 9869210 |
|  |  | 16073210 |
| **Capital Markets—2.6%** |  |  |
|  Bank of New York Mellon Corp. (The) | 341400 | 15540528 |
| T. Rowe Price Group, Inc. (b) | 86000 | 9379160 |
|  |  | 24919688 |
| **Chemicals—2.8%** |  |  |
|  Corteva, Inc. | 56000 | 3291680 |
|  RPM International, Inc. | 110200 | 10738990 |
|  Westlake Corp. (b) | 120200 | 12325308 |
|  |  | 26355978 |
| **Commercial Services & Supplies—0.5%** |  |  |
|  Republic Services, Inc. | 39500 | 5095105 |
| **Communications Equipment—1.1%** |  |  |
|  Motorola Solutions, Inc. | 40000 | 10308400 |
| **Containers & Packaging—5.7%** |  |  |
|  AptarGroup, Inc. | 119500 | 13142610 |
|  Avery Dennison Corp. | 78700 | 14244700 |
|  Crown Holdings, Inc. (b) | 158400 | 13022064 |
|  Packaging Corp. of America | 107700 | 13775907 |
|  |  | 54185281 |
| **Electric Utilities—3.2%** |  |  |
|  Alliant Energy Corp. | 271800 | 15006078 |
|  Xcel Energy, Inc. | 219000 | 15354090 |
|  |  | 30360168 |
| **Electrical Equipment—1.3%** |  |  |
|  Hubbell, Inc. (b) | 51600 | 12109488 |
| **Electronic Equipment, Instruments & Components—3.4%** | **Electronic Equipment, Instruments & Components—3.4%** | **Electronic Equipment, Instruments & Components—3.4%** |
|  Amphenol Corp. - Class A (b) | 191800 | $14603652 |
|  Flex, Ltd. (a) (b) | 833300 | 17882618 |
|  |  | 32486270 |
| **Entertainment—1.1%** |  |  |
|  Live Nation Entertainment, Inc. (a) (b) | 143300 | 9993742 |
| **Equity Real Estate Investment Trusts—8.7%** |  |  |
|  Alexandria Real Estate Equities, Inc. (b) | 127900 | 18631193 |
|  American Homes 4 Rent Trust - Class A (b) | 280000 | 8439200 |
|  Camden Property Trust | 98800 | 11053744 |
|  Equity LifeStyle Properties, Inc. | 202700 | 13094420 |
|  Lamar Advertising Co. - Class A | 167000 | 15764800 |
|  National Retail Properties, Inc. | 334600 | 15311296 |
|  |  | 82294653 |
| **Food & Staples Retailing—2.1%** |  |  |
|  Sysco Corp. | 261900 | 20022255 |
| **Food Products—1.8%** |  |  |
|  Archer-Daniels-Midland Co. | 35000 | 3249750 |
|  Tyson Foods, Inc. - Class A | 215300 | 13402425 |
|  |  | 16652175 |
| **Health Care Equipment & Supplies—3.8%** |  |  |
|  Cooper Cos., Inc. (The) | 47400 | 15673758 |
|  Hologic, Inc. (a) | 196700 | 14715127 |
|  Zimmer Biomet Holdings, Inc. | 47900 | 6107250 |
|  |  | 36496135 |
| **Health Care Providers & Services—3.0%** |  |  |
|  Molina Healthcare, Inc. (a) | 29600 | 9774512 |
|  Quest Diagnostics, Inc. | 121600 | 19023104 |
|  |  | 28797616 |
| **Hotels, Restaurants & Leisure—3.6%** |  |  |
|  Darden Restaurants, Inc. | 43000 | 5948190 |
|  Hilton Worldwide Holdings, Inc. | 90000 | 11372400 |
|  Yum! Brands, Inc. | 135000 | 17290800 |
|  |  | 34611390 |
| **Household Durables—0.8%** |  |  |
|  Newell Brands, Inc. (b) | 617200 | 8072976 |
| **Insurance—8.9%** |  |  |
|  Allstate Corp. (The) | 82500 | 11187000 |
|  American Financial Group, Inc. | 102400 | 14057472 |
|  Everest Re Group, Ltd. | 49500 | 16397865 |
|  Old Republic International Corp. (b) | 555000 | 13403250 |
|  Progressive Corp. (The) | 147900 | 19184109 |
|  W.R. Berkley Corp. | 137600 | 9985632 |
|  |  | 84215328 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Common Stocks—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** |
| **IT Services—5.7%** | | |
|  DXC Technology Co. (a) | 348000 | $9222000 |
|  Genpact, Ltd. (b) | 350000 | 16212000 |
|  Global Payments, Inc. | 120800 | 11997856 |
|  Maximus, Inc. (b) | 221000 | 16205930 |
|  |  | 53637786 |
| **Machinery—9.9%** |  |  |
|  AGCO Corp. | 127100 | 17627499 |
|  Lincoln Electric Holdings, Inc. (b) | 66000 | 9536340 |
|  Middleby Corp. (The) (a) (b) | 105300 | 14099670 |
|  Oshkosh Corp. | 125000 | 11023750 |
|  Parker-Hannifin Corp. | 41500 | 12076500 |
|  Toro Co. (The) | 149900 | 16968680 |
|  Xylem, Inc. (b) | 116000 | 12826120 |
|  |  | 94158559 |
| **Metals & Mining—3.1%** |  |  |
|  Franco-Nevada Corp. | 93100 | 12706288 |
|  Reliance Steel & Aluminum Co. | 47100 | 9534924 |
|  Steel Dynamics, Inc. (b) | 70500 | 6887850 |
|  |  | 29129062 |
| **Oil, Gas & Consumable Fuels—2.6%** |  |  |
|  Coterra Energy, Inc. (b) | 519000 | 12751830 |
|  Devon Energy Corp. (b) | 189900 | 11680749 |
|  |  | 24432579 |
| **Professional Services—2.8%** |  |  |
|  Leidos Holdings, Inc. | 157300 | 16546387 |
|  ManpowerGroup, Inc. | 120400 | 10018484 |
|  |  | 26564871 |
| **Road & Rail—2.1%** |  |  |
|  J.B. Hunt Transport Services, Inc. | 52300 | 9119028 |
|  Landstar System, Inc. (b) | 64100 | 10441890 |
|  |  | 19560918 |
| **Semiconductors & Semiconductor Equipment—2.6%** | **Semiconductors & Semiconductor Equipment—2.6%** | **Semiconductors & Semiconductor Equipment—2.6%** |
|  MKS Instruments, Inc. (b) | 146800 | 12438364 |
|  Skyworks Solutions, Inc. | 134100 | 12220533 |
|  |  | 24658897 |
| **Specialty Retail—1.8%** |  |  |
|  Ross Stores, Inc. | 143100 | 16609617 |
| **Technology Hardware, Storage & Peripherals—1.6%** | **Technology Hardware, Storage & Peripherals—1.6%** | **Technology Hardware, Storage & Peripherals—1.6%** |
|  Hewlett Packard Enterprise Co. | 625000 | 9975000 |
|  Western Digital Corp. (a) | 152300 | 4805065 |
|  |  | 14780065 |
| **Trading Companies & Distributors—0.3%** |  |  |
|  United Rentals, Inc. (a) | 9300 | 3305406 |
|  Total Common Stocks <br>(Cost $823,587,030) |  | 933879016 |
| **Short-Term Investment—1.5%** | **Short-Term Investment—1.5%** | **Short-Term Investment—1.5%** |
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Repurchase Agreement—1.5%** |  |  |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $14,438,683; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $14,724,586. | 14435795 | $14435795 |
|  Total Short-Term Investments <br>(Cost $14,435,795) |  | 14435795 |
| **Securities Lending Reinvestments (c)—14.9%** |  |  |
| **Certificates of Deposit—3.2%** |  |  |
|  Bank of Montreal<br>5.090%, SOFR + 0.790%, 11/08/23 (d) | 3000000 | 3004052 |
|  Bank of Nova Scotia<br>4.810%, SOFR + 0.510%, 03/15/23 (d) | 2000000 | 2000841 |
|  Citibank N.A.<br>4.680%, SOFR + 0.380%, 03/27/23 (d) | 2000000 | 2000142 |
|  Cooperatieve Rabobank UA<br>4.670%, SOFR + 0.370%, 03/20/23 (d) | 4000000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, SOFR + 0.530%, 02/01/23 (d) | 3000000 | 3000627 |
|  Mizuho Bank, Ltd.<br>4.850%, SOFR + 0.550%, 01/26/23 (d) | 2000000 | 2000601 |
|  Natixis S.A. (New York)<br>4.800%, SOFR + 0.500%, 02/13/23 (d) | 2000000 | 2000789 |
|  Royal Bank of Canada<br>4.550%, SOFR + 0.250%, 01/11/23 (d) | 2000000 | 1999968 |
|  Standard Chartered Bank (NY)<br>4.860%, FEDEFF PRV + 0.530%, 01/17/23 (d) | 1000000 | 1000123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, SOFR + 0.740%, 05/02/23 (d) | 3000000 | 3004554 |
|  Sumitomo Mitsui Trust Bank, Ltd.<br>4.850%, SOFR + 0.550%, 03/07/23 (d) | 2000000 | 2000556 |
|  Toronto-Dominion Bank (The)<br>4.660%, SOFR + 0.360%, 03/21/23 (d) | 2000000 | 2000000 |
|  Westpac Banking Corp.<br>4.530%, SOFR + 0.230%, 02/17/23 (d) | 2000000 | 1999780 |
|  |  | 30012033 |
| **Commercial Paper—0.8%** |  |  |
|  DNB Bank ASA<br>4.780%, SOFR + 0.480%, 06/02/23 (d) | 3000000 | 3000759 |
|  ING U.S. Funding LLC<br>5.020%, SOFR + 0.720%, 08/04/23 (d) | 2000000 | 2002724 |
|  UBS AG<br>4.870%, SOFR + 0.570%, 03/23/23 (d) | 2000000 | 2000000 |
|  |  | 7003483 |
| **Master Demand Notes—0.2%** |  |  |
|  Bank of America N.A.<br>4.880%, SOFR + 0.580%, 05/15/23 (d) | 2000000 | 1999977 |
| **Repurchase Agreements—8.3%** |  |  |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $3,013,475; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $3,060,000. | 3000000 | 3000000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (c)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | | |
|  Citigroup Global Markets, Inc.<br>Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $4,100,106; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $4,080,001. | 4000000 | $4000000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $16,687,287; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $17,027,699. | 16679318 | 16679318 |
|  National Bank of Canada <br>Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $15,012,979; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $16,332,428. | 15000000 | 15000000 |
|  Royal Bank of Canada Toronto <br>Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $3,013,563; collateralized by various Common Stock with an aggregate market value of $3,333,764. | 3000000 | 3000000 |
|  Societe Generale<br>Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $972,830; collateralized by various Common Stock with an aggregate market value of $1,082,084. | 972356 | 972356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $18,308,967; collateralized by various Common Stock with an aggregate market value of $20,366,240. | 18300000 | 18300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $1,000,859; collateralized by various Common Stock with an aggregate market value of $1,113,192. | 1000000 | 1000000 |
|  TD Prime Services LLC<br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $17,008,311; collateralized by various Common Stock with an aggregate market value of $18,911,566. | 17000000 | 17000000 |
|  |  | 78951674 |
| **Time Deposit—0.2%** |  |  |
|  National Bank of Canada<br>4.370%, OBFR + 0.050%, 01/06/23 (d) | 2000000 | 2000000 |
| **Mutual Funds—2.2%** |  |  |
|  BlackRock Liquidity Funds FedFund, Institutional Shares <br>4.020% (e) | 5000000 | 5000000 |
| **Mutual Funds—(Continued)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (e) | 1000000 | 1000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (e) | 5000000 | 5000000 |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (e) | 5000000 | 5000000 |
|  STIT-Government & Agency Portfolio, Institutional Class <br>4.220% (e) | 5000000 | 5000000 |
|  |  | 21000000 |
|  Total Securities Lending Reinvestments <br>(Cost $140,951,742) |  | 140967167 |
|  Total Investments—114.9% <br>(Cost $978,974,567) |  | 1089281978 |
|  Other assets and liabilities (net)—(14.9)% |  | (141430084) |
| **Net Assets—100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;947851894 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $137,330,631 and the collateral received consisted of cash in the amount of $140,951,756. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

(c) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(d) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(e) The rate shown represents the annualized seven-day yield as of December 31, 2022.

**Glossary of Abbreviations** 

Index Abbreviations

------

---

| | |
|:---|:---|
| (FEDEFF PRV)— | Effective Federal Funds Rate |
| (OBFR)— | U.S. Overnight Bank Funding Rate |
| (SOFR)— | Secured Overnight Financing Rate |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total Common Stocks\* | $933879016 | $— | $— | $933879016 |
|  Total Short-Term Investment\* |  | 14435795 |  | 14435795 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 30012033 |  | 30012033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 7003483 |  | 7003483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Demand Notes |  | 1999977 |  | 1999977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 78951674 |  | 78951674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit |  | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 21000000 |  |  | 21000000 |
|  Total Securities Lending Reinvestments | 21000000 | 119967167 |  | 140967167 |
|  Total Investments | $954879016 | $134402962 | $— | $1089281978 |
|  Collateral for Securities Loaned (Liability) | $— | $(140951756) | $— | $(140951756) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a) (b) | $1089281978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 34450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5310576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 313965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 1149773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1096094571 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 140951756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 4774610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1592304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 455476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 134402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 187774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 146355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 148242677 |
|  **Net Assets** | $947851894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $718098522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 229753372 |
|  **Net Assets** | $947851894 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $315394732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 607307038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 25150124 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 15630093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 31006836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 1263719 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $20.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 19.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class E | 19.90 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $978,974,567.

(b) Includes securities loaned at value of $137,330,631.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $22000466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 93724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 198583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 22292773 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 6434007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 50500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 66623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 1606790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class E | 39366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 84324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 8297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8404420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (909425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less broker commission recapture | (24343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7470652 |
|  **Net Investment Income** | 14822121 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 106408330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (152242659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (45834329) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(31012208) |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14822121 | $17491388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 106408330 | 117058326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (152242659) | 160423524 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (31012208) | 294973238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (43956119) | (13363803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (87416160) | (27300624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class E | (3581036) | (1080085) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (134953315) | (41744512) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 6240648 | (124195206) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (159724875) | 129033520 |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1107576769 | 978543249 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $947851894 | $1107576769 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 831265 | $17615480 | 775225 | $17688761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 2343077 | 43956119 | 588973 | 13363803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (2304113) | (49131473) | (2000148) | (45352895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 870229 | $12440126 | (635950) | $(14300331) |
|  **Class B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 1569288 | $33134918 | 1588518 | $35223338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 4792553 | 87416160 | 1233648 | 27300624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (6064655) | (127396121) | (7772136) | (169992115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 297186 | $(6845043) | (4949970) | $(107468153) |
|  **Class E** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 45768 | $1038241 | 105857 | $2378162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 193360 | 3581036 | 48154 | 1080085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (187825) | (3973712) | (264863) | (5884969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 51303 | $645565 | (110852) | $(2426722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $6240648 |  | $(124195206) |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $24.14 | $19.00 | $19.09 | $15.46 | $20.89 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.35 | 0.40 | 0.28 | 0.28 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.18) | 5.65 | 0.90 | 4.17 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.83) | 6.05 | 1.18 | 4.45 | (1.62) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.43) | (0.30) | (0.28) | (0.24) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.70) | (0.61) | (0.99) | (0.58) | (3.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.13) | (0.91) | (1.27) | (0.82) | (3.81) |
|  **Net Asset Value, End of Period** | $20.18 | $24.14 | $19.00 | $19.09 | $15.46 |
|  **Total Return (%)** (b) | (2.45) | 32.13 | 7.87 | 29.35 | (9.95) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.68 | 0.68 | 0.70 | 0.69 | 0.69 |
|  Net ratio of expenses to average net assets (%) (c) | 0.59 | 0.59 | 0.60 | 0.60 | 0.60 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.66 | 1.79 | 1.69 | 1.56 | 1.25 |
|  Portfolio turnover rate (%) | 30 | 27 | 39 | 32 | 32 |
|  Net assets, end of period (in millions) | $315.4 | $356.4 | $292.6 | $293 | $253.9 |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $23.52 | $18.54 | $18.65 | $15.12 | $20.50 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.29 | 0.34 | 0.23 | 0.23 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.15) | 5.50 | 0.88 | 4.07 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.86) | 5.84 | 1.11 | 4.30 | (1.63) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.37) | (0.25) | (0.23) | (0.19) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.70) | (0.61) | (0.99) | (0.58) | (3.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.07) | (0.86) | (1.22) | (0.77) | (3.75) |
|  **Net Asset Value, End of Period** | $19.59 | $23.52 | $18.54 | $18.65 | $15.12 |
|  **Total Return (%)** (b) | (2.70) | 31.80 | 7.64 | 28.98 | (10.15) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.93 | 0.93 | 0.95 | 0.94 | 0.94 |
|  Net ratio of expenses to average net assets (%) (c) | 0.84 | 0.84 | 0.85 | 0.85 | 0.85 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.41 | 1.53 | 1.43 | 1.31 | 1.00 |
|  Portfolio turnover rate (%) | 30 | 27 | 39 | 32 | 32 |
|  Net assets, end of period (in millions) | $607.3 | $722.3 | $661.1 | $660.6 | $593.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $23.85 | $18.79 | $18.89 | $15.30 | $20.71 |
|  **Income (Loss) from Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.32 | 0.36 | 0.25 | 0.25 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.17) | 5.58 | 0.89 | 4.13 | (1.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.85) | 5.94 | 1.14 | 4.38 | (1.64) |
|  **Less Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.40) | (0.27) | (0.25) | (0.21) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.70) | (0.61) | (0.99) | (0.58) | (3.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.10) | (0.88) | (1.24) | (0.79) | (3.77) |
|  **Net Asset Value, End of Period** | $19.90 | $23.85 | $18.79 | $18.89 | $15.30 |
|  **Total Return (%)** (b) | (2.62) | 31.91 | 7.71 | 29.18 | (10.10) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Gross ratio of expenses to average net assets (%) | 0.83 | 0.83 | 0.85 | 0.84 | 0.84 |
|  Net ratio of expenses to average net assets (%) (c) | 0.74 | 0.74 | 0.75 | 0.75 | 0.75 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.51 | 1.63 | 1.53 | 1.41 | 1.10 |
|  Portfolio turnover rate (%) | 30 | 27 | 39 | 32 | 32 |
|  Net assets, end of period (in millions) | $25.2 | $28.9 | $24.9 | $25.9 | $23.1 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Victory Sycamore Mid Cap Value Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter ("OTC") are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Investments in the ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Foreign Currency Translation -** The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $14,435,795. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $78,951,674. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**Directed Brokerage Agreement -** The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

**3. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $292954389 | $0 | $402060659 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Management Fees<br>earned by Brighthouse<br>Investment Advisers<br>for the year ended<br>December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $6434007 | 0.700% | First $200 million |
|  | 0.650% | $200 million to $500 million |
|  | 0.625% | Over $500 million |

---

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Victory Capital Management Inc. is compensated by Brighthouse Investment Advisers for providing subadvisory services for the Portfolio.

**Management Fee Waiver -** Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023 to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

---

| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.110% | First $200 million |
| 0.080% | $200 million to $400 million |
| 0.110% | $400 million to $500 million |
| 0.085% | Over $500 million |

---

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**BHFTI-17** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**7. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $980189180 |
|  Gross unrealized appreciation | 156377360 |
|  Gross unrealized (depreciation) | (47284562) |
|  Net unrealized appreciation (depreciation) | $109092798 |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $32459100 | $20054898 | $102494215 | $21689614 | $134953315 | $41744512 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital<br>Losses** | **Total** |
| $14265017 | $106583332 | $109092798 | $– $| 229941147 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

**BHFTI-18** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**8. Recent Accounting Pronouncement** 

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-19** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Victory Sycamore Mid Cap Value Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Victory Sycamore Mid Cap Value Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Victory Sycamore Mid Cap Value Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-20** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |  |  |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |  |  |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-21** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-22** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Victory Sycamore Mid Cap Value Portfolio.* The Board considered the following information in relation to the Advisory Agreement with the Adviser and Victory Capital Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board took into account that the Portfolio outperformed its benchmark, the Russell Midcap Value Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. In addition, the Board further noted that the Sub-Adviser did not manage the Portfolio for all of the periods referenced.

**BHFTI-25** 

------

**Brighthouse Funds Trust I** 

**Victory Sycamore Mid Cap Value Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

The Board also considered that the Portfolio's actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio's contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Managed by Western Asset Management Company, LLC** 

**Portfolio Manager Commentary\*** 

**PERFORMANCE** 

For the 12 months ended December 31, 2022, the Class B shares of the Western Asset Management Government Income Portfolio returned -14.68%. The Portfolio's benchmark, the Bloomberg U.S. Government Bond Index¹, returned -12.32%. The Portfolio's Custom Benchmark² returned -14.33% over the same period.

**MARKET ENVIRONMENT / CONDITIONS** 

During the 2022 calendar year and reporting period, bond yields soared and risk assets weakened as the Federal Reserve (the "Fed") and other central banks aggressively hiked interest rates to address rising global inflation pressures.

Geopolitical risks came to the forefront with Russia's invasion of Ukraine in February. The imposition of financial and economic sanctions, including the freezing of the Russian central bank's external reserve assets, pushed oil prices past $100 per barrel and renewed concerns over global growth as much of the world was still recovering from economic disruptions brought on by new COVID-19 variants in late 2021.

As the year progressed, inflation pressure in the U.S. continued to rise and far exceeded market and Fed expectations. Price shocks were exacerbated by the invasion of Ukraine, which put additional pressure on food and energy prices, while the reinstatement of COVID-19 lockdowns in China worsened supply chain pressures. Headline consumer price inflation ("CPI") peaked at 9.1% year-over-year ("YoY") in June and core CPI peaked at 6.6% in September. U.S. inflation moderated in the fourth quarter with headline and core CPI slowing to 6.5% and 5.7% YoY, respectively.

The Fed dramatically shifted course and continuously shifted their rate hike expectations higher throughout the year. After starting the year only anticipating the need to raise the fed funds rate by 75 basis points ("bps") in 2022, the Fed raised rates by 425 bps, in its fastest pace of rate hikes in a single year since the 1980s, to end 2022 at a target range of 4.25-4.50%. Other developed market central banks also aggressively raised rates, including the European Central Bank, which exited its negative rate policy which had been in place since 2014.

Bonds had their worst year since the Great Depression, and the Bloomberg U.S. Aggregate Bond Index was down 13% for the year, which was by far its worst year since its 1971 inception. The yield curve bear flattened, as short-term yields rose more than long-term yields, and most of the curve became inverted. Corporate credit, structured product and U.S. dollar denominated emerging market ("EM") bond spreads all widened. The U.S. dollar strengthened vs. almost all currencies throughout the year although it generally weakened during the fourth quarter of 2022.

**PORTFOLIO REVIEW / PERIOD END POSITIONING** 

For the twelve-month period ended December 31, 2022, the Western Asset Management Government Income Portfolio underperformed its custom benchmark.

Over the twelve-month period, the two main detractors from the Portfolio's performance were its duration positioning and its underweight allocation to Agency Debentures. Duration positioning detracted as the Portfolio generally maintained a modest duration overweight through much of 2022, in particular from the second quarter of 2022 onward, which detracted from performance as yields rose across the curve. The Portfolio's overweight exposure to Agency Debentures also detracted as spreads slightly widened, particularly during the second half of 2022.

In terms of contributors, the most significant contributor to performance was the Portfolio's underweight exposure to Agency Mortgage-Backed Securities ("MBS"), which was gradually trimmed to a modest underweight by the end of the period, as spreads widened particularly during the third quarter of 2022. The second largest contributor to performance was the Portfolio's yield curve positioning. The Portfolio's yield curve positioning focused on an overweight to the long end (10-year key rate duration) and an underweight to the front end, which was beneficial as the yield curve flattened during the year, in particular during the first half of 2022. The third largest contributor to performance was the Portfolio's emerging markets exposure, mainly due to favorable issue selection, as spreads for U.S. dollar-denominated EM bonds widened.

During the twelve-month period, the Portfolio used interest rate futures to adjust its duration and yield curve exposure. The Portfolio also used Agency Debenture and Agency MBS derivatives to gain exposure to specific characteristics of those fixed-income sectors. The net impact of all derivative transactions on the Portfolio's performance was negative.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Managed by Western Asset Management Company, LLC** 

**Portfolio Manager Commentary\*—(Continued)** 

As of December 31, 2022, the Portfolio was underweight U.S. Treasurys and modestly overweight Agency MBS relative to the benchmark, while overweight Agency Debentures. The Portfolio also held small out-of-benchmark exposures to EM debt and structured products (mainly in Commercial MBS).

**Fredrick Marki** 

**S. Kenneth Leech** 

**Mark S. Lindbloom** 

Portfolio Managers

*Western Asset Mangement Company, LLC* 

\* This commentary may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio's trading intent. Information about the Portfolio's holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

<sup>1</sup> The Bloomberg U.S. Government Bond Index is an unmanaged index considered representative of fixed-income obligations issued by the U.S. Treasury, government agencies, and quasi-federal corporations.

<sup>2</sup> The Custom Benchmark is a blended benchmark comprised of the Bloomberg 5+ Year Treasury Index (40%), the Bloomberg U.S. MBS Index (35%), and the Bloomberg U.S. Agency Bond Index (25%).

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. GOVERNMENT BOND INDEX & THE CUSTOM BENCHMARK**![LOGO](g382964g49a75.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**Western Asset Management Government Income Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class B** | -14.68 | -0.66 | 0.37 |
| &nbsp;&nbsp;&nbsp;**Bloomberg U.S. Government Bond Index** | -12.32 | -0.06 | 0.60 |
| &nbsp;&nbsp;&nbsp;**Custom Benchmark** | -14.33 | -0.36 | 0.76 |

---

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022** 

**Top Sectors** 

---

| | |
|:---|:---|
|  | **% of<br>Net Assets** |
| **U.S. Treasury & Government Agencies** | **85.7** |
| **Foreign Government** | **13.0** |
| **Corporate Bonds & Notes** | **0.8** |
| **Mortgage-Backed Securities** | **0.2** |

---

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Western Asset Management Government Income Portfolio** <br>|  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,**<br>**2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class B (a) | Actual | 0.71% | $1000.00 | $951.40 | $3.49 |
|  | Hypothetical\* | 0.71% | $1000.00 | $1021.63 | $3.62 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to
Financial Statements.

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—85.7% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage-Backed—32.9%** | | |
| Fannie Mae 15 Yr. Pool | Fannie Mae 15 Yr. Pool | Fannie Mae 15 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/32 | 51709 | $49210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/32 | 5368 | 5108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/33 | 1910570 | 1813795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/33 | 260178 | 247592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/33 | 203351 | 191016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/33 | 87947 | 82600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/33 | 37969 | 35660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/33 | 192845 | 181126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/33 | 877857 | 824565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/33 | 195673 | 183744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/33 | 125404 | 117791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/33 | 66940 | 62880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/34 | 61519 | 57780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/34 | 105156 | 98776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/34 | 259349 | 243453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/34 | 129468 | 121531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/23 | 8 | 8 |
| Fannie Mae 20 Yr. Pool | Fannie Mae 20 Yr. Pool | Fannie Mae 20 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/41 | 2280769 | 1922556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/42 | 5156271 | 4483933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/42 | 6401532 | 5763917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/32 | 1112073 | 1076894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/34 | 751782 | 720551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/31 | 453027 | 438487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/32 | 367477 | 355678 |
| Fannie Mae 30 Yr. Pool | Fannie Mae 30 Yr. Pool | Fannie Mae 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/51 | 169102 | 138520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 | 400593 | 327671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/51 | 86237 | 70859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 3171566 | 2589742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/51 | 1640980 | 1343089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/51 | 92081 | 75546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/52 | 659756 | 540639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/52 | 1045282 | 857383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/52 | 1818665 | 1500494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/50 | 669632 | 572514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/50 | 467406 | 398941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/50 | 2871872 | 2463361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/50 | 544761 | 467189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/51 | 495077 | 425308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/51 | 67908 | 58469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/51 | 281629 | 239283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/51 | 246460 | 212042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 339094 | 289312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/51 | 166263 | 142959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/51 | 87368 | 75420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 455375 | 389647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51 | 3637218 | 3089138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/51 | 724519 | 624413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/51 | 5031171 | 4302099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52 | 938526 | 802687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 651296 | 555768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/52 | 374068 | 319074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/42 | 940738 | 856013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/42 | 596884 | 543170 |
| **Agency Sponsored Mortgage-Backed—(Continued)** |  |  |
| Fannie Mae 30 Yr. Pool | Fannie Mae 30 Yr. Pool | Fannie Mae 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/42 | 1372849 | 1249275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/43 | 134767 | 122620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/43 | 297620 | 271042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/43 | 297849 | 271371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/45 | 270313 | 245980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/46 | 138990 | 124536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/46 | 412148 | 369310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/46 | 173690 | 155303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/48 | 710997 | 641097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/49 | 604358 | 538149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/49 | 133152 | 117828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/50 | 605586 | 538904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/50 | 543929 | 480765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/50 | 868606 | 774181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/50 | 302209 | 267641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/50 | 468656 | 419726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/51 | 168186 | 149545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/51 | 487950 | 434454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/51 | 586515 | 518544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/51 | 1503847 | 1326917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/51 | 1616637 | 1438582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/51 | 90612 | 80403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/52 | 640055 | 570884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/52 | 93508 | 83584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/52 | 481171 | 422501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/42 | 1336411 | 1247672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/46 | 215177 | 201449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/47 | 977470 | 908110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/47 | 64061 | 59481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/47 | 2456299 | 2276389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/49 | 287188 | 265628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/50 | 66882 | 61691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/51 | 204667 | 186832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/51 | 1399024 | 1284532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/51 | 180108 | 164684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/52 | 376059 | 345750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/52 | 568691 | 521111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/52 | 1430951 | 1307131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/52 | 1838073 | 1684439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/39 | 46072 | 44246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/40 | 1219838 | 1171470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/42 | 133766 | 128460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/42 | 193937 | 186244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/42 | 926141 | 889404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/42 | 117475 | 112792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/42 | 114336 | 109964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/43 | 117522 | 112915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/43 | 178293 | 170778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/43 | 788225 | 755692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/43 | 133778 | 128492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/44 | 49797 | 47719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/44 | 59339 | 56838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/45 | 65922 | 63143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/45 | 33138 | 31824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/45 | 462922 | 443407 |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage-Backed—(Continued)** | | |
| Fannie Mae 30 Yr. Pool | Fannie Mae 30 Yr. Pool | Fannie Mae 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/46 | 33754 | $32367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/46 | 21701 | 20776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/47 | 8652 | 8386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/48 | 402052 | 383480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/48 | 721599 | 685398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/52 | 98117 | 92701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/52 | 1745070 | 1646269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/52 | 2151160 | 2019114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/40 | 796991 | 790081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/41 | 70196 | 69587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/41 | 435019 | 431245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/43 | 100902 | 98523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/44 | 539017 | 529510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/45 | 218685 | 214707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/46 | 95175 | 94350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/48 | 27611 | 27086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/48 | 942823 | 924583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/49 | 22503 | 22037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/49 | 107235 | 105416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/49 | 50595 | 49593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/52 | 2471162 | 2383308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/41 | 7426 | 7395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/41 | 22413 | 22421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/41 | 18308 | 18300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/48 | 51755 | 51994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/39 | 238725 | 246610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/40 | 235148 | 243566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/40 | 26267 | 27180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/41 | 93074 | 96406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/41 | 155668 | 160827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/41 | 157191 | 162625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/41 | 317116 | 328133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/42 | 698524 | 722817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/44 | 184437 | 191114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/34 | 35339 | 36546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/34 | 59099 | 61118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/34 | 63776 | 65955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/34 | 42568 | 44023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/35 | 58076 | 59950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/35 | 88995 | 92043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/36 | 142344 | 147210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/37 | 184864 | 192994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/37 | 14681 | 15262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/37 | 156944 | 163846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/38 | 154773 | 161582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/38 | 57032 | 59868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/38 | 26688 | 27802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/40 | 153881 | 160287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/40 | 223081 | 232715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/41 | 198663 | 206759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/42 | 16441 | 16843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/32 | 39165 | 40887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/32 | 11525 | 11926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/35 | 13152 | 13608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/35 | 116227 | 121032 |
| **Agency Sponsored Mortgage-Backed—(Continued)** |  |  |
| Fannie Mae 30 Yr. Pool | Fannie Mae 30 Yr. Pool | Fannie Mae 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/36 | 197087 | 204875 |
| Fannie Mae ARM Pool | Fannie Mae ARM Pool | Fannie Mae ARM Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.304%, 12M LIBOR + 1.818%, 02/01/42 (a) | 30288 | 30080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.186%, 12M LIBOR + 1.700%, 06/01/42 (a) | 19272 | 19456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 12M LIBOR + 1.800%, 07/01/41 (a) | 8925 | 9066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.051%, 12M LIBOR + 1.818%, 07/01/41 (a) | 12746 | 12985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.068%, 12M LIBOR + 1.818%, 09/01/41 (a) | 6614 | 6696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 12M LIBOR + 1.830%, 10/01/41 (a) | 6274 | 6240 |
| Fannie Mae Grantor Trust | Fannie Mae Grantor Trust | Fannie Mae Grantor Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.898%, 06/25/27 | 6093869 | 5683784 |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/50 | 373210 | 311568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 385874 | 322143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 287569 | 238999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/61 | 566231 | 468386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/27 | 33017 | 31120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/27 | 52779 | 49741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/27 | 16662 | 15703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/27 | 29826 | 28108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/28 | 27769 | 26168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/28 | 24691 | 23268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/28 | 29724 | 28299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/28 | 23998 | 22621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/28 | 31087 | 29293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/28 | 27558 | 25971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/28 | 29416 | 27722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/28 | 31033 | 29241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/28 | 32987 | 31096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/29 | 28920 | 27248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/29 | 41821 | 39402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/32 | 1045213 | 994452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/56 | 1218618 | 1113384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/58 | 119096 | 115741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/39 | 669827 | 687070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.668%, 02/01/39 | 49660 | 50734 |
| Fannie Mae REMICS (CMO) | Fannie Mae REMICS (CMO) | Fannie Mae REMICS (CMO) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 06/25/42 | 106300 | 95114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/25/43 | 98716 | 89541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.161%, -1 x 1M LIBOR + 6.550%, 06/25/41 (a) (b) | 27177 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/25/46 | 1868175 | 1747587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/25/42 | 807737 | 766678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/25/40 | 51272 | 48298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/25/41 | 195389 | 188497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/25/23 | 8631 | 8580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/25/34 | 117783 | 117625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/25/35 | 94520 | 94402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/25/39 | 157287 | 156126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/25/41 | 80177 | 72867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.309%, 1M LIBOR + 0.920%, 03/25/36 (a) | 162861 | 163629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319%, 1M LIBOR + 0.930%, 06/25/36 (a) | 238316 | 239512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/25/35 | 20895 | 20836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/25/35 | 505130 | 504634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/25/45 (b) | 260219 | 42325 |
| Freddie Mac 15 Yr. Gold Pool | Freddie Mac 15 Yr. Gold Pool | Freddie Mac 15 Yr. Gold Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/31 | 274119 | 262021 |

---

*See accompanying notes to financial statements.* 

**BHFTI-6** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage-Backed—(Continued)** | | |
| Freddie Mac 15 Yr. Gold Pool | Freddie Mac 15 Yr. Gold Pool | Freddie Mac 15 Yr. Gold Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/32 | 6319 | $6020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/33 | 866038 | 825041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/33 | 75450 | 70955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/34 | 67849 | 63753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/24 | 9533 | 9501 |
| Freddie Mac 15 Yr. Pool | Freddie Mac 15 Yr. Pool | Freddie Mac 15 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/33 | 158514 | 153233 |
| Freddie Mac 20 Yr. Gold Pool | Freddie Mac 20 Yr. Gold Pool | Freddie Mac 20 Yr. Gold Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/33 | 888748 | 836518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/32 | 408002 | 395538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/32 | 370965 | 359630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/33 | 463027 | 448682 |
| Freddie Mac 20 Yr. Pool | Freddie Mac 20 Yr. Pool | Freddie Mac 20 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/42 | 2257819 | 1903185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/32 | 1104473 | 1069526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/34 | 1682409 | 1612523 |
| Freddie Mac 30 Yr. Gold Pool | Freddie Mac 30 Yr. Gold Pool | Freddie Mac 30 Yr. Gold Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/42 | 91524 | 83382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/43 | 106921 | 97398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/43 | 521854 | 475382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/43 | 5248860 | 4781433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/43 | 1229348 | 1119849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/40 | 65098 | 61007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/40 | 133029 | 124668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/40 | 149371 | 139983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/40 | 21879 | 20504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/40 | 80786 | 75708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/40 | 54987 | 51531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/40 | 30303 | 28398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/42 | 299643 | 280805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/42 | 46635 | 43703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/42 | 26539 | 24860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/42 | 112586 | 105328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/42 | 718616 | 673410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/43 | 235890 | 221018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/43 | 127709 | 119678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/43 | 369665 | 346316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/43 | 169620 | 158826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/44 | 197352 | 183837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/45 | 4081 | 3824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/45 | 7766 | 7243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/45 | 1776098 | 1654456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/46 | 5795 | 5393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/46 | 471645 | 438422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/46 | 578607 | 538452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/46 | 85287 | 79200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/46 | 9289 | 8638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/46 | 65670 | 61405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/46 | 375638 | 349836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/47 | 1013653 | 942703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/47 | 1023230 | 949252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/47 | 16138 | 15009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/47 | 239638 | 222258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/41 | 3162 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/42 | 1329006 | 1276569 |
| **Agency Sponsored Mortgage-Backed—(Continued)** |  |  |
| Freddie Mac 30 Yr. Gold Pool | Freddie Mac 30 Yr. Gold Pool | Freddie Mac 30 Yr. Gold Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/42 | 14542 | 14015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/42 | 182552 | 175478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/42 | 60198 | 57889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/43 | 10594 | 10190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/43 | 96340 | 92396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/43 | 37597 | 36241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/43 | 12027 | 11603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/43 | 142081 | 136343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/43 | 19303 | 18426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/43 | 161515 | 154920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/43 | 112339 | 107654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/43 | 216563 | 207735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/43 | 201482 | 193250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/44 | 140051 | 134297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/44 | 23949 | 23037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/44 | 12184 | 11719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/44 | 306859 | 295032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/45 | 193196 | 185258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/45 | 207520 | 198999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/45 | 336226 | 323262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/45 | 207353 | 198834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/47 | 467071 | 445857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/48 | 233277 | 222863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/39 | 43630 | 43245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/40 | 344759 | 342157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/41 | 32775 | 32527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/41 | 294268 | 290531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/41 | 45504 | 45160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/41 | 86673 | 86018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/44 | 11450 | 11206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/35 | 83859 | 85572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/35 | 37354 | 38160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/35 | 481434 | 492196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/35 | 617846 | 631672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/41 | 822008 | 833332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/41 | 116660 | 117826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/34 | 562821 | 581044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/35 | 369666 | 381517 |
| Freddie Mac 30 Yr. Pool | Freddie Mac 30 Yr. Pool | Freddie Mac 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/51 | 91948 | 75550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/51 | 184150 | 151136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/51 | 274244 | 225525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/50 | 194002 | 166164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/50 | 2212525 | 1905673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/50 | 308423 | 265668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/51 | 162308 | 137843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 84826 | 72036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/51 | 291519 | 242196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 3786634 | 3218164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/51 | 1926717 | 1656821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 2531782 | 2162090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 566974 | 484908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/48 | 417697 | 371958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/49 | 1633365 | 1466587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/49 | 495895 | 442174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/50 | 231124 | 205821 |

---

*See accompanying notes to financial statements.* 

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage-Backed—(Continued)** | | |
| Freddie Mac 30 Yr. Pool | Freddie Mac 30 Yr. Pool | Freddie Mac 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/50 | 125570 | $112429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/51 | 263126 | 232971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/52 | 779826 | 687685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/40 | 69086 | 64669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/40 | 51177 | 47905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/46 | 151469 | 140732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/46 | 728322 | 676538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/47 | 245058 | 228067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/48 | 70735 | 65528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/48 | 237880 | 220345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/52 | 1342957 | 1228097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/52 | 386903 | 353699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/49 | 460900 | 439983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/52 | 668527 | 629702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/52 | 1260682 | 1183363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/52 | 198013 | 185961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/40 | 666869 | 661084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/52 | 2112966 | 2047183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/52 | 1187671 | 1144007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/52 | 695467 | 669898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/52 | 96616 | 95280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/52 | 877956 | 868198 |
| Freddie Mac ARM Non-Gold Pool | Freddie Mac ARM Non-Gold Pool | Freddie Mac ARM Non-Gold Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.220%, 12M LIBOR + 1.910%, 05/01/41 (a) | 19803 | 19984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.255%, 12M LIBOR + 1.880%, 04/01/41 (a) | 2410 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.568%, 12M LIBOR + 1.910%, 05/01/41 (a) | 19866 | 20117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.714%, 12M LIBOR + 1.908%, 10/01/42 (a) | 41153 | 41624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.774%, 12M LIBOR + 1.910%, 06/01/41 (a) | 25720 | 26093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.890%, 12M LIBOR + 1.750%, 12/01/40 (a) | 279135 | 280257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12M LIBOR + 1.750%, 09/01/41 (a) | 100626 | 101271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%, 12M LIBOR + 1.880%, 09/01/41 (a) | 9956 | 10053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%, 12M LIBOR + 1.880%, 10/01/41 (a) | 115788 | 115953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.160%, 12M LIBOR + 1.910%, 06/01/41 (a) | 6598 | 6576 |
| Freddie Mac Multifamily Structured Pass-Through Certificates | Freddie Mac Multifamily Structured Pass-Through Certificates | Freddie Mac Multifamily Structured Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/25/29 | 165371 | 160090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/25/32 | 1000000 | 950232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.990%, 05/25/33 (a) | 3650000 | 3528006 |
| Freddie Mac REMICS (CMO) | Freddie Mac REMICS (CMO) | Freddie Mac REMICS (CMO) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 06/15/42 | 77938 | 71144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/31 | 709444 | 683882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/41 | 4756997 | 4552451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/41 | 9557 | 9153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.718%, 1M LIBOR + 0.400%, 03/15/34 (a) | 143745 | 141686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/34 | 141749 | 141027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/37 | 52976 | 52386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/41 | 254415 | 245407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/41 | 876893 | 882386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/41 | 1049836 | 1058628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, 1M LIBOR + 0.900%, 02/15/33 (a) | 73689 | 73976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/15/34 | 851256 | 854238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/36 | 324689 | 321865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/41 | 1898589 | 1932720 |
| Ginnie Mae I 30 Yr. Pool | Ginnie Mae I 30 Yr. Pool | Ginnie Mae I 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/42 | 200873 | 183881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/15/43 | 67804 | 62082 |
| **Agency Sponsored Mortgage-Backed—(Continued)** |  |  |
| Ginnie Mae I 30 Yr. Pool | Ginnie Mae I 30 Yr. Pool | Ginnie Mae I 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/43 | 44959 | 40988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/45 | 24901 | 22273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/45 | 43450 | 38806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/15/45 | 196218 | 175347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/45 | 13700 | 12236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/45 | 19213 | 17404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/15/45 | 109198 | 97537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/41 | 127340 | 119766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/42 | 95410 | 89728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/15/42 | 138335 | 130118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/15/42 | 298472 | 280679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/15/42 | 183139 | 172234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/15/50 | 173272 | 161705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/15/40 | 710884 | 684260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/40 | 41507 | 40213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/41 | 386455 | 375250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/41 | 13808 | 13407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/15/41 | 74147 | 71797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/41 | 313873 | 303143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/41 | 101762 | 98508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/41 | 280885 | 271645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/42 | 9579 | 9225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/42 | 14596 | 14057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/42 | 91905 | 88888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 | 12147 | 11725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/43 | 40461 | 38828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/50 | 32378 | 30881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/39 | 621312 | 616754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/15/40 | 166446 | 165044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/15/40 | 39375 | 39086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/41 | 232553 | 231083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/41 | 18534 | 18415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/39 | 26390 | 26921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/39 | 48093 | 49220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/39 | 42684 | 43434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/39 | 29780 | 30377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/40 | 17240 | 17520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/40 | 74429 | 75919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/41 | 48276 | 48853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/41 | 33421 | 34205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/39 | 7384 | 7686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/36 | 359486 | 380824 |
| Ginnie Mae II 30 Yr. Pool | Ginnie Mae II 30 Yr. Pool | Ginnie Mae II 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/50 | 236179 | 202017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/20/51 | 547062 | 476277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/20/51 | 728321 | 634008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/20/51 | 76677 | 66782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/42 | 537486 | 485309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/20/43 | 500631 | 449115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/20/48 | 657549 | 594190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/20/51 | 4202839 | 3760049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/52 | 93506 | 81321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/20/42 | 162770 | 153357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/46 | 774631 | 722009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/46 | 2003954 | 1868288 |

---

*See accompanying notes to financial statements.* 

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Agency Sponsored Mortgage-Backed—(Continued)** | | |
| Ginnie Mae II 30 Yr. Pool | Ginnie Mae II 30 Yr. Pool | Ginnie Mae II 30 Yr. Pool |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/47 | 129468 | $120531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/48 | 193590 | 178880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/48 | 444842 | 414503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/52 | 190319 | 175112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/52 | 98468 | 89500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/39 | 50082 | 48403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/40 | 7053 | 6815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/40 | 490918 | 474339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/41 | 640653 | 619011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/41 | 245409 | 237117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/42 | 318431 | 307673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/20/42 | 24005 | 23349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/44 | 560892 | 539538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/44 | 559963 | 538631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/44 | 32072 | 30850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/46 | 95735 | 91789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/48 | 92833 | 88964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/20/50 | 30108 | 29330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/50 | 289475 | 282058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/20/40 | 54569 | 54462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/40 | 5836 | 5824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/20/48 | 486575 | 478037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/48 | 331793 | 321977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/48 | 466760 | 458249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/20/49 | 71739 | 69637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/20/50 | 100387 | 98594 |
| Government National Mortgage Association (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.747%, -1x 1M LIBOR + 6.100%, 07/20/41 (a) (b) | 68987 | 5966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/20/46 | 107313 | 96148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/20/64 | 987980 | 967749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/20/64 | 42599 | 42490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/20/63 | 7663 | 7131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/20/68 | 2398886 | 2309303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/40 | 1328586 | 1275661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.142%, 1M LIBOR + 0.300%, 08/20/60 (a) | 68740 | 67957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.142%, 1M LIBOR + 0.300%, 09/20/60 (a) | 117369 | 116105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.332%, 1M LIBOR + 0.490%, 02/20/61 (a) | 47232 | 46879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342%, 1M LIBOR + 0.500%, 12/20/60 (a) | 174206 | 173017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342%, 1M LIBOR + 0.500%, 02/20/61 (a) | 12405 | 12310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342%, 1M LIBOR + 0.500%, 04/20/61 (a) | 59342 | 58884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342%, 1M LIBOR + 0.500%, 05/20/61 (a) | 151066 | 149991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.372%, 1M LIBOR + 0.530%, 06/20/61 (a) | 81357 | 80836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.385%, 1M LIBOR + 0.330%, 07/20/60 (a) | 124537 | 123131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.442%, 1M LIBOR + 0.600%, 10/20/61 (a) | 286322 | 284739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.472%, 1M LIBOR + 0.630%, 01/20/62 (a) | 286259 | 284559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.472%, 1M LIBOR + 0.630%, 03/20/62 (a) | 144241 | 143061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 1M LIBOR + 0.650%, 05/20/61 (a) | 6021 | 5965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/16/40 | 24816 | 24484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/40 (b) | 2473 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/40 | 1074321 | 1031172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 1M LIBOR + 0.700%, 11/20/61 (a) | 289163 | 287850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 1M LIBOR + 0.700%, 01/20/62 (a) | 178899 | 178148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%, 1M LIBOR + 0.250%, 10/20/47 (a) | 551732 | 531341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.653%, 1M LIBOR + 0.300%, 05/20/48 (a) | 477666 | 461425 |
| **Agency Sponsored Mortgage-Backed—(Continued)** |  |  |
| Government National Mortgage Association (CMO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.653%, 1M LIBOR + 0.300%, 06/20/48 (a) | 621101 | 599950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.833%, 1M LIBOR + 0.480%, 01/20/38 (a) | 17884 | 17967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.853%, 1M LIBOR + 0.500%, 07/20/37 (a) | 69093 | 69410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.856%, 1M LIBOR + 0.530%, 12/16/39 (a) | 63529 | 62854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910%, 1Y H15 + 0.350%, 08/20/66 (a) | 2161163 | 2151110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 1M LIBOR + 0.600%, 11/16/39 (a) | 101046 | 102130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/20/39 | 2959459 | 2962437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/20/40 | 1398882 | 1380720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.010%, 09/20/60 (a) | 11510 | 11426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.057%, 1Y H15 + 0.500%, 05/20/66 (a) | 1903011 | 1897636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.470%, 08/20/59 (a) | 331 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/34 | 208890 | 213794 |
| Uniform Mortgage-Backed Securities 30 Yr. Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, TBA (c) | 2400000 | 2031634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (c) | 100000 | 98491 |
|  |  | 213495966 |
| **Federal Agencies — 40.1%** |  |  |
| Fannie Mae Principal Strip | Fannie Mae Principal Strip | Fannie Mae Principal Strip |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/30 | 40000000 | 29383437 |
| Federal Farm Credit Banks Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 05/13/30 | 20000000 | 16290255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 07/15/30 | 10000000 | 8091252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.980%, 07/13/38 | 19515000 | 13656087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/24/42 | 10000000 | 8189097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.480%, 06/27/42 | 2000000 | 1870417 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 09/14/29 | 16000000 | 14337477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | 5000000 | 4801307 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/14/29 | 10000000 | 7506899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/15/36 | 10000000 | 5274907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/36 | 45000000 | 23684657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 07/15/32 (d) | 7568000 | 8826797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/15/31 | 481000 | 567626 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/30 | 10000000 | 7155770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 | 1430000 | 1676911 |
| Freddie Mac Strips | Freddie Mac Strips | Freddie Mac Strips |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/32 | 17100000 | 11358647 |
| Resolution Funding Corp. Interest Strip | Resolution Funding Corp. Interest Strip | Resolution Funding Corp. Interest Strip |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/29 | 7300000 | 5637147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/29 | 7500000 | 5720451 |
| Resolution Funding Corp. Principal Strip | Resolution Funding Corp. Principal Strip | Resolution Funding Corp. Principal Strip |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/30 | 23523000 | 17178183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/30 | 35000000 | 25391744 |
| Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 05/15/25 | 5000000 | 4569228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 09/15/24 | 7050000 | 6832831 |
| Tennessee Valley Authority Generic Strip | Tennessee Valley Authority Generic Strip | Tennessee Valley Authority Generic Strip |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/29 | 8669000 | 6469903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/34 | 12669000 | 7651782 |
| United States Department of Housing and Urban Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.738%, 08/01/25 | 5000000 | 4784002 |

---

*See accompanying notes to financial statements.* 

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**U.S. Treasury & Government Agencies—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount\*** | **Value** | **Value** |
| **Federal Agencies —(Continued)** | | | |
| United States International Development Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.110%, 05/15/29 | 5571429 | $| 4958041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.920%, 12/15/32 | 9523810 |  | 8335714 |
|  |  |  | 260200569 |
| **U.S. Treasury—12.7%** |  |  |  |
| U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 34000000 |  | 20230000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 | 2000000 |  | 1503516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/52 | 4030000 |  | 3229037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/45 | 4000000 |  | 3295312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/48 | 19000000 |  | 15573320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/41 | 12830000 |  | 11086423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/44 | 17000000 |  | 15592852 |
| U.S. Treasury Inflation Indexed Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 01/15/28 (e) | 5556800 |  | 5225239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/27 (e) | 6638874 |  | 6631090 |
|  |  |  | 82366789 |
|  Total U.S. Treasury & Government Agencies <br>(Cost $649,026,204) |  |  | 556063324 |
| **Foreign Government—13.0%** | **Foreign Government—13.0%** | **Foreign Government—13.0%** | **Foreign Government—13.0%** |
| **Sovereign—13.0%** | **Sovereign—13.0%** | **Sovereign—13.0%** | **Sovereign—13.0%** |
| Abu Dhabi Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/11/27 (144A) | 2860000 |  | 2729092 |
| Colombia Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 04/15/31 | 5090000 |  | 3777868 |
| Hashemite Kingdom of Jordan Government AID Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/30/25 | 10389000 |  | 10017942 |
| Indonesia Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/11/29 | 4410000 |  | 4421669 |
| Israel Government AID Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/18/23 | 13878000 |  | 13938963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/04/23 | 30210000 |  | 30378280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/26/24 | 1900000 |  | 1911788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/18/33 | 2195000 |  | 2385741 |
| Mexico Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/22/29 | 4650000 |  | 4434225 |
| Panama Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/16/25 | 2780000 |  | 2686595 |
| Peruvian Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/25/27 | 2620000 |  | 2506744 |
| Poland Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 04/06/26 | 2820000 |  | 2700996 |
| Qatar Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/14/29 (144A) | 2740000 |  | 2692707 |
|  Total Foreign Government <br>(Cost $98,887,690) |  |  | 84582610 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—0.8%** | **Corporate Bonds & Notes—0.8%** | **Corporate Bonds & Notes—0.8%** |
| **Security Description** | **Principal<br>Amount\*** | **Value** |
| **Diversified Financial Services—0.8%** | **Diversified Financial Services—0.8%** | **Diversified Financial Services—0.8%** |
| Private Export Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.300%, 04/28/23 (144A) <br>(Cost $4,999,153) | 5000000 | $4939028 |
| **Mortgage-Backed Securities—0.2%** | **Mortgage-Backed Securities—0.2%** | **Mortgage-Backed Securities—0.2%** |
| **Collateralized Mortgage Obligations—0.2%** | **Collateralized Mortgage Obligations—0.2%** | **Collateralized Mortgage Obligations—0.2%** |
| Seasoned Loans Structured Transaction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/25/28 | 1243304 | 1174574 |
|  Total Mortgage-Backed Securities <br>(Cost $1,234,526) |  | 1174574 |
| **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** |
| **Repurchase Agreement—0.2%** | **Repurchase Agreement—0.2%** | **Repurchase Agreement—0.2%** |
|  Fixed Income Clearing Corp. <br>Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $1,618,028; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $1,650,077. | 1617704 | 1617704 |
|  Total Short-Term Investments <br>(Cost $1,617,704) |  | 1617704 |
| **Securities Lending Reinvestments (f)—1.3%** | **Securities Lending Reinvestments (f)—1.3%** | **Securities Lending Reinvestments (f)—1.3%** |
| **Repurchase Agreements—0.7%** | **Repurchase Agreements—0.7%** | **Repurchase Agreements—0.7%** |
|  Cantor Fitzgerald & Co. <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $150,072; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $153,000. | 150000 | 150000 |
|  HSBC Bank plc <br>Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $58,081; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $59,266. | 58054 | 58054 |
|  National Bank Financial, Inc. <br>Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $500,240; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 -03/31/27, and an aggregate market value of $511,935. | 500000 | 500000 |
| National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $150,126; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 -11/15/32, and an aggregate market value of $153,357. | 150000 | 150000 |

---

*See accompanying notes to financial statements.* 

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Securities Lending Reinvestments (f)—(Continued)** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares/<br>Principal<br>Amount\*** | **Value** |
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $1,601,384; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 -05/15/52, and various Common Stock with an aggregate market value of $1,742,126. | 1600000 | $1600000 |
| Societe Generale | Societe Generale | Societe Generale |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $100,047; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 -08/15/51, and an aggregate market value of $102,181. | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $100,049; collateralized by various Common Stock with an aggregate market value of $111,285. | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $177,314; collateralized by various Common Stock with an aggregate market value of $197,253. | 177227 | 177227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $200,172; collateralized by various Common Stock with an aggregate market value of $222,638. | 200000 | 200000 |
|  TD Prime Services LLC <br>Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $1,500,733; collateralized by various Common Stock with an aggregate market value of $1,699,271. | 1500000 | 1500000 |
|  |  | 4535281 |
| **Mutual Funds—0.6%** | **Mutual Funds—0.6%** | **Mutual Funds—0.6%** |
|  Allspring Government Money Market Fund, Select Class<br>4.090% (g) | 1000000 | 1000000 |
|  Fidelity Investments Money Market Government Portfolio, Institutional Class<br>4.100% (g) | 1000000 | 1000000 |
|  Goldman Sachs Financial Square Government Fund, Institutional Shares<br>4.150% (g) | 1000000 | 1000000 |
| **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** |
|  SSGA Institutional U.S. Government Money Market Fund, Premier Class <br>4.120% (g) | 1000000 | 1000000 |
|  |  | 4000000 |
|  Total Securities Lending Reinvestments <br>(Cost $8,535,281) |  | 8535281 |
|  Total Investments—101.2% <br>(Cost $764,300,558) |  | 656912521 |
|  Other assets and liabilities (net)—(1.2)% |  | (7995389) |
| **Net Assets—100.0%** |  | $648917132 |

---

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(b) Interest only security.

(c) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(d) All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $8,163,154 and the collateral received consisted of cash in the amount of $8,535,281. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

(e) Principal amount of security is adjusted for inflation.

(f) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

(g) The rate shown represents the annualized seven-day yield as of December 31, 2022.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $10,360,827, which is 1.6% of net assets.

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  U.S. Treasury Long Bond Futures | 03/22/23 | 98 | USD | 12283688 | $(86447) |
|  U.S. Treasury Ultra Long Bond Futures | 03/22/23 | 38 | USD | 5103875 | (137404) |
| **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** | **Futures Contracts—Short** |
|  U.S. Treasury Note 10 Year Futures | 03/22/23 | (70) | USD | (7860781) | 37778 |
|  Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | $(186073) |

---

*See accompanying notes to financial statements.* 

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Glossary of Abbreviations** 

Currencies

------

(USD)— United States Dollar

Index Abbreviations

------

(H15)— U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index <br> (LIBOR)— London Interbank Offered Rate

Other Abbreviations

------

---

| | |
|:---|:---|
| (ARM)— | Adjustable-Rate Mortgage |
| (CMO)— | Collateralized Mortgage Obligation |
| (REMIC)— | Real Estate Mortgage Investment Conduit |

---

**Fair Value Hierarchy** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Total U.S. Treasury & Government Agencies\* | $— | $556063324 | $— | $556063324 |
|  Total Foreign Government\* |  | 84582610 |  | 84582610 |
|  Total Corporate Bonds & Notes\* |  | 4939028 |  | 4939028 |
|  Total Mortgage-Backed Securities\* |  | 1174574 |  | 1174574 |
|  Total Short-Term Investment\* |  | 1617704 |  | 1617704 |
| Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments | Securities Lending Reinvestments |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 4535281 |  | 4535281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 4000000 |  |  | 4000000 |
|  Total Securities Lending Reinvestments | 4000000 | 4535281 |  | 8535281 |
|  Total Investments | $4000000 | $652912521 | $— | $656912521 |
|  Collateral for Securities Loaned (Liability) | $— | $(8535281) | $— | $(8535281) |
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | $37778 | $— | $— | $37778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | (223851) |  |  | (223851) |
|  Total Futures Contracts | $(186073) | $— | $— | $(186073) |

---

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.* 

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (a)(b) | $656912521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral for futures contracts | 630330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA securities sold | 1311918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2878393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 661736584 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 8535281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA securities purchased | 3313988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 259795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 24027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 227145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 140685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 149475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 169056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 12819452 |
|  **Net Assets** | $648917132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $802958077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | (154040945) |
|  **Net Assets** | $648917132 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $648917132 |
|  **Capital Shares Outstanding\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | 72054158 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | $9.01 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $764,300,558.

(b) Includes securities loaned at value of $8,163,154.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $16846551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 123824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 16970375 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 3214603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 48468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 130985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class B | 1834127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 71312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 40426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 6252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5414753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less management fee waiver | (277880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5136873 |
|  **Net Investment Income** | 11833502 |
|  **Net Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (24812026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3885167 |
|  Net realized gain (loss) | (20926859) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (112866767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 225342 |
|  Net change in unrealized appreciation (depreciation) | (112641425) |
|  Net realized and unrealized gain (loss) | (133568284) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(121734782) |

---

*See accompanying notes to financial statements.* 

**BHFTI-13** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11833502 | $8334704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (20926859) | 9533297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (112641425) | (37617133) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (121734782) | (19749132) |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | (16627143) | (19720331) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (16627143) | (19720331) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | (73668619) | (112863365) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (212030544) | (152332828) |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 860947676 | 1013280504 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $648917132 | $860947676 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 5490880 | $53263338 | 6705398 | $73549299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 1787865 | 16627143 | 1836157 | 19720331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (14837453) | (143559100) | (18841307) | (206132995) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (7558708) | $(73668619) | (10299752) | $(112863365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $(73668619) |  | $(112863365) |

---

*See accompanying notes to financial statements.* 

**BHFTI-14** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** | **Selected per share data** |
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $10.81 | $11.27 | $10.72 | $10.26 | $10.55 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.16 | 0.10 | 0.13 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.74) | (0.32) | 0.69 | 0.55 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.58) | (0.22) | 0.82 | 0.75 | 0.00 |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.22) | (0.24) | (0.27) | (0.29) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.22) | (0.24) | (0.27) | (0.29) | (0.29) |
|  **Net Asset Value, End of Period** | $9.01 | $10.81 | $11.27 | $10.72 | $10.26 |
|  **Total Return (%)** (b) | (14.68) | (1.97) | 7.68 | 7.49 | (0.06) |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Gross ratio of expenses to average net assets (%) | 0.74 | 0.73 | 0.72 | 0.73 | 0.72 |
|  Net ratio of expenses to average net assets (%) (c) | 0.70 | 0.69 | 0.69 | 0.70 | 0.72 |
|  Ratio of net investment income (loss) to average net assets (%) | 1.61 | 0.90 | 1.13 | 1.92 | 1.99 |
|  Portfolio turnover rate (%) | 64 (d) | 35 (d) | 75 (d) | 196 (d) | 240 (d) |
|  Net assets, end of period (in millions) | $648.9 | $860.9 | $1013.3 | $930.3 | $960.4 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 36%, 30%, 57%, 114%, and 69% for the years ended December 31, 2022, 2021, 2020, 2019, and
2018, respectively.

*See accompanying notes to financial statements.* 

**BHFTI-15** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management Government Income Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies").

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps ("swaptions"), currencies, and futures contracts that are traded over-the-counter ("OTC") are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are

**BHFTI-16** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the "Board" or "Trustees") of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as the Portfolio's "valuation designee" to perform the Portfolio's fair value determinations, subject to the Board's oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers' fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

**Investment Transactions and Related Investment Income -** Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Inflation-Indexed Bonds -** The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Stripped Securities -** The Portfolio may invest in "stripped securities," a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities ("POs"), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities ("IOs"), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the

**BHFTI-17** 

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**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

**Mortgage-Related and Other Asset-Backed Securities -** The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities ("SMBS"), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio's Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Mortgage Dollar Rolls -** The Portfolio may enter into mortgage "dollar rolls" in which a Portfolio sells to-be-announced ("TBA") mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

**TBA Purchase and Forward Sale Commitments -** The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

**When-Issued and Delayed-Delivery Securities -** The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

**Repurchase Agreements -** The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement ("MRA"), or Global Master Repurchase Agreement ("GMRA"), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio's policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in

**BHFTI-18** 

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**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $1,617,704. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $4,535,281. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

**Securities Lending -** The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as U.S. Treasury & Government Agency in the Portfolio's Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

**3. Investments in Derivative Instruments** 

**Futures Contracts -** The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange's

**BHFTI-19** 

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**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio's ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** | **Statement of Assets &<br>Liabilities Location** | **Fair Value** |
| Interest Rate | Unrealized appreciation on futures contracts (a) | $37778 | Unrealized depreciation on futures contracts (a) | $223851 |

---

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and
Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

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| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** |
|  Futures contracts | $3885167 |
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** |
|  Futures contracts | $225342 |

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For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

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| | |
|:---|:---|
| **Derivative Description** | **Average<br>Notional Par or<br>Face Amount‡** |
|  Futures contracts long | $19497344 |
|  Futures contracts short | (45574318) |

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‡ Averages are based on activity levels during the period for which the amounts are outstanding.

**4. Certain Risks** 

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

*Market Risk:* The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio's investments, the Portfolio and your investment in the Portfolio.

**BHFTI-20** 

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**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia's military invasion, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

*Credit and Counterparty Risk:* The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements ("MSFTA") govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio's futures commission merchant. In a cleared derivative transaction, the Portfolio's counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

*LIBOR Replacement Risk:* Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment's value or return

**BHFTI-21** 

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**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio's investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio's overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio's prospectus includes a discussion of the principal risks of investing in the Portfolio.

**5. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $469761088 | $0 | $523701214 | $15779900 |

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Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $208355024 | $204864637 |

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**6. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

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| | | |
|:---|:---|:---|
| **Management<br>Fees earned by<br>Brighthouse<br>Investment Advisers<br>for the year ended**<br> **December 31, 2022** | **% per annum** | **Average Daily Net Assets** |
| $3214603 | 0.520% | First $100 million |
|  | 0.440% | $100 million to $500 million |
|  | 0.400% | Over $500 million |

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**BHFTI-22** 

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**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company (the "Subadviser") is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Brighthouse Funds Trust II that are managed by the Subadviser.

**Management Fee Waiver** - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of the Portfolio as follows:

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| | |
|:---|:---|
| **% per annum reduction** | **Average Daily Net Assets** |
| 0.015% | $100 million to $500 million |
| 0.010% | $1 billion to $2 billion |
| 0.030% | Over $2 billion |

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An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Statement of Operations.

Additionally, for the period April 29, 2022 to April 30, 2023, Brighthouse Investment Advisers has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Portfolio and those of the Western Asset Management U.S. Government Portfolio, a series of the Brighthouse Funds Trust II, also subadvised by the Subdviser. An identical agreement was in place for the period ended April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under

**BHFTI-23** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $776381644 |
|  Gross unrealized appreciation | 87539 |
|  Gross unrealized (depreciation) | (119556662) |
|  Net unrealized appreciation (depreciation) | $(119469123) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **2021** | **2022** | **2021** | **2022** | **2021** |
| $16627143 | $19720331 | $— | $— | $16627143 | $19720331 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $16352225 | $– $| (119469123) | $(50774571) | $(153891469) |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $5,865,735 and accumulated long-term capital losses of $44,908,836.

**9. Recent Accounting Pronouncement** 

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio's financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

**BHFTI-24** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Western Asset Management Government Income Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Western Asset Management Government Income Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Western Asset Management Government Income Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-25** 

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**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |  |  |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse<br> Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |  |  |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC;<br>Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |

---

**BHFTI-26** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br>present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

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\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-27** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (each an "<u>Advisory Agreement</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") and the applicable sub-advisory agreements (each a "<u>Sub-Advisory Agreement</u>" and collectively with the Advisory Agreement, the "<u>Agreements</u>") between the Adviser and the investment sub-advisers (each a "<u>Sub-Adviser</u>," and collectively, the "<u>Sub-Advisers</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser's assessments of the Sub-Advisers' services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser's profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser's recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

*Nature, extent and quality of services.* The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser's services as investment manager to the

**BHFTI-28** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser's services in coordinating and overseeing the activities of the Trusts' other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts' Chief Compliance Officer regarding the Portfolios' compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers' compliance policies and procedures. The Board also noted that it was the practice of the Adviser's investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board's review. The Board considered each Sub-Adviser's investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser's responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser's current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser's compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser's investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser's investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser's compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board's attention during the year.

*Performance.* The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser's quarterly presentations to the Board of detailed information about each Portfolio's investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio's investment performance to that of comparable funds underlying variable insurance products (the "<u>Performance Universe</u>"), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio's performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser's focus on each Sub-Adviser's performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

*Fees and Expenses.* The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio's contractual management and sub-adviser fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds ("<u>Expense Universe</u>"), a narrower group of peer funds ("<u>Expense Group</u>"), a broad group of peer sub-advised funds ("<u>Sub-advised Expense Universe</u>"), and a narrower group of peer sub-advised funds ("<u>Sub-advised Expense Group</u>"). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

**BHFTI-29** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio's most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm's length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio's total annual operating expenses.

*Profitability.* The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm's length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

*Economies of scale.* The Board considered each Portfolio's fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management's explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio's growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio's assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

*Other factors.* The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser's recommendation to renew any of the Sub-Advisory Agreements.

\* \* \* \*

*Western Asset Management Government Income Portfolio.* The Board also considered the following information in relation to the Agreements with the Adviser and Western Asset Management Company, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio's performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Bloomberg U.S. Government Bond Index, and its blended benchmark for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management's discussion of the Portfolio's performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. The Board further noted that the Sub-Adviser did not manage the Portfolio for all of the periods referenced.

The Board also considered that the Portfolio's actual management fees were below the Expense Group median and Sub-advised Expense Universe median and above the Expense Universe median. The Board also considered that the Portfolio's total expenses

**BHFTI-30** 

------

**Brighthouse Funds Trust I** 

**Western Asset Management Government Income Portfolio** 

**Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements—(Continued)** 

(exclusive of 12b-1 fees) were below the Expense Group median and Sub-advised Expense Universe median and equal to the Expense Universe median. The Board noted that the Portfolio's contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio's current size. The Board also noted that the Portfolio's contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio's current size.

**BHFTI-31** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

For the year ended December 31, 2022, the American Funds Growth Portfolio had a return of -30.16% for Class C versus -18.11% for its benchmark, the S&P 500 Index<sup>1</sup>.

**A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX**![LOGO](g394295g09o87.jpg)

**AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;**American Funds Growth Portfolio** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class C** | -30.16 | 10.80 | 13.30 |
| &nbsp;&nbsp;&nbsp;**S&P 500 Index** | -18.11 | 9.43 | 12.56 |

---

<sup>1</sup> The Standard & Poor's ("S&P") 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock's weight in the Index proportionate to its market value.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

**BHFTI-1** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Understanding Your Portfolio's Expenses** 

**Shareholder Expense Example** 

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as "expenses") of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**Actual Expenses** 

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds Growth Portfolio** |  | **Annualized<br>Expense<br>Ratio** | **Beginning<br>Account Value<br>July 1,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*\*<br>July 1, 2022<br>to<br>December 31,<br>2022** |
|  Class C (a) | Actual | 0.91% | $1000.00 | $997.70 | $4.58 |
|  | Hypothetical\* | 0.91% | $1000.00 | $1020.62 | $4.63 |

---

\* Hypothetical assumes a rate of return of 5% per year before expenses. 

\*\* Expenses paid are equal to the Portfolio's annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period). 

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Master Fund in which it invests.

**BHFTI-2** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Schedule of Investments as of December 31, 2022** 

**Mutual Funds—100.1% of Net Assets** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Investment Company Securities—100.1%** | | |
|  American Funds Growth Fund (Class 1) (a)<br>(Cost $1,456,731,790) | 18079834 | $1379310556 |
|  Total Investments— 100.1%<br>(Cost $1,456,731,790) |  | 1379310556 |
|  Other assets and liabilities (net) — (0.1)% |  | (896043) |
| **Net Assets—100.0%** |  | $1378414513 |

---

(a) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

**FAIR VALUE HIERARCHY** 

Accounting principles generally accepted in the United States of America ("GAAP") define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio's own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company Securities | $1379310556 | $— | $— | $1379310556 |
|  Total Investments | $1379310556 | $— | $— | $1379310556 |

---

*See accompanying notes to financial statements.* 

**BHFTI-3** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Statement of Assets and Liabilities** 

------

**December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments at value (a) | $1379310556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: | &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 447353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1379763379 |
|  **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for: | &nbsp;&nbsp;&nbsp;&nbsp; Payables for: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments purchased | 186281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 261072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: | &nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 660988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred trustees' fees | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 77250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1348866 |
|  **Net Assets** | $1378414513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: | &nbsp;&nbsp;&nbsp;&nbsp; Net Assets Consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | $1222611053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated losses) | 155803460 |
|  **Net Assets** | $1378414513 |
|  **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | $1378414513 |
|  **Capital Shares Outstanding\*** | **Capital Shares Outstanding\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 161791684 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | **Net Asset Value, Offering Price and Redemption Price Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | $8.52 |

---

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $1,456,731,790.

**Statement of Operations** 

------

**Year Ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income** | **Investment Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Master Fund | $9153900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 9153900 |
|  **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 30250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 26982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees—Class C | 8453174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax services | 32944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 45081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 44549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 12763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8671177 |
|  **Net Investment Income** | 482723 |
|  **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on : | Net realized gain (loss) on : |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 13636602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from Master Fund | 219632801 |
|  Net realized gain (loss) | 233269403 |
|  Net change in unrealized depreciation on affiliated investments | (815312325) |
|  Net realized and unrealized gain (loss) | (582042922) |
|  **Net Increase (Decrease) in Net Assets From Operations** | $(581560199) |

---

*See accompanying notes to financial statements.* 

**BHFTI-4** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br>**December 31,<br>2022** | **Year Ended**<br>**December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
|  **From Operations** | **From Operations** | **From Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $482723 | $(1896815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 233269403 | 328646254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (815312325) | 32411339 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (581560199) | 359160778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **From Distributions to Shareholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (326438089) | (131030926) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | (326438089) | (131030926) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital share transactions** | 375418850 | (58810149) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (532579438) | 169319703 |
|  **Net Assets** | **Net Assets** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1910993951 | 1741674248 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1378414513 | $1910993951 |

---

**Other Information:** 

**Capital Shares** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 16560652 | $183959065 | 11343793 | $171029773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments | 37738507 | 326438089 | 9169414 | 131030926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (12472421) | (134978304) | (23896915) | (360870848) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 41826738 | $375418850 | (3383708) | $(58810149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) derived from capital shares transactions |  | $375418850 |  | $(58810149) |

---

*See accompanying notes to financial statements.* 

**BHFTI-5** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected per share data** | | | | | |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Period** | $15.93 | $14.12 | $10.58 | $9.59 | $11.19 |
|  **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.00 (b) | (0.02) | (0.00) (b) | 0.04 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.76) | 2.95 | 4.92 | 2.62 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.76) | 2.93 | 4.92 | 2.66 | 0.13 |
|  **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.07) | 0.00 | (0.10) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (2.58) | (1.12) | (1.28) | (1.62) | (1.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.65) | (1.12) | (1.38) | (1.67) | (1.73) |
|  **Net Asset Value, End of Period** | $8.52 | $15.93 | $14.12 | $10.58 | $9.59 |
|  **Total Return (%)** (c) | (30.16) | 21.62 | 51.63 | 30.34 | (0.50) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Ratio of expenses to average net assets (%) (d) | 0.56 | 0.56 | 0.57 | 0.57 | 0.57 |
|  Ratio of net investment income (loss) to average net assets (%) | 0.03 | (0.10) | (0.01) | 0.42 | 0.11 |
|  Portfolio turnover rate (%) | 4 | 13 | 5 | 9 | 12 |
|  Net assets, end of period (in millions) | $1378.4 | $1911.0 | $1741.7 | $1329.0 | $1093.2 |

---

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable
contracts. If these charges were included, the returns would be lower.

(d) The ratio of operating expenses to average net assets does not include expenses of the Master Fund in which the Portfolio invests.<br>

*See accompanying notes to financial statements.* 

**BHFTI-6** 

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**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022** 

**1. Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-four series (the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is American Funds Growth Portfolio (the "Portfolio"), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the "Insurance Companies"). The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class C shares are currently offered by the Portfolio.

The Portfolio, a feeder fund, seeks to achieve its investment objective by investing all of its investable assets in a master fund, the American Funds Growth Fund (the "Master Fund"), a fund of the American Funds Insurance Series ("AFIS"). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company , an indirect, wholly owned subsidiary of The Capital Group Companies, Inc. The financial statements of the Master Fund accompany the Portfolio's financial statements and should be read in conjunction with the Portfolio's financial statements. As of December 31, 2022, the Portfolio owned approximately 4.5% of the Master Fund.

**2. Significant Accounting Policies** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

**Investment Valuation and Fair Value Measurements -** The Portfolio values its investments for purposes of calculating its net asset value ("NAV") using procedures that allow for a variety of methodologies to be used to value the Portfolio's investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Master Fund are valued at its closing daily NAV. The NAV of the Portfolio is calculated based on the NAV of the Master Fund in which the Portfolio invests. For information about the use of fair value pricing by the Master Fund, please refer to the Notes to Financial Statements for the Master Fund.

**Investment Transactions and Related Investment Income -** The Portfolio's security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes.

**Dividends and Distributions to Shareholders -** The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**3. Certain Risks** 

In the normal course of business, the Master Fund invests in securities and enters into transactions where risks exist. For information about these risks, please refer to the Notes to Financial Statements for the Master Fund.

**BHFTI-7** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

Additionally, the Portfolio's prospectus includes a discussion of the principal risks of investing in the Master Fund in which it invests.

**4. Investment Transactions** 

Aggregate cost of purchases and proceeds of sales of investments in the Master Fund for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| $0 | $336979935 | $0 | $68134747 |

---

**5. Investment Management Fees and Other Transactions with Affiliates** 

**Investment Management Agreement -** The Trust has entered into a management agreement (the "Management Agreement") with the Adviser for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board of Trustees and has overall responsibility for the general management and administration of the Trust. The Adviser selects the Master Fund in which the Portfolio will invest and monitors the Master Fund investment program. The Adviser currently receives no compensation for its services to the Portfolio. In the event that the Portfolio were to withdraw from the Master Fund and invest its assets directly in investment securities, the Adviser would retain the services of an investment subadviser and would receive a management fee at the annual rate of 0.750% of average daily net assets.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

**Transfer Agency Agreement -** Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

**Deferred Trustee Compensation -** Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the "Plan") is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee's deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants' deferral accounts are reflected as a component of Trustees' fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees' fees in the Statement of Assets and Liabilities.

**6. Transactions in Securities of Master Fund** 

A summary of the Portfolio's transactions in the securities of the Master Fund during the year ended December 31, 2022 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value<br>December 31,<br>2021** | **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Ending Value<br>as of<br>December 31,<br>2022** |
|  American Funds Growth Fund (Class 1) | $1912141091 | $336979935 | $(68134747) | $13636602 | $(815312325) | $1379310556 |

---

**BHFTI-8** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Notes to Financial Statements—December 31, 2022—(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain<br>Distributions<br>from Affiliated<br>Investments** | **Income earned<br>from affiliates<br>during**<br>**the period** | **Number of<br>shares held<br>at<br>December 31,<br>2022** |
|  American Funds Growth Fund (Class 1) | $219632801 | $9153900 | 18079834 |

---

**7. Contractual Obligations** 

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. Income Tax Information** 

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Cost basis of investments | $1456800794 |
|  Gross unrealized appreciation | 0 |
|  Gross unrealized (depreciation) | (77490238) |
|  Net unrealized appreciation (depreciation) | $(77490238) |

---

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** | **Total** | **Total** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $8515776 | $— | $317922313 | $131030926 | $326438089 | $131030926 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Accumulated<br>Capital Losses** | **Total** |
| $23926142 | $209530834 | $(77490238) | $– $| 155966738 |

---

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

**BHFTI-9** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the American Funds Growth Portfolio:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the American Funds Growth Portfolio (the "Fund") (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the American Funds Growth Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

**BHFTI-10** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers** 

**MANAGEMENT OF THE TRUSTS** 

The Boards of Trustees (the "Board") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("Trust I" and "Trust II", respectively, and collectively the "Trusts") supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios' activities, reviewing, among other things, each Portfolio's performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust's day-to-day operations.

**Trustees and Officers** 

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Those Trustees who are not "interested persons," as such term is defined in the 1940 Act, are referred to as "Independent Trustees." There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts' respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts' respective organizational documents and policies adopted by the Board of each Trust from time to time.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
|  John Rosenthal\* (1960) | Trustee | Indefinite; From May 2016 (Trust I and Trust II) to present | Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present). | 73 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Dawn M. Vroegop (1966) | Trustee and<br> Chair of the Board | Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair | Private Investor. | 73 | Trustee, Driehaus Mutual Funds (8 portfolios).\*\* |
|  Stephen M. Alderman (1959) | Trustee | Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present | Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd. | 73 |  |
|  Robert J. Boulware (1956) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Managing Member, Pilgrim Funds, LLC (private equity fund). | 73 | Trustee, Vertical Capital Income Fund (closed-end fund);\*\* Trustee, The Private Shares Fund (closed-end fund);\*\* Until 2021, Director, Mid-Con Energy Partners, LP (energy);\*\* Until 2020, Director, Gainsco, Inc. (auto insurance).\*\* |
|  Susan C. Gause (1952) | Trustee | Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present | Private Investor. | 73 | Trustee, HSBC Funds (4 portfolios).\*\* |

---

**BHFTI-11** 

------

**Brighthouse Funds Trust I** 

**Trustees and Officers—(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)<br>Held with<br>Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During the Past<br>5 Years<sup>(1)</sup>** | **Number of<br>Portfolios<br>in Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships Held<br>by Trustee During the<br>Past 5 Years<sup>(1)</sup>** |
|  Nancy Hawthorne (1951) | Trustee | Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present | Private Investor. | 73 | Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;\*\* Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;\*\* Director, Avid Technology, Inc.;\*\* |

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held<br>with Registrants** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past 5 Years<sup>(1)</sup>** |
| **Executive Officers** | **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Kristi Slavin (1973) | President and Chief Executive Officer, of Trust I and Trust II | From May<br>2016<br>(Trust I and<br>Trust II) to<br>present | President, Brighthouse Investment Advisers, LLC (2016-present). |
| Alan R. Otis (1971) | Chief Financial<br> Officer and Treasurer, of Trust I and Trust II | From<br> November 2017<br>(Trust I and<br>Trust II) to<br> present | Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017). |
| Michele H. Abate (1968) | Secretary, of Trust I and Trust II | From<br>February<br>2023<br>(Trust I and<br>Trust II) to<br>present | Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company. |
| Jeffrey P. Halperin (1967) | Chief Compliance Officer ("CCO"), of Trust I and Trust II | From<br>December<br>2022<br>(Trust I and<br>Trust II) to<br>present | Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company. |
| Anna Koska (1981) | Vice President, of Trust I and Trust II | From June<br>2022<br>(Trust I and<br>Trust II) to<br>present | Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019). |

---

\* Mr. Rosenthal is an "interested person" of the Trusts because of his position with Brighthouse Financial, Inc. ("Brighthouse Financial"), an affiliate of BIA.

\*\* Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially
different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

**BHFTI-12** 

------

**Brighthouse Funds Trust I** 

**American Funds Growth Portfolio** 

**Board of Trustees' Consideration of Advisory Agreements** 

At a meeting held on November 29-30, 2022 (the "<u>November Meeting</u>"), the Boards of Trustees (the "<u>Board</u>") of Brighthouse Funds Trust I and Brighthouse Funds Trust II ("<u>BFT I</u>" and "<u>BFT II</u>," respectively, and collectively, the "<u>Trusts</u>"), including a majority of the Trustees who are not "interested persons" of the Trusts (the "<u>Independent Trustees</u>") under the Investment Company Act of 1940 (the "<u>1940 Act</u>"), approved the continuation of the Trusts' advisory agreements (the "<u>Advisory Agreements</u>" or "<u>Agreements</u>") with Brighthouse Investment Advisers, LLC (the "<u>Adviser</u>") for the series of the Trusts (each a "<u>Portfolio</u>," and collectively, the "<u>Portfolios</u>") for the annual contract renewal period from January 1, 2023 through December 31, 2023. The American Funds Growth Portfolio is a "feeder fund" that invests all of its assets in an American Funds Insurance Series "master fund," and the Board, including a majority of the Independent Trustees, approved the renewal of the stand-by Advisory Agreement with the Adviser (the "<u>Stand-by Agreement</u>") whereby the Adviser will manage the American Funds Growth Portfolio's assets and receive a fee in the event the Portfolio no longer invests all of its assets in its master fund.

The Board met with personnel of the Adviser on October 26-27, 2022 (the "October Meeting") for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board's review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the "Meetings"). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board considered, among other things, a report for each Portfolio that was prepared by Broadridge ("<u>Broadridge</u>"), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC ("<u>JDL</u>"), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio ("<u>JDL Report</u>"). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the Meetings, the Board, including a majority of the Independent Trustees, determined to approve the renewal of the Stand-by Agreement based upon the following factors: (i) its experience with the Adviser and the nature, extent and quality of services provided by the Adviser to the Trusts; and (ii) the investment performance of the American Funds Growth Portfolio. The Board further noted that because the Stand-by Agreement is not currently in effect: (i) the fees and expenses of the American Funds Growth Portfolio were not affected by the Stand-by Agreement; (ii) the Adviser's profitability from the provision of investment management services under the Stand-by Agreement was not affected by the Stand-by Agreement; and (iii) economies of scale in the provision of asset management services by the Adviser were not implicated by the Stand-by Agreement. In approving the renewal of the Stand-by Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors.

**BHFTI-13** 

------

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**American Funds<br> Insurance Series<sup>®</sup>**<br>Annual report <br> for the year ended <br> December 31, 2022 | ![](g382964x1_c105652x1x2.jpg) |

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![](g382964x1_c105652x1x1.jpg)

**Investing in global<br> companies for <br> the long term**

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

**Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch as an indication of an issuer's creditworthiness. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds' participation in market gains. The use of the managed risk strategy could cause the funds' returns to lag those of the underlying funds in certain market conditions. Refer to the funds' prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

**Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.**

Contents

---

| | |
|:---|:---|
| 1 | [Letter to investors](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a001) |
| 4 | [Fund reviews](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a002) |
|  | **Investment portfolios** |
| 46 | [Global Growth Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a003) |
| 51 | [Global Small Capitalization Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a004) |
| 58 | [Growth Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a005) |
| 65 | [International Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a006) |
| 70 | [New World Fund<sup>®</sup>](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a007) |
| 84 | [Washington Mutual Investors Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a008) |
| 89 | [Capital World Growth and Income Fund<sup>®</sup>](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a009) |
| 97 | [Growth-Income Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a010) |
| 103 | [International Growth and Income Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a011) |
| 109 | [Capital Income Builder<sup>®</sup>](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a012) |
| 127 | [Asset Allocation Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a013) |
| 160 | [American Funds<sup>®</sup> Global Balanced Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a014) |
| 176 | [The Bond Fund of America<sup>®</sup>](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a015) |
| 206 | [Capital World Bond Fund<sup>®</sup>](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a016) |
| 226 | [American High-Income Trust<sup>®</sup>](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a017) |
| 245 | [American Funds Mortgage Fund<sup>®</sup>](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a018) |
| 252 | [Ultra-Short Bond Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a019) |
| 254 | [U.S. Government Securities Fund<sup>®</sup>](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a020) |
| 263 | [Managed Risk Growth Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a021) |
| 265 | [Managed Risk International Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a022) |
| 267 | [Managed Risk Washington Mutual Investors Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a023) |
| 269 | [Managed Risk Growth-Income Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a024) |
| 271 | [Managed Risk Asset Allocation Fund](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a025) |
| 273 | [Financial statements](https://www.sec.gov/Archives/edgar/data/729528/000005193123000222/afis_ncsr.htm#x1_c105652a026) |

---

Fellow investors:

It is our pleasure to present the annual report for American Funds Insurance Series<sup>®</sup> for the year ended December 31, 2022.

Regarding the investment environment, global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index<sup>1</sup>. Communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. equities had their worst year since 2008 as the S&P 500 Index<sup>2</sup> fell 18.11%. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

European stocks declined as record-high inflation, rising interest rates and the Ukraine invasion combined to hammer the eurozone economy. Gross domestic product growth in the 19-member eurozone decelerated throughout the year, falling to 0.3% in the third quarter from 0.6% in the first quarter. Political turmoil also weighed on markets amid contentious leadership changes in Italy and the United Kingdom. Despite a strong fourth-quarter rally in European stocks, the MSCI Europe Index<sup>3</sup> finished the full year down by 15.06%.

Emerging markets stocks tumbled, undercut by China's economic slowdown, interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. Overall, the MSCI Emerging Markets Index<sup>4</sup> slid 20.09%.

Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index<sup>5</sup> lost 12.46% in one of the worst bond market

Past results are not predictive of results in future periods.

All market returns referenced in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Country returns are based on MSCI indexes, which reflect reinvestment of distributions and dividends net of withholding taxes. Source: MSCI.

<sup>1</sup> Source: MSCI. MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes.

<sup>2</sup> Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

<sup>3</sup> Source: MSCI. MSCI Europe Index is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 10 developed equity markets in Europe. Results reflect dividends net of withholding taxes.

<sup>4</sup> Source: MSCI. MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global emerging markets, consisting of more than 20 emerging market country indexes. Results reflect dividends net of withholding taxes.

<sup>5</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

American Funds Insurance Series 1

declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield rose 237 basis points to 3.88%. In this environment, investment-grade (BBB/ Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index<sup>6</sup> was down 15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>7</sup> fell by 11.18%, while the Bloomberg Municipal Bond Index<sup>8</sup> declined 8.53%.

In foreign exchange markets a strong U.S. dollar grew stronger for much of the year, particularly as the Fed raised rates at a faster pace than some other central banks, though there was some reversal of its strength in the last two months of the year. The dollar posted gains of 6.6% and 14.6% against the euro and the yen, respectively.

**Looking ahead**

Big questions remain about how the U.S. economy will do in 2023. It is possible that the delayed impact of higher rates will keep growth slow, or even cause a mild recession. However, we have confidence in the long-term trajectory of the economy, and the stock market has likely digested much of the potential bad news already, given the decline this year. Investors have reason for hope, as we've already taken a measure of pain, in both stocks and bonds. Inflation may persist above the levels we've been used to the past decade, but is likely to gently decline over the coming year from the 6.5% mark, published in January 2023. That would be good news on its own, and would also lighten the upward pressure we've seen on interest rates this past year. The global negative impact of COVID-19 has already persisted longer than anyone predicted back in early 2020, but should also decline with time, particularly as China has decided to end lockdowns. That will eventually help economic growth.

Thus, as 2023 progresses we may see, out of many fears, a reason for optimism. The ongoing war in Ukraine remains a wild card, and we hope it does not spill over into a larger conflict. That may be the biggest risk to a mildly positive outlook for stocks. There can still be bumps in the road, but with our world-class research, we will continue to focus on finding those companies with the best fundamentals and the best risk-versus-return tradeoffs. We believe that we will find plenty of attractive securities for the long term in this environment. In the event of periods of volatility, we remain committed to our process, and will look for opportunities at that time as well.

Our time-tested process is based on extensive research, a long-term framework and close attention to valuation, and has resulted in superior outcomes for investors over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

![](g382964x1_c105652x4x1.jpg)

Donald D. O'Neal <br> Co-President

![](g382964x1_c105652x4x2.jpg)

Alan N. Berro<br> Co-President

February 13, 2023

Past results are not predictive of results in future periods.

<sup>6</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

<sup>7</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.

<sup>8</sup> Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

2 American Funds Insurance Series

About the series

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).

The variable annuities and life insurance contracts that use the series' funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information.

The investment adviser is currently waiving a portion of its management fee for Global Growth Fund, Global Small Capitalization Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, International Growth and Income Fund, Capital Income Builder, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund and U.S. Government Securities Fund. The waivers will be in effect through at least May 1, 2023. The waivers may only be modified or terminated with the approval of the series' board. Applicable fund results shown reflect the waivers, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund's net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund. The waivers and reimbursement will be in effect through at least May 1, 2023, unless modified or terminated by the series' board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series' board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — Growth Fund and American Funds Insurance Series<sup>®</sup> — The Bond Fund of America. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — International Fund and American Funds Insurance Series<sup>®</sup> — The Bond Fund of America. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — Washington Mutual Investors Fund and American Funds Insurance Series<sup>®</sup> — U.S. Government Securities Fund. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — Growth-Income Fund and American Funds Insurance Series<sup>®</sup> — The Bond Fund of America. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — Asset Allocation Fund. The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds' managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds' results can be expected to lag those of the underlying fund.

Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.

American Funds Insurance Series 3

Global Growth Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Global Growth Fund declined 24.54% for the 12 months ended December 31, 2022, compared with a decrease of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the fund, stock selection in the consumer discretionary sector was the top contributor to relative returns. A larger-than-index position in health care firm Cigna was among the top individual contributors to the fund, with returns that outpaced the broader market. On the downside, stock selections within the information technology sector weighed on results. Netherlands-based payments firm Adyen was among the top individual detractors, with returns that lagged the broader market in a weak sector overall.

On a geographic basis, stocks of companies domiciled in Hong Kong and France were among the top contributors to results, while stocks of companies based in the United States and the Netherlands were among the top detractors.

The fund's portfolio managers are optimistic they will continue to find good companies globally that offer high-quality products and services, and whose values are not yet fully reflected in their share prices.

4 American Funds Insurance Series

Global Growth Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x7x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since April 30, 1997) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –24.54% | 7.33% | 10.43% | 9.57% | 0.52% | 0.41% |
| Class 1A | –24.73 | 7.07 | 10.16 | 9.30 | 0.77 | 0.66 |
| Class 2 | –24.74 | 7.06 | 10.15 | 9.30 | 0.77 | 0.66 |
| Class 4 | –24.92 | 6.80 | 9.92 | 9.04 | 1.02 | 0.91 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x7x2.jpg)

American Funds Insurance Series 5

Global Small Capitalization Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Global Small Capitalization Fund declined 29.37% for the 12 months ended December 31, 2022. Its benchmark, the MSCI All Country World Small Cap Index,<sup>1</sup> a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, declined 18.67%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Regarding the fund, stock selection within the health care sector was a positive contributor to relative returns. A larger-than-index investment in medical technology firm Haemonetics was among the fund's top individual contributors over the period. On the downside, stock selection within the information technology sector weighed on returns. Within individual securities, India-based cloud platform provider Tanla Platforms was a top detractor, as its stock lagged the broader market.

Geographically, investments in companies domiciled in Hong Kong and Korea were overall additive to returns, while investments in those domiciled in China and the United States were detractors, overall.

In a turbulent year for markets across the board, the fund's results for the past 12 months have been disappointing. However, with analysts' full-time return to the road after COVID-19-related pauses, fund managers remain confident in the primary research capabilities underpinning investment decisions, and optimistic for the outlook ahead. While cognizant of the possibility of recession in the short term, managers remain committed to investing in companies with long-term potential.

6 American Funds Insurance Series

Global Small Capitalization Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x9x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since April 30, 1998) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –29.37% | 3.05% | 7.10% | 8.39% | 0.70% | 0.66% |
| Class 1A | –29.54 | 2.80 | 6.84 | 8.13 | 0.95 | 0.91 |
| Class 2 | –29.55 | 2.79 | 6.84 | 8.13 | 0.95 | 0.91 |
| Class 4 | –29.69 | 2.54 | 6.58 | 7.86 | 1.20 | 1.16 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x9x2.jpg)

American Funds Insurance Series 7

Growth Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Growth Fund declined 29.75% for the 12 months ended December 31, 2022, compared with a decrease of 18.11% in its benchmark index, S&P 500 Index,<sup>1</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selection within the materials sector was the top contributor to relative returns. A position in energy industry firm Halliburton buoyed results as its stock outpaced the broader industry. On the downside, investments within the communication services sector weighed on results. A position in Tesla was the top individual detractor to returns.

The overall uncertain economic environment and challenges of inflation are very real concerns. The fund's managers believe it is well-positioned for the road ahead and continue to focus on capital appreciation and selecting companies best suited for this challenging economic environment. Portfolio managers remain confident their time-tested investment approach, based on thorough research and robust debate with an eye on valuation, can continue to deliver superior outcomes for investors over the long-term.

8 American Funds Insurance Series

Growth Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x11x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since February 8, 1984) | **Expense<br>ratio** |
| Class 1 | –29.75% | 11.42% | 13.93% | 12.65% | 0.34% |
| Class 1A | –29.93 | 11.14 | 13.65 | 12.37 | 0.59 |
| Class 2 | –29.94 | 11.14 | 13.64 | 12.37 | 0.59 |
| Class 3 | –29.89 | 11.22 | 13.72 | 12.45 | 0.52 |
| Class 4 | –30.11 | 10.86 | 13.38 | 12.09 | 0.84 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x11x2.jpg)

American Funds Insurance Series 9

International Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

International Fund declined 20.57% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index) ex USA,<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), fell 16.00%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the portfolio, stock selection within the energy sector boosted relative returns. Within individual securities, a higher-than-index position in Petroleo Brasileiro was a top contributor as the stock significantly outpaced the market overall. On the downside, stock selection within the information technology sector dragged on returns. A larger-than-index position in South Korean chipmaker SK Hynix was among the top individual detractors.

Looking ahead, the market continues to focus on global inflation levels as a key determinant for interest-rate and asset-price movement. There are signs that the worst of the inflation surge, due in part to rising oil prices and supply-chain issues during the COVID-19 pandemic, seems to be behind us. However, there is still uncertainty about how wage increases – as seen in many developed markets – could impact the continuation of high inflation. As a result of tighter monetary conditions, economies around the world are seeing growth moderate. Meanwhile, contributors to a turbulent macro environment in 2022, such as the war in Ukraine and U.S.-China tensions, have not subsided. In this uncertain environment, the fund's managers endeavor to maintain a portfolio with a healthy balance of well-managed companies across sectors.

10 American Funds Insurance Series

International Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x13x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since May 1, 1990) | **Expense<br>ratio** |
| Class 1 | –20.57% | –0.78% | 4.18% | 7.07% | 0.53% |
| Class 1A | –20.80 | –1.03 | 3.92 | 6.80 | 0.78 |
| Class 2 | –20.79 | –1.03 | 3.92 | 6.80 | 0.78 |
| Class 3 | –20.76 | –0.97 | 3.98 | 6.87 | 0.71 |
| Class 4 | –21.02 | –1.29 | 3.67 | 6.54 | 1.03 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x13x2.jpg)

American Funds Insurance Series 11

New World Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

New World Fund was down 21.86% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index),<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), declined 18.36%. The MSCI Emerging Markets (EM) Index,<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), fell by 20.09%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Emerging markets stocks tumbled, undercut by China's economic slowdown, the Federal Reserve's aggressive interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. However, a few countries, including Brazil, were able to separate from the group by benefiting from some stronger fundamentals.

Within the portfolio, a higher-than-benchmark position in the materials sector was beneficial to the fund's relative returns. Brazilian mining company Vale was a top individual contributor, as its stock saw returns that outpaced the broader market. Indian energy company Reliance Industries was also a relative contributor. On the downside, stock selection within the health care sector dragged on relative returns. Among individual securities, a larger-than-benchmark position in Singapore-based Sea Ltd. was a top detractor to results.

The investment environment has become much more challenging over the last year, with a wide range of uncertainties affecting equity prices – including global shifts in monetary policy, elevated geopolitical tensions and the potential for widespread recession. The portfolio managers believe the fund's flexibility in seeking investments in both the developed world and emerging markets will provide significant opportunities in these periods of volatility. They remain confident that on-the-ground research, a cornerstone of their investment process, will provide highly differentiated investment insights leading to potentially superior outcomes over the long term.

12 American Funds Insurance Series

New World Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x15x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since June 17, 1999) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –21.86% | 2.58% | 4.53% | 7.45% | 0.64% | 0.57% |
| Class 1A | –22.09 | 2.32 | 4.27 | 7.18 | 0.89 | 0.82 |
| Class 2 | –22.10 | 2.32 | 4.27 | 7.18 | 0.89 | 0.82 |
| Class 4 | –22.25 | 2.07 | 4.02 | 6.92 | 1.14 | 1.07 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x15x2.jpg)

American Funds Insurance Series 13

Washington Mutual Investors Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Washington Mutual Investors Fund declined 8.28% for the 12 months ended December 31, 2022. Its benchmark index, S&P 500 Index,<sup>1</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell by 18.11%.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selections in the consumer discretionary and information technology sectors were additive to relative returns. Among individual securities, a higher-than-benchmark position in Unitedhealth Group was a top contributor, as the stock outpaced the broader market. On the downside, security selections within the financials and real estate sectors were top detractors. A lower-than-index position in Exxon Mobil weighed on relative returns as the stock outpaced the market overall.

Looking ahead, the fund's portfolio managers are keeping a close watch on monetary policy, inflation, and other global issues, along with the resulting implications for the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long-term investment opportunities.

14 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x17x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since July 5, 2001) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –8.28% | 7.37% | 11.57% | 6.97% | 0.40% | 0.25% |
| Class 1A | –8.45 | 7.11 | 11.30 | 6.71 | 0.65 | 0.50 |
| Class 2 | –8.45 | 7.11 | 11.30 | 6.70 | 0.65 | 0.50 |
| Class 4 | –8.69 | 6.84 | 11.08 | 6.47 | 0.90 | 0.75 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x17x2.jpg)

American Funds Insurance Series 15

Capital World Growth and Income Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Capital World Growth and Income Fund declined 17.13% for the 12 months ended December 31, 2022, compared with a decline of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the portfolio, a higher-than-index position and stock selection within the materials sector was a top contributor to relative returns. Results were also buoyed by holdings in Vale, a Brazil-based mining company, which saw returns over the period that outpaced the broader market. On the downside, stock selection within the communication services and financials sectors were among the top detractors to returns. A position in Sberbank Russia weighed on returns as the stock saw sharp declines due to Russia's invasion of Ukraine and related consequences.

On a geographical basis, stocks domiciled in the United States and Brazil contributed the most to relative returns, while holdings in Japan and Russia dragged.

Looking ahead, the market continues to focus on global inflation levels as a key determinant for interest-rate and asset-price movement. There are signs that the worst of the inflation surge, due in part to rising oil prices and supply-chain issues during the COVID-19 pandemic, seems to be behind us. However, there is still uncertainty about how wage increases – as seen in many developed markets – could impact the continuation of high inflation. As a result of tighter monetary conditions, economies around the world are seeing growth moderate. Meanwhile, contributors to a turbulent macro environment in 2022, such as the war in Ukraine and U.S.-China tensions, have not subsided. Against this uncertainty, the fund's managers remain committed to finding companies that can grow regardless of macro environment and investing in those that have shown a strong tendency to pay a dividend through difficult economic conditions.

16 American Funds Insurance Series

Capital World Growth and Income Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x19x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since May 1, 2006) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –17.13% | 4.36% | 8.04% | 6.40% | 0.53% | 0.42% |
| Class 1A | –17.29 | 4.10 | 7.79 | 6.15 | 0.78 | 0.67 |
| Class 2 | –17.33 | 4.10 | 7.77 | 6.14 | 0.78 | 0.67 |
| Class 4 | –17.57 | 3.83 | 7.53 | 5.89 | 1.03 | 0.92 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x19x2.jpg)

American Funds Insurance Series 17

Growth-Income Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Growth-Income Fund fell 16.28% for the 12 months ended December 31, 2022, compared with a decline of 18.11% in its benchmark index, S&P 500 Index,<sup>1</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. The S&P 500 entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, investments within the information technology and industrials sectors were top contributors to the fund's relative returns. An out-of-benchmark position in energy company Canadian Natural Resources was a top individual contributor, as the stock outpaced the market overall. On the downside, security selections within the communications and financials sectors dragged on portfolio returns. Netflix was the fund's top individual detractor owing to a larger-than-benchmark position and returns that lagged the market overall.

Looking ahead, uncertainty in the macroeconomic outlook and in the trajectory of inflation and interest rates will likely continue. Stock valuations have started to come down to reflect investor concerns, although corporate earnings outlooks may not have bottomed. The fund's portfolio managers will take advantage of volatility to build positions in companies and stocks in which they see long term value. The current environment should provide opportunities for finding investments with attractive risk-adjusted return potential.

18 American Funds Insurance Series

Growth-Income Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x21x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since February 8, 1984) | **Expense<br>ratio** |
| Class 1 | –16.28% | 8.09% | 11.82% | 11.01% | 0.28% |
| Class 1A | –16.48 | 7.83 | 11.55 | 10.74 | 0.53 |
| Class 2 | –16.50 | 7.83 | 11.54 | 10.74 | 0.53 |
| Class 3 | –16.43 | 7.91 | 11.62 | 10.82 | 0.46 |
| Class 4 | –16.70 | 7.56 | 11.28 | 10.47 | 0.78 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x21x2.jpg)

American Funds Insurance Series 19

International Growth and Income Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

International Growth and Income Fund fell 15.00% for the 12 months ended December 31, 2022, compared with a decline of 16.00% in its benchmark index, MSCI ACWI (All Country World Index) ex USA,<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Regarding the fund, stock selections within the consumer discretionary and consumer staples sectors were additive to relative results. Within individual securities, British American Tobacco was a top contributor owing to returns that outpaced the broader market. On the downside, security selections within the financials and energy sectors detracted from returns. Positions in Russian firms Sberbank and Gazprom were among the top individual detractors as their stocks saw declines due to the Russian invasion of Ukraine and related consequences.

The new year looks to continue current macroeconomic uncertainty and trends stemming from shifting monetary policies and geopolitical tensions around the world. In this environment, valuations remain depressed, particularly outside the United States. The fund's managers continue to focus on businesses they believe will provide good value over the long-term, as guided by the fundamental, global research that underpins investment decisions.

20 American Funds Insurance Series

International Growth and Income Fund (continued)

**How a hypothetical $10,000 investment has grown**

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since November 18, 2008) | **Expense<br>ratio** |
| Class 1 | –15.00% | 0.88% | 3.86% | 6.91% | 0.55% |
| Class 1A | –15.31 | 0.61 | 3.60 | 6.64 | 0.80 |
| Class 2 | –15.25 | 0.62 | 3.60 | 6.64 | 0.80 |
| Class 4 | –15.52 | 0.35 | 3.37 | 6.40 | 1.05 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x23x2.jpg)

American Funds Insurance Series 21

Capital Income Builder<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Capital Income Builder, which invests in a mix of stocks and bonds, declined 6.90% for the 12 months ended December 31, 2022. During the same period, the index blend of 70%/30% MSCI ACWI (All Country World Index)/Bloomberg U.S. Aggregate Index<sup>1</sup> fell 16.59%. MSCI ACWI,<sup>2</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), fell 18.36%. The Bloomberg U.S. Aggregate Index,<sup>3</sup> which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell 13.01%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply.

The overall portfolio has protected the absolute downside for investors. In the equity portfolio, stock selection in consumer staples was a top contributor to relative returns. Investment in aerospace, within the industrials sector, was also additive, as was a position in the energy sector. On the downside, stock selection within financials detracted from returns. Overall, dividend-paying companies have done better than the broader market.

The fund's fixed income portfolio outpaced its benchmark and was additive to relative returns overall. Duration positioning within the portfolio was a primary driver of returns, while curve positioning and security selection detracted.

The fund's portfolio managers are cautious given the impact of a potential U.S. recession on earnings and dividends, but also aware that markets tend to bottom three to six months ahead of a recession and are therefore ready to revisit early cyclical investment ideas. With the strength of the U.S. dollar reversing, we believe the fund's exposure to global markets is well-positioned. The fund also remains well-positioned to use its geographic flexibility to pursue dividend-paying investment opportunities around the world. Fund managers remain loyal to the fund's objective and optimistic about the companies with growing dividends that were selected for this portfolio through fundamental, bottom-up security selection.

22 American Funds Insurance Series

Capital Income Builder<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x25x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br>(since May 1, 2014) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –6.90% | 4.35% | 4.33% | 0.41% | 0.27% |
| Class 1A | –7.06 | 4.10 | 4.08 | 0.66 | 0.52 |
| Class 2 | –7.13 | 4.09 | 4.14 | 0.66 | 0.52 |
| Class 4 | –7.37 | 3.83 | 3.81 | 0.91 | 0.77 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.

<sup>2</sup> Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

<sup>3</sup> Source: Bloomberg Index Services Ltd.

<sup>4</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x25x2.jpg)

American Funds Insurance Series 23

Asset Allocation Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Asset Allocation Fund, which is a mix of stocks and bonds, fell 13.19% for the 12 months ended December 31, 2022. During the same period, the index blend of 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index<sup>1</sup> declined 15.79%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%, while the Bloomberg U.S. Aggregate Index,<sup>3</sup> which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell by 13.01%.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. The S&P 500 entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply.

In the equity portfolio, investment selection within the consumer discretionary sector was the top contributor to relative returns on a sector basis. Results were buoyed by an off-benchmark holding in food services company Aramark and a higher-than-index position in Philip Morris, which saw returns that significantly outpaced the market overall. On the downside, stock selections within the energy and financials sectors weighed on relative returns. Within energy, Exxon Mobil – which the fund did not hold – weighed on relative results as its stock outpaced the broader market. A higher-than-benchmark holding in Charter Communications was among the top individual detractors, as returns lagged the broader market.

The fund's fixed income investments were additive to relative returns overall. Duration positioning within Treasuries and mortgage-backed securities (MBS) contributed positively to results. Sector and security selections detracted. An out-of-benchmark position within U.S. Treasury Inflation-Protected Securities (TIPS) also weighed on returns.

In the wake of market selloffs and rotations like the one seen in 2022, opportunities often abound for the long-term investor. Fund managers note that many sound companies with outstanding long-term prospects are trading at attractive valuations because the market is focused on the short term. Managers are focused on differentiating between companies whose fundamental outlook has changed versus those facing more transient issues, and where valuations are attractive. In addition, their portfolios are balanced across a broad array of cyclical and market exposures.

24 American Funds Insurance Series

Asset Allocation Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x27x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since August 1, 1989) | **Expense<br>ratio** |
| Class 1 | –13.19% | 5.59% | 8.37% | 8.22% | 0.30% |
| Class 1A | –13.43 | 5.32 | 8.11 | 7.95 | 0.55 |
| Class 2 | –13.41 | 5.33 | 8.10 | 7.95 | 0.55 |
| Class 3 | –13.37 | 5.40 | 8.18 | 8.03 | 0.48 |
| Class 4 | –13.66 | 5.06 | 7.87 | 7.69 | 0.80 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Source: Bloomberg Index Services Ltd.

<sup>4</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x27x2.jpg)

American Funds Insurance Series 25

American Funds<sup>®</sup> Global Balanced Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

American Funds Global Balanced Fund declined 14.33% for the 12 months ended December 31, 2022. Over the same period, the fund's index blend of 60%/40% MSCI ACWI (All Country World Index)/Bloomberg Global Aggregate Index<sup>1</sup> fell 17.33%. MSCI ACWI,<sup>2</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), was down 18.36%, while the Bloomberg Global Aggregate Index,<sup>3</sup> a measure of global investment-grade bonds (rated BBB/Baa and above), declined 16.25%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses. Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index<sup>4</sup> lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies.

The fund declined overall but outpaced its primary benchmark index. Within the equity portfolio, stock selection in the communication services sector was a top contributor to relative results. A lower-than-benchmark position in Amazon was additive to portfolio relative returns as the stock lagged the market overall. On the downside, stock selection within the materials sector weighed on returns. A higher-than-benchmark holding in Home Depot was a top detractor among individual stocks. The fund's fixed income investments detracted from relative results. A small exposure to Russian bonds weighed on relative returns, while overall sector selection was positive, owing mostly to holdings in euro-denominated assets.

Investors face an ongoing combination of risks in the year ahead, with likely weak economic growth, high inflation and geopolitical risk continuing. Among stock sectors, fund managers believe sectors such as U.S. utilities and health care may provide attractive investment opportunities as renewable energy incentives and demographic changes are expected to aid growth. They are also closely watching the U.S. dollar, whose strength has weighed on non-U.S. holdings in the portfolio and is expected to remain strong into 2023. The fund's fixed income portfolio remains cautiously positioned in the current inflationary environment, but managers are confident in the long-term opportunities in bond markets that are now delivering meaningful income for the first time in years. As always, they continue to focus on core principals of global research, individual security selection and bottom-up fundamental analysis to underpin investment decisions.

26 American Funds Insurance Series

American Funds<sup>®</sup> Global Balanced Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x29x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>5</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since May 2, 2011) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –14.33% | 3.65% | 5.52% | 5.23% | 0.51% | 0.50% |
| Class 1A | –14.56 | 3.41 | 5.28 | 4.99 | 0.76 | 0.75 |
| Class 2 | –14.56 | 3.40 | 5.25 | 4.97 | 0.76 | 0.75 |
| Class 4 | –14.73 | 3.13 | 5.12 | 4.81 | 1.01 | 1.00 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.

<sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.

<sup>3</sup> Source: Bloomberg Index Services Ltd.

<sup>4</sup> Source: Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

<sup>5</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x29x2.jpg)

American Funds Insurance Series 27

The Bond Fund of America<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The Bond Fund of America declined 12.26% for the 12 months ended December 31, 2022. The fund's benchmark, Bloomberg U.S. Aggregate Index,<sup>1</sup> which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, was down 13.01%.

U.S. fixed income markets fell across the board. The U.S. Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. The Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>3</sup> returned –11.18%, while the Bloomberg Municipal Bond Index<sup>4</sup> returned –8.53%.

Over the period, the largest contributions to relative results came from duration positioning and agency mortgage-backed securities (MBS). The fund's lower-than-benchmark duration helped reduce interest rate sensitivity as rates moved higher and bond prices fell over the period. A lower position in MBS also helped, relative to the benchmark, as spreads widened materially. On the downside, yield curve positioning and a modest position in emerging markets and high-yield bonds detracted from results.

The market and economic environments in 2023 look very different than last year. Inflation appears to have peaked and is on the decline, the Fed has guided to a peak federal funds rate of around 5% to be reached in the first half of 2023, and the market is gearing for an economic slowdown or recession. In response, yields have moved higher and spreads on risky assets have moved wider, making valuations more attractive for fixed income investors.

The fund's managers have a conservative outlook on the economy and believe that while valuations are more attractive, they do not fully compensate investors for the risk of a deeper economic downturn in the coming year. Managers have added duration, corporate bonds and structured products like agency mortgage-backed securities to effectively eliminate lower-than-benchmark positions but have not moved significantly higher than the benchmark. Interest rate positioning is concentrated in intermediate securities around five-year maturities, which managers believe will benefit the portfolio if inflation and the economy continue to slow and the Fed ends the rate-hike cycle in the first half of 2023.

As the year progresses and managers gain more confidence on either the direction of the economy or valuations, they expect to take more meaningful positions relative to the benchmark. As always, research-driven security selection is expected to be an important driver of future investment results.

28 American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x31x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>5</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since January 2, 1996) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –12.26% | 1.02% | 1.62% | 4.04% | 0.38% | 0.21% |
| Class 1A | –12.49 | 0.78 | 1.37 | 3.79 | 0.63 | 0.46 |
| Class 2 | –12.58 | 0.76 | 1.36 | 3.78 | 0.63 | 0.46 |
| Class 4 | –12.75 | 0.51 | 1.12 | 3.53 | 0.88 | 0.71 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd.

<sup>2</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.

<sup>4</sup> Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

<sup>5</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x31x2.jpg)

American Funds Insurance Series 29

Capital World Bond Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Capital World Bond Fund declined 17.43% for the 12 months ended December 31, 2022. The fund's benchmark, the Bloomberg Global Aggregate Index,<sup>1</sup> which measures global investment-grade bonds (rated BBB/Baa and above), was down 16.25%.

Bonds plummeted in the face of soaring inflation, which rose in part due to energy price shocks resulting from Russia's invasion of Ukraine. The Bloomberg U.S. Treasury Index<sup>2</sup> lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring consumer price increases back to a target of roughly 2%, down from 7% to 10% in many economies.

Over the period, the largest contributions to the fund's relative results were due to currency and sector selection, with a modest boost from curve positioning. Unhedged holdings in the euro and Japanese yen were additive. On the downside, duration positioning as well as currency hedging in forward contracts detracted. Weak absolute returns in part reflect the strength of the U.S. dollar, spurred by the Fed's aggressive rate hikes and their effect on global bond markets.

Looking ahead, the fund's managers believe the Fed's hiking cycle is close to a peak and see the 50-60 basis points of further hikes priced into forward curves as realistic. The managers' outlook for bonds is therefore good, with the U.S. dollar likely in a peaking phase as inflation momentum turns around. They expect inflation to fall this year as growth is likely to be relatively sluggish in both the U.S. and Europe.

30 American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x33x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since October 4, 2006) | **Expense<br>ratio** |
| Class 1 | –17.43% | –1.53% | –0.25% | 2.40% | 0.47% |
| Class 1A | –17.69 | –1.76 | –0.48 | 2.16 | 0.72 |
| Class 2<sup>4</sup> | –17.70 | –1.77 | –0.50 | 2.14 | 0.72 |
| Class 4 | –17.84 | –2.01 | –0.70 | 1.92 | 0.97 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd.

<sup>2</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

<sup>3</sup> Periods greater than one year are annualized.

<sup>4</sup> Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x33x2.jpg)

American Funds Insurance Series 31

American High-Income Trust<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

American High-Income Trust fell 9.01% for the 12 months ended December 31, 2022. In comparison, the fund's benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index,<sup>1</sup> which measures fixed-rate non-investment-grade bonds (rated BB/Ba and below) and limits the exposure of an issuer to 2%, was down 11.18%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg Municipal Bond Index<sup>3</sup> returned –8.53%.

At a high level, security selection was most additive to the fund's relative returns over the period. In particular, investments within the energy and non-cyclical consumer staples sectors contributed to relative results. On the downside, security selection and a lower-than-benchmark position within the cyclical consumer goods sector detracted from relative results.

With high-yield bond yields close to their long-term average, markets now reflect the higher inflation that emerged over the last year. The adverse consequences of tighter global monetary policy may lead to somewhat higher default rates in the next several years, which could in turn lead to a further rise in yields. The substantial yield increases across fixed income markets provides a more attractive forward return outlook, and although yields may continue to adjust to higher levels, much of the required adjustment may have already occurred. The fund's managers continue to seek attractive opportunities within the high yield market that appropriately compensate for the underlying investment risks.

32 American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x35x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since February 8, 1984) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –9.01% | 3.40% | 4.12% | 8.16% | 0.44% | 0.30% |
| Class 1A | –9.29 | 3.14 | 3.87 | 7.89 | 0.69 | 0.55 |
| Class 2 | –9.26 | 3.14 | 3.86 | 7.89 | 0.69 | 0.55 |
| Class 3 | –9.25 | 3.21 | 3.93 | 7.97 | 0.62 | 0.48 |
| Class 4 | –9.53 | 2.88 | 3.64 | 7.63 | 0.94 | 0.80 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd.

<sup>2</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

<sup>4</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x35x2.jpg)

American Funds Insurance Series 33

American Funds Mortgage Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

American Funds Mortgage Fund fell 9.76% for the 12 months ended December 31, 2022. Its benchmark index, Bloomberg U.S. Mortgage-Backed Securities Index,<sup>1</sup> which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, was down 11.81%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>3</sup> returned –11.18%, while the Bloomberg Municipal Bond Index<sup>4</sup> returned –8.53%.

The fund declined but outpaced its benchmark index. At a high level, duration and curve positioning were most additive to relative returns over the period. In particular, the fund benefitted from lower-than-benchmark duration positioning within securitized mortgage-backed security pass-throughs. On the downside, sector selection weighed on results overall, particularly in an out-of-benchmark position within Treasuries.

The fund's focus remains on meeting its core objectives of providing current income and preserving invested capital. Managers are mindful of the fund's correlation to equity and its use as a building block in investor portfolios. They are cautious about weakening economic activity as the Fed continues to raise interest rates. The fund is positioned with the view that inflation may remain elevated and that a contraction in growth is likely sometime in the next year.

34 American Funds Insurance Series

American Funds Mortgage Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x37x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>5</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime<br>10 years** | **Gross**<br>(since May 2, 2011) | **Net<br>expense ratio** | **expense ratio** |
| Class 1 | –9.76% | 0.38% | 1.19% | 1.65% | 0.40% | 0.30% |
| Class 1A | –10.03 | 0.14 | 0.95 | 1.40 | 0.65 | 0.55 |
| Class 2 | –9.94 | 0.14 | 0.94 | 1.40 | 0.65 | 0.55 |
| Class 4 | –10.16 | –0.11 | 0.75 | 1.20 | 0.90 | 0.80 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd.

<sup>2</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.

<sup>4</sup> Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

<sup>5</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x37x2.jpg)

American Funds Insurance Series 35

Ultra-Short Bond Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Ultra-Short Bond Fund rose 1.42% for the 12 months ended December 31, 2022, compared with a 0.69% rise in the Bloomberg Short-Term Government/Corporate Index,<sup>1</sup> which consists of investment-grade (rated BBB/ Baa and above), fixed-rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector.

With a focus on capital preservation and liquidity, the fund continues to invest in a conservative manner, typically investing in both shorter duration and higher quality securities relative to the index. In the current rising interest rate environment, this approach positioned the fund to capture interest rate hikes relatively quickly. With the U.S. Federal Reserve raising its benchmark rate seven times and by a total of 425 basis points in 2022, the fund's shorter duration compared with the index resulted in a more positive 12-month return.

Short-term interest rates are currently near a 15-year high and, with the current inflation outlook, the Federal Reserve may choose to increase them again. However, uncertainty on when the Fed may pause hikes or reverse course continues to drive the market.

36 American Funds Insurance Series

Ultra-Short Bond Fund (continued)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since February 8, 1984) | **Expense<br>ratio** |
| Class 1 | 1.42% | 0.97% | 0.49% | 3.17% | 0.30% |
| Class 1A | 1.32 | 0.97 | 0.39 | 2.95 | 0.55 |
| Class 2 | 1.17 | 0.72 | 0.24 | 2.91 | 0.55 |
| Class 3 | 1.19 | 0.80 | 0.31 | 2.98 | 0.48 |
| Class 4 | 0.83 | 0.47 | 0.06 | 2.67 | 0.80 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |
| Commercial paper | 76.5% |
| Federal agency bills & notes | 21.5 |
| Other assets less liabilities | 2.0 |
| Total | 100.0% |

---

American Funds Insurance Series 37

U.S. Government Securities Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

U.S. Government Securities Fund declined 10.75% for the 12 months ended December 31, 2022. Its benchmark, the Bloomberg U.S. Government/Mortgage-Backed Securities Index,<sup>1</sup> which covers obligations issued by the U.S. Treasury and U.S. government agencies, was down 12.12%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%.

Over the period, the fund outpaced its benchmark. Top contributors to relative returns were duration and curve positioning. Duration positioning particularly within agency mortgage-backed securities (MBS) was additive. On the downside, sector and security selection weighed modestly on returns relative to the benchmark. The fund utilized interest rate derivatives to more efficiently execute the portfolio's interest rate positioning based on how managers expected yields to move. These had mixed impacts on results, but ultimately helped to express managers' convictions more efficiently.

The Fed has provided enormous support to the markets, particularly over the last two years. It is difficult to imagine unwinding that support without disruptions to financial markets and the economy. The fund's present high weighting to Treasury Inflation-Protected Securities (TIPS) is intended to provide additional return if the market underestimates future inflation. It remains to be seen just how far the Fed will go to tame inflation, but the fund's managers intend to use all the tools at their disposal to navigate these volatile markets as they seek to protect and grow shareholder assets over time.

38 American Funds Insurance Series

U.S. Government Securities Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x41x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since December 2, 1985) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –10.75% | 0.85% | 1.17% | 5.17% | 0.34% | 0.24% |
| Class 1A | –10.93 | 0.61 | 0.93 | 4.92 | 0.59 | 0.49 |
| Class 2 | –10.95 | 0.61 | 0.92 | 4.91 | 0.59 | 0.49 |
| Class 3 | –10.90 | 0.67 | 0.99 | 4.99 | 0.52 | 0.42 |
| Class 4 | –11.19 | 0.37 | 0.70 | 4.66 | 0.84 | 0.74 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](g382964x1_c105652x41x2.jpg)

American Funds Insurance Series 39

Managed Risk Growth Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund declined 24.62% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate Aggressive<sup>1</sup> was down 13.52%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Growth Fund and American Funds Insurance Series<sup>®</sup> – The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Growth Fund's investment within the materials sector was the top contributor to relative returns. Security selections within the consumer discretionary and communication services sectors detracted. The return of the underlying The Bond Fund of America was additive to relative results against its primary benchmark, the Bloomberg U.S. Aggregate Index.<sup>3</sup> The managed risk strategy was additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x42x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br>(since May 1, 2013) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class P1 | –24.62% | 6.61% | 8.10% | 0.74% | 0.69% |
| Class P2 | –24.88 | 6.31 | 7.80 | 0.99 | 0.94 |

---

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.

<sup>4</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

40 American Funds Insurance Series

Managed Risk International Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund declined 15.27% for the 12 months ended December 31, 2022, compared to S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,<sup>1</sup> which was down 12.42%. MSCI ACWI (All Country World Index) ex USA,<sup>2</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), fell 16.00%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– International Fund and American Funds Insurance Series<sup>®</sup>– The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying International Fund's investment within the energy sector was the top contributor to relative returns. On the downside, stock selections within the financials and information technology sectors detracted from relative results. The managed risk strategy was additive to results overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x43x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br> (since May 1, 2013) | **Gross<br> expense ratio** | **Net<br> expense ratio** |
| Class P1 | –15.27% | –2.31% | 0.86% | 0.93% | 0.86% |
| Class P2 | –15.54 | –2.60 | 0.51 | 1.18 | 1.11 |

---

The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.

<sup>3</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

American Funds Insurance Series 41

Managed Risk Washington Mutual Investors Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund declined 8.92% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate<sup>1</sup> fell 13.13%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Washington Mutual Investors Fund and American Funds Insurance Series<sup>®</sup>– U.S. Government Securities Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Washington Mutual Investors Fund's security selection within the consumer discretionary sector was the top contributor to relative returns. Investments in the information technology sector were also additive. The top detractors to relative returns on a sector basis were security selections within financials and real estate. The managed risk strategy detracted overall. Within the strategy, the equity future overlay was additive while the Treasury future and option overlays detracted.

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x44x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br> (since May 1, 2013) | **Gross<br> expense ratio** | **Net<br> expense ratio** |
| Class P1 | –8.92% | 2.39% | 5.47% | 0.67% | 0.62% |
| Class P2 | –9.16 | 2.08 | 5.12 | 0.93 | 0.88 |

---

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

42 American Funds Insurance Series

Managed Risk Growth-Income Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund declined 16.74% for the 12 months ended December 31, 2022, compared to the S&P 500 Managed Risk Index – Moderate,<sup>1</sup> which declined 13.13%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Growth-Income Fund and American Funds Insurance Series<sup>®</sup>– The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Growth-Income Fund's investment within the information technology sector was the top contributor to relative returns. A higher-than-benchmark investment within the industrials sector was also additive to results. On the downside, security selections within the financials and communication services sectors weighed on relative results. The managed risk strategy detracted overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x45x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br> (since May 1, 2013) | **Gross<br> expense ratio** | **Net<br> expense ratio** |
| Class P1 | –16.74% | 4.32% | 6.69% | 0.67% | 0.62% |
| Class P2 | –16.93 | 4.06 | 6.39 | 0.92 | 0.87 |

---

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

American Funds Insurance Series 43

Managed Risk Asset Allocation Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund was down 13.75% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index — Moderate Conservative<sup>1</sup> fell 12.94%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Asset Allocation Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Asset Allocation Fund's investment selections within the consumer discretionary and health care sectors were top contributors to relative results on a sector basis. Stock selections within financials and energy detracted from relative returns on a sector basis, although the energy sector was up on an absolute basis. The managed risk strategy detracted from returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

44 American Funds Insurance Series

Managed Risk Asset Allocation Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](g382964x1_c105652x47x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br> (since September 28, 2012) | **Gross<br> expense ratio** | **Net<br> expense ratio** |
| Class P1 | –13.75% | 3.09% | 5.95% | 5.92% | 0.70% | 0.65% |
| Class P2 | –13.97 | 2.83 | 5.69 | 5.66 | 0.95 | 0.90 |

---

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.

<sup>4</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

American Funds Insurance Series 45

Global Growth Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 94.49%** | Shares | Value <br> (000) |
| **Information technology 22.59%** |  |  |
| Microsoft Corp. | 1807800 | $433547 |
| ASML Holding NV | 458318 | 248089 |
| ASML Holding NV (New York registered) (ADR) | 227600 | 124361 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 15615000 | 227583 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 140000 | 10429 |
| Applied Materials, Inc. | 875000 | 85208 |
| Broadcom, Inc. | 125300 | 70059 |
| Fiserv, Inc.<sup>1</sup> | 497600 | 50292 |
| Adyen NV<sup>1</sup> | 34330 | 47506 |
| Samsung Electronics Co., Ltd. | 785100 | 34621 |
| Apple, Inc. | 242400 | 31495 |
| Hexagon AB, Class B | 2920500 | 30700 |
| MongoDB, Inc., Class A<sup>1</sup> | 139000 | 27361 |
| Keyence Corp. | 69400 | 27170 |
| NVIDIA Corp. | 167500 | 24478 |
| Mastercard, Inc., Class A | 53300 | 18534 |
| EPAM Systems, Inc.<sup>1</sup> | 50700 | 16616 |
| Visa, Inc., Class A | 70197 | 14584 |
| Capgemini SE | 85000 | 14256 |
| Network International Holdings PLC<sup>1</sup> | 3731800 | 13366 |
| DocuSign, Inc.<sup>1</sup> | 180000 | 9976 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 195000 | 6768 |
|  |  | **1566999** |
| **Health care 21.87%** |  |  |
| Novo Nordisk A/S, Class B | 1706930 | 231118 |
| UnitedHealth Group, Inc. | 335800 | 178034 |
| DexCom, Inc.<sup>1</sup> | 1012000 | 114599 |
| ResMed, Inc. | 509000 | 105938 |
| AstraZeneca PLC | 748300 | 101556 |
| Pfizer, Inc. | 1884219 | 96547 |
| Cigna Corp. | 259119 | 85857 |
| Merck & Co., Inc. | 620000 | 68789 |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 95036 | 68568 |
| Eli Lilly and Company | 158300 | 57912 |
| EssilorLuxottica | 266943 | 48609 |
| Gilead Sciences, Inc. | 457317 | 39261 |
| Mettler-Toledo International, Inc.<sup>1</sup> | 25400 | 36714 |
| NovoCure, Ltd.<sup>1</sup> | 340000 | 24939 |
| Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 104200 | 24763 |
| CVS Health Corp. | 243600 | 22701 |
| Danaher Corp. | 82100 | 21791 |
| Bayer AG | 363860 | 18787 |
| Seagen, Inc.<sup>1</sup> | 127200 | 16346 |
| Novartis AG | 165600 | 15000 |
| Zoetis, Inc., Class A | 98300 | 14406 |
| Eurofins Scientific SE, non-registered shares | 182400 | 13135 |
| Sanofi | 135000 | 13063 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 43700 | 12620 |
| Olympus Corp. | 665800 | 11769 |
| Centene Corp.<sup>1</sup> | 143500 | 11768 |
| Genus PLC | 270000 | 9731 |
| Thermo Fisher Scientific, Inc. | 17472 | 9622 |
| Siemens Healthineers AG | 178000 | 8905 |
| Bachem Holding AG | 101500 | 8853 |
| Virbac SA | 36000 | 8825 |
| Catalent, Inc.<sup>1</sup> | 166200 | 7481 |
| Rede D'Or Sao Luiz SA | 1073663 | 6015 |

---

46 American Funds Insurance Series

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Health care (continued)** |  |  |
| Organon & Co. | 62000 | $1732 |
| Viatris, Inc. | 110678 | 1232 |
| EUROAPI<sup>1</sup> | 5869 | 87 |
|  |  | **1517073** |
| **Consumer discretionary 13.94%** |  |  |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 141600 | 196468 |
| LVMH Moët Hennessy-Louis Vuitton SE | 236818 | 172035 |
| Floor & Decor Holdings, Inc., Class A<sup>1</sup> | 914698 | 63690 |
| MGM China Holdings, Ltd.<sup>1</sup> | 54589200 | 60155 |
| Renault SA<sup>1</sup> | 1688781 | 56267 |
| Prosus NV, Class N | 760993 | 52246 |
| Amazon.com, Inc.<sup>1</sup> | 524248 | 44037 |
| NIKE, Inc., Class B | 352600 | 41258 |
| Cie. Financière Richemont SA, Class A | 291500 | 37722 |
| Wynn Macau, Ltd.<sup>1</sup> | 21430000 | 23884 |
| Coupang, Inc., Class A<sup>1</sup> | 1445604 | 21265 |
| YUM! Brands, Inc. | 166000 | 21261 |
| Booking Holdings, Inc.<sup>1</sup> | 9900 | 19951 |
| Domino's Pizza Enterprises, Ltd. | 430000 | 19367 |
| MercadoLibre, Inc.<sup>1</sup> | 22250 | 18829 |
| Home Depot, Inc. | 59500 | 18794 |
| Melco Resorts & Entertainment, Ltd. (ADR)<sup>1</sup> | 1559600 | 17935 |
| IDP Education, Ltd. | 871300 | 16102 |
| Evolution AB | 140000 | 13673 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 95000 | 13437 |
| Moncler SpA | 217370 | 11571 |
| Entain PLC | 665250 | 10666 |
| Target Corp. | 60500 | 9017 |
| Tesla, Inc.<sup>1</sup> | 60000 | 7391 |
|  |  | **967021** |
| **Financials 8.92%** |  |  |
| AIA Group, Ltd. | 10109600 | 111378 |
| Tradeweb Markets, Inc., Class A | 1634960 | 106158 |
| AXA SA | 1692893 | 47182 |
| Kotak Mahindra Bank, Ltd. | 1696000 | 37316 |
| Aon PLC, Class A | 101000 | 30314 |
| Prudential PLC | 2203282 | 29816 |
| HDFC Bank, Ltd. | 1464450 | 28828 |
| Citigroup, Inc. | 569715 | 25768 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 3855500 | 25447 |
| Société Générale | 1011450 | 25378 |
| Blackstone, Inc., nonvoting shares | 312000 | 23147 |
| China Merchants Bank Co., Ltd., Class H | 3867000 | 21436 |
| Zurich Insurance Group AG | 42200 | 20166 |
| Banco Santander, SA | 5334500 | 15976 |
| Wells Fargo & Company | 377200 | 15575 |
| London Stock Exchange Group PLC | 165000 | 14237 |
| AU Small Finance Bank, Ltd. | 1416725 | 11157 |
| Bank of America Corp. | 320200 | 10605 |
| HDFC Life Insurance Company, Ltd. | 1406500 | 9600 |
| Tokio Marine Holdings, Inc. | 368300 | 7884 |
| Jackson Financial, Inc., Class A | 44327 | 1542 |
| Moscow Exchange MICEX-RTS PJSC<sup>1,2</sup> | 12640000 | —<sup>3</sup> |
|  |  | **618910** |
| **Consumer staples 8.57%** |  |  |
| British American Tobacco PLC | 3329455 | 132095 |
| Philip Morris International, Inc. | 1086204 | 109935 |
| Altria Group, Inc. | 1523500 | 69639 |
| Kweichow Moutai Co., Ltd., Class A | 278166 | 68834 |

---

American Funds Insurance Series 47

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Consumer staples (continued)** |  |  |
| Keurig Dr Pepper, Inc. | 1624000 | $57912 |
| Nestlé SA | 460353 | 53164 |
| Monster Beverage Corp.<sup>1</sup> | 336502 | 34165 |
| Costco Wholesale Corp. | 39170 | 17881 |
| Carrefour SA, non-registered shares | 1055594 | 17662 |
| Pernod Ricard SA | 73000 | 14349 |
| Simply Good Foods Co.<sup>1</sup> | 263800 | 10032 |
| Bunge, Ltd. | 85000 | 8481 |
|  |  | **594149** |
| **Industrials 7.54%** |  |  |
| Carrier Global Corp. | 1366400 | 56364 |
| Caterpillar, Inc. | 231600 | 55482 |
| Boeing Company<sup>1</sup> | 239000 | 45527 |
| MTU Aero Engines AG | 167000 | 36146 |
| Alliance Global Group, Inc. | 156400700 | 33466 |
| Airbus SE, non-registered shares | 245400 | 29179 |
| DSV A/S | 171230 | 27158 |
| NIBE Industrier AB, Class B | 2328700 | 21776 |
| Techtronic Industries Co., Ltd. | 1883000 | 20967 |
| CSX Corp. | 635000 | 19672 |
| Safran SA | 156300 | 19532 |
| GT Capital Holdings, Inc. | 2454611 | 19234 |
| Rentokil Initial PLC | 2380000 | 14628 |
| Kone OYJ, Class B | 273500 | 14166 |
| Canadian Pacific Railway, Ltd. (CAD denominated) | 183000 | 13644 |
| ASSA ABLOY AB, Class B | 611000 | 13146 |
| L3Harris Technologies, Inc. | 62600 | 13034 |
| Recruit Holdings Co., Ltd. | 374200 | 11901 |
| Daikin Industries, Ltd. | 74600 | 11476 |
| Rheinmetall AG | 52200 | 10397 |
| BayCurrent Consulting, Inc. | 321000 | 10037 |
| SMC Corp. | 22500 | 9523 |
| Suzhou Maxwell Technologies Co., Ltd., Class A | 156970 | 9302 |
| Nidec Corp. | 143000 | 7447 |
|  |  | **523204** |
| **Energy 4.84%** |  |  |
| TotalEnergies SE | 1210900 | 75578 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 1281064 | 71140 |
| Cenovus Energy, Inc. (CAD denominated) | 3151200 | 61139 |
| Reliance Industries, Ltd. | 1601273 | 49121 |
| Tourmaline Oil Corp. | 430700 | 21732 |
| Equinor ASA | 592000 | 21234 |
| Aker BP ASA | 599979 | 18702 |
| Halliburton Company | 235128 | 9252 |
| Gaztransport & Technigaz SA | 75000 | 8013 |
| Gazprom PJSC<sup>2</sup> | 8346000 | —<sup>3</sup> |
| LUKOIL Oil Co. PJSC<sup>2</sup> | 246300 | —<sup>3</sup> |
|  |  | **335911** |
| **Materials 3.25%** |  |  |
| Sherwin-Williams Company | 385500 | 91491 |
| Linde PLC | 169940 | 55431 |
| Vale SA, ordinary nominative shares | 1577389 | 26554 |
| First Quantum Minerals, Ltd. | 706200 | 14755 |
| Shin-Etsu Chemical Co., Ltd. | 113500 | 13828 |
| Corteva, Inc. | 201300 | 11832 |
| Koninklijke DSM NV | 93100 | 11414 |
|  |  | **225305** |

---

48 American Funds Insurance Series

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Communication services 2.68%** |  |  |
| Alphabet, Inc., Class A<sup>1</sup> | 1236600 | $109105 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 190923 | 22976 |
| Publicis Groupe SA | 273000 | 17336 |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 273336 | 14222 |
| Tencent Holdings, Ltd. | 297100 | 12627 |
| Bharti Airtel, Ltd. | 945000 | 9186 |
|  |  | **185452** |
| **Real estate 0.18%** |  |  |
| Goodman Logistics (HK), Ltd. REIT | 1027500 | **12072** |
| **Utilities 0.11%** |  |  |
| Brookfield Infrastructure Partners, LP | 247500 | **7666** |
| **Total common stocks** (cost: $4,798,092,000) |  | **6553762** |
| **Preferred securities 1.66%** |  |  |
| **Health care 1.36%** |  |  |
| Sartorius AG, nonvoting non-registered preferred shares | 239000 | **94514** |
| **Information technology 0.30%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares | 512300 | **20614** |
| **Total preferred securities** (cost: $27,546,000) |  | **115128** |
| **Short-term securities 4.03%** |  |  |
| **Money market investments 2.37%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>4,5</sup> | 1645519 | **164535** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | |
| **Commercial paper 1.66%** |  |  |  |  |
| KfW 1/27/2023<sup>6</sup> | 3.890% | USD | 65000 | 64782 |
| Toronto-Dominion Bank 1/27/2023<sup>6</sup> | 4.130 |  | 50000 | 49833 |
|  |  |  |  | **114615** |
| **Total short-term securities** (cost: $279,166,000) |  |  |  | **279150** |
| **Total investment securities 100.18%** (cost: $5,104,804,000) | **Total investment securities 100.18%** (cost: $5,104,804,000) |  |  | **6948040** |
| Other assets less liabilities (0.18)% |  |  |  | (12386) |
| **Net assets 100.00%** |  |  |  | $**6935654** |

---

American Funds Insurance Series 49

Global Growth Fund (continued)

**Investments in affiliates<sup>5</sup>**

**** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 2.37%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 2.37%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>4</sup> | $376714 | $1480091 | $1692180 | $(71) | $(19) | $164535 | $9353 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>4</sup> | 1808 |  | 18087 |  |  |  | —<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;**Total 2.37%** |  |  |  | $(71) | $(19) | $164535 | $9353 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Amount less than one thousand.

<sup>4</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>5</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $114,615,000, which represented 1.65% of the net assets of the fund.

<sup>7</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>8</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

50 American Funds Insurance Series

Global Small Capitalization Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 96.00%** | Shares | Value <br> (000) |
| **Industrials 20.67%** |  |  |
| International Container Terminal Services, Inc. | 11690490 | $42075 |
| Visional, Inc.<sup>1</sup> | 504850 | 33522 |
| Stericycle, Inc.<sup>1</sup> | 571050 | 28490 |
| Japan Airport Terminal Co., Ltd.<sup>1</sup> | 559900 | 27843 |
| IMCD NV | 177337 | 25330 |
| Fasadgruppen Group AB | 2370503 | 23995 |
| Trelleborg AB, Class B | 982292 | 22727 |
| Boyd Group Services, Inc. | 146809 | 22678 |
| Cleanaway Waste Management, Ltd. | 12501414 | 22274 |
| Interpump Group SpA | 454700 | 20598 |
| Saia, Inc.<sup>1</sup> | 80994 | 16983 |
| CG Power and Industrial Solutions, Ltd.<sup>1</sup> | 4880108 | 15908 |
| Instalco AB | 4098065 | 15622 |
| Montrose Environmental Group, Inc.<sup>1</sup> | 348186 | 15456 |
| Alfen NV<sup>1</sup> | 162431 | 14668 |
| Dürr AG | 426625 | 14396 |
| ALS, Ltd. | 1639100 | 13632 |
| Cargotec OYJ, Class B, non-registered shares | 300450 | 13341 |
| Wizz Air Holdings PLC<sup>1</sup> | 522941 | 11979 |
| Daiseki Co., Ltd. | 313600 | 10798 |
| AirTAC International Group | 355062 | 10747 |
| Woodward, Inc. | 105000 | 10144 |
| Rumo SA | 2802100 | 9877 |
| Japan Elevator Service Holdings Co., Ltd. | 787656 | 9866 |
| The AZEK Co., Inc., Class A<sup>1</sup> | 482390 | 9802 |
| Comfort Systems USA, Inc. | 84100 | 9678 |
| Centre Testing International Group Co., Ltd. | 2684839 | 8615 |
| Melrose Industries PLC | 5266169 | 8561 |
| DL E&C Co., Ltd. | 287442 | 7732 |
| Guangzhou Baiyun International Airport Co., Ltd., Class A<sup>1</sup> | 3524879 | 7613 |
| Engcon AB, Class B<sup>1,2</sup> | 1070647 | 6833 |
| Carel Industries SpA | 252900 | 6357 |
| Burckhardt Compression Holding AG | 9963 | 5929 |
| Kajaria Ceramics, Ltd. | 422763 | 5916 |
| Hensoldt AG | 248197 | 5873 |
| Diploma PLC | 161300 | 5420 |
| SIS, Ltd.<sup>1</sup> | 1128949 | 5353 |
| GVS SpA<sup>1,2</sup> | 1192262 | 5159 |
| Reliance Worldwide Corp., Ltd. | 2548379 | 5127 |
| Addtech AB, Class B | 353050 | 5054 |
| KEI Industries, Ltd. | 267444 | 4724 |
| First Advantage Corp.<sup>1</sup> | 361017 | 4693 |
| Vicor Corp.<sup>1</sup> | 85683 | 4605 |
| Harsha Engineers International, Ltd.<sup>1</sup> | 970777 | 4488 |
| ICF International, Inc. | 43592 | 4318 |
| Sulzer AG | 54789 | 4278 |
| Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates<sup>1</sup> | 460200 | 3847 |
| LIXIL Corp. | 196500 | 2995 |
| Trex Co., Inc.<sup>1</sup> | 59516 | 2519 |
| Aalberts NV, non-registered shares | 64502 | 2508 |
| Dätwyler Holding, Inc., non-registered shares | 12348 | 2466 |
| Antares Vision SpA<sup>1</sup> | 281100 | 2418 |
| Chart Industries, Inc.<sup>1</sup> | 16174 | 1864 |
| Matson, Inc. | 8674 | 542 |
|  |  | **608236** |
| **Information technology 18.70%** |  |  |
| Wolfspeed, Inc.<sup>1</sup> | 790681 | 54589 |
| eMemory Technology, Inc. | 910430 | 39481 |
| Net One Systems Co., Ltd. | 1201156 | 31223 |
| Nordic Semiconductor ASA<sup>1</sup> | 1677583 | 28098 |

---

American Funds Insurance Series 51

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Information technology (continued)** |  |  |
| Confluent, Inc., Class A<sup>1</sup> | 1096085 | $24377 |
| PAR Technology Corp.<sup>1,2</sup> | 837615 | 21837 |
| SUMCO Corp. | 1466300 | 19620 |
| ALTEN SA, non-registered shares | 142299 | 17869 |
| Kingdee International Software Group Co., Ltd.<sup>1</sup> | 7337224 | 15619 |
| Extreme Networks, Inc.<sup>1</sup> | 828378 | 15168 |
| BE Semiconductor Industries NV | 235536 | 14308 |
| Smartsheet, Inc., Class A<sup>1</sup> | 346627 | 13643 |
| Euronet Worldwide, Inc.<sup>1</sup> | 144187 | 13608 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 211500 | 13568 |
| Silicon Laboratories, Inc.<sup>1</sup> | 95000 | 12889 |
| Tanla Platforms, Ltd. | 1477291 | 12708 |
| MACOM Technology Solutions Holdings, Inc.<sup>1</sup> | 190000 | 11966 |
| Keywords Studios PLC | 344606 | 11355 |
| Alphawave IP Group PLC<sup>1,2</sup> | 8897291 | 10900 |
| SHIFT, Inc.<sup>1</sup> | 59200 | 10521 |
| SINBON Electronics Co., Ltd. | 1142550 | 10218 |
| OVH Groupe SAS<sup>1,2</sup> | 591394 | 10169 |
| Qorvo, Inc.<sup>1</sup> | 110518 | 10017 |
| Pegasystems, Inc. | 288141 | 9866 |
| GitLab, Inc., Class A<sup>1,2</sup> | 213816 | 9716 |
| SimCorp AS | 139192 | 9512 |
| CCC Intelligent Solutions Holdings, Inc.<sup>1</sup> | 1033074 | 8988 |
| Aspen Technology, Inc.<sup>1</sup> | 36561 | 7510 |
| Credo Technology Group Holding, Ltd.<sup>1</sup> | 555400 | 7392 |
| INFICON Holding AG | 7397 | 6462 |
| Cognex Corp. | 116600 | 5493 |
| Bentley Systems, Inc., Class B | 142373 | 5262 |
| Unity Software, Inc.<sup>1,2</sup> | 183231 | 5239 |
| Kingboard Laminates Holdings, Ltd. | 4498000 | 4945 |
| AvidXchange Holdings, Inc.<sup>1</sup> | 489768 | 4868 |
| Topicus.com, Inc., subordinate voting shares<sup>1</sup> | 87540 | 4596 |
| MongoDB, Inc., Class A<sup>1</sup> | 23300 | 4586 |
| Truecaller AB, Class B<sup>1,2</sup> | 1289744 | 4044 |
| Linklogis, Inc., Class B<sup>1,2</sup> | 6753115 | 3482 |
| Softcat PLC | 222430 | 3192 |
| Globant SA<sup>1</sup> | 17730 | 2981 |
| Rapid7, Inc.<sup>1</sup> | 71250 | 2421 |
| Kingboard Holdings, Ltd. | 710000 | 2261 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1,2</sup> | 102669 | 2032 |
| GlobalWafers Co., Ltd. | 145000 | 2014 |
| LEM Holding SA | 990 | 1922 |
| Cvent Holding Corp.<sup>1</sup> | 344800 | 1862 |
| HashiCorp, Inc., Class A<sup>1</sup> | 54600 | 1493 |
| Bechtle AG, non-registered shares | 40616 | 1437 |
| Marqeta, Inc., Class A<sup>1</sup> | 212881 | 1301 |
| Semtech Corp.<sup>1</sup> | 32200 | 924 |
| Yotpo, Ltd.<sup>1,3,4</sup> | 678736 | 842 |
|  |  | **550394** |
| **Consumer discretionary 17.91%** |  |  |
| Melco Resorts & Entertainment, Ltd. (ADR)<sup>1</sup> | 3600384 | 41404 |
| Skechers USA, Inc., Class A<sup>1</sup> | 700000 | 29365 |
| Five Below, Inc.<sup>1</sup> | 165181 | 29216 |
| Thor Industries, Inc. | 370472 | 27967 |
| Mattel, Inc.<sup>1</sup> | 1400000 | 24976 |
| Wyndham Hotels & Resorts, Inc. | 332330 | 23698 |
| Entain PLC | 1424930 | 22847 |
| YETI Holdings, Inc.<sup>1</sup> | 547131 | 22602 |
| NEXTAGE Co., Ltd. | 1036500 | 19999 |
| Domino's Pizza Enterprises, Ltd.<sup>2</sup> | 443338 | 19968 |
| Light & Wonder, Inc.<sup>1</sup> | 299658 | 17560 |

---

52 American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Asbury Automotive Group, Inc.<sup>1</sup> | 97426 | $17464 |
| Inchcape PLC | 1719150 | 16969 |
| Evolution AB | 172264 | 16824 |
| DraftKings, Inc., Class A<sup>1,2</sup> | 1400364 | 15950 |
| Lands' End, Inc.<sup>1,5</sup> | 2100000 | 15939 |
| Helen of Troy, Ltd.<sup>1</sup> | 141542 | 15698 |
| TopBuild Corp.<sup>1</sup> | 82261 | 12873 |
| WH Smith PLC | 701756 | 12524 |
| Kindred Group PLC (SDR) | 1164011 | 12150 |
| Shoei Co., Ltd. | 281700 | 11006 |
| Tongcheng Travel Holdings, Ltd.<sup>1</sup> | 4538400 | 10922 |
| Golden Entertainment, Inc.<sup>1</sup> | 256800 | 9604 |
| Chervon Holdings, Ltd.<sup>2</sup> | 1635700 | 9023 |
| Musti Group OYJ | 495800 | 8297 |
| MRF, Ltd. | 7160 | 7650 |
| Tube Investments of India, Ltd. | 204200 | 6852 |
| Melco International Development, Ltd.<sup>1</sup> | 6130000 | 6655 |
| Compagnie Plastic Omnium SA | 337633 | 4898 |
| Zhongsheng Group Holdings, Ltd. | 938500 | 4784 |
| Everi Holdings, Inc.<sup>1</sup> | 330000 | 4736 |
| Leslie's, Inc.<sup>1</sup> | 353358 | 4315 |
| On Holding AG, Class A<sup>1</sup> | 238410 | 4091 |
| Elior Group SA<sup>1,2</sup> | 1153174 | 4066 |
| Persimmon PLC | 255136 | 3766 |
| Haichang Ocean Park Holdings, Ltd.<sup>1</sup> | 17691000 | 3617 |
| IDP Education, Ltd. | 150966 | 2790 |
| Arco Platform, Ltd., Class A<sup>1,2</sup> | 158600 | 2141 |
| DESCENTE, Ltd. | 81425 | 2003 |
|  |  | **527209** |
| **Health care 17.06%** |  |  |
| Insulet Corp.<sup>1</sup> | 322368 | 94901 |
| Haemonetics Corp.<sup>1</sup> | 960147 | 75516 |
| Globus Medical, Inc., Class A<sup>1</sup> | 464688 | 34512 |
| Oak Street Health, Inc.<sup>1</sup> | 1542490 | 33179 |
| Integra LifeSciences Holdings Corp.<sup>1</sup> | 527958 | 29603 |
| Max Healthcare Institute, Ltd.<sup>1</sup> | 4669887 | 24816 |
| CONMED Corp. | 200920 | 17810 |
| CanSino Biologics, Inc., Class H | 1864200 | 15948 |
| Vaxcyte, Inc.<sup>1</sup> | 274959 | 13184 |
| Ocumension Therapeutics<sup>1</sup> | 9650966 | 12105 |
| Hapvida Participações e Investimentos SA<sup>1</sup> | 12352106 | 11885 |
| Bachem Holding AG | 135555 | 11823 |
| Angelalign Technology, Inc. | 640800 | 10100 |
| ICON PLC<sup>1</sup> | 46061 | 8947 |
| Shandong Pharmaceutical Glass Co., Ltd., Class A | 2180508 | 8890 |
| CompuGroup Medical SE & Co. KGaA | 228815 | 8808 |
| Ambu AS, Class B, non-registered shares<sup>1</sup> | 683462 | 8672 |
| Penumbra, Inc.<sup>1</sup> | 36200 | 8053 |
| Netcare, Ltd. | 8818088 | 7527 |
| iRhythm Technologies, Inc.<sup>1</sup> | 79700 | 7466 |
| Denali Therapeutics, Inc.<sup>1</sup> | 257903 | 7172 |
| Encompass Health Corp. | 117866 | 7050 |
| New Horizon Health, Ltd.<sup>1</sup> | 3007844 | 6730 |
| Medmix AG | 324953 | 6200 |
| Health Catalyst, Inc.<sup>1</sup> | 568785 | 6046 |
| Hypera SA, ordinary nominative shares | 582885 | 4990 |
| Amplifon SpA | 141536 | 4228 |
| The Ensign Group, Inc. | 39450 | 3732 |
| Masimo Corp.<sup>1</sup> | 23687 | 3505 |
| Amvis Holdings, Inc. | 122400 | 3113 |
| Nordhealth AS, Class A<sup>1,2</sup> | 1279999 | 2916 |

---

American Funds Insurance Series 53

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Health care (continued)** |  |  |
| Gland Pharma, Ltd.<sup>1</sup> | 90000 | $1715 |
| Beam Therapeutics, Inc.<sup>1</sup> | 22757 | 890 |
| DiaSorin Italia SpA | 292 | 41 |
|  |  | **502073** |
| **Financials 8.75%** |  |  |
| Star Health & Allied Insurance Co., Ltd.<sup>1</sup> | 6037336 | 41333 |
| Cholamandalam Investment and Finance Co., Ltd. | 3684053 | 32078 |
| Eurobank Ergasias Services and Holdings SA<sup>1</sup> | 17966239 | 20281 |
| Independent Bank Group, Inc. | 280449 | 16849 |
| Stifel Financial Corp. | 271050 | 15821 |
| Glacier Bancorp, Inc. | 286088 | 14139 |
| Fukuoka Financial Group, Inc. | 572200 | 13049 |
| IIFL Finance, Ltd. | 2116842 | 12316 |
| IIFL Wealth Management, Ltd. | 513500 | 11028 |
| Janus Henderson Group PLC | 440000 | 10349 |
| Bridgepoint Group PLC | 3459845 | 8017 |
| Remgro, Ltd. | 965035 | 7551 |
| Five-Star Business Finance, Ltd.<sup>1</sup> | 993023 | 7268 |
| Patria Investments, Ltd., Class A | 508200 | 7079 |
| Aptus Value Housing Finance India, Ltd. | 1816424 | 6657 |
| SiriusPoint, Ltd.<sup>1</sup> | 1100000 | 6490 |
| Aavas Financiers, Ltd.<sup>1</sup> | 272734 | 6072 |
| Eastern Bankshares, Inc. | 278164 | 4798 |
| AU Small Finance Bank, Ltd. | 483716 | 3809 |
| SouthState Corp. | 46350 | 3539 |
| Allfunds Group PLC | 470000 | 3284 |
| East West Bancorp, Inc. | 49700 | 3275 |
| Capitec Bank Holdings, Ltd. | 15161 | 1658 |
| PT Bank Raya Indonesia Tbk<sup>1</sup> | 23860996 | 619 |
|  |  | **257359** |
| **Materials 3.56%** |  |  |
| JSR Corp. | 1140088 | 22469 |
| LANXESS AG | 441240 | 17807 |
| OZ Minerals, Ltd. | 648901 | 12142 |
| Navin Fluorine International, Ltd. | 175000 | 8586 |
| PI Industries, Ltd. | 188382 | 7772 |
| Zeon Corp. | 768700 | 7730 |
| Vidrala, SA, non-registered shares | 64918 | 5581 |
| MMG, Ltd.<sup>1</sup> | 14608000 | 3728 |
| Materion Corp. | 41809 | 3659 |
| Toyo Gosei Co., Ltd.<sup>2</sup> | 63400 | 3485 |
| Recticel SA/NV | 175000 | 2921 |
| Mayr-Melnhof Karton AG, non-registered shares | 17479 | 2824 |
| Livent Corp.<sup>1</sup> | 130000 | 2583 |
| Perimeter Solutions SA<sup>1,2</sup> | 221167 | 2021 |
| Huhtamäki OYJ | 42500 | 1455 |
| Covestro AG, non-registered shares | 2600 | 102 |
|  |  | **104865** |
| **Real estate 2.53%** |  |  |
| Altus Group, Ltd. | 551189 | 21999 |
| Embassy Office Parks REIT | 4939400 | 20043 |
| Macrotech Developers, Ltd.<sup>1</sup> | 582697 | 7685 |
| JHSF Participações SA | 5823950 | 5537 |
| Mindspace Business Parks REIT | 1250000 | 5054 |
| ESR-Logos REIT | 15133928 | 4166 |

---

54 American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Real estate (continued)** |  |  |
| Fibra Uno Administración, SA de CV REIT | 3400000 | $4006 |
| Corp. Inmobiliaria Vesta, SAB de CV | 1606000 | 3833 |
| Ayala Land, Inc. | 3718100 | 2069 |
|  |  | **74392** |
| **Energy 1.89%** |  |  |
| Venture Global LNG, Inc., Series C<sup>1,3,4</sup> | 2760 | 25418 |
| Subsea 7 SA | 1050980 | 12088 |
| DT Midstream, Inc. | 166383 | 9194 |
| Weatherford International<sup>1</sup> | 82600 | 4206 |
| Worley, Ltd. | 350000 | 3577 |
| Aegis Logistics, Ltd. | 199283 | 838 |
| Helmerich & Payne, Inc. | 7700 | 382 |
|  |  | **55703** |
| **Communication services 1.77%** |  |  |
| JCDecaux SE<sup>1</sup> | 976059 | 18563 |
| Lions Gate Entertainment Corp., Class B<sup>1</sup> | 3059785 | 16614 |
| Rightmove PLC | 816439 | 5055 |
| Bandwidth, Inc., Class A<sup>1</sup> | 206800 | 4746 |
| VTEX, Class A<sup>1</sup> | 993126 | 3724 |
| Trustpilot Group PLC<sup>1</sup> | 2966832 | 3473 |
|  |  | **52175** |
| **Utilities 1.62%** |  |  |
| ACEN Corp. | 143954250 | 19747 |
| ENN Energy Holdings, Ltd. | 1205597 | 16819 |
| Brookfield Infrastructure Corp., Class A, subordinate voting shares | 157667 | 6133 |
| Neoenergia SA | 1442015 | 4220 |
| SembCorp Industries, Ltd. | 282600 | 712 |
|  |  | **47631** |
| **Consumer staples 1.54%** |  |  |
| Grocery Outlet Holding Corp.<sup>1</sup> | 621782 | 18150 |
| Shop Apotheke Europe NV, non-registered shares<sup>1</sup> | 169500 | 8003 |
| Monde Nissin Corp. | 39914950 | 7960 |
| Scandinavian Tobacco Group A/S | 305111 | 5352 |
| AAK AB | 223527 | 3819 |
| Hilton Food Group PLC | 250077 | 1688 |
| Zur Rose Group AG<sup>1,2</sup> | 9250 | 257 |
|  |  | **45229** |
| **Total common stocks** (cost: $2,451,546,000) |  | **2825266** |
| **Preferred securities 0.87%** |  |  |
| **Information technology 0.62%** |  |  |
| SmartHR, Inc., Series D, preferred shares<sup>1,3,4</sup> | 3006 | 10752 |
| Yotpo, Ltd., Series F, preferred shares<sup>1,3,4</sup> | 2158609 | 2677 |
| Yotpo, Ltd., Series B, preferred shares<sup>1,3,4</sup> | 287894 | 357 |
| Yotpo, Ltd., Series C, preferred shares<sup>1,3,4</sup> | 274070 | 340 |
| Yotpo, Ltd., Series A-1, preferred shares<sup>1,3,4</sup> | 183819 | 228 |
| Yotpo, Ltd., Series A, preferred shares<sup>1,3,4</sup> | 89605 | 111 |
| Yotpo, Ltd., Series C-1, preferred shares<sup>1,3,4</sup> | 75980 | 94 |
| Yotpo, Ltd., Series D, preferred shares<sup>1,3,4</sup> | 42368 | 52 |
| Yotpo, Ltd., Series B-1, preferred shares<sup>1,3,4</sup> | 33838 | 42 |
| Outreach Corp., Series G, preferred shares<sup>1,3,4</sup> | 154354 | 3603 |
|  |  | **18256** |

---

American Funds Insurance Series 55

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Preferred securities** (continued) | Shares | Value <br> (000) |
| **Industrials 0.24%** |  |  |
| Azul SA (ADR), preferred nominative shares<sup>1,2</sup> | 1128836 | $6897 |
| Azul SA, preferred nominative shares<sup>1</sup> | 109500 | 229 |
|  |  | **7126** |
| **Health care 0.01%** |  |  |
| PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares<sup>1,3,4</sup> | 2931405 | **196** |
| **Total preferred securities** (cost: $45,236,000) |  | **25578** |
| **Rights & warrants 0.34%** |  |  |
| **Information technology 0.34%** |  |  |
| OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 2/3/2023<sup>1,6</sup> | 526700 | **10007** |
| **Total rights & warrants** (cost: $18,773,000) |  | **10007** |
| **Short-term securities 5.05%** |  |  |
| **Money market investments 3.25%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>5,7</sup> | 958183 | **95809** |
| **Money market investments purchased with collateral from securities on loan 1.80%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>5,7,8</sup> | 232377 | 23235 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,8</sup> | 18552259 | 18553 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>7,8</sup> | 10793666 | 10794 |
| State Street Institutional U.S. Government Money Market Fund, Institutional Class 4.09%<sup>7,8</sup> | 271134 | 271 |
|  |  | **52853** |
| **Total short-term securities** (cost: $148,644,000) |  | **148662** |
| **Total investment securities 102.26%** (cost: $2,664,199,000) |  | **3009513** |
| Other assets less liabilities (2.26)% |  | (66610) |
| **Net assets 100.00%** |  | $**2942903** |

---

**Investments in affiliates<sup>5</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Common stocks 0.54%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer discretionary 0.54%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lands' End, Inc.<sup>1</sup> | $41223 | $— | $— | $— | $(25284) | $15939 | $— |
| **Short-term securities 4.04%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 3.25%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7</sup> | 203087 | 779439 | 886686 | (30) | (1) | 95809 | 3871 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.79%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | 32260 |  | 90259 |  |  | 23235 | —<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;**Total short-term securities** |  |  |  |  |  | 119044 |  |
| &nbsp;&nbsp;&nbsp;**Total 4.58%** |  |  |  | $(30) | $(25285) | $134983 | $3871 |

---

56 American Funds Insurance Series

Global Small Capitalization Fund (continued)

**Restricted securities<sup>4</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition<br> date** | **Cost<br> (000)** | **Value<br> (000)** | **Percent<br> of net<br> assets** |
| Venture Global LNG, Inc., Series C<sup>1,3</sup> | 5/1/2015 | $8280 | $25418 | .86% |
| SmartHR, Inc., Series D, preferred shares<sup>1,3</sup> | 5/28/2021 | 14344 | 10752 | .37 |
| Yotpo, Ltd., Series F, preferred shares<sup>1,3</sup> | 2/25/2021 | 4748 | 2677 | .09 |
| Yotpo, Ltd.<sup>1,3</sup> | 3/16/2021 | 1418 | 842 | .03 |
| Yotpo, Ltd., Series B, preferred shares<sup>1,3</sup> | 3/16/2021 | 602 | 357 | .01 |
| Yotpo, Ltd., Series C, preferred shares<sup>1,3</sup> | 3/16/2021 | 573 | 340 | .01 |
| Yotpo, Ltd., Series A-1, preferred shares<sup>1,3</sup> | 3/16/2021 | 384 | 228 | .01 |
| Yotpo, Ltd., Series A, preferred shares<sup>1,3</sup> | 3/16/2021 | 187 | 111 | .01 |
| Yotpo, Ltd., Series C-1, preferred shares<sup>1,3</sup> | 3/16/2021 | 159 | 94 | .00 |
| Yotpo, Ltd., Series D, preferred shares<sup>1,3</sup> | 3/16/2021 | 89 | 52 | .00 |
| Yotpo, Ltd., Series B-1, preferred shares<sup>1,3</sup> | 3/16/2021 | 71 | 42 | .00 |
| Outreach Corp., Series G, preferred shares<sup>1,3</sup> | 5/27/2021 | 4517 | 3603 | .12 |
| PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares<sup>1,3</sup> | 2/7/2020 | 6000 | 196 | .01 |
| **Total** |  | $41372 | $44712 | 1.52% |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $59,781,000, which represented 2.03% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $44,712,000, which represented 1.52% of the net assets of the fund.

<sup>5</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,007,000, which represented .34% of the net assets of the fund.

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>9</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>10</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

Refer to the notes to financial statements.

American Funds Insurance Series 57

Growth Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 96.12%** | Shares | Value<br> (000) |
| **Information technology 20.03%** |  |  |
| Microsoft Corp. | 6282998 | $1506789 |
| Broadcom, Inc. | 1265075 | 707341 |
| ASML Holding NV | 736108 | 398458 |
| ASML Holding NV (New York registered) (ADR) | 189937 | 103781 |
| Visa, Inc., Class A | 1198388 | 248977 |
| Apple, Inc. | 1694416 | 220156 |
| Mastercard, Inc., Class A | 566983 | 197157 |
| Fiserv, Inc.<sup>1</sup> | 1615000 | 163228 |
| Synopsys, Inc.<sup>1</sup> | 467600 | 149300 |
| Motorola Solutions, Inc. | 510100 | 131458 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 3665992 | 127247 |
| Applied Materials, Inc. | 1199328 | 116791 |
| Wolfspeed, Inc.<sup>1</sup> | 1655641 | 114305 |
| RingCentral, Inc., Class A<sup>1</sup> | 3132381 | 110886 |
| ServiceNow, Inc.<sup>1</sup> | 269875 | 104784 |
| Salesforce, Inc.<sup>1</sup> | 787000 | 104348 |
| Micron Technology, Inc. | 2048078 | 102363 |
| NVIDIA Corp. | 665500 | 97256 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 5456000 | 79519 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 209700 | 15621 |
| Cloudflare, Inc., Class A<sup>1</sup> | 1858800 | 84036 |
| Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 1612361 | 83150 |
| Genpact, Ltd. | 1524231 | 70602 |
| Keyence Corp. | 165500 | 64794 |
| Fidelity National Information Services, Inc. | 884718 | 60028 |
| Toast, Inc., Class A<sup>1</sup> | 3143518 | 56678 |
| CDW Corp. | 311859 | 55692 |
| MongoDB, Inc., Class A<sup>1</sup> | 279700 | 55056 |
| SAP SE | 477361 | 49263 |
| Constellation Software, Inc. | 31255 | 48798 |
| GoDaddy, Inc., Class A<sup>1</sup> | 645081 | 48265 |
| Samsung Electronics Co., Ltd. | 1085000 | 47846 |
| Unity Software, Inc.<sup>1,2</sup> | 1660000 | 47459 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 712011 | 45676 |
| Trimble, Inc.<sup>1</sup> | 840920 | 42517 |
| Concentrix Corp. | 305551 | 40687 |
| Block, Inc., Class A<sup>1</sup> | 635970 | 39964 |
| DocuSign, Inc.<sup>1</sup> | 718524 | 39821 |
| Bill.com Holdings, Inc.<sup>1</sup> | 358729 | 39087 |
| MicroStrategy, Inc., Class A<sup>1</sup> | 236458 | 33475 |
| NetApp, Inc. | 527540 | 31684 |
| Silicon Laboratories, Inc.<sup>1</sup> | 231815 | 31450 |
| MKS Instruments, Inc. | 360705 | 30563 |
| Intel Corp. | 1136000 | 30025 |
| Smartsheet, Inc., Class A<sup>1</sup> | 729700 | 28721 |
| Adobe, Inc.<sup>1</sup> | 69034 | 23232 |
| VeriSign, Inc.<sup>1</sup> | 110053 | 22609 |
| Ciena Corp.<sup>1</sup> | 416000 | 21208 |
| Nuvei Corp., subordinate voting shares<sup>1</sup> | 806616 | 20499 |
| Intuit, Inc. | 52500 | 20434 |
| TE Connectivity, Ltd. | 156600 | 17978 |
| Alteryx, Inc., Class A<sup>1</sup> | 286092 | 14496 |
| Enphase Energy, Inc.<sup>1</sup> | 45303 | 12004 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 533800 | 10564 |
| Globant SA<sup>1</sup> | 57138 | 9608 |
| Kulicke and Soffa Industries, Inc. | 151860 | 6721 |
| Stripe, Inc., Class B<sup>1,3,4</sup> | 168598 | 4704 |
|  |  | **6189159** |

---

<br> 58 American Funds Insurance Series

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care 17.31%** |  |  |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 1123014 | $810243 |
| UnitedHealth Group, Inc. | 1508620 | 799840 |
| Intuitive Surgical, Inc.<sup>1</sup> | 2058000 | 546090 |
| Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 2075046 | 493135 |
| Centene Corp.<sup>1</sup> | 3895936 | 319506 |
| Thermo Fisher Scientific, Inc. | 532200 | 293077 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 879601 | 254011 |
| Seagen, Inc.<sup>1</sup> | 1746784 | 224479 |
| Moderna, Inc.<sup>1</sup> | 1200000 | 215544 |
| NovoCure, Ltd.<sup>1</sup> | 2388098 | 175167 |
| Eli Lilly and Company | 463663 | 169627 |
| Pfizer, Inc. | 1675000 | 85827 |
| CVS Health Corp. | 909400 | 84747 |
| Horizon Therapeutics PLC<sup>1</sup> | 689825 | 78502 |
| AstraZeneca PLC | 550784 | 74750 |
| Edwards Lifesciences Corp.<sup>1</sup> | 906411 | 67627 |
| Danaher Corp. | 216235 | 57393 |
| Molina Healthcare, Inc.<sup>1</sup> | 145723 | 48121 |
| Abbott Laboratories | 426712 | 46849 |
| Verily Life Sciences, LLC<sup>1,3,4</sup> | 300178 | 45222 |
| Zimmer Biomet Holdings, Inc. | 353900 | 45122 |
| Ascendis Pharma A/S (ADR)<sup>1</sup> | 364721 | 44543 |
| Zoetis, Inc., Class A | 297320 | 43572 |
| Mettler-Toledo International, Inc.<sup>1</sup> | 26000 | 37582 |
| Humana, Inc. | 65982 | 33795 |
| Align Technology, Inc.<sup>1</sup> | 160000 | 33744 |
| Karuna Therapeutics, Inc.<sup>1</sup> | 170239 | 33452 |
| Guardant Health, Inc.<sup>1</sup> | 1166810 | 31737 |
| Novo Nordisk A/S, Class B | 225077 | 30475 |
| Catalent, Inc.<sup>1</sup> | 409100 | 18414 |
| Oak Street Health, Inc.<sup>1</sup> | 806352 | 17345 |
| Exact Sciences Corp.<sup>1</sup> | 341000 | 16883 |
| DexCom, Inc.<sup>1</sup> | 148800 | 16850 |
| Pacific Biosciences of California, Inc.<sup>1</sup> | 1613190 | 13196 |
| CRISPR Therapeutics AG<sup>1</sup> | 262678 | 10678 |
| Galapagos NV<sup>1</sup> | 231294 | 10259 |
| R1 RCM, Inc.<sup>1</sup> | 912865 | 9996 |
| Ultragenyx Pharmaceutical, Inc.<sup>1</sup> | 161278 | 7472 |
| Fate Therapeutics, Inc.<sup>1</sup> | 233700 | 2358 |
| Biohaven, Ltd.<sup>1</sup> | 65550 | 910 |
| Sana Biotechnology, Inc.<sup>1,2</sup> | 179600 | 710 |
|  |  | **5348850** |
| **Consumer discretionary 16.94%** |  |  |
| Tesla, Inc.<sup>1</sup> | 10830000 | 1334039 |
| D.R. Horton, Inc. | 5494844 | 489810 |
| Amazon.com, Inc.<sup>1</sup> | 4125222 | 346519 |
| Home Depot, Inc. | 1031000 | 325652 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 1965915 | 278059 |
| Las Vegas Sands Corp.<sup>1</sup> | 5500000 | 264385 |
| LVMH Moët Hennessy-Louis Vuitton SE | 313000 | 227377 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 120100 | 166637 |
| Dollar General Corp. | 657120 | 161816 |
| Target Corp. | 1030200 | 153541 |
| Hermès International | 94901 | 146446 |
| Burlington Stores, Inc.<sup>1</sup> | 664250 | 134683 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 2282305 | 112814 |
| Aramark | 2454864 | 101484 |
| DoorDash, Inc., Class A<sup>1</sup> | 2000000 | 97640 |
| Etsy, Inc.<sup>1</sup> | 770678 | 92312 |
| Airbnb, Inc., Class A<sup>1</sup> | 1044500 | 89305 |
| NVR, Inc.<sup>1</sup> | 18380 | 84779 |

---

<br> American Funds Insurance Series 59

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| NIKE, Inc., Class B | 543416 | $63585 |
| Norwegian Cruise Line Holdings, Ltd.<sup>1,2</sup> | 5159551 | 63153 |
| Darden Restaurants, Inc. | 387870 | 53654 |
| O'Reilly Automotive, Inc.<sup>1</sup> | 63500 | 53596 |
| Booking Holdings, Inc.<sup>1</sup> | 25450 | 51289 |
| Salvatore Ferragamo SpA | 2174477 | 38488 |
| Toll Brothers, Inc. | 744683 | 37175 |
| YUM! Brands, Inc. | 275700 | 35312 |
| Floor & Decor Holdings, Inc., Class A<sup>1</sup> | 420000 | 29245 |
| Polaris, Inc. | 280000 | 28280 |
| adidas AG | 200959 | 27433 |
| Caesars Entertainment, Inc.<sup>1</sup> | 653214 | 27174 |
| Adient PLC<sup>1</sup> | 722000 | 25046 |
| VF Corp. | 872859 | 24100 |
| General Motors Company | 660000 | 22202 |
| LGI Homes, Inc.<sup>1</sup> | 181100 | 16770 |
| YETI Holdings, Inc.<sup>1</sup> | 405000 | 16730 |
| Hilton Worldwide Holdings, Inc. | 100828 | 12741 |
|  |  | **5233271** |
| **Communication services 12.87%** |  |  |
| Meta Platforms, Inc., Class A<sup>1</sup> | 9903206 | 1191752 |
| Netflix, Inc.<sup>1</sup> | 3896520 | 1149006 |
| Alphabet, Inc., Class C<sup>1</sup> | 5949690 | 527916 |
| Alphabet, Inc., Class A<sup>1</sup> | 2232320 | 196958 |
| Charter Communications, Inc., Class A<sup>1</sup> | 469410 | 159177 |
| Verizon Communications, Inc. | 3720000 | 146568 |
| Take-Two Interactive Software, Inc.<sup>1</sup> | 1177716 | 122635 |
| Snap, Inc., Class A, nonvoting shares<sup>1</sup> | 11280711 | 100962 |
| Frontier Communications Parent, Inc.<sup>1</sup> | 3168010 | 80721 |
| T-Mobile US, Inc.<sup>1</sup> | 543849 | 76139 |
| Comcast Corp., Class A | 1822263 | 63724 |
| Pinterest, Inc., Class A<sup>1</sup> | 1752664 | 42555 |
| Electronic Arts, Inc. | 304581 | 37214 |
| Iridium Communications, Inc.<sup>1</sup> | 604439 | 31068 |
| Tencent Holdings, Ltd. | 605000 | 25714 |
| ZoomInfo Technologies, Inc.<sup>1</sup> | 785400 | 23648 |
|  |  | **3975757** |
| **Industrials 10.90%** |  |  |
| Uber Technologies, Inc.<sup>1</sup> | 14666767 | 362709 |
| TransDigm Group, Inc. | 562400 | 354115 |
| Carrier Global Corp. | 7599761 | 313490 |
| Jacobs Solutions, Inc. | 2554200 | 306683 |
| Delta Air Lines, Inc.<sup>1</sup> | 7215000 | 237085 |
| United Rentals, Inc.<sup>1</sup> | 462000 | 164204 |
| Caterpillar, Inc. | 676300 | 162014 |
| Waste Connections, Inc. | 1101159 | 145970 |
| MTU Aero Engines AG | 541769 | 117261 |
| General Electric Co. | 1368072 | 114631 |
| Airbus SE, non-registered shares | 955893 | 113658 |
| Ryanair Holdings PLC (ADR)<sup>1</sup> | 1500325 | 112164 |
| Ryanair Holdings PLC<sup>1</sup> | 96554 | 1264 |
| Robert Half International, Inc. | 1323800 | 97736 |
| Old Dominion Freight Line, Inc. | 329800 | 93591 |
| Boeing Company<sup>1</sup> | 395000 | 75243 |
| United Airlines Holdings, Inc.<sup>1</sup> | 1695914 | 63936 |
| Middleby Corp.<sup>1</sup> | 449500 | 60188 |
| Axon Enterprise, Inc.<sup>1</sup> | 347957 | 57736 |
| Equifax, Inc. | 290691 | 56499 |
| Northrop Grumman Corp. | 98700 | 53852 |
| Dun & Bradstreet Holdings, Inc. | 3869573 | 47441 |

---

<br> 60 American Funds Insurance Series

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Canadian Pacific Railway, Ltd. | 496000 | $36997 |
| AMETEK, Inc. | 253600 | 35433 |
| Rockwell Automation | 129246 | 33290 |
| HEICO Corp. | 195000 | 29960 |
| Advanced Drainage Systems, Inc. | 350426 | 28724 |
| ITT, Inc. | 343000 | 27817 |
| Armstrong World Industries, Inc. | 374203 | 25666 |
| Safran SA | 185870 | 23227 |
| Saia, Inc.<sup>1</sup> | 75433 | 15817 |
|  |  | **3368401** |
| **Energy 5.92%** |  |  |
| Halliburton Company | 12143661 | 477853 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 6655000 | 369564 |
| Schlumberger, Ltd. | 2340000 | 125096 |
| Cenovus Energy, Inc. (CAD denominated) | 6081800 | 117998 |
| Permian Resources Corp., Class A | 11260000 | 105844 |
| Tourmaline Oil Corp. | 1838700 | 92777 |
| TotalEnergies SE | 1469000 | 91688 |
| EQT Corp. | 2268000 | 76726 |
| Pioneer Natural Resources Company | 328000 | 74912 |
| EOG Resources, Inc. | 466699 | 60447 |
| ConocoPhillips | 472041 | 55701 |
| MEG Energy Corp.<sup>1</sup> | 3810000 | 53042 |
| Hess Corp. | 354000 | 50204 |
| Coterra Energy, Inc. | 1275197 | 31332 |
| Range Resources Corp. | 907000 | 22693 |
| Suncor Energy, Inc. | 540794 | 17154 |
| Equitrans Midstream Corp. | 936942 | 6278 |
|  |  | **1829309** |
| **Financials 5.82%** |  |  |
| Bank of America Corp. | 14780700 | 489537 |
| Capital One Financial Corp. | 1399000 | 130051 |
| First Republic Bank | 943211 | 114968 |
| KKR & Co., Inc. | 2409043 | 111828 |
| Apollo Asset Management, Inc. | 1557942 | 99381 |
| T. Rowe Price Group, Inc. | 642000 | 70017 |
| MSCI, Inc. | 146390 | 68096 |
| Marsh & McLennan Companies, Inc. | 403461 | 66765 |
| Western Alliance Bancorporation | 1071775 | 63835 |
| Wells Fargo & Company | 1511200 | 62397 |
| Blackstone, Inc., nonvoting shares | 738000 | 54752 |
| Signature Bank | 446233 | 51415 |
| S&P Global, Inc. | 141000 | 47227 |
| Aon PLC, Class A | 155700 | 46732 |
| JPMorgan Chase & Co. | 313702 | 42067 |
| Morgan Stanley | 426474 | 36259 |
| Progressive Corp. | 265951 | 34496 |
| Blue Owl Capital, Inc., Class A | 2891712 | 30652 |
| Arch Capital Group, Ltd.<sup>1</sup> | 458700 | 28797 |
| Goldman Sachs Group, Inc. | 74300 | 25513 |
| Tradeweb Markets, Inc., Class A | 390000 | 25323 |
| Ares Management Corp., Class A | 310500 | 21251 |
| SVB Financial Group<sup>1</sup> | 87300 | 20091 |
| Ryan Specialty Holdings, Inc., Class A<sup>1</sup> | 455200 | 18895 |
| Brookfield Corp., Class A | 585103 | 18407 |
| Trupanion, Inc.<sup>1,2</sup> | 287655 | 13672 |
| Brookfield Asset Management, Ltd., Class A | 146275 | 4194 |
|  |  | **1796618** |

---

<br> American Funds Insurance Series 61

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Materials 3.15%** |  |  |
| Silgan Holdings, Inc. | 2858000 | $148159 |
| Wheaton Precious Metals Corp. | 3674000 | 143580 |
| Linde PLC | 373860 | 121946 |
| Grupo México, SAB de CV, Series B | 25356800 | 89018 |
| Barrick Gold Corp. | 4058000 | 69716 |
| CF Industries Holdings, Inc. | 743000 | 63304 |
| ATI, Inc.<sup>1</sup> | 2070860 | 61836 |
| Royal Gold, Inc. | 517000 | 58276 |
| Franco-Nevada Corp. | 390000 | 53163 |
| Nutrien, Ltd. (CAD denominated) | 665949 | 48618 |
| Steel Dynamics, Inc. | 394900 | 38582 |
| Albemarle Corp. | 144809 | 31403 |
| Mosaic Co. | 678459 | 29764 |
| Summit Materials, Inc., Class A | 570855 | 16206 |
|  |  | **973571** |
| **Consumer staples 2.28%** |  |  |
| Costco Wholesale Corp. | 253000 | 115494 |
| British American Tobacco PLC | 2768763 | 109850 |
| Performance Food Group Co.<sup>1</sup> | 1743000 | 101774 |
| Constellation Brands, Inc., Class A | 334017 | 77408 |
| Archer Daniels Midland Company | 784800 | 72869 |
| Altria Group, Inc. | 1440000 | 65822 |
| Monster Beverage Corp.<sup>1</sup> | 577600 | 58644 |
| Estée Lauder Companies, Inc., Class A | 211111 | 52379 |
| Molson Coors Beverage Company, Class B, restricted voting shares | 608423 | 31346 |
| Philip Morris International, Inc. | 201113 | 20355 |
|  |  | **705941** |
| **Utilities 0.79%** |  |  |
| PG&E Corp.<sup>1</sup> | 9227065 | 150032 |
| AES Corp. | 1085884 | 31230 |
| CenterPoint Energy, Inc. | 953746 | 28603 |
| Constellation Energy Corp. | 242227 | 20882 |
| Edison International | 199191 | 12673 |
|  |  | **243420** |
| **Real estate 0.11%** |  |  |
| Equinix, Inc. REIT | 51784 | **33920** |
| **Total common stocks** (cost: $20,777,099,000) |  | **29698217** |
| **Preferred securities 0.19%** |  |  |
| **Information technology 0.16%** |  |  |
| PsiQuantum Corp., Series D, preferred shares<sup>1,3,4</sup> | 906761 | 24501 |
| Samsung Electronics Co., Ltd., nonvoting preferred shares | 531000 | 21366 |
| Tipalti Solutions, Ltd., Series F, preferred shares<sup>1,3,4</sup> | 406310 | 2385 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares<sup>1,3,4</sup> | 52656 | 1469 |
|  |  | **49721** |
| **Industrials 0.03%** |  |  |
| ABL Space Systems Co., Series B2, preferred shares<sup>1,3,4</sup> | 153713 | 5775 |
| Einride AB, Series C, preferred shares<sup>1,3,4</sup> | 77647 | 2640 |
|  |  | **8415** |
| **Total preferred securities** (cost: $68,091,000) |  | **58136** |

---

<br> 62 American Funds Insurance Series

Growth Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Convertible stocks 0.03%** | Shares | Shares | Value<br> (000) |
| **Financials 0.03%** |  |  |  |
| KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 |  | 125800 | $**7202** |
| **Total convertible stocks** (cost: $7,758,000) |  |  | **7202** |
| **Convertible bonds & notes 0.02%** | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Consumer staples 0.01%** |  |  |  |
| JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/2025<sup>3,4,5</sup> | USD | 46459 | **4646** |
| **Industrials 0.01%** |  |  |  |
| Einride AB, convertible notes, 7.00% 2/1/2023<sup>3,4</sup> |  | 2500 | **2500** |
| **Total convertible bonds & notes** (cost: $46,042,000) |  |  | **7146** |
| **Bonds, notes & other debt instruments 0.05%** |  |  |  |
| **Corporate bonds, notes & loans 0.05%** |  |  |  |
| **Consumer discretionary 0.05%** |  |  |  |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>6</sup> |  | 19060 | **15245** |
| **Total bonds, notes & other debt instruments** (cost: $14,159,000) |  |  | **15245** |
| **Short-term securities 3.86%** | Shares | Shares |  |
| **Money market investments 3.70%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,8</sup> |  | 11426693 | **1142555** |
| **Money market investments purchased with collateral from securities on loan 0.16%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,8,9</sup> |  | 244125 | 24410 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,9</sup> |  | 13667057 | 13667 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>7,9</sup> |  | 12203079 | 12203 |
|  |  |  | **50280** |
| **Total short-term securities** (cost: $1,192,617,000) |  |  | **1192835** |
| **Total investment securities 100.27%** (cost: $22,105,766,000) |  |  | **30978781** |
| Other assets less liabilities (0.27)% |  |  | (82433) |
| **Net assets 100.00%** |  |  | $30896348 |

---

**Investments in affiliates<sup>8</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 3.78%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 3.70%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7</sup> | $1610187 | $4675615 | $5142944 | $(325) | $22 | $1142555 | $22361 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.08%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7,9</sup> | 20304 | 4106<sup>10</sup> |  |  |  | 24410 | —<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;**Total 3.78%** |  |  |  | $(325) | $22 | $1166965 | $22361 |

---

<br> American Funds Insurance Series 63

Growth Fund (continued)

**Restricted securities<sup>4</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Acquisition**<br>**date(s)** |<br>**Cost**<br>**(000)** |<br>**Value**<br>**(000)** | **Percent**<br>**of net**<br>**assets** |
| Verily Life Sciences, LLC<sup>1,3</sup> | 12/21/2018 | $37000 | $45222 | .14% |
| PsiQuantum Corp., Series D, preferred shares<sup>1,3</sup> | 5/28/2021 | 23781 | 24501 | .08 |
| Stripe, Inc., Class B<sup>1,3</sup> | 5/6/2021 | 6766 | 4704 | .02 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares<sup>1,3</sup> | 3/15/2021 | 2113 | 1469 | .00 |
| ABL Space Systems Co., Series B2, preferred shares<sup>1,3</sup> | 10/22/2021 | 10452 | 5775 | .02 |
| Einride AB, Series C, preferred shares<sup>1,3</sup> | 11/23/2022 | 2640 | 2640 | .01 |
| Einride AB, convertible notes, 7.00% 2/1/2023<sup>3</sup> | 1/7/2022 | 2500 | 2500 | .01 |
| JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/2025<sup>3,5</sup> | 2/3/2020-11/3/2022 | 43542 | 4646 | .01 |
| Tipalti Solutions, Ltd., Series F, preferred shares<sup>1,3</sup> | 12/1/2021 | 6956 | 2385 | .01 |
| **Total** |  | $135750 | $93842 | .30% |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $54,504,000, which represented .18% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $93,842,000, which represented .30% of the net assets of the fund.

<sup>5</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $15,245,000, which represented .05% of the net assets of the fund.

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>9</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>10</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>11</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

PIK = Payment In Kind

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

64 American Funds Insurance Series

International Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 94.99%** | Shares | Value<br> (000) |
| **Industrials 16.64%** |  |  |
| Recruit Holdings Co., Ltd. | 7310189 | $232492 |
| Airbus SE, non-registered shares | 1657958 | 197135 |
| Safran SA | 718500 | 89786 |
| Melrose Industries PLC | 36613980 | 59524 |
| Siemens AG | 418132 | 58034 |
| MTU Aero Engines AG | 229720 | 49721 |
| Ashtead Group PLC | 645000 | 36847 |
| DSV A/S | 230223 | 36515 |
| NIBE Industrier AB, Class B | 3878804 | 36271 |
| Thales SA | 271438 | 34700 |
| Techtronic Industries Co., Ltd. | 2724000 | 30332 |
| Legrand SA | 358100 | 28833 |
| International Container Terminal Services, Inc. | 7953240 | 28625 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 2350967 | 23513 |
| ZTO Express (Cayman), Inc., Class A (ADR) | 685354 | 18415 |
| Diploma PLC | 540545 | 18165 |
| Rumo SA | 5039366 | 17763 |
| Grab Holdings, Ltd., Class A<sup>1</sup> | 5356295 | 17247 |
| Brenntag SE | 259299 | 16578 |
| CCR SA, ordinary nominative shares | 5580000 | 11435 |
| SMC Corp. | 26900 | 11385 |
| Airports of Thailand PCL, foreign registered shares<sup>1</sup> | 5078900 | 11000 |
| Kingspan Group PLC | 153796 | 8281 |
| Larsen & Toubro, Ltd. | 327351 | 8232 |
| Bureau Veritas SA | 292900 | 7709 |
| AB Volvo, Class B | 396824 | 7185 |
| LIXIL Corp. | 441700 | 6731 |
| Fluidra, SA, non-registered shares | 432985 | 6715 |
| BAE Systems PLC | 617024 | 6377 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 846334 | 2578 |
|  |  | **1118124** |
| **Information technology 13.74%** |  |  |
| SK hynix, Inc. | 3255725 | 195968 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 4215370 | 146315 |
| ASML Holding NV | 210218 | 113792 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 6501000 | 94750 |
| Nice, Ltd. (ADR)<sup>1</sup> | 432150 | 83102 |
| Fujitsu, Ltd. | 437900 | 57990 |
| Lasertec Corp. | 320511 | 53238 |
| Samsung Electronics Co., Ltd. | 631500 | 27848 |
| NXP Semiconductors NV | 173200 | 27371 |
| Disco Corp. | 65800 | 18915 |
| Atlassian Corp., Class A<sup>1</sup> | 107001 | 13769 |
| OBIC Co., Ltd. | 83700 | 12374 |
| Constellation Software, Inc. | 7730 | 12069 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 526752 | 10424 |
| Suse SA<sup>1,2</sup> | 576586 | 10410 |
| Kingdee International Software Group Co., Ltd.<sup>1</sup> | 4786000 | 10188 |
| Dassault Systemes SE | 277000 | 9991 |
| ASM International NV | 25152 | 6368 |
| Infosys, Ltd. | 329392 | 5967 |
| Tata Consultancy Services, Ltd. | 113863 | 4483 |
| Canva, Inc.<sup>1,3,4</sup> | 4819 | 4282 |
| PagSeguro Digital, Ltd., Class A<sup>1</sup> | 426548 | 3728 |
|  |  | **923342** |
| **Health care 12.52%** |  |  |
| Daiichi Sankyo Company, Ltd. | 9749808 | 312457 |
| Novo Nordisk A/S, Class B | 1255260 | 169962 |
| Olympus Corp. | 5808100 | 102662 |
| Bayer AG | 841261 | 43436 |

---

<br> American Funds Insurance Series 65

International Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| Siemens Healthineers AG | 833668 | $41705 |
| Grifols, SA, Class A, non-registered shares<sup>1</sup> | 2789283 | 32345 |
| Grifols, SA, Class B (ADR)<sup>1</sup> | 793690 | 6747 |
| WuXi Biologics (Cayman), Inc.<sup>1</sup> | 2504066 | 19224 |
| HOYA Corp. | 198300 | 19187 |
| M3, Inc. | 644835 | 17566 |
| EssilorLuxottica | 80200 | 14604 |
| Insulet Corp.<sup>1</sup> | 46653 | 13734 |
| Takeda Pharmaceutical Company, Ltd. | 361300 | 11285 |
| Hapvida Participações e Investimentos SA<sup>1</sup> | 8863653 | 8528 |
| Ambu AS, Class B, non-registered shares<sup>1</sup> | 662880 | 8411 |
| Eurofins Scientific SE, non-registered shares | 98473 | 7091 |
| WuXi AppTec Co., Ltd., Class A | 288960 | 3345 |
| WuXi AppTec Co., Ltd., Class H | 312000 | 3297 |
| bioMérieux SA | 58300 | 6131 |
|  |  | **841717** |
| **Materials 10.64%** |  |  |
| First Quantum Minerals, Ltd. | 10951800 | 228823 |
| Fortescue Metals Group, Ltd. | 12796750 | 178403 |
| Vale SA (ADR), ordinary nominative shares | 6886607 | 116865 |
| Vale SA, ordinary nominative shares | 770681 | 12974 |
| Shin-Etsu Chemical Co., Ltd. | 563500 | 68654 |
| JSR Corp. | 1681700 | 33144 |
| Ivanhoe Mines, Ltd., Class A<sup>1</sup> | 3403051 | 26893 |
| Wacker Chemie AG | 147773 | 18887 |
| Linde PLC | 35287 | 11510 |
| Koninklijke DSM NV | 93550 | 11469 |
| BASF SE | 136760 | 6789 |
| Yunnan Energy New Material Co., Ltd., Class A | 19136 | 362 |
|  |  | **714773** |
| **Energy 10.48%** |  |  |
| Reliance Industries, Ltd. | 9393560 | 288158 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 1562283 | 86756 |
| Neste OYJ | 1756952 | 81150 |
| Woodside Energy Group, Ltd. | 3071566 | 74317 |
| Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 6724576 | 71617 |
| TotalEnergies SE | 1147298 | 71609 |
| Shell PLC (GBP denominated) | 573839 | 16307 |
| Cenovus Energy, Inc. (CAD denominated) | 725880 | 14084 |
|  |  | **703998** |
| **Consumer discretionary 9.06%** |  |  |
| MercadoLibre, Inc.<sup>1</sup> | 128451 | 108700 |
| Evolution AB | 960556 | 93812 |
| Sony Group Corp. | 920500 | 70194 |
| Galaxy Entertainment Group, Ltd. | 9204000 | 60944 |
| LVMH Moët Hennessy-Louis Vuitton SE | 72682 | 52799 |
| Flutter Entertainment PLC<sup>1</sup> | 313163 | 42911 |
| Ferrari NV (EUR denominated) | 177292 | 37933 |
| Kering SA | 70951 | 36312 |
| Maruti Suzuki India, Ltd. | 303300 | 30675 |
| Entain PLC | 1832094 | 29375 |
| Coupang, Inc., Class A<sup>1</sup> | 1304214 | 19185 |
| Mercedes-Benz Group AG | 136786 | 8976 |
| InterContinental Hotels Group PLC | 155468 | 8949 |
| Aptiv PLC<sup>1</sup> | 84000 | 7823 |
|  |  | **608588** |

---

<br> 66 American Funds Insurance Series

International Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials 9.05%** |  |  |
| Kotak Mahindra Bank, Ltd. | 7207964 | $158591 |
| AIA Group, Ltd. | 12210576 | 134524 |
| Aegon NV | 12263736 | 62212 |
| HDFC Bank, Ltd. | 2216455 | 43632 |
| HDFC Bank, Ltd. (ADR) | 207750 | 14212 |
| Nu Holdings, Ltd., Class A<sup>1</sup> | 8115368 | 33030 |
| Bajaj Finance, Ltd. | 396342 | 31369 |
| ING Groep NV | 2331678 | 28447 |
| Axis Bank, Ltd. | 1917190 | 21549 |
| FinecoBank SpA | 1211135 | 20184 |
| Futu Holdings, Ltd. (ADR)<sup>1</sup> | 375890 | 15280 |
| China Merchants Bank Co., Ltd., Class A | 2726800 | 14621 |
| B3 SA-Brasil, Bolsa, Balcao | 4413000 | 11041 |
| Allfunds Group PLC | 1266915 | 8853 |
| Bajaj Finserv, Ltd. | 325950 | 6074 |
| XP, Inc., Class A<sup>1</sup> | 292000 | 4479 |
|  |  | **608098** |
| **Communication services 6.20%** |  |  |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 3557478 | 185096 |
| Bharti Airtel, Ltd. | 12732125 | 123766 |
| Bharti Airtel, Ltd., interim shares | 836308 | 4373 |
| Universal Music Group NV | 1717633 | 41462 |
| Informa PLC | 3630108 | 27216 |
| Ubisoft Entertainment SA<sup>1</sup> | 518403 | 14715 |
| Singapore Telecommunications, Ltd. | 5800500 | 11136 |
| Vivendi SE | 907392 | 8683 |
| Yandex NV, Class A<sup>1,3</sup> | 313000 | —<sup>5</sup> |
|  |  | **416447** |
| **Consumer staples 4.31%** |  |  |
| Kweichow Moutai Co., Ltd., Class A | 224223 | 55485 |
| Danone SA | 878392 | 46277 |
| Seven & i Holdings Co., Ltd. | 984200 | 42102 |
| Treasury Wine Estates, Ltd. | 4139490 | 38250 |
| British American Tobacco PLC | 911000 | 36144 |
| Kobe Bussan Co., Ltd. | 754900 | 21791 |
| CP ALL PCL, foreign registered shares | 9053300 | 17849 |
| Nestlé SA | 78463 | 9061 |
| Dabur India, Ltd. | 933875 | 6324 |
| Shiseido Company, Ltd. | 122000 | 6012 |
| Essity Aktiebolag, Class B | 211237 | 5544 |
| Pernod Ricard SA | 22974 | 4516 |
| Diageo PLC | 13194 | 583 |
|  |  | **289938** |
| **Utilities 1.77%** |  |  |
| ENN Energy Holdings, Ltd. | 8532700 | **119038** |
| **Real estate 0.58%** |  |  |
| ESR Group, Ltd. | 14852600 | 31175 |
| Ayala Land, Inc. | 14181500 | 7891 |
|  |  | **39066** |
| **Total common stocks** (cost: $5,702,657,000) |  | **6383129** |
| **Preferred securities 0.79%** |  |  |
| **Health care 0.29%** |  |  |
| Grifols, SA, Class B, nonvoting non-registered preferred shares<sup>1</sup> | 2274930 | **19221** |

---

<br> American Funds Insurance Series 67

International Fund (continued)

---

| | | |
|:---|:---|:---|
| **Preferred securities** (continued) | Shares | Value<br> (000) |
| **Energy 0.20%** |  |  |
| Petróleo Brasileiro SA (Petrobras), preferred nominative shares | 2980131 | $**13829** |
| **Financials 0.16%** |  |  |
| Itaú Unibanco Holding SA, preferred nominative shares | 2246000 | **10635** |
| **Consumer discretionary 0.13%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 88248 | **8953** |
| **Information technology 0.01%** |  |  |
| Canva, Inc., Series A, noncumulative preferred shares<sup>1,3,4</sup> | 422 | 375 |
| Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,3,4</sup> | 18 | 16 |
| Canva, Inc., Series A-4, noncumulative preferred shares<sup>1,3,4</sup> | 1 | 1 |
|  |  | **392** |
| **Total preferred securities** (cost: $78,028,000) |  | **53030** |
| **Rights & warrants 0.13%** |  |  |
| **Health care 0.13%** |  |  |
| WuXi AppTec Co., Ltd., Class A, warrants, expire 11/21/2023<sup>1,6</sup> | 729706 | **8446** |
| **Total rights & warrants** (cost: $8,772,000) |  | **8446** |
| **Short-term securities 4.57%** |  |  |
| **Money market investments 4.55%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | 3060530 | **306023** |
| **Money market investments purchased with collateral from securities on loan 0.02%** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,9</sup> | 603851 | 604 |
| Capital Group Central Cash Fund 4.31%<sup>7,8,9</sup> | 4223 | 422 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>7,9</sup> | 420189 | 420 |
|  |  | **1446** |
| **Total short-term securities** (cost: $307,420,000) |  | **307469** |
| **Total investment securities 100.48%** (cost: $6,096,877,000) |  | **6752074** |
| Other assets less liabilities (0.48)% |  | (32493) |
| **Net assets 100.00%** |  | $**6719581** |

---

<br> 68 American Funds Insurance Series

International Fund (continued)

**Investments in affiliates<sup>8</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 4.56%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 4.55%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7</sup> | $977398 | $1494158 | $2165364 | $(112) | $(57) | $306023 | $9392 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7,9</sup> | 34059 |  | 33637<sup>10</sup> |  |  | 422 | —<sup>11</sup> |
| **Total 4.56%** |  |  |  | $(112) | $(57) | $306445 | $9392 |

---

**Restricted securities<sup>4</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Acquisition**<br>**date(s)** |<br>**Cost**<br>**(000)** |<br>**Value**<br>**(000)** | **Percent**<br>**of net**<br>**assets** |
| Canva, Inc.<sup>1,3</sup> | 8/26/2021-11/4/2021 | $8215 | $4282 | .06% |
| Canva, Inc., Series A, noncumulative preferred shares<sup>1,3</sup> | 11/4/2021 | 719 | 375 | .01 |
| Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,3</sup> | 11/4/2021 | 31 | 16 | .00 |
| Canva, Inc., Series A-4, noncumulative preferred shares<sup>1,3</sup> | 11/4/2021 | 2 | 1 | .00 |
| **Total** |  | $8967 | $4674 | .07% |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $1,530,000, which represented .02% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $4,674,000, which represented .07% of the net assets of the fund.

<sup>5</sup> Amount less than one thousand.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $8,446,000, which represented .13% of the net assets of the fund.

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>9</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>10</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>11</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

American Funds Insurance Series 69

New World Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 90.37%** | Shares | Value<br> (000) |
| **Information technology 14.17%** |  |  |
| Microsoft Corp. | 343380 | $82348 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 3763000 | 54844 |
| Broadcom, Inc. | 50719 | 28359 |
| ASML Holding NV | 52210 | 28261 |
| Micron Technology, Inc. | 505143 | 25247 |
| Wolfspeed, Inc.<sup>1</sup> | 312105 | 21548 |
| Mastercard, Inc., Class A | 47073 | 16369 |
| Apple, Inc. | 114398 | 14864 |
| Tata Consultancy Services, Ltd. | 274095 | 10793 |
| Visa, Inc., Class A | 50545 | 10501 |
| Keyence Corp. | 23700 | 9279 |
| Infosys, Ltd. (ADR) | 342942 | 6176 |
| Infosys, Ltd. | 131247 | 2378 |
| SAP SE | 70089 | 7233 |
| Silergy Corp. | 459376 | 6514 |
| Synopsys, Inc.<sup>1</sup> | 20004 | 6387 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 321870 | 6370 |
| Samsung Electronics Co., Ltd. | 143145 | 6312 |
| NVIDIA Corp. | 42638 | 6231 |
| EPAM Systems, Inc.<sup>1</sup> | 18611 | 6100 |
| PagSeguro Digital, Ltd., Class A<sup>1</sup> | 674012 | 5891 |
| Edenred SA | 100382 | 5462 |
| Accenture PLC, Class A | 20142 | 5375 |
| Network International Holdings PLC<sup>1</sup> | 1472831 | 5275 |
| Nokia Corp. | 1113649 | 5174 |
| Tokyo Electron, Ltd. | 15700 | 4664 |
| Nice, Ltd. (ADR)<sup>1</sup> | 23806 | 4578 |
| Kingdee International Software Group Co., Ltd.<sup>1</sup> | 2128000 | 4530 |
| Lasertec Corp. | 27100 | 4501 |
| Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 70704 | 3646 |
| Applied Materials, Inc. | 36011 | 3507 |
| MediaTek, Inc. | 142000 | 2884 |
| ASM International NV | 10858 | 2749 |
| SK hynix, Inc. | 41006 | 2468 |
| Trimble, Inc.<sup>1</sup> | 41404 | 2093 |
| Logitech International SA | 31053 | 1927 |
| Euronet Worldwide, Inc.<sup>1</sup> | 19369 | 1828 |
| KLA Corp. | 4743 | 1788 |
| Coforge, Ltd. | 33028 | 1544 |
| Cognizant Technology Solutions Corp., Class A | 25905 | 1482 |
| Globant SA<sup>1</sup> | 8094 | 1361 |
| Hamamatsu Photonics KK | 25400 | 1222 |
| Hundsun Technologies, Inc., Class A | 198090 | 1153 |
| Atlassian Corp., Class A<sup>1</sup> | 8731 | 1124 |
| VeriSign, Inc.<sup>1</sup> | 4446 | 913 |
| MKS Instruments, Inc. | 8486 | 719 |
| StoneCo, Ltd., Class A<sup>1</sup> | 67249 | 635 |
| Autodesk, Inc.<sup>1</sup> | 3359 | 628 |
| Disco Corp. | 2100 | 604 |
| Advanced Micro Devices, Inc.<sup>1</sup> | 8455 | 548 |
| Canva, Inc.<sup>1,2,3</sup> | 385 | 342 |
| Intel Corp. | 3575 | 95 |
|  |  | **436824** |
| **Financials 13.94%** |  |  |
| Kotak Mahindra Bank, Ltd. | 2819943 | 62045 |
| AIA Group, Ltd. | 4251600 | 46840 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 4499844 | 29700 |
| HDFC Bank, Ltd. | 1423436 | 28021 |
| B3 SA-Brasil, Bolsa, Balcao | 10338358 | 25867 |
| Capitec Bank Holdings, Ltd. | 206384 | 22575 |
| Bajaj Finance, Ltd. | 215621 | 17066 |

---

<br> 70 American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| ICICI Bank, Ltd. | 967310 | $10368 |
| ICICI Bank, Ltd. (ADR) | 290583 | 6361 |
| AU Small Finance Bank, Ltd. | 1923084 | 15145 |
| Bank Central Asia Tbk PT | 20947600 | 11484 |
| UniCredit SpA | 750471 | 10672 |
| Industrial and Commercial Bank of China, Ltd., Class H | 20423000 | 10519 |
| Nu Holdings, Ltd., Class A<sup>1</sup> | 2383890 | 9702 |
| Bank Mandiri (Persero) Tbk PT | 15218600 | 9671 |
| XP, Inc., Class A<sup>1</sup> | 602058 | 9236 |
| China Merchants Bank Co., Ltd., Class H | 1461000 | 8099 |
| Discovery, Ltd.<sup>1</sup> | 1031032 | 7486 |
| Banco Bilbao Vizcaya Argentaria, SA | 1202030 | 7259 |
| Bank Rakyat Indonesia (Persero) Tbk PT | 19736600 | 6257 |
| Eurobank Ergasias Services and Holdings SA<sup>1</sup> | 5321431 | 6007 |
| Bank of Baroda | 2476327 | 5528 |
| Moody's Corp. | 17666 | 4922 |
| United Overseas Bank, Ltd. | 191900 | 4401 |
| Canara Bank | 1094165 | 4386 |
| Erste Group Bank AG | 135838 | 4332 |
| East Money Information Co., Ltd., Class A | 1416356 | 3955 |
| Alpha Services and Holdings SA<sup>1</sup> | 3535444 | 3772 |
| Hong Kong Exchanges and Clearing, Ltd. | 76500 | 3306 |
| Bajaj Finserv, Ltd. | 176756 | 3294 |
| Standard Bank Group, Ltd. | 330214 | 3261 |
| Aon PLC, Class A | 10455 | 3138 |
| DBS Group Holdings, Ltd. | 122873 | 3111 |
| Grupo Financiero Banorte, SAB de CV, Series O | 393905 | 2828 |
| China Pacific Insurance (Group) Co., Ltd., Class H | 1158294 | 2558 |
| Postal Savings Bank of China Co., Ltd., Class H | 3919000 | 2421 |
| Bank of Ningbo Co., Ltd., Class A | 498700 | 2329 |
| S&P Global, Inc. | 6883 | 2305 |
| National Bank of Greece SA<sup>1</sup> | 482747 | 1931 |
| Piramal Enterprises, Ltd. | 169260 | 1690 |
| Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B | 1294654 | 1515 |
| Lufax Holding, Ltd. (ADR) | 751404 | 1458 |
| China Construction Bank Corp., Class H | 2110000 | 1322 |
| TISCO Financial Group PCL, foreign registered shares | 343800 | 983 |
| Fairfax Financial Holdings, Ltd., subordinate voting shares | 1008 | 597 |
| HDFC Life Insurance Company, Ltd. | 23813 | 162 |
| Moscow Exchange MICEX-RTS PJSC<sup>1,2</sup> | 438203 | —<sup>4</sup> |
| Sberbank of Russia PJSC<sup>1,2</sup> | 2662164 | —<sup>4</sup> |
|  |  | **429885** |
| **Health care 13.14%** |  |  |
| Novo Nordisk A/S, Class B | 469272 | 63539 |
| Thermo Fisher Scientific, Inc. | 72737 | 40056 |
| Eli Lilly and Company | 98730 | 36119 |
| AstraZeneca PLC | 199832 | 27120 |
| Max Healthcare Institute, Ltd.<sup>1</sup> | 4642420 | 24670 |
| PerkinElmer, Inc. | 129804 | 18201 |
| Abbott Laboratories | 165381 | 18157 |
| BeiGene, Ltd. (ADR)<sup>1</sup> | 65681 | 14446 |
| BeiGene, Ltd.<sup>1</sup> | 44100 | 753 |
| Jiangsu Hengrui Medicine Co., Ltd., Class A | 2545088 | 14110 |
| EssilorLuxottica | 72078 | 13125 |
| Danaher Corp. | 48758 | 12941 |
| Rede D'Or Sao Luiz SA | 1633717 | 9153 |
| Hypera SA, ordinary nominative shares | 1024373 | 8770 |
| Pfizer, Inc. | 167880 | 8602 |
| Laurus Labs, Ltd. | 1901101 | 8597 |
| WuXi Biologics (Cayman), Inc.<sup>1</sup> | 1102600 | 8465 |

---

<br> American Funds Insurance Series 71

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| CSL, Ltd. | 41156 | $8025 |
| Olympus Corp. | 386100 | 6825 |
| Carl Zeiss Meditec AG, non-registered shares | 52892 | 6676 |
| CanSino Biologics, Inc., Class H | 673696 | 5763 |
| WuXi AppTec Co., Ltd., Class H | 268500 | 2837 |
| WuXi AppTec Co., Ltd., Class A | 203359 | 2354 |
| Siemens Healthineers AG | 100533 | 5029 |
| Hapvida Participações e Investimentos SA<sup>1</sup> | 4948421 | 4761 |
| Zoetis, Inc., Class A | 31997 | 4689 |
| Innovent Biologics, Inc.<sup>1</sup> | 1062373 | 4561 |
| Straumann Holding AG | 28092 | 3181 |
| Legend Biotech Corp. (ADR)<sup>1</sup> | 63359 | 3163 |
| Hutchmed China, Ltd.<sup>1,5</sup> | 786002 | 2418 |
| Shionogi & Co., Ltd. | 46400 | 2308 |
| Teva Pharmaceutical Industries, Ltd. (ADR)<sup>1</sup> | 238996 | 2180 |
| Mettler-Toledo International, Inc.<sup>1</sup> | 1435 | 2074 |
| OdontoPrev SA, ordinary nominative shares | 1000547 | 1711 |
| Align Technology, Inc.<sup>1</sup> | 7299 | 1539 |
| Asahi Intecc Co., Ltd. | 91600 | 1510 |
| Genus PLC | 40970 | 1477 |
| Angelalign Technology, Inc. | 85000 | 1340 |
| Medtronic PLC | 16413 | 1276 |
| Merck KGaA | 5502 | 1066 |
| Bayer AG | 16010 | 827 |
| Zai Lab, Ltd. (ADR)<sup>1</sup> | 16060 | 493 |
| Shandong Pharmaceutical Glass Co., Ltd., Class A | 66700 | 272 |
|  |  | **405179** |
| **Industrials 10.83%** |  |  |
| Airbus SE, non-registered shares | 370290 | 44028 |
| General Electric Co. | 229310 | 19214 |
| Larsen & Toubro, Ltd. | 722885 | 18180 |
| Safran SA | 141435 | 17674 |
| IMCD NV | 113074 | 16151 |
| DSV A/S | 97381 | 15445 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 1435674 | 14359 |
| Copa Holdings, SA, Class A<sup>1</sup> | 172274 | 14328 |
| Carrier Global Corp. | 342044 | 14109 |
| International Container Terminal Services, Inc. | 3660200 | 13173 |
| Grab Holdings, Ltd., Class A<sup>1</sup> | 3941298 | 12691 |
| Rumo SA | 3544401 | 12493 |
| Caterpillar, Inc. | 38431 | 9207 |
| ZTO Express (Cayman), Inc., Class A (ADR) | 294858 | 7923 |
| Daikin Industries, Ltd. | 45200 | 6953 |
| Mitsui & Co., Ltd. | 239100 | 6952 |
| InPost SA<sup>1</sup> | 768099 | 6492 |
| TransDigm Group, Inc. | 9831 | 6190 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 2015524 | 6140 |
| Suzhou Maxwell Technologies Co., Ltd., Class A | 89800 | 5321 |
| Thales SA | 39462 | 5045 |
| Interpump Group SpA | 109354 | 4954 |
| Boeing Company<sup>1</sup> | 25403 | 4839 |
| Raytheon Technologies Corp. | 39064 | 3942 |
| Contemporary Amperex Technology Co., Ltd., Class A | 67547 | 3825 |
| Wizz Air Holdings PLC<sup>1</sup> | 153309 | 3512 |
| Siemens AG | 24155 | 3353 |
| Centre Testing International Group Co., Ltd. | 953496 | 3059 |
| SMC Corp. | 7000 | 2963 |
| BAE Systems PLC | 273358 | 2825 |
| Spirax-Sarco Engineering PLC | 21156 | 2718 |
| Epiroc AB, Class B | 153337 | 2472 |
| Bharat Electronics, Ltd. | 1997357 | 2412 |

---

<br> 72 American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Legrand SA | 28999 | $2335 |
| Bureau Veritas SA | 85112 | 2240 |
| ABB, Ltd. | 71165 | 2168 |
| AirTAC International Group | 70000 | 2119 |
| Techtronic Industries Co., Ltd. | 180500 | 2010 |
| Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 138094 | 1978 |
| Hitachi, Ltd. | 32800 | 1651 |
| Atlas Copco AB, Class B | 128644 | 1374 |
| Nidec Corp. | 25100 | 1307 |
| Haitian International Holdings, Ltd. | 485000 | 1297 |
| Experian PLC | 27683 | 942 |
| CCR SA, ordinary nominative shares | 343384 | 704 |
| Vicor Corp.<sup>1</sup> | 8616 | 463 |
| Hefei Meyer Optoelectronic Technology, Inc., Class A | 126100 | 434 |
|  |  | **333964** |
| **Consumer discretionary 10.70%** |  |  |
| LVMH Moët Hennessy-Louis Vuitton SE | 58437 | 42451 |
| MercadoLibre, Inc.<sup>1</sup> | 33916 | 28701 |
| Midea Group Co., Ltd., Class A | 3015168 | 22397 |
| Hermès International | 13597 | 20982 |
| Evolution AB | 195296 | 19073 |
| Li Ning Co., Ltd. | 2222001 | 19068 |
| Galaxy Entertainment Group, Ltd. | 2661000 | 17620 |
| General Motors Company | 464326 | 15620 |
| H World Group, Ltd. (ADR) | 205118 | 8701 |
| H World Group, Ltd. | 611320 | 2631 |
| YUM! Brands, Inc. | 70324 | 9007 |
| Trip.com Group, Ltd. (ADR)<sup>1</sup> | 243784 | 8386 |
| Zhongsheng Group Holdings, Ltd. | 1519000 | 7743 |
| Kering SA | 13551 | 6935 |
| NIKE, Inc., Class B | 56533 | 6615 |
| Jumbo SA | 367791 | 6278 |
| Astra International Tbk PT | 16312800 | 5943 |
| IDP Education, Ltd. | 294204 | 5437 |
| Industria de Diseño Textil, SA | 198585 | 5288 |
| Marriott International, Inc., Class A | 35444 | 5277 |
| JD.com, Inc., Class A | 181431 | 5100 |
| Titan Co., Ltd. | 153168 | 4794 |
| Tesla, Inc.<sup>1</sup> | 36323 | 4474 |
| adidas AG | 32573 | 4447 |
| Prosus NV, Class N | 63003 | 4325 |
| Alibaba Group Holding, Ltd.<sup>1</sup> | 377472 | 4168 |
| Americanas SA, ordinary nominative shares | 1839202 | 3362 |
| Lear Corp. | 22412 | 2779 |
| Airbnb, Inc., Class A<sup>1</sup> | 32220 | 2755 |
| Melco Resorts & Entertainment, Ltd. (ADR)<sup>1</sup> | 237753 | 2734 |
| Maruti Suzuki India, Ltd. | 24671 | 2495 |
| Aptiv PLC<sup>1</sup> | 23648 | 2202 |
| Booking Holdings, Inc.<sup>1</sup> | 1083 | 2183 |
| InterContinental Hotels Group PLC | 37749 | 2173 |
| JD Health International, Inc.<sup>1</sup> | 233200 | 2133 |
| Naspers, Ltd., Class N | 10720 | 1767 |
| Stellantis NV | 121859 | 1726 |
| Inchcape PLC | 158322 | 1563 |
| Shangri-La Asia, Ltd.<sup>1</sup> | 1882000 | 1542 |
| Magazine Luiza SA<sup>1</sup> | 2856097 | 1482 |
| Levi Strauss & Co., Class A | 89390 | 1387 |
| Sands China, Ltd.<sup>1</sup> | 367200 | 1216 |
| Renault SA<sup>1</sup> | 31040 | 1034 |
| FSN E-Commerce Ventures, Ltd. | 499594 | 932 |
| Flutter Entertainment PLC<sup>1</sup> | 6201 | 850 |

---

<br> American Funds Insurance Series 73

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Cie. Financière Richemont SA, Class A | 6488 | $840 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 132946 | 617 |
| Jiumaojiu International Holdings, Ltd. | 196000 | 517 |
| Cyrela Brazil Realty SA, ordinary nominative shares | 115141 | 285 |
| Ozon Holdings PLC (ADR)<sup>1,2</sup> | 209599 | —<sup>4</sup> |
|  |  | **330035** |
| **Materials 7.96%** |  |  |
| Vale SA (ADR), ordinary nominative shares | 1657863 | 28134 |
| Vale SA, ordinary nominative shares | 1563228 | 26316 |
| First Quantum Minerals, Ltd. | 1427502 | 29826 |
| Freeport-McMoRan, Inc. | 632561 | 24037 |
| Asian Paints, Ltd. | 524675 | 19588 |
| Albemarle Corp. | 72979 | 15826 |
| Linde PLC | 43780 | 14280 |
| Sika AG | 54150 | 13066 |
| Pidilite Industries, Ltd. | 359013 | 11037 |
| Barrick Gold Corp. | 348685 | 5990 |
| Shin-Etsu Chemical Co., Ltd. | 46300 | 5641 |
| LANXESS AG | 133996 | 5408 |
| Sociedad Química y Minera de Chile SA, Class B (ADR) | 59883 | 4781 |
| Wacker Chemie AG | 33237 | 4248 |
| Gerdau SA (ADR) | 743704 | 4120 |
| Givaudan SA | 1316 | 4012 |
| Loma Negra Compania Industrial Argentina SA (ADR) | 505941 | 3466 |
| Fresnillo PLC | 299094 | 3247 |
| Jindal Steel & Power, Ltd. | 427648 | 2989 |
| Shandong Sinocera Functional Material Co., Ltd., Class A | 551700 | 2189 |
| Wheaton Precious Metals Corp. | 52459 | 2050 |
| OCI NV | 50734 | 1810 |
| Amcor PLC (CDI) | 142086 | 1703 |
| Arkema SA | 18241 | 1645 |
| CCL Industries, Inc., Class B, nonvoting shares | 34789 | 1486 |
| Umicore SA | 37150 | 1371 |
| Koninklijke DSM NV | 11145 | 1366 |
| Grupo México, SAB de CV, Series B | 372626 | 1308 |
| Corteva, Inc. | 19893 | 1169 |
| Glencore PLC | 166729 | 1115 |
| Yunnan Energy New Material Co., Ltd., Class A | 53564 | 1012 |
| BASF SE | 13092 | 650 |
| Navin Fluorine International, Ltd. | 7411 | 364 |
| Polymetal International PLC<sup>1</sup> | 76572 | 228 |
| Alrosa PJSC<sup>1,2</sup> | 1123215 | —<sup>4</sup> |
|  |  | **245478** |
| **Consumer staples 6.23%** |  |  |
| Kweichow Moutai Co., Ltd., Class A | 119607 | 29597 |
| ITC, Ltd. | 4065758 | 16297 |
| Bunge, Ltd. | 149915 | 14957 |
| Anheuser-Busch InBev SA/NV | 179767 | 10807 |
| Nestlé SA | 92198 | 10648 |
| Constellation Brands, Inc., Class A | 41910 | 9713 |
| Philip Morris International, Inc. | 89011 | 9009 |
| Varun Beverages, Ltd. | 520713 | 8291 |
| Ajinomoto Co., Inc. | 270999 | 8263 |
| Monster Beverage Corp.<sup>1</sup> | 79331 | 8054 |
| Carlsberg A/S, Class B | 47845 | 6334 |
| Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates | 3616697 | 6138 |
| Pernod Ricard SA | 31035 | 6100 |
| Raia Drogasil SA, ordinary nominative shares | 1191066 | 5351 |
| Avenue Supermarts, Ltd.<sup>1</sup> | 96957 | 4752 |
| Japan Tobacco, Inc. | 232900 | 4709 |

---

<br> 74 American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples (continued)** |  |  |
| Arca Continental, SAB de CV | 559188 | $4541 |
| Dabur India, Ltd. | 536320 | 3632 |
| Uni-Charm Corp. | 86000 | 3298 |
| Mondelez International, Inc. | 48376 | 3224 |
| British American Tobacco PLC | 57762 | 2292 |
| L'Oréal SA, non-registered shares | 6141 | 2203 |
| Foshan Haitian Flavouring and Food Co., Ltd., Class A | 189896 | 2174 |
| Proya Cosmetics Co., Ltd., Class A | 83620 | 2015 |
| Danone SA | 34906 | 1839 |
| United Spirits, Ltd.<sup>1</sup> | 150135 | 1593 |
| Essity Aktiebolag, Class B | 59261 | 1555 |
| Monde Nissin Corp. | 7788000 | 1553 |
| Wuliangye Yibin Co., Ltd., Class A | 51771 | 1340 |
| Reckitt Benckiser Group PLC | 18928 | 1317 |
| Diageo PLC | 9646 | 426 |
| X5 Retail Group NV (GDR)<sup>1,2</sup> | 88147 | —<sup>4</sup> |
|  |  | **192022** |
| **Communication services 5.12%** |  |  |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 440837 | 22937 |
| Alphabet, Inc., Class C<sup>1</sup> | 170931 | 15167 |
| Alphabet, Inc., Class A<sup>1</sup> | 70628 | 6231 |
| Bharti Airtel, Ltd. | 1936137 | 18821 |
| Bharti Airtel, Ltd., interim shares | 80154 | 419 |
| Tencent Holdings, Ltd. | 398700 | 16946 |
| MTN Group, Ltd. | 1937113 | 14510 |
| América Móvil, SAB de CV, Series L (ADR) | 579878 | 10554 |
| Netflix, Inc.<sup>1</sup> | 32399 | 9554 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 66844 | 8044 |
| Telefónica, SA, non-registered shares | 2013890 | 7294 |
| NetEase, Inc. | 215200 | 3137 |
| NetEase, Inc. (ADR) | 26801 | 1946 |
| Vodafone Group PLC | 4478968 | 4540 |
| Indus Towers, Ltd. | 1704995 | 3916 |
| Activision Blizzard, Inc. | 51137 | 3914 |
| Singapore Telecommunications, Ltd. | 1920800 | 3688 |
| JCDecaux SE<sup>1</sup> | 88804 | 1689 |
| Telefônica Brasil SA, ordinary nominative shares | 222879 | 1619 |
| TIM SA | 649389 | 1525 |
| Informa PLC | 166372 | 1247 |
| Sitios Latinoamerica, SAB de CV, Class B1<sup>1</sup> | 531908 | 255 |
| Yandex NV, Class A<sup>1,2</sup> | 378730 | —<sup>4</sup> |
|  |  | **157953** |
| **Energy 4.96%** |  |  |
| Reliance Industries, Ltd. | 1922257 | 58967 |
| TotalEnergies SE | 429775 | 26824 |
| Baker Hughes Co., Class A | 400704 | 11833 |
| New Fortress Energy, Inc., Class A | 199711 | 8472 |
| BP PLC | 1438591 | 8366 |
| Exxon Mobil Corp. | 66625 | 7349 |
| Hess Corp. | 42526 | 6031 |
| Cheniere Energy, Inc. | 33338 | 4999 |
| Aker BP ASA | 160241 | 4995 |
| Chevron Corp. | 24508 | 4399 |
| Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 240586 | 2562 |
| Shell PLC (GBP denominated) | 88634 | 2519 |
| INPEX Corp. | 229000 | 2444 |
| TechnipFMC PLC<sup>1</sup> | 171689 | 2093 |

---

<br> American Funds Insurance Series 75

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Energy (continued)** |  |  |
| Galp Energia, SGPS, SA, Class B | 76673 | $1037 |
| Gazprom PJSC<sup>2</sup> | 945858 | —<sup>4</sup> |
| Rosneft Oil Co. PJSC<sup>2</sup> | 588661 | —<sup>4</sup> |
|  |  | **152890** |
| **Utilities 1.73%** |  |  |
| ENN Energy Holdings, Ltd. | 1596100 | 22267 |
| AES Corp. | 494900 | 14233 |
| Engie SA | 433528 | 6210 |
| Enel SpA | 717325 | 3858 |
| Power Grid Corporation of India, Ltd. | 1407075 | 3622 |
| China Resources Gas Group, Ltd. | 848600 | 3161 |
| China Gas Holdings, Ltd. | 67400 | 97 |
|  |  | **53448** |
| **Real estate 1.59%** |  |  |
| Macrotech Developers, Ltd.<sup>1</sup> | 1294321 | 17070 |
| American Tower Corp. REIT | 36333 | 7698 |
| ESR Group, Ltd. | 2725200 | 5720 |
| CK Asset Holdings, Ltd. | 920500 | 5667 |
| BR Malls Participações SA, ordinary nominative shares | 3350637 | 5267 |
| China Resources Mixc Lifestyle Services, Ltd. | 550000 | 2794 |
| CTP NV | 192994 | 2273 |
| Embassy Office Parks REIT | 367228 | 1490 |
| China Overseas Land & Investment, Ltd. | 222115 | 586 |
| Country Garden Services Holdings Co., Ltd. | 180000 | 446 |
| Ayala Land, Inc. | 198600 | 110 |
|  |  | **49121** |
| **Total common stocks** (cost: $2,233,829,000) |  | **2786799** |
| **Preferred securities 1.05%** |  |  |
| **Consumer discretionary 0.38%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 43971 | 4461 |
| Getir BV, Series D, preferred shares<sup>1,2,3</sup> | 7768 | 3736 |
| Porsche Automobil Holding SE, nonvoting preferred shares | 60985 | 3346 |
|  |  | **11543** |
| **Materials 0.28%** |  |  |
| Gerdau SA, preferred nominative shares | 1533179 | **8529** |
| **Real estate 0.17%** |  |  |
| QuintoAndar, Ltd., Series E, preferred shares<sup>1,2,3</sup> | 32657 | 4267 |
| QuintoAndar, Ltd., Series E-1, preferred shares<sup>1,2,3</sup> | 8400 | 1098 |
|  |  | **5365** |
| **Financials 0.13%** |  |  |
| Itaú Unibanco Holding SA, preferred nominative shares | 339548 | 1608 |
| Itaú Unibanco Holding SA (ADR), preferred nominative shares | 151962 | 716 |
| Banco Bradesco SA, preferred nominative shares | 619768 | 1778 |
|  |  | **4102** |
| **Energy 0.06%** |  |  |
| Petróleo Brasileiro SA (Petrobras) (ADR), preferred nominative shares | 129613 | 1204 |
| Petróleo Brasileiro SA (Petrobras), preferred nominative shares | 156248 | 725 |
|  |  | **1929** |
| **Health care 0.02%** |  |  |
| Grifols, SA, Class B, nonvoting non-registered preferred shares<sup>1</sup> | 71554 | **605** |

---

<br> 76 American Funds Insurance Series

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Preferred securities** (continued) | Shares | Shares | Value<br> (000) |
| **Industrials 0.01%** |  |  |  |
| GOL Linhas Aéreas Inteligentes SA, preferred nominative shares<sup>1</sup> |  | 169406 | $**235** |
| **Information technology 0.00%** |  |  |  |
| Canva, Inc., Series A, noncumulative preferred shares<sup>1,2,3</sup> |  | 34 | 30 |
| Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,2,3</sup> |  | 1 | 1 |
|  |  |  | **31** |
| **Total preferred securities** (cost: $30,813,000) |  |  | **32339** |
| **Rights & warrants 0.00%** |  |  |  |
| **Materials 0.00%** |  |  |  |
| Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 10/30/2023<sup>1,6</sup> |  | 43474 | **172** |
| **Consumer discretionary 0.00%** |  |  |  |
| Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/2023<sup>1</sup> |  | 37386 | **31** |
| **Total rights & warrants** (cost: $183,000) |  |  | **203** |
| **Bonds, notes & other debt instruments 3.26%** | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 2.66%** |  |  |  |
| Abu Dhabi (Emirate of) 2.50% 9/30/2029<sup>6</sup> | USD | 1000 | 899 |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031<sup>6</sup> |  | 885 | 732 |
| Angola (Republic of) 8.25% 5/9/2028 |  | 500 | 457 |
| Angola (Republic of) 8.00% 11/26/2029<sup>6</sup> |  | 1100 | 968 |
| Angola (Republic of) 8.75% 4/14/2032<sup>6</sup> |  | 280 | 243 |
| Argentine Republic 1.00% 7/9/2029 |  | 32 | 9 |
| Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)<sup>7</sup> |  | 5341 | 1454 |
| Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)<sup>7</sup> |  | 2217 | 568 |
| Argentine Republic 3.875% 1/9/2038 (4.25% on 7/9/2023)<sup>7</sup> |  | 1318 | 420 |
| Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029)<sup>7</sup> |  | 5279 | 1502 |
| Armenia (Republic of) 7.15% 3/26/2025 |  | 290 | 294 |
| Bahrain (Kingdom of) 6.75% 9/20/2029<sup>6</sup> |  | 200 | 200 |
| Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL | 19869 | 3461 |
| Brazil (Federative Republic of) 6.00% 5/15/2027<sup>8</sup> |  | 16377 | 3109 |
| Chile (Republic of) 3.10% 5/7/2041 | USD | 375 | 271 |
| Chile (Republic of) 4.34% 3/7/2042 |  | 645 | 547 |
| China (People's Republic of), Series INBK, 2.89% 11/18/2031 | CNY | 36200 | 5205 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051 |  | 34650 | 5410 |
| Colombia (Republic of) 4.50% 1/28/2026 | USD | 280 | 264 |
| Colombia (Republic of) 3.25% 4/22/2032 |  | 700 | 511 |
| Colombia (Republic of) 8.00% 4/20/2033 |  | 200 | 201 |
| Colombia (Republic of) 7.375% 9/18/2037 |  | 1090 | 1025 |
| Colombia (Republic of) 5.625% 2/26/2044 |  | 520 | 384 |
| Colombia (Republic of) 5.20% 5/15/2049 |  | 755 | 517 |
| Colombia (Republic of) 4.125% 5/15/2051 |  | 350 | 211 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032 | EUR | 150 | 127 |
| Dominican Republic 6.875% 1/29/2026 | USD | 370 | 374 |
| Dominican Republic 8.625% 4/20/2027<sup>6</sup> |  | 575 | 600 |
| Dominican Republic 5.50% 2/22/2029<sup>6</sup> |  | 275 | 254 |
| Dominican Republic 11.375% 7/6/2029 | DOP | 12800 | 221 |
| Dominican Republic 6.00% 2/22/2033<sup>6</sup> | USD | 150 | 136 |
| Dominican Republic 7.45% 4/30/2044<sup>6</sup> |  | 1125 | 1053 |
| Dominican Republic 7.45% 4/30/2044 |  | 1000 | 936 |
| Dominican Republic 5.875% 1/30/2060<sup>6</sup> |  | 280 | 206 |
| Egypt (Arab Republic of) 5.875% 2/16/2031<sup>6</sup> |  | 365 | 255 |

---

<br> American Funds Insurance Series 77

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| Egypt (Arab Republic of) 6.375% 4/11/2031 | EUR | 550 | $411 |
| Egypt (Arab Republic of) 7.625% 5/29/2032<sup>6</sup> | USD | 900 | 669 |
| Egypt (Arab Republic of) 7.625% 5/29/2032 |  | 275 | 204 |
| Egypt (Arab Republic of) 8.50% 1/31/2047 |  | 800 | 536 |
| Egypt (Arab Republic of) 8.875% 5/29/2050 |  | 850 | 578 |
| Egypt (Arab Republic of) 8.75% 9/30/2051 |  | 755 | 510 |
| Egypt (Arab Republic of) 8.15% 11/20/2059<sup>6</sup> |  | 500 | 329 |
| Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024 |  | 880 | 553 |
| Export-Import Bank of India 3.25% 1/15/2030 |  | 1180 | 1025 |
| Gabonese Republic 6.95% 6/16/2025 |  | 540 | 513 |
| Gabonese Republic 7.00% 11/24/2031 |  | 300 | 247 |
| Ghana (Republic of) 6.375% 2/11/2027 |  | 485 | 188 |
| Ghana (Republic of) 7.875% 3/26/2027 |  | 200 | 79 |
| Ghana (Republic of) 7.75% 4/7/2029<sup>6</sup> |  | 1125 | 423 |
| Ghana (Republic of) 7.625% 5/16/2029 |  | 460 | 174 |
| Ghana (Republic of) 8.125% 3/26/2032 |  | 2130 | 782 |
| Honduras (Republic of) 6.25% 1/19/2027 |  | 1365 | 1208 |
| Honduras (Republic of) 5.625% 6/24/2030 |  | 678 | 547 |
| Honduras (Republic of) 5.625% 6/24/2030<sup>6</sup> |  | 281 | 227 |
| Indonesia (Republic of) 6.625% 2/17/2037 |  | 500 | 568 |
| Indonesia (Republic of) 5.25% 1/17/2042 |  | 840 | 828 |
| Iraq (Republic of) 6.752% 3/9/2023 |  | 960 | 950 |
| Jordan (Hashemite Kingdom of) 5.75% 1/31/2027<sup>6</sup> |  | 800 | 773 |
| Kazakhstan (Republic of) 6.50% 7/21/2045<sup>6</sup> |  | 800 | 836 |
| Kenya (Republic of) 6.875% 6/24/2024 |  | 200 | 185 |
| Kenya (Republic of) 8.25% 2/28/2048<sup>6</sup> |  | 1800 | 1402 |
| Mongolia (State of) 8.75% 3/9/2024 |  | 370 | 359 |
| Mongolia (State of) 4.45% 7/7/2031 |  | 300 | 234 |
| Mozambique (Republic of) 5.00% 9/15/2031 (9.00% on 9/15/2023)<sup>7</sup> |  | 880 | 678 |
| Oman (Sultanate of) 4.875% 2/1/2025<sup>6</sup> |  | 565 | 556 |
| Oman (Sultanate of) 5.375% 3/8/2027 |  | 750 | 736 |
| Oman (Sultanate of) 6.25% 1/25/2031<sup>6</sup> |  | 600 | 606 |
| Pakistan (Islamic Republic of) 8.25% 9/30/2025<sup>6</sup> |  | 410 | 199 |
| Pakistan (Islamic Republic of) 6.00% 4/8/2026<sup>6</sup> |  | 380 | 153 |
| Pakistan (Islamic Republic of) 6.875% 12/5/2027<sup>6</sup> |  | 1050 | 416 |
| Pakistan (Islamic Republic of) 7.875% 3/31/2036 |  | 200 | 72 |
| Pakistan (Islamic Republic of) 8.875% 4/8/2051 |  | 850 | 300 |
| Panama (Republic of) 3.75% 4/17/2026<sup>6</sup> |  | 678 | 639 |
| Panama (Republic of) 4.50% 5/15/2047 |  | 1155 | 892 |
| Panama (Republic of) 4.50% 4/16/2050 |  | 200 | 152 |
| Panama (Republic of) 4.30% 4/29/2053 |  | 400 | 290 |
| Panama (Republic of) 4.50% 1/19/2063 |  | 200 | 142 |
| Paraguay (Republic of) 4.70% 3/27/2027<sup>6</sup> |  | 400 | 395 |
| Paraguay (Republic of) 4.95% 4/28/2031 |  | 320 | 310 |
| Peru (Republic of) 3.00% 1/15/2034 |  | 425 | 336 |
| Peru (Republic of) 6.55% 3/14/2037 |  | 1070 | 1131 |
| Peru (Republic of) 3.55% 3/10/2051 |  | 370 | 265 |
| Peru (Republic of) 2.78% 12/1/2060 |  | 365 | 214 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050<sup>6</sup> |  | 400 | 359 |
| Philippines (Republic of) 1.648% 6/10/2031 |  | 580 | 465 |
| Philippines (Republic of) 6.375% 10/23/2034 |  | 820 | 911 |
| Philippines (Republic of) 3.95% 1/20/2040 |  | 700 | 595 |
| Philippines (Republic of) 3.70% 3/1/2041 |  | 505 | 414 |
| Philippines (Republic of) 2.95% 5/5/2045 |  | 790 | 572 |
| PT Indonesia Asahan Aluminium Tbk 6.757% 11/15/2048 |  | 200 | 188 |
| Qatar (State of) 4.50% 4/23/2028<sup>6</sup> |  | 2000 | 2016 |
| Qatar (State of) 4.50% 4/23/2028 |  | 600 | 605 |
| Romania 2.00% 1/28/2032 | EUR | 1375 | 987 |
| Romania 2.00% 4/14/2033 |  | 300 | 207 |
| Romania 5.125% 6/15/2048<sup>6</sup> | USD | 500 | 399 |
| Russian Federation 4.25% 6/23/2027<sup>9</sup> |  | 1000 | 430 |

---

<br> 78 American Funds Insurance Series

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| Russian Federation 4.375% 3/21/2029<sup>6,9</sup> | USD | 800 | $328 |
| Russian Federation 5.10% 3/28/2035<sup>9</sup> |  | 1600 | 656 |
| Russian Federation 5.25% 6/23/2047<sup>9</sup> |  | 1200 | 492 |
| Senegal (Republic of) 4.75% 3/13/2028 | EUR | 950 | 880 |
| South Africa (Republic of) 5.875% 6/22/2030 | USD | 1200 | 1120 |
| South Africa (Republic of) 5.875% 4/20/2032 |  | 400 | 362 |
| Sri Lanka (Democratic Socialist Republic of) 6.125% 6/3/2025<sup>9</sup> |  | 450 | 147 |
| Sri Lanka (Democratic Socialist Republic of) 6.85% 11/3/2025<sup>9</sup> |  | 1904 | 614 |
| Sri Lanka (Democratic Socialist Republic of) 6.825% 7/18/2026<sup>9</sup> |  | 1270 | 407 |
| Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/2030<sup>9</sup> |  | 471 | 150 |
| Tunisia (Republic of) 6.75% 10/31/2023 | EUR | 465 | 420 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 310 | 280 |
| Tunisia (Republic of) 5.625% 2/17/2024 |  | 500 | 422 |
| Tunisia (Republic of) 5.75% 1/30/2025 | USD | 625 | 435 |
| Turkey (Republic of) 11.875% 1/15/2030 |  | 800 | 954 |
| Turkey (Republic of) 5.875% 6/26/2031 |  | 1170 | 963 |
| Turkey (Republic of) 4.875% 4/16/2043 |  | 400 | 261 |
| Turkey (Republic of) 5.75% 5/11/2047 |  | 2005 | 1373 |
| Ukraine 8.994% 2/1/2026<sup>9</sup> |  | 600 | 134 |
| Ukraine 7.75% 9/1/2029<sup>9</sup> |  | 2328 | 503 |
| Ukraine 9.75% 11/1/2030<sup>9</sup> |  | 900 | 187 |
| Ukraine 7.375% 9/25/2034<sup>9</sup> |  | 2180 | 416 |
| United Mexican States 4.50% 4/22/2029 |  | 300 | 287 |
| United Mexican States 4.75% 4/27/2032 |  | 870 | 817 |
| United Mexican States 4.75% 3/8/2044 |  | 1090 | 884 |
| United Mexican States 3.75% 4/19/2071 |  | 200 | 125 |
| United Mexican States, Series M, 7.50% 6/3/2027 | MXN | 20360 | 986 |
| United Mexican States, Series M, 7.75% 5/29/2031 |  | 43000 | 2044 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023<sup>9</sup> | USD | 1383 | 121 |
| Venezuela (Bolivarian Republic of) 8.25% 10/13/2024<sup>9</sup> |  | 299 | 26 |
| Venezuela (Bolivarian Republic of) 7.65% 4/21/2025<sup>9</sup> |  | 129 | 11 |
| Venezuela (Bolivarian Republic of) 11.75% 10/21/2026<sup>9</sup> |  | 64 | 6 |
| Venezuela (Bolivarian Republic of) 9.25% 9/15/2027<sup>9</sup> |  | 170 | 16 |
| Venezuela (Bolivarian Republic of) 9.25% 5/7/2028<sup>9</sup> |  | 319 | 29 |
| Venezuela (Bolivarian Republic of) 7.00% 12/1/2018<sup>9</sup> |  | 64 | 5 |
| Venezuela (Bolivarian Republic of) 7.75% 10/13/2019<sup>9</sup> |  | 1149 | 92 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020<sup>9</sup> |  | 950 | 67 |
| Venezuela (Bolivarian Republic of) 11.95% 8/5/2031<sup>9</sup> |  | 106 | 10 |
| Venezuela (Bolivarian Republic of) 12.75% 8/23/2022<sup>9</sup> |  | 85 | 7 |
| Venezuela (Bolivarian Republic of) 7.00% 3/31/2038<sup>9</sup> |  | 107 | 10 |
|  |  |  | **82039** |
| **Corporate bonds, notes & loans 0.51%** |  |  |  |
| **Energy 0.17%** |  |  |  |
| Oleoducto Central SA 4.00% 7/14/2027<sup>6</sup> |  | 255 | 225 |
| Oleoducto Central SA 4.00% 7/14/2027 |  | 200 | 177 |
| Petrobras Global Finance Co. 6.85% 6/5/2115 |  | 314 | 266 |
| Petróleos Mexicanos 6.875% 8/4/2026 |  | 800 | 757 |
| Petróleos Mexicanos 6.49% 1/23/2027 |  | 1670 | 1525 |
| Petróleos Mexicanos 8.75% 6/2/2029 |  | 1105 | 1038 |
| Petróleos Mexicanos 6.70% 2/16/2032 |  | 622 | 490 |
| Petrorio Luxembourg SARL 6.125% 6/9/2026 |  | 200 | 191 |
| PTT Exploration and Production PCL 2.993% 1/15/2030 |  | 200 | 174 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051<sup>6</sup> |  | 630 | 420 |
|  |  |  | **5263** |

---

<br> American Funds Insurance Series 79

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials 0.09%** |  |  |  |
| Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)<sup>7</sup> | USD | 800 | $670 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030 |  | 895 | 687 |
| HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)<sup>6,7</sup> |  | 600 | 516 |
| Power Financial Corp., Ltd. 6.15% 12/6/2028 |  | 432 | 439 |
| Power Financial Corp., Ltd. 4.50% 6/18/2029 |  | 273 | 253 |
| Power Financial Corp., Ltd. 3.35% 5/16/2031 |  | 310 | 258 |
|  |  |  | **2823** |
| **Consumer discretionary 0.07%** |  |  |  |
| Alibaba Group Holding, Ltd. 4.20% 12/6/2047 |  | 600 | 461 |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051 |  | 410 | 256 |
| Arcos Dorados BV 6.125% 5/27/2029 |  | 450 | 437 |
| Meituan Dianping 3.05% 10/28/2030<sup>6</sup> |  | 800 | 618 |
| MercadoLibre, Inc. 3.125% 1/14/2031 |  | 400 | 310 |
| Sands China, Ltd. 4.875% 6/18/2030 |  | 220 | 193 |
|  |  |  | **2275** |
| **Materials 0.05%** |  |  |  |
| Braskem Idesa SAPI 7.45% 11/15/2029 |  | 775 | 613 |
| Braskem Idesa SAPI 7.45% 11/15/2029<sup>6</sup> |  | 300 | 237 |
| GC Treasury Center Co., Ltd. 4.40% 3/30/2032<sup>6</sup> |  | 230 | 204 |
| Sasol Financing USA, LLC 5.875% 3/27/2024 |  | 500 | 491 |
|  |  |  | **1545** |
| **Utilities 0.04%** |  |  |  |
| AES Panama Generation Holdings SRL 4.375% 5/31/2030<sup>6</sup> |  | 280 | 244 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029<sup>6</sup> |  | 412 | 328 |
| Enfragen Energia Sur SA 5.375% 12/30/2030 |  | 969 | 679 |
|  |  |  | **1251** |
| **Communication services 0.04%** |  |  |  |
| Axiata SPV5 Labuan, Ltd. 3.064% 8/19/2050 |  | 357 | 238 |
| PLDT, Inc. 2.50% 1/23/2031 |  | 210 | 165 |
| Tencent Holdings, Ltd. 3.975% 4/11/2029 |  | 400 | 369 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050<sup>6</sup> |  | 580 | 368 |
|  |  |  | **1140** |
| **Consumer staples 0.02%** |  |  |  |
| Marfrig Global Foods SA 3.95% 1/29/2031 |  | 320 | 246 |
| NBM US Holdings, Inc. 6.625% 8/6/2029<sup>3</sup> |  | 420 | 407 |
|  |  |  | **653** |
| **Industrials 0.02%** |  |  |  |
| Mexico City Airport Trust 4.25% 10/31/2026 |  | 475 | **454** |
| **Health care 0.01%** |  |  |  |
| Rede D'Or Finance SARL 4.50% 1/22/2030 |  | 480 | **414** |
| **Total corporate bonds, notes & loans** |  |  | **15818** |
| **U.S. Treasury bonds & notes 0.09%** |  |  |  |
| **U.S. Treasury 0.09%** |  |  |  |
| U.S. Treasury (3-month U.S. Treasury Bill Yield - 0.015%) 4.383% 1/31/2024<sup>10,11</sup> |  | 2730 | **2729** |
| **Total bonds, notes & other debt instruments** (cost: $123,585,000) |  |  | **100586** |

---

<br> 80 American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
|  | | Value |
| **Short-term securities 5.44%** | Shares | (000) |
| **Money market investments 5.43%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>12,13</sup> | 1673444 | $**167328** |
| **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>12,14</sup> | 149334 | 150 |
| Capital Group Central Cash Fund 4.31%<sup>12,13,14</sup> | 862 | 86 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>12,14</sup> | 58955 | 59 |
|  |  | **295** |
| **Total short-term securities** (cost: $167,602,000) |  | **167623** |
| **Total investment securities 100.12%** (cost: $2,556,012,000) |  | **3087550** |
| Other assets less liabilities (0.12)% |  | (3766) |
| **Net assets 100.00%** |  | $**3083784** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 2 Year Euro-Schatz Futures | Long | 40 | March 2023 | USD | 4514 | $(18) |
| 5 Year U.S. Treasury Note Futures | Short | 14 | March 2023 |  | (1511) | 3 |
| 10 Year Euro-Bund Futures | Short | 18 | March 2023 |  | (2561) | 126 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 43 | March 2023 |  | (5086) | 30 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 53 | March 2023 |  | 7118 | (48) |
|  |  |  |  |  |  | $93 |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized**<br>**(depreciation)**<br>**appreciation**<br>**at 12/31/2022<br> (000)** |
| USD | 77 | EUR | 73 | Goldman Sachs | 1/11/2023 | $(1) |
| USD | 1484 | EUR | 1409 | Goldman Sachs | 1/12/2023 | (25) |
| EUR | 8 | USD | 9 | Barclays Bank PLC | 1/13/2023 | —<sup>4</sup> |
| USD | 1683 | EUR | 1593 | JPMorgan Chase | 1/13/2023 | (24) |
|  |  |  |  |  |  | $(50) |

---

<br> American Funds Insurance Series 81

New World Fund (continued)

**Swap contracts**

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reference**<br>**index** | <br>**Financing**<br>**rate paid** | <br>**Payment**<br>**frequency** | <br>**Expiration**<br>**date** |<br>**Notional**<br>**amount**<br>**(000)** |<br>**Value at**<br>**12/31/2022**<br>**(000)** | **Upfront**<br>**premium**<br>**paid**<br>**(000)** | **Unrealized**<br>**appreciation**<br>**at 12/31/2022**<br>**(000)** |
| CDX.EM.38 | 1.00% | Quarterly | 12/20/2027 | USD 2,230 | $131 | $129 | $2 |

---

**Investments in affiliates<sup>13</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 5.43%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 5.43%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>12</sup> | $216764 | $756276 | $805673 | $(44) | $5 | $167328 | $4331 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>12,14</sup> | 4255 |  | 4169<sup>15</sup> |  |  | 86 | —<sup>16</sup> |
| **Total 5.43%** |  |  |  | $(44) | $5 | $167414 | $4331 |

---

**Restricted securities<sup>3</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Acquisition**<br>**date(s)** |<br>**Cost**<br>**(000)** |<br>**Value**<br>**(000)** | **Percent**<br>**of net**<br>**assets** |
| QuintoAndar, Ltd., Series E, preferred shares<sup>1,2</sup> | 5/26/2021 | $5258 | $4267 | .14% |
| QuintoAndar, Ltd., Series E-1, preferred shares<sup>1,2</sup> | 12/20/2021 | 1716 | 1098 | .04 |
| Getir BV, Series D, preferred shares<sup>1,2</sup> | 5/27/2021 | 3500 | 3736 | .12 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 | 7/8/2022 | 404 | 407 | .01 |
| Canva, Inc.<sup>1,2</sup> | 8/26/2021-11/4/2021 | 656 | 342 | .01 |
| Canva, Inc., Series A, noncumulative preferred shares<sup>1,2</sup> | 11/4/2021 | 58 | 30 | .00 |
| Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,2</sup> | 11/4/2021 | 2 | 1 | .00 |
| **Total** |  | $11594 | $9881 | .32% |

---

<br> 82 American Funds Insurance Series

New World Fund (continued)

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $9,881,000, which represented .32% of the net assets of the fund.

<sup>4</sup> Amount less than one thousand.

<sup>5</sup> All or a portion of this security was on loan. The total value of all such securities was $311,000, which represented .01% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $19,603,000, which represented .64% of the net assets of the fund.

<sup>7</sup> Step bond; coupon rate may change at a later date.

<sup>8</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>9</sup> Scheduled interest and/or principal payment was not received.

<sup>10</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $297,000, which represented .01% of the net assets of the fund.

<sup>11</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>12</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>13</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>14</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>15</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>16</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

BRL = Brazilian reais

CDI = CREST Depository Interest

CNY = Chinese yuan

DOP = Dominican pesos

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

MXN = Mexican pesos

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 83

Washington Mutual Investors Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 95.35%** | Shares | Value<br> (000) |
| **Health care 21.99%** |  |  |
| UnitedHealth Group, Inc. | 706573 | $374611 |
| Pfizer, Inc. | 5089889 | 260806 |
| CVS Health Corp. | 2030283 | 189202 |
| Eli Lilly and Company | 436276 | 159607 |
| Johnson & Johnson | 897185 | 158488 |
| AbbVie, Inc. | 926694 | 149763 |
| AstraZeneca PLC (ADR) | 1747998 | 118514 |
| Humana, Inc. | 211641 | 108400 |
| Gilead Sciences, Inc. | 1234157 | 105952 |
| Abbott Laboratories | 676709 | 74296 |
| Cigna Corp. | 197196 | 65339 |
| Elevance Health, Inc. | 118687 | 60883 |
| Danaher Corp. | 228637 | 60685 |
| Bristol-Myers Squibb Company | 577839 | 41576 |
| Novo Nordisk A/S, Class B (ADR) | 214095 | 28976 |
| Zimmer Biomet Holdings, Inc. | 179120 | 22838 |
| Thermo Fisher Scientific, Inc. | 38181 | 21026 |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 25933 | 18710 |
| Zoetis, Inc., Class A | 100063 | 14664 |
| Roche Holding AG (ADR) | 322207 | 12614 |
| Molina Healthcare, Inc.<sup>1</sup> | 37656 | 12435 |
| Edwards Lifesciences Corp.<sup>1</sup> | 85300 | 6364 |
| Baxter International, Inc. | 114187 | 5820 |
| ResMed, Inc. | 24754 | 5152 |
|  |  | **2076721** |
| **Information technology 17.56%** |  |  |
| Broadcom, Inc. | 919032 | 513857 |
| Microsoft Corp. | 1830263 | 438934 |
| Apple, Inc. | 765754 | 99494 |
| ASML Holding NV (New York registered) (ADR) | 157302 | 85950 |
| Intel Corp. | 2778330 | 73431 |
| Visa, Inc., Class A | 290482 | 60351 |
| Fidelity National Information Services, Inc. | 587989 | 39895 |
| Motorola Solutions, Inc. | 149004 | 38400 |
| Mastercard, Inc., Class A | 110216 | 38325 |
| SAP SE (ADR) | 370066 | 38187 |
| KLA Corp. | 90564 | 34145 |
| Applied Materials, Inc. | 344981 | 33594 |
| Paychex, Inc. | 238707 | 27585 |
| TE Connectivity, Ltd. | 233588 | 26816 |
| Automatic Data Processing, Inc. | 91188 | 21781 |
| Texas Instruments, Inc. | 119302 | 19711 |
| NetApp, Inc. | 285109 | 17124 |
| Synopsys, Inc.<sup>1</sup> | 47178 | 15064 |
| Oracle Corp. | 116989 | 9563 |
| QUALCOMM, Inc. | 85889 | 9443 |
| EPAM Systems, Inc.<sup>1</sup> | 21637 | 7091 |
| Analog Devices, Inc. | 28186 | 4623 |
| Micron Technology, Inc. | 74256 | 3711 |
| Ciena Corp.<sup>1</sup> | 17550 | 895 |
|  |  | **1657970** |
| **Financials 13.67%** |  |  |
| Marsh & McLennan Companies, Inc. | 1329999 | 220088 |
| JPMorgan Chase & Co. | 1231233 | 165108 |
| BlackRock, Inc. | 152050 | 107747 |
| Chubb, Ltd. | 450474 | 99375 |
| CME Group, Inc., Class A | 530969 | 89288 |
| Wells Fargo & Company | 1821863 | 75225 |
| Bank of America Corp. | 1370945 | 45406 |
| Citizens Financial Group, Inc. | 1109159 | 43668 |

---

84 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| Discover Financial Services | 414920 | $40592 |
| Intercontinental Exchange, Inc. | 394483 | 40470 |
| Morgan Stanley | 458540 | 38985 |
| S&P Global, Inc. | 111373 | 37303 |
| Capital One Financial Corp. | 348076 | 32357 |
| Blackstone, Inc., nonvoting shares | 403946 | 29969 |
| Apollo Asset Management, Inc. | 443289 | 28277 |
| Nasdaq, Inc. | 458289 | 28116 |
| KKR & Co., Inc. | 601229 | 27909 |
| Goldman Sachs Group, Inc. | 78842 | 27073 |
| Aon PLC, Class A | 75142 | 22553 |
| PNC Financial Services Group, Inc. | 130342 | 20586 |
| Toronto-Dominion Bank<sup>2</sup> | 236859 | 15339 |
| KeyCorp | 770460 | 13422 |
| Canadian Imperial Bank of Commerce | 314940 | 12739 |
| Arthur J. Gallagher & Co. | 56249 | 10605 |
| Moody's Corp. | 26105 | 7273 |
| Fifth Third Bancorp | 192883 | 6329 |
| Charles Schwab Corp. | 38738 | 3225 |
| Progressive Corp. | 14654 | 1901 |
|  |  | **1290928** |
| **Industrials 11.24%** |  |  |
| Northrop Grumman Corp. | 340603 | 185836 |
| Lockheed Martin Corp. | 220356 | 107201 |
| Raytheon Technologies Corp. | 991865 | 100099 |
| Caterpillar, Inc. | 415519 | 99542 |
| Norfolk Southern Corp. | 312913 | 77108 |
| CSX Corp. | 2421254 | 75011 |
| L3Harris Technologies, Inc. | 323116 | 67276 |
| Honeywell International, Inc. | 292363 | 62653 |
| Boeing Company<sup>1</sup> | 256666 | 48892 |
| Waste Connections, Inc. | 206205 | 27335 |
| Equifax, Inc. | 124702 | 24237 |
| ABB, Ltd. (ADR) | 753846 | 22962 |
| United Parcel Service, Inc., Class B | 123077 | 21396 |
| Robert Half International, Inc. | 278467 | 20559 |
| Union Pacific Corp. | 99249 | 20552 |
| Rockwell Automation | 59498 | 15325 |
| Carrier Global Corp. | 317975 | 13117 |
| Huntington Ingalls Industries, Inc. | 47307 | 10913 |
| PACCAR, Inc. | 108835 | 10771 |
| Republic Services, Inc. | 78273 | 10096 |
| Johnson Controls International PLC | 152323 | 9749 |
| BAE Systems PLC (ADR)<sup>2</sup> | 212361 | 8950 |
| HEICO Corp. | 56216 | 8637 |
| Air Lease Corp., Class A | 157245 | 6041 |
| RELX PLC (ADR) | 186041 | 5157 |
| Waste Management, Inc. | 11150 | 1749 |
|  |  | **1061164** |
| **Consumer discretionary 8.11%** |  |  |
| Home Depot, Inc. | 574803 | 181557 |
| YUM! Brands, Inc. | 682736 | 87445 |
| Target Corp. | 566187 | 84385 |
| General Motors Company | 1894289 | 63724 |
| Darden Restaurants, Inc. | 417284 | 57723 |
| Lennar Corp., Class A | 515314 | 46636 |
| Wynn Resorts, Ltd.<sup>1</sup> | 470851 | 38831 |
| NIKE, Inc., Class B | 321417 | 37609 |
| TJX Companies, Inc. | 469822 | 37398 |
| Dollar General Corp. | 115057 | 28333 |

---

American Funds Insurance Series 85

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| D.R. Horton, Inc. | 283590 | $25279 |
| Starbucks Corp. | 247055 | 24508 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 9251 | 12836 |
| VF Corp. | 440631 | 12166 |
| Aptiv PLC<sup>1</sup> | 104868 | 9766 |
| McDonald's Corp. | 21948 | 5784 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 110264 | 5450 |
| Polaris, Inc. | 52835 | 5336 |
| Amazon.com, Inc.<sup>1</sup> | 17265 | 1450 |
|  |  | **766216** |
| **Consumer staples 6.76%** |  |  |
| Archer Daniels Midland Company | 1568943 | 145676 |
| Philip Morris International, Inc. | 1242650 | 125769 |
| Keurig Dr Pepper, Inc. | 1386913 | 49457 |
| Kraft Heinz Company | 1133294 | 46136 |
| Procter & Gamble Company | 266724 | 40425 |
| Reckitt Benckiser Group PLC (ADR)<sup>2</sup> | 2494590 | 35149 |
| Nestlé SA (ADR) | 289515 | 33393 |
| General Mills, Inc. | 345460 | 28967 |
| Hormel Foods Corp. | 592388 | 26983 |
| Mondelez International, Inc. | 372276 | 24812 |
| Costco Wholesale Corp. | 50498 | 23052 |
| Church & Dwight Co., Inc. | 148770 | 11992 |
| Walgreens Boots Alliance, Inc. | 316943 | 11841 |
| Unilever PLC (ADR) | 182723 | 9200 |
| British American Tobacco PLC (ADR) | 222076 | 8879 |
| Kimberly-Clark Corp. | 55351 | 7514 |
| Danone (ADR) | 694054 | 7298 |
| Conagra Brands, Inc. | 57435 | 2223 |
|  |  | **638766** |
| **Energy 5.90%** |  |  |
| Pioneer Natural Resources Company | 558497 | 127555 |
| Chevron Corp. | 509098 | 91378 |
| ConocoPhillips | 757878 | 89430 |
| Baker Hughes Co., Class A | 2518351 | 74367 |
| Exxon Mobil Corp. | 576453 | 63583 |
| EOG Resources, Inc. | 297609 | 38546 |
| Canadian Natural Resources, Ltd. | 665647 | 36963 |
| TC Energy Corp. | 678590 | 27049 |
| Enbridge, Inc. | 208235 | 8142 |
|  |  | **557013** |
| **Communication services 3.97%** |  |  |
| Comcast Corp., Class A | 6323705 | 221140 |
| Alphabet, Inc., Class C<sup>1</sup> | 732176 | 64966 |
| Alphabet, Inc., Class A<sup>1</sup> | 442820 | 39070 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 262927 | 31641 |
| Activision Blizzard, Inc. | 138758 | 10622 |
| Electronic Arts, Inc. | 36898 | 4508 |
| Deutsche Telekom AG (ADR) | 142813 | 2853 |
|  |  | **374800** |
| **Utilities 2.63%** |  |  |
| Constellation Energy Corp. | 810638 | 69885 |
| Sempra Energy | 407271 | 62940 |
| Entergy Corp. | 349992 | 39374 |
| CMS Energy Corp. | 446368 | 28268 |
| Public Service Enterprise Group, Inc. | 235300 | 14417 |
| NextEra Energy, Inc. | 142120 | 11881 |

---

86 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Utilities (continued)** |  |  |
| Xcel Energy, Inc. | 110238 | $7729 |
| Dominion Energy, Inc. | 123750 | 7588 |
| Evergy, Inc. | 95960 | 6039 |
|  |  | **248121** |
| **Materials 2.24%** |  |  |
| Linde PLC | 198540 | 64760 |
| Rio Tinto PLC (ADR) | 501584 | 35713 |
| Corteva, Inc. | 497904 | 29267 |
| Air Products and Chemicals, Inc. | 64476 | 19875 |
| LyondellBasell Industries NV | 219873 | 18256 |
| Nucor Corp. | 125314 | 16518 |
| Huntsman Corp. | 442172 | 12151 |
| Albemarle Corp. | 55023 | 11932 |
| H.B. Fuller Co. | 49263 | 3528 |
|  |  | **212000** |
| **Real estate 1.28%** |  |  |
| Extra Space Storage, Inc. REIT | 363771 | 53540 |
| American Tower Corp. REIT | 109250 | 23146 |
| Equinix, Inc. REIT | 27909 | 18281 |
| Digital Realty Trust, Inc. REIT | 174296 | 17477 |
| Regency Centers Corp. REIT | 115400 | 7212 |
| Welltower, Inc. REIT | 15517 | 1017 |
|  |  | **120673** |
| **Total common stocks** (cost: $7,295,957,000) |  | **9004372** |
| **Convertible stocks 0.35%** |  |  |
| **Health care 0.20%** |  |  |
| Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 6/1/2023 | 197800 | 9906 |
| Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>2</sup> | 6821 | 9253 |
|  |  | **19159** |
| **Utilities 0.08%** |  |  |
| NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 | 90700 | 4552 |
| American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023 | 56400 | 2909 |
|  |  | **7461** |
| **Financials 0.07%** |  |  |
| KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 | 113300 | **6487** |
| **Total convertible stocks** (cost: $33,103,000) |  | **33107** |
| **Short-term securities 4.19%** |  |  |
| **Money market investments 4.07%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>3,4</sup> | 3847079 | **384669** |

---

American Funds Insurance Series 87

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| **Short-term securities** (continued) | Shares | Value<br> (000) |
| **Money market investments purchased with collateral from securities on loan 0.12%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>3,4,5</sup> | 63391 | $6338 |
| State Street Institutional U.S. Government Money Market Fund, Institutional Class 4.09%<sup>3,5</sup> | 2494000 | 2494 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>3,5</sup> | 1460582 | 1461 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>3,5</sup> | 1324956 | 1325 |
|  |  | **11618** |
| **Total short-term securities** (cost: $396,237,000) |  | **396287** |
| **Total investment securities 99.89%** (cost: $7,725,297,000) |  | **9433766** |
| Other assets less liabilities 0.11% |  | 9934 |
| **Net assets 100.00%** |  | $**9443700** |

---

**Investments in affiliates<sup>4</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of**<br> **affiliates at**<br> **1/1/2022**<br> **(000)** | **Additions**<br> **(000)** | **Reductions**<br> **(000)** | **Net**<br> **realized**<br> **loss**<br> **(000)** | **Net**<br> **unrealized**<br> **appreciation**<br> **(000)** | **Value of**<br> **affiliates at**<br> **12/31/2022**<br> **(000)** | **Dividend**<br> **income**<br> **(000)** |
| **Short-term securities 4.14%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 4.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>3</sup> | $321870 | $1392905 | $1330045 | $(71) | $10 | $384669 | $6762 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>3,5</sup> | 9273 |  | 29356 |  |  | 6338 | —<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;**Total 4.14%** |  |  |  | $(71) | $10 | $391007 | $6762 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $12,432,000, which represented .13% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>4</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>5</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>6</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>7</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

88 American Funds Insurance Series

Capital World Growth and Income Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 95.23%** | Shares | Value <br> (000) |
| **Information technology 15.74%** |  |  |
| Broadcom, Inc. | 91368 | $51087 |
| Microsoft Corp. | 200685 | 48128 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 2403800 | 35035 |
| ASML Holding NV | 48522 | 26265 |
| Apple, Inc. | 111767 | 14522 |
| EPAM Systems, Inc.<sup>1</sup> | 37912 | 12425 |
| Tokyo Electron, Ltd. | 35800 | 10635 |
| Capgemini SE | 47477 | 7963 |
| Micron Technology, Inc. | 141746 | 7085 |
| Accenture PLC, Class A | 24538 | 6548 |
| Mastercard, Inc., Class A | 15969 | 5553 |
| Logitech International SA | 65146 | 4043 |
| NVIDIA Corp. | 25359 | 3706 |
| Delta Electronics, Inc. | 337000 | 3139 |
| Keyence Corp. | 7600 | 2975 |
| Hexagon AB, Class B | 260158 | 2735 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 38252 | 2454 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 69098 | 2398 |
| OBIC Co., Ltd. | 16200 | 2395 |
| Applied Materials, Inc. | 23343 | 2273 |
| Synopsys, Inc.<sup>1</sup> | 6800 | 2171 |
| MediaTek, Inc. | 93000 | 1889 |
| Worldline SA, non-registered shares<sup>1</sup> | 44297 | 1729 |
| TE Connectivity, Ltd. | 13147 | 1509 |
| Lasertec Corp. | 8872 | 1474 |
| Fujitsu, Ltd. | 11000 | 1457 |
| SK hynix, Inc. | 22772 | 1371 |
| ServiceNow, Inc.<sup>1</sup> | 3191 | 1239 |
| Oracle Corp. | 15041 | 1229 |
| Disco Corp. | 3900 | 1121 |
| GlobalWafers Co., Ltd. | 71000 | 986 |
| Snowflake, Inc., Class A<sup>1</sup> | 5882 | 844 |
| Zscaler, Inc.<sup>1</sup> | 7066 | 791 |
| Infosys, Ltd. | 41700 | 755 |
| Nomura Research Institute, Ltd. | 28600 | 680 |
| SS&C Technologies Holdings, Inc. | 10174 | 530 |
| PagSeguro Digital, Ltd., Class A<sup>1</sup> | 22705 | 198 |
| Wolfspeed, Inc.<sup>1</sup> | 1813 | 125 |
| Fidelity National Information Services, Inc. | 1708 | 116 |
|  |  | **271578** |
| **Health care 15.17%** |  |  |
| UnitedHealth Group, Inc. | 74724 | 39617 |
| Abbott Laboratories | 241728 | 26539 |
| Eli Lilly and Company | 58184 | 21286 |
| Gilead Sciences, Inc. | 178860 | 15355 |
| AstraZeneca PLC | 104122 | 14131 |
| Pfizer, Inc. | 261843 | 13417 |
| Novo Nordisk A/S, Class B | 84097 | 11387 |
| Thermo Fisher Scientific, Inc. | 20658 | 11376 |
| Daiichi Sankyo Company, Ltd. | 344500 | 11040 |
| Centene Corp.<sup>1</sup> | 118976 | 9757 |
| Novartis AG | 96113 | 8706 |
| Siemens Healthineers AG | 144724 | 7240 |
| Stryker Corp. | 28725 | 7023 |
| AbbVie, Inc. | 34990 | 5655 |
| Amgen, Inc. | 18534 | 4868 |
| Takeda Pharmaceutical Company, Ltd. | 146400 | 4573 |
| CVS Health Corp. | 47511 | 4428 |
| Olympus Corp. | 213300 | 3770 |
| Medtronic PLC | 42451 | 3299 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 10220 | 2951 |

---

American Funds Insurance Series 89

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| ResMed, Inc. | 13349 | $2778 |
| Shionogi & Co., Ltd. | 52400 | 2607 |
| Insulet Corp.<sup>1</sup> | 8552 | 2518 |
| PerkinElmer, Inc. | 17633 | 2472 |
| Carl Zeiss Meditec AG, non-registered shares | 19475 | 2458 |
| Bayer AG | 46783 | 2416 |
| EssilorLuxottica | 12616 | 2297 |
| DexCom, Inc.<sup>1</sup> | 19845 | 2247 |
| Cigna Corp. | 6618 | 2193 |
| Intuitive Surgical, Inc.<sup>1</sup> | 7213 | 1914 |
| Zoetis, Inc., Class A | 11180 | 1638 |
| CSL, Ltd. | 8133 | 1586 |
| Alcon, Inc. | 21412 | 1471 |
| Rede D'Or Sao Luiz SA | 255608 | 1432 |
| BioNTech SE (ADR) | 8468 | 1272 |
| Guardant Health, Inc.<sup>1</sup> | 32188 | 876 |
| Eurofins Scientific SE, non-registered shares | 12151 | 875 |
| Penumbra, Inc.<sup>1</sup> | 3640 | 810 |
| Catalent, Inc.<sup>1</sup> | 13075 | 588 |
| Molina Healthcare, Inc.<sup>1</sup> | 1089 | 360 |
| Agilon Health, Inc.<sup>1</sup> | 19961 | 322 |
| HOYA Corp. | 1300 | 126 |
| EUROAPI<sup>1</sup> | 2830 | 42 |
|  |  | **261716** |
| **Financials 12.95%** |  |  |
| Zurich Insurance Group AG | 40892 | 19541 |
| AIA Group, Ltd. | 1331999 | 14675 |
| Kotak Mahindra Bank, Ltd. | 641387 | 14112 |
| Toronto-Dominion Bank (CAD denominated) | 196293 | 12710 |
| JPMorgan Chase & Co. | 73488 | 9855 |
| HDFC Bank, Ltd. | 379442 | 7470 |
| HDFC Bank, Ltd. (ADR) | 14868 | 1017 |
| B3 SA-Brasil, Bolsa, Balcao | 3320838 | 8309 |
| DNB Bank ASA | 401356 | 7946 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 1071500 | 7072 |
| Ping An Insurance (Group) Company of China, Ltd., Class A | 23000 | 156 |
| Nasdaq, Inc. | 110650 | 6788 |
| PNC Financial Services Group, Inc. | 39710 | 6272 |
| Wells Fargo & Company | 142901 | 5900 |
| Morgan Stanley | 64543 | 5487 |
| Chubb, Ltd. | 23142 | 5105 |
| ING Groep NV | 395598 | 4827 |
| American International Group, Inc. | 75453 | 4772 |
| Aon PLC, Class A | 15659 | 4700 |
| HDFC Life Insurance Company, Ltd. | 681398 | 4651 |
| CME Group, Inc., Class A | 27577 | 4637 |
| Discover Financial Services | 44649 | 4368 |
| DBS Group Holdings, Ltd. | 167200 | 4233 |
| Blackstone, Inc., nonvoting shares | 54273 | 4027 |
| Intercontinental Exchange, Inc. | 35038 | 3595 |
| KBC Groep NV | 54921 | 3526 |
| S&P Global, Inc. | 8773 | 2938 |
| Citigroup, Inc. | 60832 | 2751 |
| FinecoBank SpA | 153752 | 2562 |
| Israel Discount Bank Ltd., Class A | 471720 | 2479 |
| Fairfax Financial Holdings, Ltd., subordinate voting shares | 4135 | 2449 |
| AXA SA | 80016 | 2230 |
| BNP Paribas SA | 35889 | 2042 |
| ICICI Bank, Ltd. | 188346 | 2019 |
| Apollo Asset Management, Inc. | 31437 | 2005 |
| Banco Santander, SA | 631521 | 1891 |

---

90 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| National Bank of Canada | 26966 | $1817 |
| Arthur J. Gallagher & Co. | 9509 | 1793 |
| Fifth Third Bancorp | 48163 | 1580 |
| Goldman Sachs Group, Inc. | 4548 | 1562 |
| Power Corporation of Canada, subordinate voting shares<sup>2</sup> | 63342 | 1490 |
| Blue Owl Capital, Inc., Class A | 136448 | 1446 |
| Macquarie Group, Ltd. | 12033 | 1366 |
| XP, Inc., Class A<sup>1</sup> | 86047 | 1320 |
| Postal Savings Bank of China Co., Ltd., Class H | 2121000 | 1310 |
| United Overseas Bank, Ltd. | 54800 | 1257 |
| Marsh & McLennan Companies, Inc. | 7341 | 1215 |
| Bajaj Finance, Ltd. | 15022 | 1189 |
| China Merchants Bank Co., Ltd., Class H | 130403 | 723 |
| China Merchants Bank Co., Ltd., Class A | 86187 | 462 |
| Axis Bank, Ltd. | 100962 | 1135 |
| Hong Kong Exchanges and Clearing, Ltd. | 25200 | 1089 |
| Tryg A/S | 45292 | 1074 |
| East Money Information Co., Ltd., Class A | 379800 | 1061 |
| Aegon NV | 196376 | 996 |
| Lufax Holding, Ltd. (ADR) | 180760 | 351 |
| Sberbank of Russia PJSC<sup>1,3</sup> | 3196952 | —<sup>4</sup> |
|  |  | **223353** |
| **Industrials 12.59%** |  |  |
| Airbus SE, non-registered shares | 165602 | 19690 |
| General Electric Co. | 226107 | 18945 |
| BAE Systems PLC | 1376080 | 14222 |
| Raytheon Technologies Corp. | 121846 | 12297 |
| Carrier Global Corp. | 262272 | 10819 |
| Recruit Holdings Co., Ltd. | 317150 | 10087 |
| Safran SA | 80040 | 10002 |
| Lockheed Martin Corp. | 20070 | 9764 |
| Deere & Company | 21851 | 9369 |
| Siemens AG | 59301 | 8230 |
| Caterpillar, Inc. | 31794 | 7617 |
| Boeing Company<sup>1</sup> | 39550 | 7534 |
| CSX Corp. | 174517 | 5406 |
| L3Harris Technologies, Inc. | 25925 | 5398 |
| Mitsui & Co., Ltd. | 152400 | 4431 |
| LIXIL Corp. | 288000 | 4389 |
| Melrose Industries PLC | 2436274 | 3961 |
| RELX PLC | 119741 | 3318 |
| RELX PLC (ADR) | 15132 | 419 |
| TransDigm Group, Inc. | 5844 | 3680 |
| Bureau Veritas SA | 137541 | 3620 |
| Johnson Controls International PLC | 55085 | 3525 |
| Daikin Industries, Ltd. | 19600 | 3015 |
| Brenntag SE | 39862 | 2549 |
| Compagnie de Saint-Gobain SA, non-registered shares | 51704 | 2538 |
| Canadian Pacific Railway, Ltd. | 31797 | 2372 |
| Legrand SA | 28600 | 2303 |
| Bunzl PLC | 68998 | 2303 |
| ASSA ABLOY AB, Class B | 104956 | 2258 |
| Northrop Grumman Corp. | 3877 | 2115 |
| Schneider Electric SE | 13179 | 1853 |
| Thales SA | 14244 | 1821 |
| Waste Connections, Inc. | 13211 | 1751 |
| BayCurrent Consulting, Inc. | 54200 | 1695 |
| Rockwell Automation | 6529 | 1682 |
| VINCI SA | 15814 | 1579 |
| Rentokil Initial PLC | 256104 | 1574 |
| Nidec Corp. | 22100 | 1151 |

---

American Funds Insurance Series 91

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Industrials (continued)** |  |  |
| SMC Corp. | 2700 | $1143 |
| AB Volvo, Class B | 62128 | 1125 |
| MTU Aero Engines AG | 5108 | 1106 |
| Atlas Copco AB, Class B | 89617 | 957 |
| Adecco Group AG | 28154 | 926 |
| ManpowerGroup, Inc. | 11115 | 925 |
| Larsen & Toubro, Ltd. | 35295 | 888 |
| International Consolidated Airlines Group SA (CDI)<sup>1,2</sup> | 287033 | 427 |
| Honeywell International, Inc. | 1401 | 300 |
| Deutsche Post AG | 3901 | 147 |
|  |  | **217226** |
| **Consumer discretionary 9.00%** |  |  |
| LVMH Moët Hennessy-Louis Vuitton SE | 40590 | 29488 |
| Home Depot, Inc. | 63297 | 19993 |
| General Motors Company | 304882 | 10256 |
| Amazon.com, Inc.<sup>1</sup> | 98471 | 8272 |
| Booking Holdings, Inc.<sup>1</sup> | 3555 | 7164 |
| Flutter Entertainment PLC<sup>1</sup> | 45621 | 6251 |
| Restaurant Brands International, Inc. | 44121 | 2853 |
| Restaurant Brands International, Inc. (CAD denominated) | 43454 | 2811 |
| Cie. Financière Richemont SA, Class A | 40890 | 5291 |
| Sony Group Corp. | 66800 | 5094 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 33180 | 4693 |
| Marriott International, Inc., Class A | 29974 | 4463 |
| Lennar Corp., Class A | 39345 | 3561 |
| Target Corp. | 22747 | 3390 |
| Industria de Diseño Textil, SA | 117969 | 3141 |
| Sands China, Ltd.<sup>1</sup> | 935200 | 3098 |
| Shimano, Inc. | 19200 | 3059 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 2122 | 2944 |
| Evolution AB | 25292 | 2470 |
| Rivian Automotive, Inc., Class A<sup>1</sup> | 126108 | 2324 |
| NIKE, Inc., Class B | 19311 | 2260 |
| Pan Pacific International Holdings Corp. | 119900 | 2226 |
| YUM! Brands, Inc. | 16678 | 2136 |
| Astra International Tbk PT | 5716600 | 2083 |
| InterContinental Hotels Group PLC | 34581 | 1991 |
| Darden Restaurants, Inc. | 14208 | 1965 |
| Stellantis NV | 128257 | 1818 |
| JD.com, Inc., Class A | 52947 | 1488 |
| Tesla, Inc.<sup>1</sup> | 12036 | 1483 |
| Midea Group Co., Ltd., Class A | 194700 | 1446 |
| Li Ning Co., Ltd. | 163000 | 1399 |
| Kindred Group PLC (SDR) | 127475 | 1331 |
| Wynn Macau, Ltd.<sup>1</sup> | 826400 | 921 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 17446 | 862 |
| Aristocrat Leisure, Ltd. | 39792 | 822 |
| Entain PLC | 17337 | 278 |
| Hermès International | 105 | 162 |
|  |  | **155287** |
| **Consumer staples 7.57%** |  |  |
| Philip Morris International, Inc. | 309980 | 31373 |
| Nestlé SA | 110820 | 12798 |
| Keurig Dr Pepper, Inc. | 316125 | 11273 |
| British American Tobacco PLC | 243321 | 9654 |
| Kroger Co. | 171853 | 7661 |
| Kweichow Moutai Co., Ltd., Class A | 28600 | 7077 |
| Ocado Group PLC<sup>1</sup> | 898794 | 6764 |
| Imperial Brands PLC | 257311 | 6429 |
| Seven & i Holdings Co., Ltd. | 137500 | 5882 |

---

92 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples (continued)** |  |  |
| Bunge, Ltd. | 52225 | $5210 |
| Ajinomoto Co., Inc. | 131100 | 3997 |
| Danone SA | 68733 | 3621 |
| Arca Continental, SAB de CV | 432054 | 3509 |
| Treasury Wine Estates, Ltd. | 365056 | 3373 |
| Varun Beverages, Ltd. | 177457 | 2825 |
| Altria Group, Inc. | 56773 | 2595 |
| ITC, Ltd. | 565239 | 2266 |
| Constellation Brands, Inc., Class A | 9208 | 2134 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 307600 | 1368 |
| Essity Aktiebolag, Class B | 31422 | 825 |
|  |  | **130634** |
| **Materials 7.02%** |  |  |
| Vale SA, ordinary nominative shares | 1606974 | 27052 |
| Vale SA (ADR), ordinary nominative shares | 880043 | 14934 |
| Fortescue Metals Group, Ltd. | 1251957 | 17454 |
| Rio Tinto PLC | 167527 | 11755 |
| Freeport-McMoRan, Inc. | 262321 | 9968 |
| Linde PLC | 21113 | 6887 |
| Shin-Etsu Chemical Co., Ltd. | 39100 | 4764 |
| BHP Group, Ltd. (CDI) | 116082 | 3579 |
| Air Products and Chemicals, Inc. | 8996 | 2773 |
| Albemarle Corp. | 11198 | 2428 |
| CRH PLC | 60032 | 2377 |
| Air Liquide SA, bonus shares<sup>1</sup> | 8561 | 1218 |
| Air Liquide SA, non-registered shares | 7503 | 1067 |
| Barrick Gold Corp. (CAD denominated) | 121716 | 2086 |
| Dow, Inc. | 40669 | 2049 |
| Akzo Nobel NV | 29669 | 1980 |
| Glencore PLC | 279444 | 1869 |
| Amcor PLC (CDI) | 147168 | 1764 |
| Evonik Industries AG | 82596 | 1586 |
| First Quantum Minerals, Ltd. | 70833 | 1480 |
| HeidelbergCement AG | 25414 | 1449 |
| Lynas Rare Earths, Ltd.<sup>1</sup> | 121178 | 643 |
|  |  | **121162** |
| **Energy 6.30%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)<sup>2</sup> | 429516 | 23852 |
| Baker Hughes Co., Class A | 428998 | 12668 |
| TotalEnergies SE | 178299 | 11129 |
| EOG Resources, Inc. | 74135 | 9602 |
| Tourmaline Oil Corp. | 123757 | 6244 |
| BP PLC | 932803 | 5424 |
| Reliance Industries, Ltd. | 147765 | 4533 |
| Cameco Corp. (CAD denominated) | 147245 | 3337 |
| Cameco Corp. | 46300 | 1050 |
| Shell PLC (GBP denominated) | 149201 | 4240 |
| Cenovus Energy, Inc. (CAD denominated) | 206756 | 4011 |
| Woodside Energy Group, Ltd. | 119566 | 2893 |
| Woodside Energy Group, Ltd. (CDI) | 37610 | 908 |
| ConocoPhillips | 29431 | 3473 |
| Aker BP ASA | 101330 | 3159 |
| TC Energy Corp. (CAD denominated) | 76353 | 3044 |
| Suncor Energy, Inc. | 84173 | 2670 |
| Var Energi ASA | 735288 | 2537 |
| Exxon Mobil Corp. | 18586 | 2050 |
| Halliburton Company | 44744 | 1761 |
| Gazprom PJSC<sup>3</sup> | 2248304 | —<sup>4</sup> |
|  |  | **108585** |

---

American Funds Insurance Series 93

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Communication services 4.97%** |  |  |
| Alphabet, Inc., Class C<sup>1</sup> | 185056 | $16420 |
| Alphabet, Inc., Class A<sup>1</sup> | 90146 | 7954 |
| Netflix, Inc.<sup>1</sup> | 30480 | 8988 |
| Comcast Corp., Class A | 225329 | 7880 |
| SoftBank Corp. | 536785 | 6069 |
| NetEase, Inc. | 348000 | 5073 |
| Publicis Groupe SA | 78301 | 4972 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 38469 | 4629 |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 85765 | 4462 |
| Universal Music Group NV | 148872 | 3594 |
| Bharti Airtel, Ltd. | 357140 | 3472 |
| Bharti Airtel, Ltd., interim shares | 13994 | 73 |
| Deutsche Telekom AG<sup>1</sup> | 161959 | 3230 |
| Singapore Telecommunications, Ltd. | 1510800 | 2901 |
| Omnicom Group, Inc. | 21678 | 1768 |
| Nippon Telegraph and Telephone Corp. | 53400 | 1524 |
| Tencent Holdings, Ltd. | 34300 | 1458 |
| Take-Two Interactive Software, Inc.<sup>1</sup> | 12130 | 1263 |
| Yandex NV, Class A<sup>1,3</sup> | 151598 | —<sup>4</sup> |
|  |  | **85730** |
| **Utilities 2.91%** |  |  |
| DTE Energy Company | 51844 | 6093 |
| Iberdrola, SA, non-registered shares | 502226 | 5875 |
| PG&E Corp.<sup>1</sup> | 322958 | 5251 |
| NextEra Energy, Inc. | 55877 | 4671 |
| E.ON SE | 439329 | 4385 |
| China Resources Gas Group, Ltd. | 1106532 | 4121 |
| Engie SA | 236678 | 3390 |
| Engie SA, bonus shares | 41586 | 596 |
| Edison International | 52162 | 3318 |
| Enel SpA | 583497 | 3138 |
| Exelon Corp. | 59727 | 2582 |
| Power Grid Corporation of India, Ltd. | 862367 | 2220 |
| AES Corp. | 47865 | 1377 |
| Endesa, SA | 67522 | 1274 |
| Constellation Energy Corp. | 12539 | 1081 |
| Public Service Enterprise Group, Inc. | 14569 | 893 |
|  |  | **50265** |
| **Real estate 1.01%** |  |  |
| Crown Castle, Inc. REIT | 39469 | 5353 |
| Longfor Group Holdings, Ltd. | 866238 | 2655 |
| American Tower Corp. REIT | 12107 | 2565 |
| China Resources Mixc Lifestyle Services, Ltd. | 358800 | 1823 |
| W. P. Carey, Inc. REIT | 22705 | 1774 |
| Americold Realty Trust, Inc. REIT | 62231 | 1762 |
| Sun Hung Kai Properties, Ltd. | 70500 | 965 |
| Iron Mountain, Inc. REIT | 11618 | 579 |
|  |  | **17476** |
| **Total common stocks** (cost: $1,368,680,000) |  | **1643012** |
| **Preferred securities** 0.16% |  |  |
| **Consumer discretionary 0.12%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 19788 | **2007** |

---

94 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Preferred securities** (continued) |  |  | Shares | Shares | Value <br> (000) |
| **Health care 0.03%** |  |  |  |  |  |
| Grifols, SA, Class B, nonvoting non-registered preferred shares<sup>1</sup> |  |  |  | 59790 | $**505** |
| **Financials 0.01%** |  |  |  |  |  |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares<sup>1</sup> |  |  |  | 58870 | 138 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares<sup>1</sup> |  |  |  | 61516 | 125 |
|  |  |  |  |  | **263** |
| **Total preferred securities** (cost: $3,231,000) |  |  |  |  | **2775** |
| **Convertible bonds & notes 0.05%** |  |  | Principal amount <br> (000) | Principal amount <br> (000) |  |
| **Communication services 0.05%** |  |  |  |  |  |
| Sea, Ltd., convertible notes, 2.375% 12/1/2025 |  |  | USD | 952 | **940** |
| **Total convertible bonds & notes** (cost: $2,437,000) |  |  |  |  | **940** |
| **Bonds, notes & other debt instruments 0.35%** | **Bonds, notes & other debt instruments 0.35%** | **Bonds, notes & other debt instruments 0.35%** |  |  |  |
| **Corporate bonds, notes & loans 0.29%** |  |  |  |  |  |
| **Health care 0.15%** |  |  |  |  |  |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  |  |  | 1600 | 1572 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  |  |  | 1100 | 964 |
|  |  |  |  |  | **2536** |
| **Consumer discretionary 0.07%** |  |  |  |  |  |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>5</sup> |  |  |  | 647 | 695 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>5</sup> |  |  |  | 390 | 312 |
| Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>5</sup> |  |  |  | 151 | 152 |
| Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>5</sup> |  |  |  | 125 | 129 |
|  |  |  |  |  | **1288** |
| **Energy 0.04%** |  |  |  |  |  |
| TransCanada PipeLines, Ltd. 5.10% 3/15/2049 |  |  |  | 800 | **729** |
| **Financials 0.03%** |  |  |  |  |  |
| Lloyds Banking Group PLC 3.369% 12/14/2046<sup>6</sup> |  |  |  | 709 | **462** |
| **Total corporate bonds, notes & loans** |  |  |  |  | **5015** |
| **Bonds & notes of governments & government agencies outside the U.S. 0.06%** | **Bonds & notes of governments & government agencies outside the U.S. 0.06%** |  |  |  |  |
| United Mexican States, Series M, 8.00% 12/7/2023 |  |  | MXN | 20000 | **1001** |
| **Total bonds, notes & other debt instruments** (cost: $6,581,000) |  |  |  |  | **6016** |
| **Short-term securities 4.42%** | Weighted <br> average yield <br> at acquisition | Weighted <br> average yield <br> at acquisition |  |  |  |
| **Commercial paper 4.04%** |  |  |  |  |  |
| DBS Bank, Ltd. 1/5/2023<sup>5</sup> |  | 3.640% | USD | 37100 | 37073 |
| DNB Bank ASA 3/2/2023<sup>5</sup> |  | 4.273 |  | 33000 | 32755 |
|  |  |  |  |  | **69828** |

---

American Funds Insurance Series 95

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Short-term securities** (continued) | Shares | Value<br> (000) |
| **Money market investments purchased with collateral from securities on loan 0.34%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio,Institutional Class 4.22%<sup>7,8</sup> | 2893689 | $2894 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,8</sup> | 2827563 | 2827 |
| Capital Group Central Cash Fund 4.31%<sup>7,8,9</sup> | 1112 | 111 |
|  |  | **5832** |
| **Money market investments 0.04%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,9</sup> | 6929 | **693** |
| **Total short-term securities** (cost: $76,365,000) |  | **76353** |
| **Total investment securities 100.21%** (cost: $1,457,294,000) |  | **1729096** |
| Other assets less liabilities (0.21)% |  | (3698) |
| **Net assets 100.00%** |  | $**1725398** |

---

**Investments in affiliates<sup>9</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of <br>affiliates at <br>1/1/2022 <br>(000)** | **Additions <br>(000)** | **Reductions <br>(000)** | **Net <br>realized <br>gain <br>(000)** | **Net <br>unrealized <br>depreciation <br>(000)** | **Value of <br>affiliates at <br>12/31/2022 <br>(000)** | **Dividend <br>income <br>(000)** |
| **Short-term securities 0.05%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | $293 | $— | $182<sup>10</sup> | $— | $— | $111 | $—<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;**Money market investments 0.04%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7</sup> | 12989 | 493820 | 506123 | 8 | (1) | 693 | 1469 |
| &nbsp;&nbsp;&nbsp;**Total 0.05%** |  |  |  | $8 | $(1) | $804 | $1469 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $6,155,000, which represented .36% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Amount less than one thousand.

<sup>5</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $71,116,000, which represented 4.12% of the net assets of the fund.

<sup>6</sup> Step bond; coupon rate may change at a later date.

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>9</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>10</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>11</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

Refer to the notes to financial statements.

96 American Funds Insurance Series

Growth-Income Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 91.48%** | Shares | Value<br> (000) |
| **Information technology 20.19%** |  |  |
| Microsoft Corp. | 7759381 | $1860855 |
| Broadcom, Inc. | 2430747 | 1359104 |
| Mastercard, Inc., Class A | 1487948 | 517404 |
| Apple, Inc. | 2169231 | 281848 |
| Visa, Inc., Class A | 1346541 | 279757 |
| ASML Holding NV | 215068 | 116417 |
| ASML Holding NV (New York registered) (ADR) | 137293 | 75017 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 12123000 | 176689 |
| Automatic Data Processing, Inc. | 718796 | 171692 |
| Fidelity National Information Services, Inc. | 2472310 | 167746 |
| Accenture PLC, Class A | 625335 | 166864 |
| Applied Materials, Inc. | 1686100 | 164192 |
| Concentrix Corp. | 904367 | 120426 |
| Micron Technology, Inc. | 2363454 | 118125 |
| ServiceNow, Inc.<sup>1</sup> | 294412 | 114311 |
| GoDaddy, Inc., Class A<sup>1</sup> | 1402444 | 104931 |
| Global Payments, Inc. | 973628 | 96701 |
| FleetCor Technologies, Inc.<sup>1</sup> | 420507 | 77239 |
| Analog Devices, Inc. | 398402 | 65350 |
| QUALCOMM, Inc. | 564911 | 62106 |
| Fiserv, Inc.<sup>1</sup> | 536700 | 54244 |
| Texas Instruments, Inc. | 309811 | 51187 |
| Adobe, Inc.<sup>1</sup> | 143116 | 48163 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 2302991 | 45576 |
| KLA Corp. | 116000 | 43736 |
| MKS Instruments, Inc. | 481000 | 40755 |
| Cognizant Technology Solutions Corp., Class A | 682850 | 39052 |
| NVIDIA Corp. | 239765 | 35039 |
| Snowflake, Inc., Class A<sup>1</sup> | 225042 | 32303 |
| Datadog, Inc., Class A<sup>1</sup> | 365800 | 26886 |
| Intel Corp. | 1000000 | 26430 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 350352 | 22475 |
| Trimble, Inc.<sup>1</sup> | 443800 | 22439 |
| Lam Research Corp. | 50039 | 21031 |
| Dye & Durham, Ltd.<sup>2</sup> | 1322100 | 16023 |
| Paychex, Inc. | 127131 | 14691 |
| VeriSign, Inc.<sup>1</sup> | 61000 | 12532 |
| Atlassian Corp., Class A<sup>1</sup> | 52744 | 6787 |
| Euronet Worldwide, Inc.<sup>1</sup> | 27800 | 2624 |
|  |  | **6658747** |
| **Industrials 14.17%** |  |  |
| Raytheon Technologies Corp. | 7634279 | 770451 |
| General Electric Co. | 6238229 | 522701 |
| Northrop Grumman Corp. | 633267 | 345517 |
| TFI International, Inc. | 2669105 | 267551 |
| Carrier Global Corp. | 5549584 | 228920 |
| TransDigm Group, Inc. | 340571 | 214441 |
| Woodward, Inc. | 2204500 | 212977 |
| General Dynamics Corp. | 848975 | 210639 |
| Airbus SE, non-registered shares | 1617590 | 192335 |
| Waste Connections, Inc. | 1425463 | 188959 |
| L3Harris Technologies, Inc. | 840290 | 174957 |
| Old Dominion Freight Line, Inc. | 525000 | 148985 |
| BWX Technologies, Inc. | 2159505 | 125424 |
| Norfolk Southern Corp. | 482759 | 118962 |
| United Rentals, Inc.<sup>1</sup> | 296000 | 105204 |
| ITT, Inc. | 1244379 | 100919 |
| Waste Management, Inc. | 625300 | 98097 |
| Equifax, Inc. | 490008 | 95238 |
| Air Lease Corp., Class A | 2097300 | 80578 |
| Honeywell International, Inc. | 364682 | 78151 |

---

American Funds Insurance Series 97

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Fortive Corp. | 1085000 | $69711 |
| United Airlines Holdings, Inc.<sup>1</sup> | 1810598 | 68260 |
| Safran SA | 539713 | 67444 |
| Lockheed Martin Corp. | 110000 | 53514 |
| GFL Environmental, Inc., subordinate voting shares | 1600000 | 46768 |
| CSX Corp. | 1171873 | 36305 |
| Otis Worldwide Corp. | 268100 | 20995 |
| Fastenal Co. | 379747 | 17970 |
| Boeing Company<sup>1</sup> | 62500 | 11906 |
|  |  | **4673879** |
| **Health care 13.30%** |  |  |
| UnitedHealth Group, Inc. | 2035435 | 1079147 |
| Abbott Laboratories | 6014324 | 660313 |
| AbbVie, Inc. | 3742689 | 604856 |
| Novo Nordisk A/S, Class B | 2431449 | 329218 |
| Humana, Inc. | 487426 | 249655 |
| AstraZeneca PLC | 1209323 | 164124 |
| AstraZeneca PLC (ADR) | 721200 | 48897 |
| Elevance Health, Inc. | 366614 | 188062 |
| Thermo Fisher Scientific, Inc. | 265602 | 146264 |
| Bristol-Myers Squibb Company | 1994278 | 143488 |
| Eli Lilly and Company | 360974 | 132059 |
| Pfizer, Inc. | 2180169 | 111712 |
| PerkinElmer, Inc. | 769600 | 107913 |
| Seagen, Inc.<sup>1</sup> | 654515 | 84112 |
| Horizon Therapeutics PLC<sup>1</sup> | 421815 | 48002 |
| Zoetis, Inc., Class A | 305121 | 44715 |
| Tandem Diabetes Care, Inc.<sup>1</sup> | 910186 | 40913 |
| Stryker Corp. | 148897 | 36404 |
| Medtronic PLC | 413597 | 32145 |
| Roche Holding AG, nonvoting non-registered shares | 85502 | 26870 |
| Penumbra, Inc.<sup>1</sup> | 117381 | 26113 |
| Edwards Lifesciences Corp.<sup>1</sup> | 317059 | 23656 |
| Zimmer Biomet Holdings, Inc. | 171174 | 21825 |
| Takeda Pharmaceutical Company, Ltd. | 464600 | 14511 |
| NovoCure, Ltd.<sup>1</sup> | 193600 | 14200 |
| Vir Biotechnology, Inc.<sup>1</sup> | 258400 | 6540 |
|  |  | **4385714** |
| **Financials 8.78%** |  |  |
| JPMorgan Chase & Co. | 3394830 | 455247 |
| Chubb, Ltd. | 1451726 | 320251 |
| Marsh & McLennan Companies, Inc. | 1709201 | 282839 |
| Arthur J. Gallagher & Co. | 1189650 | 224297 |
| Nasdaq, Inc. | 2761260 | 169403 |
| BlackRock, Inc. | 202957 | 143821 |
| Morgan Stanley | 1592297 | 135377 |
| Aon PLC, Class A | 442013 | 132666 |
| B3 SA-Brasil, Bolsa, Balcao | 39829500 | 99654 |
| Berkshire Hathaway, Inc., Class B<sup>1</sup> | 285000 | 88037 |
| State Street Corp. | 1077260 | 83563 |
| Webster Financial Corp. | 1701139 | 80532 |
| American International Group, Inc. | 1272230 | 80456 |
| Signature Bank | 669947 | 77191 |
| S&P Global, Inc. | 228138 | 76413 |
| Moody's Corp. | 216306 | 60267 |
| Power Corporation of Canada, subordinate voting shares<sup>2</sup> | 2293100 | 53940 |
| Wells Fargo & Company | 1298041 | 53596 |
| Blue Owl Capital, Inc., Class A | 4749165 | 50341 |
| MSCI, Inc. | 98300 | 45726 |
| TPG, Inc., Class A | 1347552 | 37502 |

---

98 American Funds Insurance Series

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| LPL Financial Holdings, Inc. | 169900 | $36727 |
| Western Alliance Bancorporation | 486936 | 29002 |
| Citizens Financial Group, Inc. | 728750 | 28691 |
| Bank of America Corp. | 791332 | 26209 |
| PNC Financial Services Group, Inc. | 152679 | 24114 |
| CME Group, Inc., Class A | 5500 | 925 |
|  |  | **2896787** |
| **Consumer discretionary 7.82%** |  |  |
| Amazon.com, Inc.<sup>1</sup> | 5804151 | 487549 |
| General Motors Company | 8736000 | 293879 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 1279006 | 180903 |
| Home Depot, Inc. | 551165 | 174091 |
| Hilton Worldwide Holdings, Inc. | 1177320 | 148766 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 2958586 | 146243 |
| Wyndham Hotels & Resorts, Inc. | 1842940 | 131420 |
| D.R. Horton, Inc. | 1325599 | 118164 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 70670 | 98054 |
| Burlington Stores, Inc.<sup>1</sup> | 399428 | 80988 |
| InterContinental Hotels Group PLC | 1396700 | 80392 |
| Starbucks Corp. | 767500 | 76136 |
| NIKE, Inc., Class B | 629740 | 73686 |
| Dollar General Corp. | 291102 | 71684 |
| Lear Corp. | 569068 | 70576 |
| Kering SA | 101695 | 52046 |
| Aptiv PLC<sup>1</sup> | 447289 | 41656 |
| Darden Restaurants, Inc. | 296000 | 40946 |
| CarMax, Inc.<sup>1</sup> | 650000 | 39578 |
| Churchill Downs, Inc. | 185426 | 39205 |
| Airbnb, Inc., Class A<sup>1</sup> | 350000 | 29925 |
| Norwegian Cruise Line Holdings, Ltd.<sup>1</sup> | 2177187 | 26649 |
| YUM! Brands, Inc. | 196630 | 25184 |
| NVR, Inc.<sup>1</sup> | 5298 | 24437 |
| Rivian Automotive, Inc., Class A<sup>1</sup> | 1071576 | 19749 |
| McDonald's Corp. | 25000 | 6588 |
|  |  | **2578494** |
| **Communication services 7.52%** |  |  |
| Alphabet, Inc., Class C<sup>1</sup> | 5068984 | 449771 |
| Alphabet, Inc., Class A<sup>1</sup> | 4841135 | 427133 |
| Netflix, Inc.<sup>1</sup> | 1812523 | 534477 |
| Comcast Corp., Class A | 11970266 | 418600 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 3113843 | 374720 |
| Charter Communications, Inc., Class A<sup>1</sup> | 378097 | 128213 |
| Electronic Arts, Inc. | 843700 | 103083 |
| T-Mobile US, Inc.<sup>1</sup> | 181772 | 25448 |
| Take-Two Interactive Software, Inc.<sup>1</sup> | 178984 | 18638 |
|  |  | **2480083** |
| **Consumer staples 5.80%** |  |  |
| Philip Morris International, Inc. | 6790089 | 687225 |
| British American Tobacco PLC | 9433859 | 374286 |
| Keurig Dr Pepper, Inc. | 6469367 | 230698 |
| General Mills, Inc. | 1378800 | 115612 |
| Mondelez International, Inc. | 1506161 | 100386 |
| Molson Coors Beverage Company, Class B, restricted voting shares | 1620313 | 83478 |
| Anheuser-Busch InBev SA/NV | 1339531 | 80530 |
| Archer Daniels Midland Company | 670100 | 62219 |
| Constellation Brands, Inc., Class A | 237807 | 55112 |
| Bunge, Ltd. | 538852 | 53761 |

---

American Funds Insurance Series 99

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples (continued)** |  |  |
| Procter & Gamble Company | 180677 | $27383 |
| Kraft Heinz Company | 567200 | 23091 |
| Monster Beverage Corp.<sup>1</sup> | 178560 | 18129 |
|  |  | **1911910** |
| **Energy 4.78%** |  |  |
| Chevron Corp. | 2053300 | 368547 |
| ConocoPhillips | 2749013 | 324383 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 4947114 | 274722 |
| Baker Hughes Co., Class A | 7353936 | 217162 |
| EOG Resources, Inc. | 620310 | 80343 |
| TC Energy Corp. (CAD denominated)<sup>2</sup> | 1849358 | 73728 |
| Exxon Mobil Corp. | 660220 | 72822 |
| Equitrans Midstream Corp. | 10215807 | 68446 |
| Suncor Energy, Inc. | 1451133 | 46031 |
| Cheniere Energy, Inc. | 238735 | 35801 |
| Diamondback Energy, Inc. | 117500 | 16072 |
|  |  | **1578057** |
| **Utilities 4.04%** |  |  |
| PG&E Corp.<sup>1</sup> | 25776996 | 419134 |
| Edison International | 2689330 | 171095 |
| Entergy Corp. | 1304500 | 146756 |
| Constellation Energy Corp. | 1414838 | 121973 |
| Sempra Energy | 690000 | 106633 |
| CenterPoint Energy, Inc. | 2840104 | 85175 |
| AES Corp. | 2803707 | 80635 |
| Enel SpA | 12931498 | 69549 |
| NextEra Energy, Inc. | 585000 | 48906 |
| DTE Energy Company | 401000 | 47129 |
| CMS Energy Corp. | 551001 | 34895 |
|  |  | **1331880** |
| **Materials 3.24%** |  |  |
| Linde PLC | 1122332 | 366082 |
| Vale SA (ADR), ordinary nominative shares | 5459475 | 92647 |
| Vale SA, ordinary nominative shares | 3404848 | 57318 |
| LyondellBasell Industries NV | 1735980 | 144138 |
| Albemarle Corp. | 540457 | 117204 |
| Freeport-McMoRan, Inc. | 2382960 | 90553 |
| Corteva, Inc. | 1405942 | 82641 |
| ATI, Inc.<sup>1</sup> | 1769447 | 52836 |
| Barrick Gold Corp. | 2373000 | 40768 |
| Sherwin-Williams Company | 101038 | 23979 |
|  |  | **1068166** |
| **Real estate 1.84%** |  |  |
| VICI Properties, Inc. REIT | 9124903 | 295647 |
| Equinix, Inc. REIT | 298158 | 195302 |
| Crown Castle, Inc. REIT | 864782 | 117299 |
|  |  | **608248** |
| **Total common stocks** (cost: $19,921,309,000) |  | **30171965** |
| **Convertible stocks 0.83%** |  |  |
| **Health care 0.51%** |  |  |
| Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>2</sup> | 123957 | **168154** |

---

100 American Funds Insurance Series

Growth-Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Convertible stocks** (continued) | Shares | Shares | Value<br> (000) |
| **Consumer discretionary 0.14%** |  |  |  |
| Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023 |  | 420075 | $**45082** |
| **Utilities 0.09%** |  |  |  |
| NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 |  | 617200 | **30977** |
| **Financials 0.09%** |  |  |  |
| KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 |  | 527700 | **30211** |
| **Total convertible stocks** (cost: $288,316,000) |  |  | **274424** |
| **Bonds, notes & other debt instruments 0.02%** | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Corporate bonds, notes & loans 0.02%** |  |  |  |
| **Industrials 0.02%** |  |  |  |
| Boeing Company 4.875% 5/1/2025 | USD | 4706 | **4674** |
| **Consumer discretionary 0.00%** |  |  |  |
| General Motors Financial Co. 4.30% 7/13/2025 |  | 160 | 155 |
| General Motors Financial Co. 5.25% 3/1/2026 |  | 827 | 815 |
|  |  |  | **970** |
| **Energy 0.00%** |  |  |  |
| Weatherford International, Ltd. 11.00% 12/1/2024<sup>3</sup> |  | 265 | **272** |
| **Total corporate bonds, notes & loans** |  |  | **5916** |
| **Total bonds, notes & other debt instruments** (cost: $5,868,000) |  |  | **5916** |
| **Short-term securities 8.45%** |  | Shares |  |
| **Money market investments 7.77%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>4,5</sup> |  | 25654468 | **2565190** |
| **Money market investments purchased with collateral from securities on loan 0.68%** |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>4,6</sup> |  | 92462113 | 92462 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>4,6</sup> |  | 91131298 | 91131 |
| Capital Group Central Cash Fund 4.31%<sup>4,5,6</sup> |  | 402344 | 40231 |
|  |  |  | **223824** |
| **Total short-term securities** (cost: $2,788,688,000) |  |  | **2789014** |
| **Total investment securities 100.78%** (cost: $23,004,181,000) |  |  | **33241319** |
| Other assets less liabilities (0.78)% |  |  | (258352) |
| **Net assets 100.00%** |  |  | $**32982967** |

---

American Funds Insurance Series 101

Growth-Income Fund (continued)

**Investments in affiliates<sup>5</sup>**

**** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of <br> affiliates at <br> 1/1/2022 <br> (000)** | **Additions <br> (000)** | **Reductions <br> (000)** | **Net<br> realized <br> loss <br> (000)** | **Net<br> unrealized<br> appreciation <br> (000)** | **Value of<br> affiliates at<br> 12/31/2022 <br> (000)** | **Dividend <br> income <br> (000)** |
| **Short-term securities 7.89%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 7.77%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>4</sup> | $1220761 | $5840874 | $4496259 | $(316) | $130 | $2565190 | $40278 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.12%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>4,6</sup> | 39148 | 1083<sup>7</sup> |  |  |  | 40231 | —<sup>8</sup> |
| **Total 7.89%** |  |  |  | $(316) | $130 | $2605421 | $40278 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $240,456,000, which represented .73% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $272,000, which represented less than .01% of the net assets of the fund.

<sup>4</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>5</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>6</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>7</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>8</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

102 American Funds Insurance Series

International Growth and Income Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 96.75%** | Shares | Value<br> (000) |
| **Financials 16.53%** |  |  |
| AIA Group, Ltd. | 408000 | $4495 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 643000 | 4244 |
| AXA SA | 114432 | 3189 |
| Zurich Insurance Group AG | 5399 | 2580 |
| HDFC Bank, Ltd. | 118266 | 2328 |
| Tokio Marine Holdings, Inc. | 105200 | 2252 |
| UniCredit SpA | 132526 | 1885 |
| Toronto-Dominion Bank (CAD denominated) | 28953 | 1875 |
| Société Générale | 70627 | 1772 |
| DNB Bank ASA | 78454 | 1553 |
| Euronext NV | 20312 | 1506 |
| Banco Bilbao Vizcaya Argentaria, SA | 216058 | 1305 |
| Aon PLC, Class A | 4301 | 1291 |
| Hana Financial Group, Inc. | 37354 | 1250 |
| London Stock Exchange Group PLC | 12717 | 1097 |
| Hang Seng Bank, Ltd. | 66200 | 1096 |
| B3 SA-Brasil, Bolsa, Balcao | 407901 | 1021 |
| UBS Group AG | 54178 | 1010 |
| Industrial and Commercial Bank of China, Ltd., Class H | 1959040 | 1009 |
| Banco Santander, SA | 307795 | 922 |
| Resona Holdings, Inc. | 167200 | 918 |
| XP, Inc., Class A<sup>1</sup> | 53223 | 816 |
| Prudential PLC | 55866 | 756 |
| Erste Group Bank AG | 22556 | 719 |
| DBS Group Holdings, Ltd. | 26695 | 676 |
| Bank Leumi Le-Israel BM | 77681 | 648 |
| Discovery, Ltd.<sup>1</sup> | 88847 | 645 |
| Tryg A/S | 25561 | 606 |
| ABN AMRO Bank NV | 42512 | 587 |
| HDFC Life Insurance Company, Ltd. | 82955 | 566 |
| China Merchants Bank Co., Ltd., Class H | 98500 | 546 |
| Kotak Mahindra Bank, Ltd. | 23335 | 513 |
| Israel Discount Bank Ltd., Class A | 87914 | 462 |
| Banca Generali SpA | 13051 | 449 |
| ICICI Bank, Ltd. (ADR) | 18198 | 398 |
| Islandsbanki hf. | 466167 | 394 |
| Skandinaviska Enskilda Banken AB, Class A | 32490 | 374 |
| Brookfield Corp., Class A (CAD denominated) | 10905 | 343 |
| Grupo Financiero Banorte, SAB de CV, Series O | 41185 | 296 |
| ICICI Securities, Ltd. | 45682 | 275 |
| Postal Savings Bank of China Co., Ltd., Class H | 437000 | 270 |
| ING Groep NV | 21878 | 267 |
| EQT AB | 11659 | 248 |
| United Overseas Bank, Ltd. | 5400 | 124 |
| AU Small Finance Bank, Ltd. | 12289 | 97 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated)<sup>1</sup> | 2726 | 78 |
| Moscow Exchange MICEX-RTS PJSC<sup>1,2</sup> | 346177 | —<sup>3</sup> |
| Sberbank of Russia PJSC<sup>1,2</sup> | 476388 | —<sup>3</sup> |
|  |  | **49751** |
| **Industrials 11.96%** |  |  |
| Airbus SE, non-registered shares | 51245 | 6093 |
| BAE Systems PLC | 413069 | 4269 |
| Alliance Global Group, Inc. | 7895900 | 1689 |
| ABB, Ltd. | 50534 | 1539 |
| Rheinmetall AG | 7314 | 1457 |
| SMC Corp. | 3100 | 1312 |
| Daikin Industries, Ltd. | 8400 | 1292 |
| RELX PLC | 46516 | 1289 |
| Brenntag SE | 19924 | 1274 |
| Bunzl PLC | 34974 | 1167 |
| CCR SA, ordinary nominative shares | 565458 | 1159 |

---

American Funds Insurance Series 103

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Ryanair Holdings PLC (ADR)<sup>1</sup> | 13626 | $1019 |
| Safran SA | 7664 | 958 |
| InPost SA<sup>1</sup> | 109547 | 926 |
| Cathay Pacific Airways, Ltd.<sup>1,4</sup> | 787000 | 856 |
| LIXIL Corp. | 50900 | 776 |
| Mitsui & Co., Ltd. | 25200 | 733 |
| Waste Connections, Inc. (CAD denominated) | 5192 | 688 |
| Experian PLC | 17789 | 606 |
| TFI International, Inc. (CAD denominated) | 5936 | 594 |
| Techtronic Industries Co., Ltd. | 50500 | 562 |
| Caterpillar, Inc. | 2260 | 541 |
| BELIMO Holding AG | 1112 | 531 |
| Epiroc AB, Class A | 19779 | 362 |
| Epiroc AB, Class B | 10197 | 164 |
| Canadian Pacific Railway, Ltd. (CAD denominated) | 6837 | 510 |
| Interpump Group SpA | 9158 | 415 |
| Deutsche Post AG | 9640 | 363 |
| Siemens AG | 2589 | 359 |
| Nidec Corp. | 6900 | 359 |
| DSV A/S | 2161 | 343 |
| Japan Airlines Co., Ltd.<sup>1</sup> | 16500 | 338 |
| Adecco Group AG | 10191 | 335 |
| Kone OYJ, Class B | 5245 | 272 |
| ASSA ABLOY AB, Class B | 11710 | 252 |
| Wizz Air Holdings PLC<sup>1</sup> | 9714 | 222 |
| SITC International Holdings Co., Ltd. | 79659 | 176 |
| Hitachi, Ltd. | 2400 | 121 |
| Polycab India, Ltd. | 2077 | 64 |
| Husqvarna AB, Class B | 1503 | 11 |
|  |  | **35996** |
| **Consumer discretionary 11.78%** |  |  |
| Evolution AB | 44081 | 4305 |
| LVMH Moët Hennessy-Louis Vuitton SE | 5830 | 4235 |
| MGM China Holdings, Ltd.<sup>1</sup> | 2330000 | 2568 |
| Renault SA<sup>1</sup> | 75272 | 2508 |
| Sands China, Ltd.<sup>1</sup> | 568372 | 1883 |
| Restaurant Brands International, Inc. (CAD denominated) | 26120 | 1689 |
| InterContinental Hotels Group PLC | 25528 | 1469 |
| Wynn Macau, Ltd.<sup>1</sup> | 1317200 | 1468 |
| Prosus NV, Class N | 19085 | 1310 |
| Midea Group Co., Ltd., Class A | 170800 | 1269 |
| Galaxy Entertainment Group, Ltd. | 184000 | 1218 |
| Sodexo SA | 11689 | 1118 |
| adidas AG | 8004 | 1093 |
| Li Ning Co., Ltd. | 122500 | 1051 |
| B&M European Value Retail SA | 203086 | 1012 |
| Nitori Holdings Co., Ltd. | 6200 | 804 |
| Industria de Diseño Textil, SA | 29903 | 796 |
| Paltac Corp. | 21900 | 767 |
| Valeo SA, non-registered shares | 40170 | 716 |
| Stellantis NV | 43832 | 621 |
| OPAP SA | 41296 | 585 |
| Entain PLC | 33218 | 533 |
| Coupang, Inc., Class A<sup>1</sup> | 32030 | 471 |
| D'Ieteren Group | 2035 | 392 |
| Americanas SA, ordinary nominative shares | 149913 | 274 |
| Games Workshop Group PLC | 2532 | 262 |
| IDP Education, Ltd. | 13164 | 243 |
| JD.com, Inc., Class A | 7174 | 202 |
| Pan Pacific International Holdings Corp. | 9000 | 167 |
| Kering SA | 287 | 147 |

---

104 American Funds Insurance Series

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Balkrishna Industries, Ltd. | 4894 | $126 |
| Dixon Technologies (India), Ltd. | 1902 | 90 |
| MercadoLibre, Inc.<sup>1</sup> | 88 | 75 |
|  |  | **35467** |
| **Consumer staples 11.46%** |  |  |
| British American Tobacco PLC | 196339 | 7790 |
| Philip Morris International, Inc. | 65119 | 6591 |
| Nestlé SA | 26069 | 3011 |
| Anheuser-Busch InBev SA/NV | 40759 | 2450 |
| Carlsberg A/S, Class B | 18056 | 2390 |
| Kweichow Moutai Co., Ltd., Class A | 9490 | 2348 |
| Pernod Ricard SA | 6241 | 1227 |
| Japan Tobacco, Inc. | 58100 | 1175 |
| Asahi Group Holdings, Ltd. | 33300 | 1037 |
| Foshan Haitian Flavouring and Food Co., Ltd., Class A | 77954 | 892 |
| Arca Continental, SAB de CV | 108287 | 879 |
| Carrefour SA, non-registered shares | 47224 | 790 |
| KT&G Corp. | 9986 | 722 |
| Varun Beverages, Ltd. | 43375 | 691 |
| Ocado Group PLC<sup>1</sup> | 80608 | 607 |
| Imperial Brands PLC | 20722 | 518 |
| L'Oréal SA, non-registered shares | 1190 | 427 |
| Reckitt Benckiser Group PLC | 5140 | 357 |
| Haleon PLC<sup>1</sup> | 60392 | 241 |
| Danone SA | 4351 | 229 |
| Avenue Supermarts, Ltd.<sup>1</sup> | 2324 | 114 |
|  |  | **34486** |
| **Information technology 10.82%** |  |  |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 517000 | 7535 |
| ASML Holding NV | 10887 | 5893 |
| Edenred SA | 50178 | 2730 |
| Tokyo Electron, Ltd. | 8300 | 2466 |
| Samsung Electronics Co., Ltd. | 41896 | 1848 |
| MediaTek, Inc. | 87000 | 1767 |
| Broadcom, Inc. | 2678 | 1497 |
| SAP SE | 13056 | 1347 |
| Keyence Corp. | 2700 | 1057 |
| Kingdee International Software Group Co., Ltd.<sup>1</sup> | 444000 | 945 |
| Logitech International SA | 14465 | 898 |
| Nokia Corp. | 184789 | 859 |
| TDK Corp. | 25500 | 828 |
| Capgemini SE | 4791 | 804 |
| ASM International NV | 2074 | 525 |
| Vanguard International Semiconductor Corp. | 186000 | 468 |
| Halma PLC | 12131 | 290 |
| Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 4613 | 238 |
| Nice, Ltd. (ADR)<sup>1</sup> | 888 | 171 |
| Fujitsu, Ltd. | 1000 | 132 |
| eMemory Technology, Inc. | 3000 | 130 |
| Nomura Research Institute, Ltd. | 5300 | 126 |
|  |  | **32554** |
| **Health care 10.34%** |  |  |
| AstraZeneca PLC | 77983 | 10584 |
| Novo Nordisk A/S, Class B | 49782 | 6740 |
| Sanofi | 28623 | 2770 |
| EssilorLuxottica | 10095 | 1838 |
| Siemens Healthineers AG | 34852 | 1744 |
| Bayer AG | 32378 | 1672 |
| GSK PLC | 49438 | 860 |

---

American Funds Insurance Series 105

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| Genus PLC | 21154 | $762 |
| Grifols, SA, Class B (ADR)<sup>1</sup> | 88384 | 751 |
| EUROAPI<sup>1</sup> | 39510 | 586 |
| Shionogi & Co., Ltd. | 9600 | 478 |
| Lonza Group AG | 927 | 456 |
| Roche Holding AG, nonvoting non-registered shares | 1328 | 417 |
| Novartis AG | 4476 | 405 |
| BeiGene, Ltd. (ADR)<sup>1</sup> | 1387 | 305 |
| Hypera SA, ordinary nominative shares | 30419 | 260 |
| Innovent Biologics, Inc.<sup>1</sup> | 48500 | 208 |
| CanSino Biologics, Inc., Class H<sup>4</sup> | 22800 | 195 |
| HOYA Corp. | 1000 | 97 |
|  |  | **31128** |
| **Energy 7.77%** |  |  |
| TotalEnergies SE | 89101 | 5561 |
| BP PLC | 643014 | 3739 |
| TechnipFMC PLC<sup>1</sup> | 186903 | 2279 |
| Equinor ASA | 57576 | 2065 |
| TC Energy Corp. (CAD denominated) | 42686 | 1702 |
| Schlumberger, Ltd. | 30187 | 1614 |
| Canadian Natural Resources, Ltd. (CAD denominated)<sup>4</sup> | 25703 | 1427 |
| Aker BP ASA | 43949 | 1370 |
| Cameco Corp. (CAD denominated) | 52625 | 1193 |
| Reliance Industries, Ltd. | 18972 | 582 |
| Gaztransport & Technigaz SA | 4690 | 501 |
| Tourmaline Oil Corp. | 9772 | 493 |
| Woodside Energy Group, Ltd. | 18414 | 446 |
| INPEX Corp. | 31500 | 336 |
| Var Energi ASA | 20924 | 72 |
| Sovcomflot PAO<sup>1,2</sup> | 356717 | —<sup>3</sup> |
| Gazprom PJSC<sup>2</sup> | 671150 | —<sup>3</sup> |
| LUKOIL Oil Co. PJSC<sup>2</sup> | 9706 | —<sup>3</sup> |
|  |  | **23380** |
| **Materials 5.76%** |  |  |
| Vale SA, ordinary nominative shares | 198640 | 3344 |
| Vale SA (ADR), ordinary nominative shares | 80910 | 1373 |
| Linde PLC | 7570 | 2469 |
| Glencore PLC | 306363 | 2049 |
| Barrick Gold Corp. | 94562 | 1625 |
| Barrick Gold Corp. (CAD denominated) | 13543 | 232 |
| UPM-Kymmene OYJ | 23659 | 887 |
| Rio Tinto PLC | 10464 | 734 |
| Asahi Kasei Corp. | 99900 | 710 |
| Air Liquide SA, non-registered shares | 4908 | 698 |
| Fresnillo PLC | 58201 | 632 |
| Koninklijke DSM NV | 5120 | 628 |
| Sociedad Química y Minera de Chile SA, Class B (ADR) | 7688 | 614 |
| Fortescue Metals Group, Ltd. | 42173 | 588 |
| Sika AG | 1500 | 362 |
| Shin-Etsu Chemical Co., Ltd. | 1900 | 231 |
| Givaudan SA | 52 | 158 |
| Alrosa PJSC<sup>1,2</sup> | 53607 | —<sup>3</sup> |
|  |  | **17334** |
| **Communication services 5.66%** |  |  |
| Koninklijke KPN NV | 752688 | 2329 |
| Nippon Telegraph and Telephone Corp. | 81600 | 2329 |
| Tencent Holdings, Ltd. | 50600 | 2151 |
| Telefónica, SA, non-registered shares | 402982 | 1459 |
| Publicis Groupe SA | 22225 | 1411 |

---

106 American Funds Insurance Series

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Communication services (continued)** |  |  |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 21542 | $1121 |
| BT Group PLC | 635302 | 863 |
| SoftBank Corp. | 76200 | 862 |
| Vodafone Group PLC | 839939 | 851 |
| América Móvil, SAB de CV, Series L (ADR) | 41487 | 755 |
| Singapore Telecommunications, Ltd. | 319600 | 614 |
| Deutsche Telekom AG<sup>1</sup> | 29435 | 587 |
| Indus Towers, Ltd. | 246737 | 567 |
| Viaplay Group AB, Class B<sup>1</sup> | 20606 | 393 |
| MTN Group, Ltd. | 44802 | 336 |
| Universal Music Group NV | 9460 | 228 |
| NetEase, Inc. | 10800 | 157 |
| Sitios Latinoamerica, SAB de CV, Class B1<sup>1</sup> | 40380 | 19 |
| Yandex NV, Class A<sup>1,2</sup> | 5000 | —<sup>3</sup> |
|  |  | **17032** |
| **Utilities 3.07%** |  |  |
| Engie SA | 190787 | 2733 |
| Enel SpA | 397417 | 2137 |
| ENN Energy Holdings, Ltd. | 118100 | 1648 |
| Brookfield Infrastructure Partners, LP | 36875 | 1142 |
| National Grid PLC | 43151 | 518 |
| Iberdrola, SA, non-registered shares | 37788 | 442 |
| China Resources Gas Group, Ltd. | 106200 | 396 |
| Veolia Environnement | 9023 | 232 |
|  |  | **9248** |
| **Real estate 1.60%** |  |  |
| CK Asset Holdings, Ltd. | 327000 | 2014 |
| Longfor Group Holdings, Ltd. | 351500 | 1077 |
| Link REIT | 108007 | 793 |
| Unibail-Rodamco-Westfield REIT, non-registered shares<sup>1</sup> | 10561 | 551 |
| Embassy Office Parks REIT | 94895 | 385 |
|  |  | **4820** |
| **Total common stocks** (cost: $287,727,000) |  | **291196** |
| **Preferred securities 0.63%** |  |  |
| **Materials 0.40%** |  |  |
| Gerdau SA, preferred nominative shares | 216930 | **1207** |
| **Consumer discretionary 0.14%** |  |  |
| Volkswagen AG, nonvoting preferred shares | 3468 | **432** |
| **Information technology 0.09%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares | 6483 | **261** |
| **Total preferred securities** (cost: $2,271,000) |  | **1900** |
| **Short-term securities 2.11%** |  |  |
| **Money market investments 1.82%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>5,6</sup> | 54926 | **5492** |

---

American Funds Insurance Series 107

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Short-term securities** (continued) | Shares | Value<br> (000) |
| **Money market investments purchased with collateral from securities on loan 0.29%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>5,7</sup> | 851683 | $852 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>5,7</sup> | 14166 | 14 |
|  |  | **866** |
| **Total short-term securities** (cost: $6,355,000) |  | **6358** |
| **Total investment securities 99.49%** (cost: $296,353,000) |  | **299454** |
| Other assets less liabilities 0.51% |  | 1543 |
| **Net assets 100.00%** |  | $**300997** |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation**<br>**at 12/31/2022<br> (000)** |
| USD | 612 | GBP | 502 | UBS AG | 1/12/2023 | $5 |

---

**Investments in affiliates<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliate at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 1.82%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 1.82%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>5</sup> | $21699 | $75477 | $91678 | $(4) | $(2) | $5492 | $302 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Amount less than one thousand.

<sup>4</sup> All or a portion of this security was on loan. The total value of all such securities was $1,435,000, which represented .48% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>5</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>6</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>7</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

108 American Funds Insurance Series

Capital Income Builder

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 74.46%** | Shares | Value<br> (000) |
| **Financials 13.77%** |  |  |
| Zurich Insurance Group AG | 39942 | $19087 |
| Toronto-Dominion Bank (CAD denominated) | 162719 | 10536 |
| JPMorgan Chase & Co. | 68717 | 9215 |
| PNC Financial Services Group, Inc. | 49137 | 7761 |
| Münchener Rückversicherungs-Gesellschaft AG | 23791 | 7736 |
| CME Group, Inc., Class A | 45573 | 7664 |
| DBS Group Holdings, Ltd. | 300006 | 7595 |
| Morgan Stanley | 88772 | 7547 |
| DNB Bank ASA | 301733 | 5974 |
| Power Corporation of Canada, subordinate voting shares | 201698 | 4745 |
| BlackRock, Inc. | 6520 | 4620 |
| B3 SA-Brasil, Bolsa, Balcao | 1360408 | 3404 |
| Tryg A/S | 138292 | 3280 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 447500 | 2954 |
| Ping An Insurance (Group) Company of China, Ltd., Class A | 34457 | 233 |
| Webster Financial Corp. | 61978 | 2934 |
| AIA Group, Ltd. | 253600 | 2794 |
| American International Group, Inc. | 43993 | 2782 |
| Principal Financial Group, Inc. | 31762 | 2665 |
| Blackstone, Inc., nonvoting shares | 33399 | 2478 |
| KBC Groep NV | 33615 | 2158 |
| United Overseas Bank, Ltd. | 89200 | 2046 |
| State Street Corp. | 26015 | 2018 |
| Kaspi.kz JSC<sup>1</sup> | 21756 | 1555 |
| Kaspi.kz JSC (GDR) | 5969 | 426 |
| East West Bancorp, Inc. | 29501 | 1944 |
| ING Groep NV | 157320 | 1919 |
| Wells Fargo & Company | 45898 | 1895 |
| China Pacific Insurance (Group) Co., Ltd., Class H | 794150 | 1754 |
| National Bank of Canada | 24069 | 1622 |
| Travelers Companies, Inc. | 8641 | 1620 |
| Swedbank AB, Class A | 88691 | 1507 |
| Citizens Financial Group, Inc. | 36461 | 1436 |
| KeyCorp | 75308 | 1312 |
| China Merchants Bank Co., Ltd., Class A | 131100 | 703 |
| China Merchants Bank Co., Ltd., Class H | 94500 | 524 |
| IIFL Wealth Management, Ltd. | 55104 | 1183 |
| Franklin Resources, Inc. | 42738 | 1127 |
| OneMain Holdings, Inc. | 33517 | 1116 |
| EFG International AG | 113913 | 1086 |
| BNP Paribas SA | 17927 | 1020 |
| Great-West Lifeco, Inc. | 43284 | 1001 |
| Truist Financial Corp. | 23131 | 995 |
| Corebridge Financial, Inc. | 44617 | 895 |
| Hang Seng Bank, Ltd. | 52200 | 864 |
| Euronext NV | 11304 | 838 |
| Hong Kong Exchanges and Clearing, Ltd. | 18300 | 791 |
| Bank Central Asia Tbk PT | 1423700 | 781 |
| TPG, Inc., Class A | 26918 | 749 |
| Citigroup, Inc. | 16200 | 733 |
| Patria Investments, Ltd., Class A | 47813 | 666 |
| Banco Santander, SA | 201758 | 604 |
| Vontobel Holding AG | 7885 | 524 |
| Macquarie Group, Ltd. | 4045 | 459 |
| Hana Financial Group, Inc. | 10680 | 357 |
| Cullen/Frost Bankers, Inc. | 1968 | 263 |
| UniCredit SpA | 12643 | 180 |
| SouthState Corp. | 2204 | 168 |
| Moscow Exchange MICEX-RTS PJSC<sup>2,3</sup> | 875002 | —<sup>4</sup> |
| Sberbank of Russia PJSC<sup>2,3</sup> | 204176 | —<sup>4</sup> |
|  |  | **156843** |

---

American Funds Insurance Series 109

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples 10.07%** |  |  |
| Philip Morris International, Inc. | 259908 | $26305 |
| British American Tobacco PLC | 471482 | 18706 |
| General Mills, Inc. | 102770 | 8617 |
| Altria Group, Inc. | 188250 | 8605 |
| PepsiCo, Inc. | 47154 | 8519 |
| Nestlé SA | 70531 | 8145 |
| Kimberly-Clark Corp. | 39311 | 5337 |
| Imperial Brands PLC | 207379 | 5181 |
| ITC, Ltd. | 1060348 | 4250 |
| Unilever PLC (GBP denominated) | 57668 | 2909 |
| Carlsberg A/S, Class B | 19656 | 2602 |
| Keurig Dr Pepper, Inc. | 72760 | 2595 |
| Danone SA | 48454 | 2553 |
| Anheuser-Busch InBev SA/NV | 37592 | 2260 |
| Kraft Heinz Company | 32392 | 1319 |
| Seven & i Holdings Co., Ltd. | 29600 | 1266 |
| Procter & Gamble Company | 7687 | 1165 |
| Mondelez International, Inc. | 14725 | 981 |
| Vector Group, Ltd. | 69487 | 824 |
| Essity Aktiebolag, Class B | 23218 | 610 |
| Viscofan, SA, non-registered shares | 9124 | 589 |
| Reckitt Benckiser Group PLC | 7982 | 555 |
| Scandinavian Tobacco Group A/S | 21667 | 380 |
| Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates | 136106 | 231 |
| Coca-Cola HBC AG (CDI) | 7021 | 168 |
|  |  | **114672** |
| **Health care 9.47%** |  |  |
| AbbVie, Inc. | 173251 | 27999 |
| Amgen, Inc. | 53879 | 14151 |
| Gilead Sciences, Inc. | 153232 | 13155 |
| AstraZeneca PLC | 60447 | 8204 |
| Abbott Laboratories | 66565 | 7308 |
| Medtronic PLC | 82068 | 6378 |
| Novartis AG | 65737 | 5955 |
| Bristol-Myers Squibb Company | 74164 | 5336 |
| Pfizer, Inc. | 89394 | 4581 |
| UnitedHealth Group, Inc. | 6954 | 3687 |
| Roche Holding AG, nonvoting non-registered shares | 10419 | 3274 |
| Takeda Pharmaceutical Company, Ltd. | 87100 | 2720 |
| Royalty Pharma PLC, Class A | 42309 | 1672 |
| Merck & Co., Inc. | 7825 | 868 |
| EBOS Group, Ltd. | 30676 | 850 |
| CVS Health Corp. | 7431 | 692 |
| Bayer AG | 12641 | 653 |
| GSK PLC | 17925 | 312 |
| Koninklijke Philips NV (EUR denominated) | 4898 | 74 |
| Organon & Co. | 662 | 18 |
|  |  | **107887** |
| **Industrials 7.34%** |  |  |
| Raytheon Technologies Corp. | 239595 | 24180 |
| Lockheed Martin Corp. | 11445 | 5568 |
| BAE Systems PLC | 526461 | 5441 |
| Honeywell International, Inc. | 24790 | 5312 |
| Siemens AG | 36680 | 5091 |
| RELX PLC | 131761 | 3650 |
| RELX PLC (ADR) | 8177 | 227 |
| Kone OYJ, Class B | 71780 | 3718 |
| L3Harris Technologies, Inc. | 16708 | 3479 |
| Deutsche Post AG | 64678 | 2435 |
| VINCI SA | 24215 | 2418 |

---

110 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Singapore Technologies Engineering, Ltd. | 898600 | $2249 |
| Trinity Industries, Inc. | 72684 | 2149 |
| BOC Aviation, Ltd. | 194500 | 1617 |
| Illinois Tool Works, Inc. | 7243 | 1596 |
| ITOCHU Corp. | 44400 | 1388 |
| SGS SA | 589 | 1364 |
| Compañia de Distribución Integral Logista Holdings, SA, non-registered shares | 45292 | 1144 |
| Trelleborg AB, Class B | 47577 | 1101 |
| Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 74506 | 1067 |
| AB Volvo, Class B | 58146 | 1053 |
| Norfolk Southern Corp. | 3965 | 977 |
| LIXIL Corp. | 54600 | 832 |
| Ventia Services Group Pty, Ltd. | 490862 | 796 |
| United Parcel Service, Inc., Class B | 4455 | 774 |
| Union Pacific Corp. | 3606 | 747 |
| Marubeni Corp. | 56900 | 650 |
| General Dynamics Corp. | 2526 | 627 |
| Waste Management, Inc. | 3955 | 620 |
| Carrier Global Corp. | 13015 | 537 |
| Airbus SE, non-registered shares | 3671 | 436 |
| Sulzer AG | 4695 | 367 |
|  |  | **83610** |
| **Information technology 6.92%** |  |  |
| Broadcom, Inc. | 65566 | 36661 |
| Microsoft Corp. | 63062 | 15124 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 583800 | 8509 |
| Paychex, Inc. | 17290 | 1998 |
| Texas Instruments, Inc. | 11533 | 1905 |
| KLA Corp. | 4878 | 1839 |
| Vanguard International Semiconductor Corp. | 618700 | 1558 |
| Automatic Data Processing, Inc. | 6477 | 1547 |
| QUALCOMM, Inc. | 11372 | 1250 |
| Western Union Company | 83565 | 1151 |
| Tokyo Electron, Ltd. | 3500 | 1040 |
| SAP SE | 10071 | 1039 |
| Analog Devices, Inc. | 5930 | 973 |
| NetApp, Inc. | 14882 | 894 |
| GlobalWafers Co., Ltd. | 46938 | 652 |
| Fidelity National Information Services, Inc. | 9497 | 644 |
| Intel Corp. | 18944 | 501 |
| MediaTek, Inc. | 24000 | 487 |
| Tripod Technology Corp. | 152000 | 465 |
| SINBON Electronics Co., Ltd. | 42446 | 380 |
| BE Semiconductor Industries NV | 3388 | 206 |
|  |  | **78823** |
| **Utilities 6.24%** |  |  |
| Dominion Energy, Inc. | 102936 | 6312 |
| Iberdrola, SA, non-registered shares | 496459 | 5807 |
| DTE Energy Company | 49064 | 5766 |
| National Grid PLC | 476775 | 5727 |
| Engie SA | 335814 | 4810 |
| Engie SA, bonus shares | 36900 | 529 |
| Power Grid Corporation of India, Ltd. | 2007912 | 5169 |
| E.ON SE | 486449 | 4855 |
| The Southern Co. | 62100 | 4434 |
| Edison International | 60608 | 3856 |
| Duke Energy Corp. | 32752 | 3373 |
| AES Corp. | 108568 | 3122 |
| Entergy Corp. | 26522 | 2984 |
| Exelon Corp. | 49566 | 2143 |

---

American Funds Insurance Series 111

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Utilities (continued)** |  |  |
| Public Service Enterprise Group, Inc. | 28665 | $1756 |
| SSE PLC | 77332 | 1595 |
| CenterPoint Energy, Inc. | 51179 | 1535 |
| Sempra Energy | 9762 | 1509 |
| ENN Energy Holdings, Ltd. | 93600 | 1306 |
| Enel SpA | 240213 | 1292 |
| NextEra Energy, Inc. | 13466 | 1126 |
| Evergy, Inc. | 15369 | 967 |
| Power Assets Holdings, Ltd. | 106500 | 583 |
| CMS Energy Corp. | 3992 | 253 |
| American Electric Power Company, Inc. | 1512 | 144 |
| SembCorp Industries, Ltd. | 44800 | 113 |
|  |  | **71066** |
| **Energy 6.00%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)<sup>5</sup> | 195057 | 10832 |
| Chevron Corp. | 47686 | 8559 |
| TC Energy Corp. (CAD denominated) | 181889 | 7252 |
| TC Energy Corp. | 16085 | 641 |
| Exxon Mobil Corp. | 69719 | 7690 |
| TotalEnergies SE | 90216 | 5631 |
| BP PLC | 806006 | 4687 |
| EOG Resources, Inc. | 34736 | 4499 |
| Shell PLC (GBP denominated) | 115306 | 3277 |
| Shell PLC (ADR) | 8467 | 482 |
| Woodside Energy Group, Ltd. | 86228 | 2086 |
| Woodside Energy Group, Ltd. (CDI) | 23081 | 557 |
| ConocoPhillips | 20510 | 2420 |
| Pioneer Natural Resources Company | 10296 | 2352 |
| Schlumberger, Ltd. | 36843 | 1970 |
| Enbridge, Inc. (CAD denominated) | 40329 | 1576 |
| Baker Hughes Co., Class A | 52596 | 1553 |
| Equitrans Midstream Corp. | 213059 | 1427 |
| DT Midstream, Inc. | 13716 | 758 |
| Galp Energia, SGPS, SA, Class B | 11022 | 149 |
| Gazprom PJSC<sup>2</sup> | 880428 | —<sup>4</sup> |
|  |  | **68398** |
| **Real estate 5.99%** |  |  |
| VICI Properties, Inc. REIT | 586804 | 19012 |
| Crown Castle, Inc. REIT | 113151 | 15348 |
| Equinix, Inc. REIT | 10699 | 7008 |
| Gaming and Leisure Properties, Inc. REIT | 93929 | 4893 |
| Federal Realty Investment Trust REIT | 28164 | 2846 |
| Link REIT | 372507 | 2735 |
| American Tower Corp. REIT | 9879 | 2093 |
| CK Asset Holdings, Ltd. | 318000 | 1958 |
| Boston Properties, Inc. REIT | 22486 | 1520 |
| Charter Hall Group REIT | 146326 | 1192 |
| Longfor Group Holdings, Ltd. | 353000 | 1082 |
| POWERGRID Infrastructure Investment Trust | 681036 | 1047 |
| Embassy Office Parks REIT | 245585 | 996 |
| Mindspace Business Parks REIT | 214689 | 868 |
| Extra Space Storage, Inc. REIT | 5810 | 855 |
| Americold Realty Trust, Inc. REIT | 30182 | 854 |
| Sun Hung Kai Properties, Ltd. | 61255 | 838 |
| CTP NV | 68103 | 802 |
| Digital Realty Trust, Inc. REIT | 6950 | 697 |

---

112 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Real estate (continued)** |  |  |
| Kimco Realty Corp. REIT | 31388 | $665 |
| Prologis, Inc. REIT | 4763 | 537 |
| CubeSmart REIT | 8847 | 356 |
|  |  | **68202** |
| **Materials 2.91%** |  |  |
| Vale SA (ADR), ordinary nominative shares | 349433 | 5930 |
| Vale SA, ordinary nominative shares | 225247 | 3792 |
| Rio Tinto PLC | 79626 | 5587 |
| Air Products and Chemicals, Inc. | 9631 | 2969 |
| Linde PLC | 8936 | 2915 |
| BHP Group, Ltd. (CDI) | 82385 | 2540 |
| International Flavors & Fragrances, Inc. | 21588 | 2263 |
| LyondellBasell Industries NV | 18557 | 1541 |
| Evonik Industries AG | 54480 | 1046 |
| Sociedad Química y Minera de Chile SA, Class B (ADR) | 12475 | 996 |
| BASF SE | 16131 | 801 |
| UPM-Kymmene OYJ | 19684 | 738 |
| Asahi Kasei Corp. | 96900 | 688 |
| Fortescue Metals Group, Ltd. | 28457 | 397 |
| Nexa Resources SA<sup>5</sup> | 51286 | 309 |
| WestRock Co. | 7448 | 262 |
| Shin-Etsu Chemical Co., Ltd. | 1900 | 231 |
| Smurfit Kappa Group PLC | 4754 | 176 |
|  |  | **33181** |
| **Consumer discretionary 2.90%** |  |  |
| Starbucks Corp. | 41213 | 4088 |
| Home Depot, Inc. | 12852 | 4059 |
| Industria de Diseño Textil, SA | 149994 | 3994 |
| Midea Group Co., Ltd., Class A | 513775 | 3816 |
| McDonald's Corp. | 11404 | 3005 |
| Kering SA | 5640 | 2887 |
| Restaurant Brands International, Inc. | 38245 | 2473 |
| LVMH Moët Hennessy-Louis Vuitton SE | 2860 | 2078 |
| YUM! Brands, Inc. | 10281 | 1317 |
| Galaxy Entertainment Group, Ltd. | 196000 | 1298 |
| Cie. Financière Richemont SA, Class A | 7967 | 1031 |
| Darden Restaurants, Inc. | 7101 | 982 |
| Mercedes-Benz Group AG | 8466 | 556 |
| OPAP SA | 27844 | 395 |
| Pearson PLC | 26653 | 302 |
| Inchcape PLC | 26460 | 261 |
| Kindred Group PLC (SDR) | 24452 | 255 |
| VF Corp. | 4833 | 134 |
| Thule Group AB | 4224 | 88 |
|  |  | **33019** |
| **Communication services 2.85%** |  |  |
| Comcast Corp., Class A | 222680 | 7787 |
| Verizon Communications, Inc. | 113150 | 4458 |
| SoftBank Corp. | 380300 | 4300 |
| Singapore Telecommunications, Ltd. | 1528600 | 2935 |
| Koninklijke KPN NV | 918661 | 2842 |
| BCE, Inc. | 54651 | 2401 |
| Nippon Telegraph and Telephone Corp. | 75100 | 2143 |
| HKT Trust and HKT, Ltd., units | 1127240 | 1378 |
| Warner Music Group Corp., Class A | 33470 | 1172 |
| Omnicom Group, Inc. | 10871 | 887 |
| WPP PLC | 81366 | 808 |

---

American Funds Insurance Series 113

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Common stocks** (continued) | Shares | Shares | Value<br> (000) |
| **Communication services (continued)** |  |  |  |
| Indus Towers, Ltd. |  | 211665 | $486 |
| América Móvil, SAB de CV, Series L (ADR) |  | 24725 | 450 |
| ProSiebenSat.1 Media SE |  | 40927 | 366 |
|  |  |  | **32413** |
| **Total common stocks** (cost: $704,847,000) |  |  | **848114** |
| **Preferred securities 0.05%** |  |  |  |
| **Information technology 0.05%** |  |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares |  | **13546** | **545** |
| **Total preferred securities** (cost: $456,000) |  |  | **545** |
| **Rights & warrants 0.00%** |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |
| Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/2023<sup>3</sup> |  | **7130** | **6** |
| **Total rights & warrants** (cost: $0) |  |  | **6** |
| **Convertible stocks 0.44%** |  |  |  |
| **Utilities 0.28%** |  |  |  |
| NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 |  | 35900 | 1802 |
| AES Corp., convertible preferred units, 6.875% 2/15/2024 |  | 8659 | 883 |
| American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023 |  | 9704 | 501 |
|  |  |  | **3186** |
| **Health care 0.10%** |  |  |  |
| Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>5</sup> |  | **841** | **1141** |
| **Consumer discretionary 0.06%** |  |  |  |
| Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023 |  | **6448** | **692** |
| **Total convertible stocks** (cost: $4,623,000) |  |  | **5019** |
| **Investment funds 2.46%** |  |  |  |
| Capital Group Central Corporate Bond Fund<sup>6</sup> |  | **3442868** | **28059** |
| **Total investment funds** (cost: $33,742,000) |  |  | **28059** |
| **Bonds, notes & other debt instruments 18.22%** |  | Principal amount<br> (000) |  |
| **U.S. Treasury bonds & notes 9.44%** |  |  |  |
| **U.S. Treasury 7.06%** |  |  |  |
| U.S. Treasury 0.125% 1/31/2023 | USD | 2200 | 2193 |
| U.S. Treasury 0.375% 10/31/2023 |  | 875 | 844 |
| U.S. Treasury 0.125% 12/15/2023 |  | 8410 | 8057 |
| U.S. Treasury 2.50% 4/30/2024 |  | 2224 | 2161 |
| U.S. Treasury 3.25% 8/31/2024 |  | 554 | 542 |
| U.S. Treasury 0.625% 10/15/2024 |  | 11050 | 10322 |
| U.S. Treasury 0.75% 11/15/2024 |  | 3525 | 3291 |
| U.S. Treasury 4.50% 11/30/2024 |  | 3677 | 3678 |
| U.S. Treasury 4.00% 12/15/2025 |  | 4257 | 4230 |
| U.S. Treasury 0.75% 3/31/2026 |  | 1 | 1 |
| U.S. Treasury 0.75% 4/30/2026 |  | 1093 | 977 |
| U.S. Treasury 0.75% 5/31/2026 |  | 3850 | 3435 |

---

114 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 1.875% 6/30/2026 | USD | 6300 | $5845 |
| U.S. Treasury 1.125% 10/31/2026 |  | 995 | 890 |
| U.S. Treasury 2.00% 11/15/2026<sup>7</sup> |  | 2800 | 2589 |
| U.S. Treasury 0.50% 4/30/2027 |  | 2900 | 2498 |
| U.S. Treasury 6.125% 11/15/2027 |  | 950 | 1037 |
| U.S. Treasury 3.875% 11/30/2027 |  | 15438 | 15354 |
| U.S. Treasury 1.25% 3/31/2028 |  | 1350 | 1174 |
| U.S. Treasury 3.875% 11/30/2029 |  | 1360 | 1351 |
| U.S. Treasury 6.25% 5/15/2030 |  | 890 | 1016 |
| U.S. Treasury 4.125% 11/15/2032 |  | 1610 | 1642 |
| U.S. Treasury 1.125% 5/15/2040<sup>7</sup> |  | 2400 | 1506 |
| U.S. Treasury 2.00% 11/15/2041 |  | 300 | 215 |
| U.S. Treasury 4.00% 11/15/2042 |  | 806 | 790 |
| U.S. Treasury 2.375% 5/15/2051 |  | 197 | 142 |
| U.S. Treasury 3.00% 8/15/2052<sup>7</sup> |  | 5411 | 4486 |
| U.S. Treasury 4.00% 11/15/2052 |  | 115 | 116 |
|  |  |  | **80382** |
| **U.S. Treasury inflation-protected securities 2.38%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>8</sup> |  | 2610 | 2605 |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>8</sup> |  | 3400 | 3367 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>8</sup> |  | 1818 | 1797 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>8</sup> |  | 1220 | 1195 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>8</sup> |  | 1581 | 1539 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>8</sup> |  | 1887 | 1828 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>8</sup> |  | 2752 | 2652 |
| U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>8</sup> |  | 539 | 518 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>8</sup> |  | 1269 | 1210 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>8</sup> |  | 377 | 362 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>8</sup> |  | 230 | 218 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>8</sup> |  | 2388 | 2245 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>8</sup> |  | 2253 | 2250 |
| U.S. Treasury Inflation-Protected Security 0.50% 1/15/2028<sup>8</sup> |  | 242 | 227 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030<sup>8</sup> |  | 2143 | 1925 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>8</sup> |  | 1831 | 1625 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031<sup>8</sup> |  | 139 | 123 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>8</sup> |  | 201 | 169 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>7,8</sup> |  | 2031 | 1311 |
|  |  |  | **27166** |
| **Total U.S. Treasury bonds & notes** |  |  | **107548** |
| **Mortgage-backed obligations 6.13%** |  |  |  |
| **Federal agency mortgage-backed obligations 5.40%** |  |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033<sup>9</sup> |  | —<sup>4</sup> | —<sup>4</sup> |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #931768 5.00% 8/1/2039<sup>9</sup> |  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039<sup>9</sup> |  | 5 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040<sup>9</sup> |  | 9 | 8 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041<sup>9</sup> |  | 8 | 8 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041<sup>9</sup> |  | 7 | 6 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041<sup>9</sup> |  | 7 | 7 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041<sup>9</sup> |  | 5 | 5 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042<sup>9</sup> |  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043<sup>9</sup> |  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>9</sup> |  | 150 | 138 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047<sup>9</sup> |  | 1 | 1 |

---

American Funds Insurance Series 115

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047<sup>9</sup> | USD | 39 | $37 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048<sup>9</sup> |  | 20 | 19 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048<sup>9</sup> |  | 27 | 25 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048<sup>9</sup> |  | 8 | 8 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048<sup>9</sup> |  | 5 | 5 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>9</sup> |  | 38 | 35 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050<sup>9</sup> |  | 3219 | 2861 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050<sup>9</sup> |  | 376 | 337 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051<sup>9</sup> |  | 23 | 21 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052<sup>9</sup> |  | 97 | 88 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>9</sup> |  | 1017 | 907 |
| Fannie Mae Pool #CB3236 3.00% 3/1/2052<sup>9</sup> |  | 424 | 373 |
| Fannie Mae Pool #FS3275 3.00% 4/1/2052<sup>9</sup> |  | 787 | 691 |
| Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>9</sup> |  | 1452 | 1321 |
| Fannie Mae Pool #BT8370 3.50% 6/1/2052<sup>9</sup> |  | 291 | 265 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>9</sup> |  | 353 | 332 |
| Fannie Mae Pool #MA4782 3.50% 10/1/2052<sup>9</sup> |  | 880 | 800 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>9</sup> |  | 103 | 106 |
| Fannie Mae Pool #MA4902 3.50% 1/1/2053<sup>9</sup> |  | 53 | 48 |
| Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>9</sup> |  | 828 | 777 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>9</sup> |  | 30 | 30 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>9</sup> |  | 118 | 121 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056<sup>9</sup> |  | 391 | 404 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059<sup>9</sup> |  | 266 | 272 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059<sup>9</sup> |  | 704 | 691 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>9</sup> |  | 458 | 401 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043<sup>9</sup> |  | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048<sup>9</sup> |  | 234 | 225 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048<sup>9</sup> |  | 20 | 19 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048<sup>9</sup> |  | 19 | 18 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048<sup>9</sup> |  | 10 | 9 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048<sup>9</sup> |  | 28 | 27 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048<sup>9</sup> |  | 13 | 13 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048<sup>9</sup> |  | 51 | 51 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048<sup>9</sup> |  | 28 | 27 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048<sup>9</sup> |  | 20 | 20 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049<sup>9</sup> |  | 1234 | 1218 |
| Freddie Mac Pool #QD2877 3.00% 12/1/2051<sup>9</sup> |  | 130 | 114 |
| Freddie Mac Pool #SD1374 3.00% 3/1/2052<sup>9</sup> |  | 430 | 378 |
| Freddie Mac Pool #SD1937 3.00% 3/1/2052<sup>9</sup> |  | 243 | 214 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>9</sup> |  | 340 | 319 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052<sup>9</sup> |  | 936 | 903 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>9</sup> |  | 605 | 531 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052<sup>9</sup> |  | 206 | 202 |
| Freddie Mac Pool #QF1730 4.00% 10/1/2052<sup>9</sup> |  | 838 | 787 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>9</sup> |  | 100 | 94 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>9</sup> |  | 200 | 182 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>9</sup> |  | 1959 | 1887 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>9</sup> |  | 406 | 416 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>9</sup> |  | 14 | 13 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>9</sup> |  | 200 | 188 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>9</sup> |  | 35 | 35 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>9</sup> |  | 457 | 468 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>9,10</sup> |  | 115 | 108 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>9</sup> |  | 235 | 219 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>9,10</sup> |  | 233 | 218 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057<sup>9,10</sup> |  | 97 | 88 |

---

116 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057<sup>9</sup> | USD80 | $73 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>9</sup> | 20 | 19 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058<sup>9</sup> | 1001 | 905 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058<sup>9</sup> | 408 | 386 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058<sup>9</sup> | 629 | 594 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058<sup>9</sup> | 18 | 17 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058<sup>9</sup> | 10 | 9 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>9</sup> | 922 | 881 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029<sup>9</sup> | 1293 | 1191 |
| Government National Mortgage Assn. 4.00% 1/1/2053<sup>9,11</sup> | 3400 | 3218 |
| Government National Mortgage Assn. 4.50% 1/1/2053<sup>9,11</sup> | 60 | 58 |
| Government National Mortgage Assn. 5.00% 2/1/2053<sup>9,11</sup> | 8731 | 8652 |
| Government National Mortgage Assn. 5.50% 2/1/2053<sup>9,11</sup> | 1017 | 1022 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049<sup>9</sup> | 454 | 441 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>9</sup> | 2927 | 2773 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>9</sup> | 1054 | 1024 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>9</sup> | 54 | 52 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>9</sup> | 300 | 291 |
| Government National Mortgage Assn. Pool #694836 5.682% 9/20/2059<sup>9</sup> | —<sup>4</sup> | —<sup>4</sup> |
| Government National Mortgage Assn. Pool #765152 4.14% 7/20/2061<sup>9</sup> | —<sup>4</sup> | —<sup>4</sup> |
| Government National Mortgage Assn. Pool #766525 4.70% 11/20/2062<sup>9</sup> | —<sup>4</sup> | —<sup>4</sup> |
| Government National Mortgage Assn. Pool #AA7554 6.64% 7/20/2064<sup>9</sup> | 1 | 1 |
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064<sup>9</sup> | —<sup>4</sup> | —<sup>4</sup> |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>9,11</sup> | 1708 | 1563 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>9,11</sup> | 60 | 49 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2053<sup>9,11</sup> | 140 | 119 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>9,11</sup> | 340 | 319 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>9,11</sup> | 340 | 327 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>9,11</sup> | 1250 | 1232 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>9,11</sup> | 13500 | 13538 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>9,11</sup> | 1836 | 1880 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>9,11</sup> | 172 | 161 |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>9,11</sup> | 80 | 80 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>9,11</sup> | 470 | 477 |
|  |  | **61513** |
| **Collateralized mortgage-backed obligations (privately originated) 0.42%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>1,9,10</sup> | 141 | 112 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061<sup>1,9,10</sup> | 84 | 75 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061<sup>1,9</sup> | 90 | 78 |
| Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030<sup>1,9,10</sup> | 71 | 69 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031<sup>1,9,10</sup> | 136 | 129 |
| Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036<sup>1,9,10</sup> | 104 | 99 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>1,9,10</sup> | 185 | 175 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060<sup>1,9,10</sup> | 10 | 10 |
| Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/2041<sup>1,9,10</sup> | 4 | 4 |
| Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 9/25/2069<sup>1,9</sup> | 59 | 61 |
| Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/2069<sup>1,9</sup> | 67 | 66 |

---

American Funds Insurance Series 117

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |  |
| Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051<sup>1,9,10</sup> | USD | 117 | $95 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/2028<sup>9,10</sup> |  | 252 | 261 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/2042<sup>1,9,10</sup> |  | 109 | 109 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/2042<sup>1,9,10</sup> |  | 19 | 19 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>1,9,10</sup> |  | 34 | 34 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.628% 9/25/2042<sup>1,9,10</sup> |  | 64 | 65 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (1-month USD-LIBOR + 1.70%) 6.089% 1/25/2050<sup>1,9,10</sup> |  | 188 | 187 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/2050<sup>1,9,10</sup> |  | 408 | 407 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 9.489% 6/27/2050<sup>1,9,10</sup> |  | 108 | 112 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/2050<sup>1,9,10</sup> |  | 540 | 575 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039<sup>1,9</sup> |  | 196 | 184 |
| Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)<sup>1,9,12</sup> |  | 200 | 185 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061<sup>1,9,10</sup> |  | 78 | 71 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)<sup>1,9,12</sup> |  | 132 | 119 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>1,9,10</sup> |  | 202 | 195 |
| NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 5.139% 5/25/2055<sup>1,9,10</sup> |  | 281 | 277 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039<sup>1,9</sup> |  | 100 | 91 |
| Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031<sup>1,9,10</sup> |  | 66 | 62 |
| Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/2056<sup>1,9,10</sup> |  | 20 | 19 |
| Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/2057<sup>1,9,10</sup> |  | 20 | 19 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057<sup>1,9,10</sup> |  | 40 | 39 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058<sup>1,9,10</sup> |  | 49 | 47 |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058<sup>1,9,10</sup> |  | 24 | 23 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060<sup>1,9</sup> |  | 472 | 420 |
| Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>1,2</sup> |  | 100 | 89 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038<sup>1,9</sup> |  | 196 | 170 |
|  |  |  | **4752** |
| **Commercial mortgage-backed securities 0.31%** |  |  |  |
| BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>1,9,10</sup> |  | 110 | 108 |
| BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/2037<sup>1,9,10</sup> |  | 329 | 322 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/2027<sup>1,9,10</sup> |  | 332 | 330 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>1,9,10</sup> |  | 548 | 529 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>1,9,10</sup> |  | 266 | 253 |
| BX Trust, Series 2021-ARIA Class C, (1-month USD-LIBOR + 1.646%) 5.964% 10/15/2036<sup>1,9,10</sup> |  | 100 | 93 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/2037<sup>1,9,10</sup> |  | 155 | 152 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>1,9,10</sup> |  | 173 | 167 |

---

118 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 5.718% 6/15/2038<sup>1,9,10</sup> | USD | 99 | $94 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 5.818% 11/15/2038<sup>1,9,10</sup> |  | 100 | 95 |
| BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/2039<sup>1,9,10</sup> |  | 99 | 99 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>1,9,10</sup> |  | 98 | 95 |
| Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/2036<sup>1,9,10</sup> |  | 24 | 23 |
| GS Mortgage Securities Trust, Series 2018-HULA, Class A, 5.238% 7/15/2025<sup>1,9,10</sup> |  | 229 | 223 |
| Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 5.468% 5/17/2038<sup>1,9,10</sup> |  | 300 | 292 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/2039<sup>1,9,10</sup> |  | 100 | 78 |
| La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/2039<sup>1,9,10</sup> |  | 50 | 49 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>1,9,10</sup> |  | 62 | 59 |
| Multifamily Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 7.639% 10/15/2049<sup>1,9,10</sup> |  | 141 | 133 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>1,9,10</sup> |  | 361 | 348 |
|  |  |  | **3542** |
| **Total mortgage-backed obligations** |  |  | **69807** |
| **Corporate bonds, notes & loans 1.72%** |  |  |  |
| **Health care 0.28%** |  |  |  |
| AbbVie, Inc. 3.20% 11/21/2029 |  | 25 | 23 |
| AbbVie, Inc. 4.25% 11/21/2049 |  | 39 | 33 |
| Amgen, Inc. 4.05% 8/18/2029 |  | 145 | 136 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 133 | 123 |
| Amgen, Inc. 4.20% 2/22/2052 |  | 19 | 15 |
| Amgen, Inc. 4.875% 3/1/2053 |  | 45 | 40 |
| AstraZeneca PLC 3.375% 11/16/2025 |  | 200 | 193 |
| AstraZeneca PLC 3.00% 5/28/2051 |  | 11 | 8 |
| Centene Corp. 4.625% 12/15/2029 |  | 530 | 486 |
| Centene Corp. 3.375% 2/15/2030 |  | 179 | 152 |
| Centene Corp. 2.625% 8/1/2031 |  | 40 | 31 |
| Gilead Sciences, Inc. 1.65% 10/1/2030 |  | 8 | 6 |
| HCA, Inc. 2.375% 7/15/2031 |  | 18 | 14 |
| Humana, Inc. 3.70% 3/23/2029 |  | 12 | 11 |
| Merck & Co., Inc. 1.70% 6/10/2027 |  | 118 | 105 |
| Merck & Co., Inc. 3.40% 3/7/2029 |  | 110 | 103 |
| Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 |  | 8 | 6 |
| Regeneron Pharmaceuticals, Inc. 2.80% 9/15/2050 |  | 2 | 1 |
| Shire PLC 3.20% 9/23/2026 |  | 270 | 254 |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  | 700 | 687 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 650 | 570 |
| Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 |  | 300 | 184 |
| Zoetis, Inc. 5.60% 11/16/2032 |  | 25 | 26 |
|  |  |  | **3207** |
| **Energy 0.27%** |  |  |  |
| Apache Corp. 4.25% 1/15/2030 |  | 385 | 341 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026 |  | 8 | 7 |
| BP Capital Markets America, Inc. 3.633% 4/6/2030 |  | 360 | 331 |
| Cenovus Energy, Inc. 5.40% 6/15/2047 |  | 73 | 66 |
| EQT Corp. 5.00% 1/15/2029 |  | 35 | 33 |
| EQT Corp. 3.625% 5/15/2031<sup>1</sup> |  | 20 | 17 |

---

American Funds Insurance Series 119

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Equinor ASA 2.375% 5/22/2030 | USD | 365 | $311 |
| Exxon Mobil Corp. 2.995% 8/16/2039 |  | 200 | 154 |
| Exxon Mobil Corp. 3.452% 4/15/2051 |  | 25 | 19 |
| Kinder Morgan, Inc. 5.45% 8/1/2052 |  | 11 | 10 |
| MPLX, LP 4.95% 9/1/2032 |  | 20 | 19 |
| MPLX, LP 4.95% 3/14/2052 |  | 20 | 16 |
| New Fortress Energy, Inc. 6.50% 9/30/2026<sup>1</sup> |  | 80 | 75 |
| NGL Energy Operating, LLC 7.50% 2/1/2026<sup>1</sup> |  | 80 | 71 |
| ONEOK, Inc. 3.10% 3/15/2030 |  | 42 | 35 |
| ONEOK, Inc. 7.15% 1/15/2051 |  | 97 | 99 |
| Pemex Project Funding Master Trust, Series 13, 6.625% 6/15/2035 |  | 150 | 109 |
| Petróleos Mexicanos 6.50% 1/23/2029 |  | 20 | 17 |
| Petróleos Mexicanos 8.75% 6/2/2029 |  | 177 | 166 |
| Sabine Pass Liquefaction, LLC 4.50% 5/15/2030 |  | 142 | 132 |
| Shell International Finance BV 2.00% 11/7/2024 |  | 420 | 400 |
| TransCanada Corp. 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)<sup>12</sup> |  | 540 | 515 |
| TransCanada PipeLines, Ltd. 5.10% 3/15/2049 |  | 150 | 137 |
| Williams Companies, Inc. 5.30% 8/15/2052 |  | 40 | 36 |
|  |  |  | **3116** |
| **Communication services 0.24%** |  |  |  |
| América Móvil, SAB de CV, 8.46% 12/18/2036 | MXN | 1300 | 58 |
| AT&T, Inc. 3.50% 6/1/2041 | USD | 75 | 56 |
| CCO Holdings, LLC 4.25% 2/1/2031<sup>1</sup> |  | 360 | 290 |
| CCO Holdings, LLC 4.75% 2/1/2032<sup>1</sup> |  | 25 | 20 |
| CCO Holdings, LLC 4.25% 1/15/2034<sup>1</sup> |  | 175 | 130 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 |  | 25 | 15 |
| Meta Platforms, Inc. 3.85% 8/15/2032 |  | 160 | 141 |
| Meta Platforms, Inc. 4.45% 8/15/2052 |  | 95 | 76 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 150 | 145 |
| SBA Tower Trust 1.631% 11/15/2026<sup>1</sup> |  | 253 | 215 |
| Sprint Corp. 6.875% 11/15/2028 |  | 325 | 338 |
| Sprint Corp. 8.75% 3/15/2032 |  | 90 | 107 |
| T-Mobile US, Inc. 3.875% 4/15/2030 |  | 625 | 568 |
| T-Mobile US, Inc. 2.55% 2/15/2031 |  | 253 | 207 |
| Verizon Communications, Inc. 1.75% 1/20/2031 |  | 142 | 111 |
| Walt Disney Company 4.625% 3/23/2040 |  | 120 | 113 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>1</sup> |  | 56 | 46 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>1</sup> |  | 47 | 36 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>1</sup> |  | 88 | 64 |
|  |  |  | **2736** |
| **Utilities 0.23%** |  |  |  |
| AEP Transmission Co., LLC 3.80% 6/15/2049 |  | 45 | 35 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 |  | 25 | 27 |
| Edison International 4.125% 3/15/2028 |  | 132 | 123 |
| Edison International 6.95% 11/15/2029 |  | 25 | 26 |
| FirstEnergy Corp. 2.65% 3/1/2030 |  | 493 | 403 |
| FirstEnergy Corp. 2.25% 9/1/2030 |  | 107 | 85 |
| ITC Holdings Corp. 3.35% 11/15/2027 |  | 25 | 23 |
| Pacific Gas and Electric Co. 3.25% 2/16/2024 |  | 1025 | 1001 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 |  | 97 | 89 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 |  | 105 | 93 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 284 | 262 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 375 | 292 |
| Southern California Edison Co., Series C, 3.60% 2/1/2045 |  | 206 | 149 |
| Union Electric Co. 3.90% 4/1/2052 |  | 25 | 20 |
| WEC Energy Group, Inc. 5.15% 10/1/2027 |  | 25 | 25 |
|  |  |  | **2653** |

---

120 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials 0.20%** |  |  |  |
| AerCap Ireland Capital DAC 3.30% 1/30/2032 | USD | 150 | $118 |
| American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)<sup>12</sup> |  | 82 | 78 |
| Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)<sup>12</sup> |  | 40 | 39 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>12</sup> |  | 231 | 177 |
| Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)<sup>12</sup> |  | 84 | 80 |
| Charles Schwab Corp. 2.45% 3/3/2027 |  | 25 | 23 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)<sup>12</sup> |  | 35 | 28 |
| CME Group, Inc. 2.65% 3/15/2032 |  | 50 | 42 |
| Corebridge Financial, Inc. 3.85% 4/5/2029<sup>1</sup> |  | 180 | 164 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>1</sup> |  | 32 | 28 |
| Corebridge Financial, Inc. 4.35% 4/5/2042<sup>1</sup> |  | 7 | 6 |
| Corebridge Financial, Inc. 4.40% 4/5/2052<sup>1</sup> |  | 49 | 39 |
| Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)<sup>1,12</sup> |  | 250 | 257 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)<sup>1,12</sup> |  | 200 | 184 |
| Discover Financial Services 6.70% 11/29/2032 |  | 25 | 25 |
| Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031)<sup>12</sup> |  | 75 | 59 |
| Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)<sup>12</sup> |  | 40 | 33 |
| Intercontinental Exchange, Inc. 4.60% 3/15/2033 |  | 18 | 17 |
| Intercontinental Exchange, Inc. 4.95% 6/15/2052 |  | 16 | 15 |
| JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)<sup>12</sup> |  | 100 | 100 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>12</sup> |  | 40 | 39 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)<sup>12</sup> |  | 227 | 174 |
| JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)<sup>12</sup> |  | 17 | 14 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>12</sup> |  | 25 | 24 |
| Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)<sup>12</sup> |  | 20 | 19 |
| Navient Corp. 5.00% 3/15/2027 |  | 150 | 132 |
| New York Life Global Funding 3.00% 1/10/2028<sup>1</sup> |  | 150 | 138 |
| SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)<sup>12</sup> |  | 38 | 24 |
| Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)<sup>12</sup> |  | 45 | 44 |
| Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)<sup>12</sup> |  | 105 | 89 |
| Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)<sup>12</sup> |  | 35 | 33 |
|  |  |  | **2242** |
| **Consumer discretionary 0.19%** |  |  |  |
| Bayerische Motoren Werke AG 3.45% 4/1/2027<sup>1</sup> |  | 25 | 23 |
| Bayerische Motoren Werke AG 4.15% 4/9/2030<sup>1</sup> |  | 290 | 276 |
| Bayerische Motoren Werke AG 3.70% 4/1/2032<sup>1</sup> |  | 25 | 22 |
| Daimler Trucks Finance North America, LLC 1.125% 12/14/2023<sup>1</sup> |  | 495 | 476 |
| Daimler Trucks Finance North America, LLC 1.625% 12/13/2024<sup>1</sup> |  | 175 | 162 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>1</sup> |  | 150 | 126 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031<sup>1</sup> |  | 150 | 117 |
| Ford Motor Co. 2.30% 2/10/2025 |  | 200 | 183 |
| Ford Motor Credit Company, LLC 5.125% 6/16/2025 |  | 200 | 193 |
| Grand Canyon University 4.125% 10/1/2024 |  | 200 | 188 |
| McDonald's Corp. 4.60% 9/9/2032 |  | 15 | 15 |
| McDonald's Corp. 5.15% 9/9/2052 |  | 10 | 10 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>1</sup> |  | 160 | 172 |
| Toyota Motor Credit Corp. 5.40% 11/10/2025 |  | 228 | 232 |
|  |  |  | **2195** |
| **Industrials 0.10%** |  |  |  |
| Ashtead Capital, Inc. 5.50% 8/11/2032<sup>1</sup> |  | 200 | 192 |
| Boeing Company 4.508% 5/1/2023 |  | 270 | 270 |
| Boeing Company 2.75% 2/1/2026 |  | 91 | 84 |
| Boeing Company 3.625% 2/1/2031 |  | 280 | 246 |
| Boeing Company 5.805% 5/1/2050 |  | 95 | 89 |

---

American Funds Insurance Series 121

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 | USD | 78 | $65 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 102 | 69 |
| CSX Corp. 4.75% 11/15/2048 |  | 50 | 45 |
| CSX Corp. 4.50% 11/15/2052 |  | 35 | 31 |
| Lockheed Martin Corp. 5.10% 11/15/2027 |  | 19 | 19 |
| Masco Corp. 3.125% 2/15/2051 |  | 10 | 6 |
| Union Pacific Corp. 2.80% 2/14/2032 |  | 17 | 15 |
| Union Pacific Corp. 3.50% 2/14/2053 |  | 20 | 15 |
|  |  |  | **1146** |
| **Consumer staples 0.09%** |  |  |  |
| 7-Eleven, Inc. 0.80% 2/10/2024<sup>1</sup> |  | 50 | 48 |
| 7-Eleven, Inc. 1.30% 2/10/2028<sup>1</sup> |  | 30 | 25 |
| 7-Eleven, Inc. 1.80% 2/10/2031<sup>1</sup> |  | 207 | 159 |
| Altria Group, Inc. 3.875% 9/16/2046 |  | 22 | 15 |
| Altria Group, Inc. 3.70% 2/4/2051 |  | 28 | 18 |
| Anheuser-Busch InBev NV 4.50% 6/1/2050 |  | 20 | 18 |
| British American Tobacco PLC 4.70% 4/2/2027 |  | 105 | 101 |
| British American Tobacco PLC 4.448% 3/16/2028 |  | 150 | 139 |
| British American Tobacco PLC 4.54% 8/15/2047 |  | 82 | 58 |
| British American Tobacco PLC 4.758% 9/6/2049 |  | 121 | 88 |
| Kraft Heinz Company 3.00% 6/1/2026 |  | 93 | 87 |
| Kraft Heinz Company 4.875% 10/1/2049 |  | 170 | 148 |
| Kraft Heinz Company 5.50% 6/1/2050 |  | 75 | 72 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 43 | 43 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 23 | 23 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 16 | 16 |
|  |  |  | **1058** |
| **Information technology 0.07%** |  |  |  |
| Apple, Inc. 3.35% 8/8/2032 |  | 20 | 18 |
| Apple, Inc. 3.95% 8/8/2052 |  | 20 | 17 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>1</sup> |  | 3 | 3 |
| Broadcom, Inc. 4.15% 4/15/2032<sup>1</sup> |  | 11 | 10 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>1</sup> |  | 2 | 1 |
| Broadcom, Inc. 3.75% 2/15/2051<sup>1</sup> |  | 91 | 63 |
| Lenovo Group, Ltd. 5.875% 4/24/2025 |  | 400 | 390 |
| Oracle Corp. 2.875% 3/25/2031 |  | 64 | 53 |
| Oracle Corp. 3.60% 4/1/2050 |  | 150 | 102 |
| ServiceNow, Inc. 1.40% 9/1/2030 |  | 130 | 100 |
|  |  |  | **757** |
| **Materials 0.03%** |  |  |  |
| Celanese US Holdings, LLC 6.379% 7/15/2032 |  | 10 | 9 |
| Dow Chemical Co. 3.60% 11/15/2050 |  | 75 | 54 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027<sup>1</sup> |  | 100 | 84 |
| International Flavors & Fragrances, Inc. 3.468% 12/1/2050<sup>1</sup> |  | 10 | 7 |
| LYB International Finance III, LLC 3.625% 4/1/2051 |  | 102 | 69 |
| Nutrien, Ltd. 5.90% 11/7/2024 |  | 84 | 85 |
| South32 Treasury, Ltd. 4.35% 4/14/2032<sup>1</sup> |  | 10 | 9 |
|  |  |  | **317** |
| **Real estate 0.02%** |  |  |  |
| American Tower Corp. 4.05% 3/15/2032 |  | 11 | 10 |
| Equinix, Inc. 1.55% 3/15/2028 |  | 25 | 21 |
| Equinix, Inc. 3.20% 11/18/2029 |  | 144 | 125 |
| Equinix, Inc. 2.50% 5/15/2031 |  | 47 | 38 |
|  |  |  | **194** |
| **Total corporate bonds, notes & loans** |  |  | **19621** |

---

122 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations 0.84%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/2027<sup>1,9</sup> | USD | 96 | $93 |
| American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/2027<sup>9</sup> |  | 100 | 98 |
| American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/2036<sup>1,9</sup> |  | 86 | 83 |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052<sup>1,9</sup> |  | 87 | 83 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052<sup>1,9</sup> |  | 100 | 95 |
| AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 4.958% 12/18/2025<sup>9,10</sup> |  | 132 | 132 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027<sup>1,9</sup> |  | 197 | 179 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027<sup>1,9</sup> |  | 100 | 90 |
| Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 2/20/2035<sup>1,9</sup> |  | 69 | 64 |
| CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 4.577% 9/15/2025<sup>9,10</sup> |  | 103 | 103 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>1,9</sup> |  | 354 | 317 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>1,9</sup> |  | 89 | 73 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060<sup>1,9</sup> |  | 91 | 79 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060<sup>1,9</sup> |  | 91 | 72 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>1,9</sup> |  | 319 | 276 |
| CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062<sup>1,9</sup> |  | 493 | 483 |
| Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/2024<sup>9</sup> |  | 36 | 36 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/2024<sup>9</sup> |  | 44 | 44 |
| FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039<sup>1,9</sup> |  | 131 | 123 |
| Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.407% 2/15/2025<sup>9,10</sup> |  | 70 | 70 |
| Freedom Financial, Series 2022-1FP, Class A, 0.94% 3/19/2029<sup>1,9</sup> |  | 7 | 7 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>1,9</sup> |  | 506 | 447 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046<sup>1,9</sup> |  | 85 | 72 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039<sup>1,9</sup> |  | 133 | 125 |
| GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 4.536% 10/21/2024<sup>9,10</sup> |  | 76 | 76 |
| GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.408% 9/16/2025<sup>9,10</sup> |  | 78 | 78 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035<sup>1,9</sup> |  | 184 | 188 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>1,9</sup> |  | 247 | 228 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>1,9</sup> |  | 100 | 92 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>1,9</sup> |  | 268 | 234 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>1,9</sup> |  | 100 | 86 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>1,9</sup> |  | 100 | 83 |
| Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 4.387% 5/15/2025<sup>9,10</sup> |  | 100 | 100 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069<sup>1,9</sup> |  | 46 | 40 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>1,9</sup> |  | 143 | 122 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>1,9</sup> |  | 211 | 187 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>1,9</sup> |  | 423 | 376 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/2062<sup>1,9,10</sup> |  | 218 | 212 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>1,9</sup> |  | 935 | 792 |
| Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/2024<sup>9</sup> |  | 199 | 194 |
| Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 4.487% 8/15/2024<sup>9,10</sup> |  | 236 | 236 |
| OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/2027<sup>1,9</sup> |  | 100 | 92 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031<sup>1,9</sup> |  | 100 | 87 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027<sup>1,9</sup> |  | 100 | 98 |
| Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/2025<sup>9</sup> |  | 158 | 158 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026<sup>9</sup> |  | 577 | 578 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053<sup>1,9</sup> |  | 73 | 62 |

---

American Funds Insurance Series 123

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>1,9</sup> | USD | 211 | $188 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034<sup>1,9,10</sup> |  | 335 | 297 |
| Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 4.377% 8/15/2025<sup>9,10</sup> |  | 27 | 27 |
| Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)<sup>9,12</sup> |  | 160 | 157 |
| Verizon Master Trust, Series 2022-7, Class A1A, 5.23% 11/22/2027 (5.98% on 11/20/2024)<sup>9,12</sup> |  | 451 | 454 |
| Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/2024<sup>9</sup> |  | 102 | 100 |
| Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/2025<sup>1,9</sup> |  | 492 | 487 |
| Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/2026<sup>1,9</sup> |  | 80 | 79 |
| Westlake Automobile Receivables Trust, Series 2022-3, Class B, 5.99% 12/15/2027<sup>1,9</sup> |  | 100 | 100 |
|  |  |  | **9532** |
| **Bonds & notes of governments & government agencies outside the U.S. 0.07%** |  |  |  |
| Peru (Republic of) 2.783% 1/23/2031 |  | 190 | 158 |
| Portuguese Republic 5.125% 10/15/2024 |  | 18 | 18 |
| Qatar (State of) 4.50% 4/23/2028 |  | 200 | 201 |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028 |  | 200 | 191 |
| United Mexican States 3.25% 4/16/2030 |  | 200 | 175 |
|  |  |  | **743** |
| **Municipals 0.02%** |  |  |  |
| **California 0.00%** |  |  |  |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 |  | **15** | **12** |
| **Illinois 0.02%** |  |  |  |
| G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 |  | **225** | **216** |
| **Total municipals** |  |  | **228** |
| **Total bonds, notes & other debt instruments** (cost: $218,921,000) |  |  | **207479** |
| **Short-term securities 7.36%** |  | Shares |  |
| **Money market investments 6.84%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>6,13</sup> |  | **779601** | **77952** |
| **Money market investments purchased with collateral from securities on loan 0.52%** |  |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>13,14</sup> |  | 2241328 | 2241 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>13,14</sup> |  | 1944356 | 1945 |
| Capital Group Central Cash Fund 4.31%<sup>6,13,14</sup> |  | 17119 | 1712 |
|  |  |  | **5898** |
| **Total short-term securities** (cost: $83,839,000) |  |  | **83850** |
| **Total investment securities 102.99%** (cost: $1,046,428,000) |  |  | **1173072** |
| Other assets less liabilities (2.99)% |  |  | (34006) |
| **Net assets 100.00%** |  |  | $**1139066** |

---

124 American Funds Insurance Series

Capital Income Builder (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000)** |
| 2 Year U.S. Treasury Note Futures | Long | 203 | March 2023 | USD | 41631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| 5 Year U.S. Treasury Note Futures | Long | 357 | March 2023 |  | 38531 | (52) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 7 | March 2023 |  | 828 | (12) |
| 10 Year U.S. Treasury Note Futures | Short | 14 | March 2023 |  | (1572) | 11 |
| 20 Year U.S. Treasury Bond Futures | Long | 9 | March 2023 |  | 1128 | (13) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 61 | March 2023 |  | 8193 | (62) |
|  |  |  |  |  |  | $(79) |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** |<br>**Notional<br> amount<br> (000)** |<br>**Value at<br> 12/31/2022<br> (000)** | **Upfront**<br>**premium<br> paid<br> (000)** | **Unrealized<br> (depreciation)**<br>**appreciation<br> at 12/31/2022<br> (000)** |
| 3.52647% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD5,215 | $(90) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(90) |
| 3.5291% | Annual | U.S. EFFR | Annual | 6/16/2024 | 5635 | (98) |  | (98) |
| 3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | 5600 | (99) |  | (99) |
| 3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | 898 | (17) |  | (17) |
| 3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | 4100 | (76) |  | (76) |
| 3-month USD-LIBOR | Quarterly | 0.5935% | Semi-annual | 5/18/2030 | 7200 | 1512 |  | 1512 |
| 3-month USD-LIBOR | Quarterly | 0.807% | Semi-annual | 5/18/2050 | 805 | 388 |  | 388 |
|  |  |  |  |  |  | $1520 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1520 |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — sell protection**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financing<br> rate received** | **Payment<br> frequency** | **Reference<br> index** | **Expiration<br> date** | **Notional**<br> **amount**<br> **(000)** | **<sup>15</sup>** <br>| **Value at<br> 12/31/2022<br> (000)** | **<sup>16</sup>** <br>| **Upfront<br> premium<br> paid<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| 5.00% | Quarterly | CDX.NA.HY.38 | 6/20/2027 | USD6,138 |  | $127 |  | $174 | $(47) |

---

American Funds Insurance Series 125

Capital Income Builder (continued)

**Investments in affiliates<sup>6</sup>**

**** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> (depreciation)<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Investment funds 2.46%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $30304 | $6708 | $3076 | $(677) | $(5200) | $28059 | $900 |
| **Short-term securities 6.99%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 6.84%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>13</sup> | 42892 | 254586 | 219519 | (14) | 7 | 77952 | 1714 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.15%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>13,14</sup> | 1954 |  | 242<sup>17</sup> |  |  | 1712 | —<sup>18</sup> |
| **Total short-term securities** |  |  |  |  |  | 79664 |  |
| **Total 9.45%** |  |  |  | $(691) | $(5193) | $107723 | $2614 |

---

<sup>1</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $20,234,000, which represented 1.78% of the net assets of the fund.

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Security did not produce income during the last 12 months.

<sup>4</sup> Amount less than one thousand.

<sup>5</sup> All or a portion of this security was on loan. The total value of all such securities was $6,251,000, which represented .55% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>6</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>7</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,982,000, which represented .17% of the net assets of the fund.

<sup>8</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>9</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>10</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>11</sup> Purchased on a TBA basis.

<sup>12</sup> Step bond; coupon rate may change at a later date.

<sup>13</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>14</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>15</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>16</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

<sup>17</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>18</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

Assn. = Association

CAD = Canadian dollars

CDI = CREST Depository Interest

CME = CME Group

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

G.O. = General Obligation

GBP = British pounds

GDR = Global Depositary Receipts

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

126 American Funds Insurance Series

Asset Allocation Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 67.78%** | Shares | Value<br> (000) |
| **Health care 13.40%** |  |  |
| UnitedHealth Group, Inc. | 929300 | $492696 |
| Johnson & Johnson | 2030000 | 358600 |
| Pfizer, Inc. | 5493542 | 281489 |
| Humana, Inc. | 500000 | 256095 |
| Gilead Sciences, Inc. | 2665000 | 228790 |
| Cigna Corp. | 650000 | 215371 |
| AbbVie, Inc. | 1221978 | 197484 |
| Abbott Laboratories | 1600000 | 175664 |
| Eli Lilly and Company | 400469 | 146508 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 505500 | 145978 |
| CVS Health Corp. | 1453100 | 135414 |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 187220 | 135077 |
| Centene Corp.<sup>1</sup> | 1235513 | 101324 |
| Bristol-Myers Squibb Company | 1374818 | 98918 |
| AstraZeneca PLC | 461000 | 62565 |
| AstraZeneca PLC (ADR) | 249881 | 16942 |
| Thermo Fisher Scientific, Inc. | 116000 | 63880 |
| Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 261834 | 62225 |
| Novo Nordisk A/S, Class B | 246400 | 33363 |
| AbCellera Biologics, Inc.<sup>1,2</sup> | 2871293 | 29086 |
| Seagen, Inc.<sup>1</sup> | 170500 | 21911 |
| Rotech Healthcare, Inc.<sup>1,3,4</sup> | 184138 | 19703 |
| Elevance Health, Inc. | 37542 | 19258 |
| Zoetis, Inc., Class A | 95618 | 14013 |
| Karuna Therapeutics, Inc.<sup>1</sup> | 57100 | 11220 |
|  |  | **3323574** |
| **Consumer discretionary 9.59%** |  |  |
| Aramark | 11375152 | 470249 |
| Home Depot, Inc. | 1206200 | 380990 |
| General Motors Company | 6575000 | 221183 |
| Booking Holdings, Inc.<sup>1</sup> | 87604 | 176546 |
| Lennar Corp., Class A | 1357800 | 122881 |
| Dollar General Corp. | 493075 | 121420 |
| LVMH Moët Hennessy-Louis Vuitton SE | 165700 | 120372 |
| Amazon.com, Inc.<sup>1</sup> | 1340400 | 112594 |
| Target Corp. | 750000 | 111780 |
| Etsy, Inc.<sup>1</sup> | 840578 | 100684 |
| Entain PLC | 6000000 | 96202 |
| Burlington Stores, Inc.<sup>1</sup> | 431484 | 87488 |
| D.R. Horton, Inc. | 870000 | 77552 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 1014324 | 50138 |
| YUM! Brands, Inc. | 277000 | 35478 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 185000 | 26166 |
| YETI Holdings, Inc.<sup>1</sup> | 495471 | 20468 |
| Darden Restaurants, Inc. | 142000 | 19643 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 9709 | 13471 |
| Li Auto, Inc., Class A (ADR)<sup>1,2</sup> | 350694 | 7154 |
| Xpeng, Inc., Class A (ADR)<sup>1,2</sup> | 703800 | 6996 |
|  |  | **2379455** |
| **Financials 9.21%** |  |  |
| Aon PLC, Class A | 807600 | 242393 |
| Chubb, Ltd. | 800000 | 176480 |
| Apollo Asset Management, Inc. | 2630627 | 167808 |
| Synchrony Financial | 4100000 | 134726 |
| JPMorgan Chase & Co. | 973100 | 130493 |
| First Republic Bank | 1000000 | 121890 |
| Bank of America Corp. | 3000000 | 99360 |
| Arthur J. Gallagher & Co. | 476724 | 89881 |
| Capital One Financial Corp. | 850000 | 79016 |
| Blue Owl Capital, Inc., Class A<sup>2</sup> | 7085161 | 75103 |

---

American Funds Insurance Series 127

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Financials (continued)** |  |  |
| Goldman Sachs Group, Inc. | 213000 | $73140 |
| Ares Management Corp., Class A | 1015403 | 69494 |
| KKR & Co., Inc. | 1497000 | 69491 |
| Nasdaq, Inc. | 1098300 | 67381 |
| Charles Schwab Corp. | 801126 | 66702 |
| CME Group, Inc., Class A | 380200 | 63934 |
| Discover Financial Services | 600000 | 58698 |
| Toronto-Dominion Bank (CAD denominated)<sup>2</sup> | 885700 | 57348 |
| SLM Corp. | 3345000 | 55527 |
| Intercontinental Exchange, Inc. | 538487 | 55243 |
| Blackstone, Inc., nonvoting shares | 737500 | 54715 |
| S&P Global, Inc. | 118700 | 39757 |
| Brookfield Corp., Class A | 1260000 | 39640 |
| The Bank of N.T. Butterfield & Son, Ltd. | 1120585 | 33405 |
| Morgan Stanley | 339372 | 28853 |
| Antin Infrastructure Partners SA | 1243300 | 27033 |
| EQT AB | 1250263 | 26646 |
| Wells Fargo & Company | 570000 | 23535 |
| Progressive Corp. | 105000 | 13620 |
| Bridgepoint Group PLC | 5809554 | 13461 |
| OneMain Holdings, Inc. | 300000 | 9993 |
| Brookfield Asset Management, Ltd., Class A | 315000 | 9031 |
| Islandsbanki hf. | 9555235 | 8073 |
| Jonah Energy Parent, LLC<sup>3</sup> | 32117 | 1899 |
| Sberbank of Russia PJSC<sup>1,3</sup> | 8880000 | —<sup>5</sup> |
|  |  | **2283769** |
| **Information technology 8.88%** |  |  |
| Microsoft Corp. | 3355454 | 804705 |
| Broadcom, Inc. | 1249134 | 698428 |
| ASML Holding NV (New York registered) (ADR) | 316764 | 173080 |
| MKS Instruments, Inc. | 1600000 | 135568 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 1275000 | 94975 |
| Mastercard, Inc., Class A | 195977 | 68147 |
| NVIDIA Corp. | 332696 | 48620 |
| MediaTek, Inc. | 1463000 | 29717 |
| Oracle Corp. | 321820 | 26306 |
| Paychex, Inc. | 205595 | 23759 |
| GoDaddy, Inc., Class A<sup>1</sup> | 281000 | 21024 |
| Apple, Inc. | 150000 | 19490 |
| KLA Corp. | 49000 | 18474 |
| MicroStrategy, Inc., Class A<sup>1</sup> | 96100 | 13605 |
| Applied Materials, Inc. | 135000 | 13146 |
| Snowflake, Inc., Class A<sup>1</sup> | 85810 | 12317 |
|  |  | **2201361** |
| **Consumer staples 6.59%** |  |  |
| Philip Morris International, Inc. | 9438592 | 955280 |
| Nestlé SA | 1954200 | 225682 |
| Archer Daniels Midland Company | 1880000 | 174558 |
| British American Tobacco PLC (ADR) | 2634146 | 105313 |
| British American Tobacco PLC | 1080000 | 42849 |
| Altria Group, Inc. | 1570000 | 71764 |
| Avenue Supermarts, Ltd.<sup>1</sup> | 970539 | 47566 |
| Costco Wholesale Corp. | 26000 | 11869 |
|  |  | **1634881** |
| **Industrials 6.22%** |  |  |
| Northrop Grumman Corp. | 933553 | 509356 |
| Lockheed Martin Corp. | 474900 | 231034 |
| L3Harris Technologies, Inc. | 1094000 | 227782 |
| Boeing Company<sup>1</sup> | 1039506 | 198015 |

---

128 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Industrials (continued)** |  |  |
| Caterpillar, Inc. | 618000 | $148048 |
| CSX Corp. | 2628369 | 81427 |
| Raytheon Technologies Corp. | 395000 | 39863 |
| General Electric Co. | 288000 | 24132 |
| Huntington Ingalls Industries, Inc. | 100000 | 23068 |
| AMETEK, Inc. | 140000 | 19561 |
| Chart Industries, Inc.<sup>1</sup> | 130200 | 15003 |
| Copart, Inc.<sup>1</sup> | 232000 | 14126 |
| Storskogen Group AB, Class B | 16853587 | 12088 |
|  |  | **1543503** |
| **Communication services 4.72%** |  |  |
| Alphabet, Inc., Class C<sup>1</sup> | 2992500 | 265525 |
| Alphabet, Inc., Class A<sup>1</sup> | 1269460 | 112004 |
| Charter Communications, Inc., Class A<sup>1</sup> | 821000 | 278401 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 1777348 | 213886 |
| Netflix, Inc.<sup>1</sup> | 384527 | 113390 |
| Comcast Corp., Class A | 2874400 | 100518 |
| ZoomInfo Technologies, Inc.<sup>1</sup> | 1747900 | 52629 |
| Activision Blizzard, Inc. | 400000 | 30620 |
| Electronic Arts, Inc. | 35000 | 4276 |
|  |  | **1171249** |
| **Energy 4.12%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)<sup>2</sup> | 7515800 | 417366 |
| Pioneer Natural Resources Company | 752000 | 171749 |
| ConocoPhillips | 1252000 | 147736 |
| Cenovus Energy, Inc. (CAD denominated) | 7500000 | 145513 |
| Hess Corp. | 400000 | 56728 |
| Chevron Corp. | 270000 | 48462 |
| TC Energy Corp. | 631700 | 25180 |
| Equitrans Midstream Corp. | 718490 | 4814 |
| Diamond Offshore Drilling, Inc.<sup>1</sup> | 266381 | 2770 |
| Altera Infrastructure, LP<sup>1,3</sup> | 6273 | 497 |
| Constellation Oil Services Holding SA, Class B-1<sup>1,3</sup> | 480336 | 53 |
| McDermott International, Ltd.<sup>1</sup> | 30762 | 10 |
| Bighorn Permian Resources, LLC<sup>3</sup> | 4392 | —<sup>5</sup> |
|  |  | **1020878** |
| **Materials 3.45%** |  |  |
| Corteva, Inc. | 4365508 | 256605 |
| Mosaic Co. | 1940000 | 85108 |
| Linde PLC | 256541 | 83678 |
| Royal Gold, Inc. | 700000 | 78904 |
| Wheaton Precious Metals Corp. | 1785000 | 69758 |
| Nucor Corp. | 500000 | 65905 |
| Franco-Nevada Corp. | 347089 | 47313 |
| First Quantum Minerals, Ltd. | 2100000 | 43877 |
| ATI, Inc.<sup>1</sup> | 1350000 | 40311 |
| Vale SA, ordinary nominative shares | 1750000 | 29460 |
| Nutrien, Ltd. (CAD denominated) | 400272 | 29222 |
| Lundin Mining Corp.<sup>2</sup> | 4320000 | 26513 |
|  |  | **856654** |
| **Real estate 0.96%** |  |  |
| VICI Properties, Inc. REIT | 2769449 | 89730 |
| Gaming and Leisure Properties, Inc. REIT | 1593566 | 83009 |
| Equinix, Inc. REIT | 63445 | 41559 |
| Crown Castle, Inc. REIT | 166000 | 22516 |
|  |  | **236814** |

---

American Funds Insurance Series 129

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Common stocks** (continued) | Shares | Shares | Value <br> (000) |
| **Utilities 0.64%** |  |  |  |
| CenterPoint Energy, Inc. |  | 1717846 | $51518 |
| Exelon Corp. |  | 779231 | 33686 |
| AES Corp. |  | 983067 | 28273 |
| Sempra Energy |  | 132039 | 20405 |
| FirstEnergy Corp. |  | 307000 | 12876 |
| Constellation Energy Corp. |  | 138666 | 11955 |
|  |  |  | **158713** |
| **Total common stocks** (cost: $11,870,390,000) |  |  | **16810851** |
| **Preferred securities 0.00%** |  |  |  |
| **Industrials 0.00%** |  |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares<sup>1,3,6</sup> |  | **450** | **189** |
| **Total preferred securities** (cost: $466,000) |  |  | **189** |
| **Rights & warrants 0.00%** |  |  |  |
| **Energy 0.00%** |  |  |  |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071<sup>1,3</sup> |  | **4** | **—** **<sup>5</sup>** |
| **Total rights & warrants** (cost: $0) |  |  | **—** **<sup>5</sup>** |
| **Convertible stocks 0.26%** |  |  |  |
| **Health care 0.26%** |  |  |  |
| Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 7/9/2024<sup>3,4</sup> |  | **50000** | **63388** |
| **Total convertible stocks** (cost: $50,000,000) |  |  | **63388** |
| **Investment funds 5.51%** |  |  |  |
| Capital Group Central Corporate Bond Fund<sup>7</sup> |  | **167745028** | **1367122** |
| **Total investment funds** (cost: $1,676,023,000) |  |  | **1367122** |
| **Bonds, notes & other debt instruments 21.72%** | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Mortgage-backed obligations 7.58%** |  |  |  |
| **Federal agency mortgage-backed obligations 7.02%** |  |  |  |
| Fannie Mae Pool #AD7072 4.00% 6/1/2025<sup>8</sup> | USD | 2 | 2 |
| Fannie Mae Pool #AE2321 4.00% 8/1/2025<sup>8</sup> |  | 1 | 1 |
| Fannie Mae Pool #AE3069 4.00% 9/1/2025<sup>8</sup> |  | 1 | 1 |
| Fannie Mae Pool #AH0829 4.00% 1/1/2026<sup>8</sup> |  | 1 | 1 |
| Fannie Mae Pool #AH6431 4.00% 2/1/2026<sup>8</sup> |  | 168 | 165 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026<sup>8</sup> |  | 2 | 1 |
| Fannie Mae Pool #890329 4.00% 4/1/2026<sup>8</sup> |  | 27 | 26 |
| Fannie Mae Pool #MA1109 4.00% 5/1/2027<sup>8</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA3653 3.00% 3/1/2029<sup>8</sup> |  | 13 | 12 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029<sup>8</sup> |  | 185 | 181 |
| Fannie Mae Pool #254767 5.50% 6/1/2033<sup>8</sup> |  | 208 | 214 |
| Fannie Mae Pool #555956 5.50% 12/1/2033<sup>8</sup> |  | 131 | 135 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034<sup>8</sup> |  | 411 | 403 |
| Fannie Mae Pool #BN3172 4.00% 1/1/2034<sup>8</sup> |  | 162 | 158 |
| Fannie Mae Pool #929185 5.50% 1/1/2036<sup>8</sup> |  | 383 | 396 |
| Fannie Mae Pool #893641 6.00% 9/1/2036<sup>8</sup> |  | 776 | 811 |
| Fannie Mae Pool #893688 6.00% 10/1/2036<sup>8</sup> |  | 164 | 171 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036<sup>8</sup> |  | 5967 | 5542 |
| Fannie Mae Pool #907239 6.00% 12/1/2036<sup>8</sup> |  | 54 | 56 |
| Fannie Mae Pool #928031 6.00% 1/1/2037<sup>8</sup> |  | 63 | 65 |
| Fannie Mae Pool #888292 6.00% 3/1/2037<sup>8</sup> |  | 547 | 571 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037<sup>8</sup> |  | 111 | 114 |

---

130 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #190379 5.50% 5/1/2037<sup>8</sup> | USD | 55 | $57 |
| Fannie Mae Pool #924952 6.00% 8/1/2037<sup>8</sup> |  | 865 | 903 |
| Fannie Mae Pool #888637 6.00% 9/1/2037<sup>8</sup> |  | 10 | 10 |
| Fannie Mae Pool #995674 6.00% 5/1/2038<sup>8</sup> |  | 310 | 324 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038<sup>8</sup> |  | 938 | 984 |
| Fannie Mae Pool #995224 6.00% 9/1/2038<sup>8</sup> |  | 8 | 8 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038<sup>8</sup> |  | 286 | 298 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038<sup>8</sup> |  | 196 | 201 |
| Fannie Mae Pool #889983 6.00% 10/1/2038<sup>8</sup> |  | 18 | 19 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038<sup>8</sup> |  | 689 | 717 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038<sup>8</sup> |  | 110 | 114 |
| Fannie Mae Pool #995391 6.00% 11/1/2038<sup>8</sup> |  | 14 | 15 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039<sup>8</sup> |  | —<sup>5</sup> | —<sup>5</sup> |
| Fannie Mae Pool #AL0309 6.00% 1/1/2040<sup>8</sup> |  | 62 | 65 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040<sup>8</sup> |  | 182 | 190 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041<sup>8</sup> |  | 242 | 248 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041<sup>8</sup> |  | 413 | 428 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041<sup>8</sup> |  | 7655 | 6462 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>8</sup> |  | 8791 | 7421 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042<sup>8</sup> |  | 22809 | 18688 |
| Fannie Mae Pool #MA4520 2.00% 1/1/2042<sup>8</sup> |  | 14931 | 12603 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042<sup>8</sup> |  | 3155 | 2956 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043<sup>8</sup> |  | 2218 | 2169 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043<sup>8</sup> |  | 1262 | 1234 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043<sup>8</sup> |  | 1052 | 1015 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045<sup>8</sup> |  | 5278 | 4945 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>8</sup> |  | 8847 | 8192 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045<sup>8</sup> |  | 1320 | 1231 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046<sup>8</sup> |  | 2806 | 2610 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046<sup>8</sup> |  | 113 | 109 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046<sup>8</sup> |  | 373 | 335 |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046<sup>8</sup> |  | 1322 | 1263 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046<sup>8</sup> |  | 1482 | 1375 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047<sup>8</sup> |  | 2160 | 2005 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047<sup>8</sup> |  | 470 | 421 |
| Fannie Mae Pool #256975 7.00% 10/1/2047<sup>8</sup> |  | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047<sup>8</sup> |  | 1522 | 1415 |
| Fannie Mae Pool #257036 7.00% 11/1/2047<sup>8</sup> |  | 6 | 7 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047<sup>8</sup> |  | 2648 | 2535 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048<sup>8</sup> |  | 11 | 10 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048<sup>8</sup> |  | 11 | 11 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048<sup>8</sup> |  | 16898 | 15676 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>8</sup> |  | 2314 | 2144 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049<sup>8</sup> |  | 1745 | 1556 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050<sup>8</sup> |  | 2353 | 1999 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>8</sup> |  | 5666 | 4869 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>8</sup> |  | 12778 | 11002 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050<sup>8</sup> |  | 1607 | 1386 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050<sup>8</sup> |  | 14598 | 13142 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051<sup>8</sup> |  | 4022 | 3458 |
| Fannie Mae Pool #CA9291 2.50% 2/1/2051<sup>8</sup> |  | 52 | 44 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051<sup>8</sup> |  | 666 | 565 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>8</sup> |  | 4822 | 3945 |
| Fannie Mae Pool #FM7741 2.50% 5/1/2051<sup>8</sup> |  | 816 | 693 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051<sup>8</sup> |  | 4876 | 4347 |
| Fannie Mae Pool #FM8436 2.50% 9/1/2051<sup>8</sup> |  | 45 | 39 |
| Fannie Mae Pool #CB1810 3.00% 10/1/2051<sup>8</sup> |  | 165 | 145 |
| Fannie Mae Pool #BU0616 2.50% 11/1/2051<sup>8</sup> |  | 49 | 42 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051<sup>8</sup> |  | 9882 | 8696 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>8</sup> |  | 17352 | 14835 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>8</sup> |  | 10959 | 9290 |

---

American Funds Insurance Series 131

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051<sup>8</sup> | USD | 7995 | $6825 |
| Fannie Mae Pool #BU8372 2.50% 12/1/2051<sup>8</sup> |  | 955 | 812 |
| Fannie Mae Pool #CB2323 2.50% 12/1/2051<sup>8</sup> |  | 947 | 805 |
| Fannie Mae Pool #CB2312 2.50% 12/1/2051<sup>8</sup> |  | 366 | 311 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051<sup>8</sup> |  | 196 | 168 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051<sup>8</sup> |  | 94 | 81 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051<sup>8</sup> |  | 95 | 81 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051<sup>8</sup> |  | 93 | 80 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052<sup>8</sup> |  | 12638 | 10713 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052<sup>8</sup> |  | 13050 | 11488 |
| Fannie Mae Pool #FS0303 3.00% 1/1/2052<sup>8</sup> |  | 978 | 859 |
| Fannie Mae Pool #CB3666 2.50% 2/1/2052<sup>8</sup> |  | 24794 | 21026 |
| Fannie Mae Pool #FS0546 2.50% 2/1/2052<sup>8</sup> |  | 11820 | 10020 |
| Fannie Mae Pool #BV4367 2.50% 2/1/2052<sup>8</sup> |  | 818 | 695 |
| Fannie Mae Pool #FS0613 2.50% 2/1/2052<sup>8</sup> |  | 736 | 625 |
| Fannie Mae Pool #BV9531 2.50% 2/1/2052<sup>8</sup> |  | 721 | 612 |
| Fannie Mae Pool #BU8226 2.50% 2/1/2052<sup>8</sup> |  | 612 | 520 |
| Fannie Mae Pool #BV4259 2.50% 2/1/2052<sup>8</sup> |  | 596 | 507 |
| Fannie Mae Pool #BV3216 2.50% 2/1/2052<sup>8</sup> |  | 487 | 413 |
| Fannie Mae Pool #BU7298 2.50% 2/1/2052<sup>8</sup> |  | 361 | 306 |
| Fannie Mae Pool #BV0307 2.50% 2/1/2052<sup>8</sup> |  | 75 | 63 |
| Fannie Mae Pool #BV3495 2.50% 2/1/2052<sup>8</sup> |  | 64 | 55 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>8</sup> |  | 67926 | 60633 |
| Fannie Mae Pool #CB2896 3.00% 2/1/2052<sup>8</sup> |  | 7625 | 6703 |
| Fannie Mae Pool #CB5013 2.50% 3/1/2052<sup>8</sup> |  | 3992 | 3392 |
| Fannie Mae Pool #BV6631 2.50% 3/1/2052<sup>8</sup> |  | 921 | 782 |
| Fannie Mae Pool #BV8086 2.50% 3/1/2052<sup>8</sup> |  | 596 | 508 |
| Fannie Mae Pool #BT8111 2.50% 3/1/2052<sup>8</sup> |  | 593 | 503 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052<sup>8</sup> |  | 525 | 446 |
| Fannie Mae Pool #BU8885 2.50% 3/1/2052<sup>8</sup> |  | 507 | 431 |
| Fannie Mae Pool #FS0831 3.00% 3/1/2052<sup>8</sup> |  | 16034 | 14095 |
| Fannie Mae Pool #CB3170 3.00% 3/1/2052<sup>8</sup> |  | 7000 | 6156 |
| Fannie Mae Pool #CB3410 3.00% 3/1/2052<sup>8</sup> |  | 158 | 139 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>8</sup> |  | 31872 | 27036 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052<sup>8</sup> |  | 966 | 820 |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052<sup>8</sup> |  | 873 | 741 |
| Fannie Mae Pool #BV2996 2.50% 4/1/2052<sup>8</sup> |  | 814 | 691 |
| Fannie Mae Pool #CB3351 2.50% 4/1/2052<sup>8</sup> |  | 739 | 628 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052<sup>8</sup> |  | 730 | 620 |
| Fannie Mae Pool #FS1922 2.50% 4/1/2052<sup>8</sup> |  | 716 | 608 |
| Fannie Mae Pool #BV8569 2.50% 4/1/2052<sup>8</sup> |  | 683 | 580 |
| Fannie Mae Pool #BV7698 2.50% 4/1/2052<sup>8</sup> |  | 620 | 526 |
| Fannie Mae Pool #BV7717 2.50% 4/1/2052<sup>8</sup> |  | 593 | 504 |
| Fannie Mae Pool #BU8933 3.00% 4/1/2052<sup>8</sup> |  | 1825 | 1604 |
| Fannie Mae Pool #CB3364 3.00% 4/1/2052<sup>8</sup> |  | 457 | 402 |
| Fannie Mae Pool #BU8825 2.50% 5/1/2052<sup>8</sup> |  | 1018 | 864 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052<sup>8</sup> |  | 885 | 752 |
| Fannie Mae Pool #BV9818 2.50% 5/1/2052<sup>8</sup> |  | 790 | 672 |
| Fannie Mae Pool #BW0160 2.50% 5/1/2052<sup>8</sup> |  | 665 | 565 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052<sup>8</sup> |  | 162 | 137 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052<sup>8</sup> |  | 89 | 76 |
| Fannie Mae Pool #FS1877 3.00% 5/1/2052<sup>8</sup> |  | 5704 | 5012 |
| Fannie Mae Pool #BV7238 3.00% 5/1/2052<sup>8</sup> |  | 1886 | 1658 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>8</sup> |  | 1867 | 1640 |
| Fannie Mae Pool #BT7819 3.00% 5/1/2052<sup>8</sup> |  | 138 | 121 |
| Fannie Mae Pool #BW1436 4.50% 5/1/2052<sup>8</sup> |  | 3137 | 3023 |
| Fannie Mae Pool #MA4624 3.00% 6/1/2052<sup>8</sup> |  | 1431 | 1257 |
| Fannie Mae Pool #BW2935 3.00% 6/1/2052<sup>8</sup> |  | 747 | 657 |
| Fannie Mae Pool #BW1449 3.00% 6/1/2052<sup>8</sup> |  | 400 | 352 |
| Fannie Mae Pool #BV9701 3.00% 6/1/2052<sup>8</sup> |  | 114 | 100 |
| Fannie Mae Pool #BW5663 4.50% 6/1/2052<sup>8</sup> |  | 2906 | 2800 |

---

132 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB4534 4.50% 6/1/2052<sup>8</sup> | USD | 2080 | $2004 |
| Fannie Mae Pool #FS2239 2.50% 7/1/2052<sup>8</sup> |  | 10586 | 8987 |
| Fannie Mae Pool #MA4652 2.50% 7/1/2052<sup>8</sup> |  | 7000 | 5940 |
| Fannie Mae Pool #BV7868 2.50% 7/1/2052<sup>8</sup> |  | 996 | 845 |
| Fannie Mae Pool #BV2584 2.50% 7/1/2052<sup>8</sup> |  | 602 | 510 |
| Fannie Mae Pool #BW5528 2.50% 7/1/2052<sup>8</sup> |  | 525 | 445 |
| Fannie Mae Pool #BW6043 2.50% 7/1/2052<sup>8</sup> |  | 62 | 53 |
| Fannie Mae Pool #BW5579 3.50% 7/1/2052<sup>8</sup> |  | 2000 | 1819 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>8</sup> |  | 1519 | 1427 |
| Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>8</sup> |  | 125 | 120 |
| Fannie Mae Pool #MA4743 2.50% 8/1/2052<sup>8</sup> |  | 6986 | 5925 |
| Fannie Mae Pool #BW7293 3.50% 8/1/2052<sup>8</sup> |  | 3000 | 2729 |
| Fannie Mae Pool #CB4363 3.50% 8/1/2052<sup>8</sup> |  | 960 | 874 |
| Fannie Mae Pool #BV7903 3.50% 8/1/2052<sup>8</sup> |  | 200 | 182 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>8</sup> |  | 1924 | 1807 |
| Fannie Mae Pool #BW7302 4.00% 8/1/2052<sup>8</sup> |  | 289 | 272 |
| Fannie Mae Pool #BW4199 4.50% 8/1/2052<sup>8</sup> |  | 2996 | 2887 |
| Fannie Mae Pool #BW3035 4.50% 8/1/2052<sup>8</sup> |  | 2532 | 2440 |
| Fannie Mae Pool #BW5789 4.50% 8/1/2052<sup>8</sup> |  | 999 | 963 |
| Fannie Mae Pool #BW6395 4.50% 8/1/2052<sup>8</sup> |  | 999 | 962 |
| Fannie Mae Pool #BW7349 3.00% 9/1/2052<sup>8</sup> |  | 1886 | 1658 |
| Fannie Mae Pool #BW7780 3.00% 9/1/2052<sup>8</sup> |  | 219 | 192 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>8</sup> |  | 56336 | 52898 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>8</sup> |  | 1648 | 1547 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>8</sup> |  | 1429 | 1342 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>8</sup> |  | 1353 | 1271 |
| Fannie Mae Pool #MA4733 4.50% 9/1/2052<sup>8</sup> |  | 12197 | 11752 |
| Fannie Mae Pool #BV0957 4.50% 9/1/2052<sup>8</sup> |  | 3075 | 2962 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052<sup>8</sup> |  | 2185 | 2105 |
| Fannie Mae Pool #BW1201 5.00% 9/1/2052<sup>8</sup> |  | 2361 | 2331 |
| Fannie Mae Pool #MA4824 2.50% 10/1/2052<sup>8</sup> |  | 94 | 80 |
| Fannie Mae Pool #MA4782 3.50% 10/1/2052<sup>8</sup> |  | 3000 | 2729 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>8</sup> |  | 5340 | 5014 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>8</sup> |  | 4034 | 3788 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>8</sup> |  | 3356 | 3151 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>8</sup> |  | 1444 | 1356 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>8</sup> |  | 14120 | 13605 |
| Fannie Mae Pool #CB4959 4.50% 10/1/2052<sup>8</sup> |  | 9275 | 8936 |
| Fannie Mae Pool #BV0961 4.50% 10/1/2052<sup>8</sup> |  | 3995 | 3849 |
| Fannie Mae Pool #BW8981 4.50% 10/1/2052<sup>8</sup> |  | 2309 | 2224 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052<sup>8</sup> |  | 998 | 962 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052<sup>8</sup> |  | 3500 | 3455 |
| Fannie Mae Pool #MA4887 2.50% 11/1/2052<sup>8</sup> |  | 1448 | 1228 |
| Fannie Mae Pool #MA4854 2.50% 11/1/2052<sup>8</sup> |  | 902 | 765 |
| Fannie Mae Pool #BW1309 2.50% 11/1/2052<sup>8</sup> |  | 813 | 690 |
| Fannie Mae Pool #MA4885 3.00% 11/1/2052<sup>8</sup> |  | 801 | 704 |
| Fannie Mae Pool #FS3279 3.50% 11/1/2052<sup>8</sup> |  | 9999 | 9099 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>8</sup> |  | 1000 | 910 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>8</sup> |  | 6621 | 6217 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>8</sup> |  | 1509 | 1417 |
| Fannie Mae Pool #BX3075 4.50% 11/1/2052<sup>8</sup> |  | 2973 | 2865 |
| Fannie Mae Pool #MA4911 3.00% 12/1/2052<sup>8</sup> |  | 650 | 571 |
| Fannie Mae Pool #MA4838 3.50% 12/1/2052<sup>8</sup> |  | 4500 | 4093 |
| Fannie Mae Pool #MA4839 4.00% 12/1/2052<sup>8</sup> |  | 4000 | 3756 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>8</sup> |  | 6256 | 6175 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>8</sup> |  | 1000 | 1026 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>8</sup> |  | 7999 | 7896 |
| Fannie Mae Pool #BX4609 5.00% 1/1/2053<sup>8</sup> |  | 1277 | 1261 |
| Fannie Mae Pool #MA4869 5.50% 1/1/2053<sup>8</sup> |  | 100 | 100 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>8</sup> |  | 7427 | 7618 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059<sup>8</sup> |  | 11696 | 11413 |

---

American Funds Insurance Series 133

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>8</sup> | USD | 4130 | $3619 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041<sup>8</sup> |  | 24 | 26 |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041<sup>8</sup> |  | 84 | 86 |
| Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/2023<sup>8,9</sup> |  | 1660 | 1644 |
| Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 12/25/2023<sup>8,9</sup> |  | 1909 | 1877 |
| Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024<sup>8,9</sup> |  | 1338 | 1314 |
| Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 7/25/2024<sup>8,9</sup> |  | 3273 | 3169 |
| Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.471% 12/25/2026<sup>8,9</sup> |  | 7323 | 6758 |
| Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/2027<sup>8,9</sup> |  | 2602 | 2446 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036<sup>8</sup> |  | 39 | 32 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037<sup>8</sup> |  | 11022 | 10254 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038<sup>8</sup> |  | 420 | 429 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038<sup>8</sup> |  | 48 | 51 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039<sup>8</sup> |  | 67 | 67 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040<sup>8</sup> |  | 572 | 580 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042<sup>8</sup> |  | 1648 | 1586 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043<sup>8</sup> |  | 1303 | 1275 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043<sup>8</sup> |  | 758 | 732 |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>8,9</sup> |  | 179 | 173 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045<sup>8</sup> |  | 5730 | 5510 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045<sup>8</sup> |  | 4930 | 4740 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046<sup>8</sup> |  | 4452 | 4029 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046<sup>8</sup> |  | 204 | 200 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046<sup>8</sup> |  | 242 | 238 |
| Freddie Mac Pool #760015 2.561% 1/1/2047<sup>8,9</sup> |  | 444 | 420 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047<sup>8</sup> |  | 1150 | 1068 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048<sup>8</sup> |  | 2336 | 2234 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>8</sup> |  | 33078 | 27081 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050<sup>8</sup> |  | 17984 | 14872 |
| Freddie Mac Pool #QC2344 2.50% 4/1/2051<sup>8</sup> |  | 966 | 821 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>8</sup> |  | 30665 | 25100 |
| Freddie Mac Pool #SD8151 2.50% 6/1/2051<sup>8</sup> |  | 330 | 281 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051<sup>8</sup> |  | 10333 | 8855 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051<sup>8</sup> |  | 7074 | 6091 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051<sup>8</sup> |  | 2039 | 1728 |
| Freddie Mac Pool #QC7910 2.50% 9/1/2051<sup>8</sup> |  | 931 | 795 |
| Freddie Mac Pool #QC6921 2.50% 9/1/2051<sup>8</sup> |  | 911 | 774 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051<sup>8</sup> |  | 6901 | 6123 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051<sup>8</sup> |  | 701 | 616 |
| Freddie Mac Pool #RA6107 2.50% 10/1/2051<sup>8</sup> |  | 5385 | 4568 |
| Freddie Mac Pool #QC8778 2.50% 10/1/2051<sup>8</sup> |  | 462 | 392 |
| Freddie Mac Pool #QC9156 2.50% 10/1/2051<sup>8</sup> |  | 327 | 278 |
| Freddie Mac Pool #QC7814 2.50% 10/1/2051<sup>8</sup> |  | 27 | 23 |
| Freddie Mac Pool #RA6231 2.50% 11/1/2051<sup>8</sup> |  | 1993 | 1690 |
| Freddie Mac Pool #QC9944 2.50% 11/1/2051<sup>8</sup> |  | 1474 | 1251 |
| Freddie Mac Pool #QD1746 2.50% 11/1/2051<sup>8</sup> |  | 933 | 792 |
| Freddie Mac Pool #QC9788 2.50% 11/1/2051<sup>8</sup> |  | 930 | 790 |
| Freddie Mac Pool #QD1523 2.50% 11/1/2051<sup>8</sup> |  | 218 | 185 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051<sup>8</sup> |  | 6952 | 5934 |
| Freddie Mac Pool #RA7081 2.50% 12/1/2051<sup>8</sup> |  | 2698 | 2288 |
| Freddie Mac Pool #QD3362 2.50% 12/1/2051<sup>8</sup> |  | 854 | 725 |
| Freddie Mac Pool #RA6433 2.50% 12/1/2051<sup>8</sup> |  | 43 | 37 |
| Freddie Mac Pool #RA6485 3.00% 12/1/2051<sup>8</sup> |  | 1935 | 1701 |
| Freddie Mac Pool #RA6428 3.00% 12/1/2051<sup>8</sup> |  | 420 | 369 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052<sup>8</sup> |  | 5650 | 4790 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>8</sup> |  | 2429 | 2077 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052<sup>8</sup> |  | 1987 | 1688 |
| Freddie Mac Pool #RA6615 2.50% 1/1/2052<sup>8</sup> |  | 600 | 510 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052<sup>8</sup> |  | 597 | 507 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052<sup>8</sup> |  | 642 | 545 |
| Freddie Mac Pool #QD9066 2.50% 2/1/2052<sup>8</sup> |  | 501 | 426 |

---

134 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #QD6379 2.50% 2/1/2052<sup>8</sup> | USD | 97 | $83 |
| Freddie Mac Pool #QD6971 2.50% 2/1/2052<sup>8</sup> |  | 63 | 54 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052<sup>8</sup> |  | 32 | 27 |
| Freddie Mac Pool #RA6806 3.00% 2/1/2052<sup>8</sup> |  | 2000 | 1758 |
| Freddie Mac Pool #QD6948 3.00% 2/1/2052<sup>8</sup> |  | 1906 | 1676 |
| Freddie Mac Pool #RA6608 3.00% 2/1/2052<sup>8</sup> |  | 954 | 838 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>8</sup> |  | 1195 | 1089 |
| Freddie Mac Pool #QD8976 2.50% 3/1/2052<sup>8</sup> |  | 952 | 809 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052<sup>8</sup> |  | 875 | 743 |
| Freddie Mac Pool #RA6959 2.50% 3/1/2052<sup>8</sup> |  | 766 | 651 |
| Freddie Mac Pool #QE0615 2.50% 3/1/2052<sup>8</sup> |  | 606 | 515 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052<sup>8</sup> |  | 437 | 371 |
| Freddie Mac Pool #QD8152 2.50% 3/1/2052<sup>8</sup> |  | 367 | 312 |
| Freddie Mac Pool #QD8673 3.00% 3/1/2052<sup>8</sup> |  | 1542 | 1356 |
| Freddie Mac Pool #RA6992 3.00% 3/1/2052<sup>8</sup> |  | 1097 | 964 |
| Freddie Mac Pool #SD8205 2.50% 4/1/2052<sup>8</sup> |  | 6581 | 5582 |
| Freddie Mac Pool #QD9911 2.50% 4/1/2052<sup>8</sup> |  | 2676 | 2269 |
| Freddie Mac Pool #QE0800 2.50% 4/1/2052<sup>8</sup> |  | 2628 | 2231 |
| Freddie Mac Pool #QE0170 2.50% 4/1/2052<sup>8</sup> |  | 1711 | 1451 |
| Freddie Mac Pool #QE3079 2.50% 4/1/2052<sup>8</sup> |  | 932 | 792 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052<sup>8</sup> |  | 850 | 722 |
| Freddie Mac Pool #QE0407 2.50% 4/1/2052<sup>8</sup> |  | 769 | 653 |
| Freddie Mac Pool #QE5290 2.50% 4/1/2052<sup>8</sup> |  | 740 | 628 |
| Freddie Mac Pool #QE0025 2.50% 4/1/2052<sup>8</sup> |  | 549 | 466 |
| Freddie Mac Pool #QE0799 2.50% 4/1/2052<sup>8</sup> |  | 123 | 105 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052<sup>8</sup> |  | 94 | 80 |
| Freddie Mac Pool #QE2101 2.50% 4/1/2052<sup>8</sup> |  | 45 | 38 |
| Freddie Mac Pool #SD8206 3.00% 4/1/2052<sup>8</sup> |  | 800 | 703 |
| Freddie Mac Pool #RA7063 3.50% 4/1/2052<sup>8</sup> |  | 22000 | 20028 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052<sup>8</sup> |  | 40 | 34 |
| Freddie Mac Pool #QE1793 3.00% 5/1/2052<sup>8</sup> |  | 1910 | 1679 |
| Freddie Mac Pool #QE3080 3.00% 5/1/2052<sup>8</sup> |  | 400 | 351 |
| Freddie Mac Pool #RA7386 3.50% 5/1/2052<sup>8</sup> |  | 7332 | 6669 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052<sup>8</sup> |  | 4451 | 3913 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>8</sup> |  | 2336 | 2193 |
| Freddie Mac Pool #QE6097 2.50% 7/1/2052<sup>8</sup> |  | 83 | 71 |
| Freddie Mac Pool #QE5714 3.50% 7/1/2052<sup>8</sup> |  | 4000 | 3639 |
| Freddie Mac Pool #QE6274 3.50% 7/1/2052<sup>8</sup> |  | 4000 | 3638 |
| Freddie Mac Pool #SD8226 3.50% 7/1/2052<sup>8</sup> |  | 2667 | 2426 |
| Freddie Mac Pool #QE5983 3.50% 7/1/2052<sup>8</sup> |  | 2000 | 1819 |
| Freddie Mac Pool #QE7680 4.50% 7/1/2052<sup>8</sup> |  | 2533 | 2441 |
| Freddie Mac Pool #RA7747 2.50% 8/1/2052<sup>8</sup> |  | 2681 | 2273 |
| Freddie Mac Pool #QE8026 2.50% 8/1/2052<sup>8</sup> |  | 1675 | 1421 |
| Freddie Mac Pool #SD8234 2.50% 8/1/2052<sup>8</sup> |  | 32 | 27 |
| Freddie Mac Pool #RA7749 3.50% 8/1/2052<sup>8</sup> |  | 13390 | 12181 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>8</sup> |  | 1231 | 1156 |
| Freddie Mac Pool #QE7157 4.00% 8/1/2052<sup>8</sup> |  | 224 | 210 |
| Freddie Mac Pool #SD1576 5.00% 8/1/2052<sup>8</sup> |  | 3206 | 3165 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052<sup>8</sup> |  | 9650 | 8185 |
| Freddie Mac Pool #QF0923 2.50% 9/1/2052<sup>8</sup> |  | 597 | 506 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>8</sup> |  | 17971 | 15797 |
| Freddie Mac Pool #SD8243 3.50% 9/1/2052<sup>8</sup> |  | 4039 | 3675 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>8</sup> |  | 4000 | 3756 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>8</sup> |  | 1586 | 1489 |
| Freddie Mac Pool #QF0152 4.50% 9/1/2052<sup>8</sup> |  | 1531 | 1475 |
| Freddie Mac Pool #SD8246 5.00% 9/1/2052<sup>8</sup> |  | 79771 | 78743 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>8</sup> |  | 1321 | 1304 |
| Freddie Mac Pool #QF1751 2.50% 10/1/2052<sup>8</sup> |  | 946 | 803 |
| Freddie Mac Pool #SD8271 2.50% 10/1/2052<sup>8</sup> |  | 579 | 491 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>8</sup> |  | 1521 | 1429 |
| Freddie Mac Pool #QF1489 4.00% 10/1/2052<sup>8</sup> |  | 1281 | 1203 |

---

American Funds Insurance Series 135

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>8</sup> | USD | 1000 | $939 |
| Freddie Mac Pool #QF1925 4.00% 10/1/2052<sup>8</sup> |  | 1000 | 939 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>8</sup> |  | 53823 | 51858 |
| Freddie Mac Pool #QF3304 5.00% 10/1/2052<sup>8</sup> |  | 3694 | 3646 |
| Freddie Mac Pool #SD8291 2.50% 11/1/2052<sup>8</sup> |  | 855 | 725 |
| Freddie Mac Pool #SD8283 2.50% 11/1/2052<sup>8</sup> |  | 634 | 538 |
| Freddie Mac Pool #SD8273 3.50% 11/1/2052<sup>8</sup> |  | 4000 | 3639 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>8</sup> |  | 4000 | 3639 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>8</sup> |  | 2477 | 2326 |
| Freddie Mac Pool #SD8265 4.00% 11/1/2052<sup>8</sup> |  | 251 | 235 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052<sup>8</sup> |  | 4 | 3 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>8</sup> |  | 1295 | 1248 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>8</sup> |  | 6999 | 6909 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>8</sup> |  | 14617 | 14994 |
| Freddie Mac Pool #SD8284 3.00% 1/1/2053<sup>8</sup> |  | 11360 | 9985 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>8</sup> |  | 5499 | 5003 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>8</sup> |  | 336 | 315 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>8</sup> |  | 3778 | 3729 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>8</sup> |  | 706 | 724 |
| Freddie Mac, Series T041, Class 3A, 4.402% 7/25/2032<sup>8,9</sup> |  | 187 | 179 |
| Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 8/25/2025<sup>8,9</sup> |  | 9778 | 9538 |
| Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2/25/2026<sup>8</sup> |  | 7370 | 7077 |
| Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 4/25/2028<sup>8</sup> |  | 3237 | 3158 |
| Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 6/25/2032<sup>8</sup> |  | 19961 | 16758 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>8,9</sup> |  | 2646 | 2476 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056<sup>8,9</sup> |  | 1149 | 1082 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>8</sup> |  | 5121 | 4758 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>8,9</sup> |  | 5074 | 4744 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057<sup>8,9</sup> |  | 911 | 831 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057<sup>8</sup> |  | 755 | 684 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>8</sup> |  | 1823 | 1730 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057<sup>8</sup> |  | 1942 | 1757 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058<sup>8</sup> |  | 9501 | 8965 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059<sup>8</sup> |  | 5448 | 5052 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>8</sup> |  | 2154 | 2056 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029<sup>8</sup> |  | 4272 | 4072 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029<sup>8</sup> |  | 2455 | 2255 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029<sup>8</sup> |  | 2682 | 2465 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>8,10</sup> |  | 68784 | 57662 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>8,10</sup> |  | 5866 | 5085 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>8,10</sup> |  | 83663 | 74514 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>8,10</sup> |  | 16502 | 15165 |
| Government National Mortgage Assn. 4.00% 1/1/2053<sup>8,10</sup> |  | 3200 | 3029 |
| Government National Mortgage Assn. 4.50% 1/1/2053<sup>8,10</sup> |  | 33456 | 32460 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048<sup>8</sup> |  | 437 | 417 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048<sup>8</sup> |  | 342 | 332 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050<sup>8</sup> |  | 204 | 200 |

---

136 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051<sup>8</sup> | USD | 1762 | $1734 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051<sup>8</sup> |  | 490 | 482 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052<sup>8</sup> |  | 1260 | 1193 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>8</sup> |  | 10566 | 10009 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>8</sup> |  | 1000 | 947 |
| Uniform Mortgage-Backed Security 1.50% 1/1/2038<sup>8,10</sup> |  | 25420 | 22012 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>8,10</sup> |  | 638 | 584 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>8,10</sup> |  | 108193 | 88062 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>8,10</sup> |  | 7100 | 6660 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>8,10</sup> |  | 9560 | 9203 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>8,10</sup> |  | 4884 | 4813 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>8,10</sup> |  | 60890 | 61059 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>8,10</sup> |  | 12770 | 12962 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>8,10</sup> |  | 15948 | 14963 |
| Uniform Mortgage-Backed Security 5.00% 2/1/2053<sup>8,10</sup> |  | 35408 | 34891 |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>8,10</sup> |  | 16800 | 16838 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>8,10</sup> |  | 36230 | 36745 |
|  |  |  | **1739465** |
| **Commercial mortgage-backed securities 0.44%** |  |  |  |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063<sup>8</sup> |  | 2909 | 2435 |
| Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.394% 3/15/2064<sup>8,9</sup> |  | 2550 | 2246 |
| Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 5.293% 8/15/2036<sup>6,8,9</sup> |  | 2000 | 1966 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051<sup>8</sup> |  | 1000 | 927 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053<sup>8</sup> |  | 2960 | 2466 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 4.907% 9/15/2034<sup>6,8,9</sup> |  | 5954 | 5711 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>6,8,9</sup> |  | 4505 | 4346 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>6,8,9</sup> |  | 7968 | 7593 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/2036<sup>6,8,9</sup> |  | 5968 | 5613 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>6,8,9</sup> |  | 7481 | 7216 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.188% 6/15/2038<sup>6,8,9</sup> |  | 1351 | 1290 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.418% 6/15/2038<sup>6,8,9</sup> |  | 1220 | 1156 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/2038<sup>6,8,9</sup> |  | 5254 | 5063 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/2048<sup>8</sup> |  | 470 | 459 |
| Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/2050<sup>8</sup> |  | 4735 | 4540 |
| CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/2048<sup>8</sup> |  | 780 | 758 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>6,8,9</sup> |  | 1537 | 1495 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/2038<sup>6,8,9</sup> |  | 1403 | 1351 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/2038<sup>6,8,9</sup> |  | 1465 | 1410 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040<sup>6,8</sup> |  | 3795 | 2918 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053<sup>8</sup> |  | 2489 | 2059 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039<sup>6,8</sup> |  | 1964 | 1682 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039<sup>6,8</sup> |  | 868 | 708 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/2039<sup>6,8,9</sup> |  | 523 | 407 |

---

American Funds Insurance Series 137

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/2042<sup>6,8</sup> | USD | 1431 | $1171 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>6,8,9</sup> |  | 1236 | 1184 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 5.718% 10/15/2038<sup>6,8,9</sup> |  | 1904 | 1803 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039<sup>6,8</sup> |  | 13772 | 11780 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/2026<sup>6,8,9</sup> |  | 3950 | 3837 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/2047<sup>8</sup> |  | 556 | 541 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/2048<sup>8</sup> |  | 467 | 454 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041<sup>6,8</sup> |  | 2194 | 1756 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>6,8,9</sup> |  | 4808 | 4631 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 5.336% 1/15/2039<sup>6,8,9</sup> |  | 10709 | 10352 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/2027<sup>6,8,9</sup> |  | 6379 | 6373 |
|  |  |  | **109697** |
| **Collateralized mortgage-backed obligations (privately originated) 0.12%** |  |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>6,8,9</sup> |  | 1101 | 870 |
| Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/2029<sup>6,8,9</sup> |  | 496 | 496 |
| Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/2068<sup>6,8,9</sup> |  | 1181 | 1140 |
| Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/2041<sup>6,8,9</sup> |  | 192 | 190 |
| Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037<sup>6,8</sup> |  | 4096 | 3664 |
| Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060<sup>6,8,9</sup> |  | 2081 | 1788 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034<sup>8</sup> |  | 148 | 141 |
| Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069<sup>6,8</sup> |  | 2051 | 2196 |
| Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069<sup>6,8</sup> |  | 6250 | 6425 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 7.689% 10/25/2027<sup>8,9</sup> |  | 235 | 237 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>6,8,9</sup> |  | 996 | 998 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026<sup>6,8</sup> |  | 4304 | 3724 |
| Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 6.25% 11/25/2059<sup>6,8,9</sup> |  | 1042 | 1042 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034<sup>8</sup> |  | 314 | 300 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>6,8,9</sup> |  | 4040 | 3909 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052<sup>6,8,9</sup> |  | 2784 | 2248 |
| RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 10/25/2063<sup>6,8,9</sup> |  | 355 | 328 |
|  |  |  | **29696** |
| **Total mortgage-backed obligations** |  |  | **1878858** |
| **U.S. Treasury bonds & notes 6.52%** |  |  |  |
| **U.S. Treasury 4.53%** |  |  |  |
| U.S. Treasury 0.125% 2/28/2023 |  | 44825 | 44537 |
| U.S. Treasury 2.50% 5/15/2024 |  | 700 | 679 |
| U.S. Treasury 2.50% 5/31/2024 |  | 100000 | 97016 |
| U.S. Treasury 3.25% 8/31/2024 |  | 22613 | 22143 |
| U.S. Treasury 1.50% 9/30/2024 |  | 907 | 862 |
| U.S. Treasury 4.50% 11/30/2024 |  | 760 | 760 |

---

138 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 1.00% 12/15/2024 | USD | 10725 | $10038 |
| U.S. Treasury 3.00% 7/15/2025 |  | 3165 | 3066 |
| U.S. Treasury 4.00% 12/15/2025 |  | 32029 | 31829 |
| U.S. Treasury 0.375% 1/31/2026 |  | 45000 | 40052 |
| U.S. Treasury 0.50% 2/28/2026 |  | 42515 | 37903 |
| U.S. Treasury 1.625% 5/15/2026 |  | 1500 | 1381 |
| U.S. Treasury 1.50% 8/15/2026 |  | 500 | 456 |
| U.S. Treasury 0.75% 8/31/2026 |  | 52 | 46 |
| U.S. Treasury 0.875% 9/30/2026 |  | 565 | 502 |
| U.S. Treasury 1.125% 10/31/2026 |  | 471 | 421 |
| U.S. Treasury 1.125% 2/28/2027 |  | 762 | 678 |
| U.S. Treasury 2.375% 5/15/2027 |  | 880 | 820 |
| U.S. Treasury 2.625% 5/31/2027 |  | 96250 | 90738 |
| U.S. Treasury 0.50% 6/30/2027 |  | 36300 | 31057 |
| U.S. Treasury 4.125% 9/30/2027 |  | 90000 | 90345 |
| U.S. Treasury 3.875% 11/30/2027 |  | 39923 | 39707 |
| U.S. Treasury 0.625% 12/31/2027 |  | 7109 | 6025 |
| U.S. Treasury 2.875% 5/15/2028 |  | 5217 | 4926 |
| U.S. Treasury 1.25% 9/30/2028 |  | 3142 | 2699 |
| U.S. Treasury 1.50% 11/30/2028 |  | 50000 | 43417 |
| U.S. Treasury 1.375% 12/31/2028 |  | 10900 | 9398 |
| U.S. Treasury 2.875% 4/30/2029 |  | 50000 | 46843 |
| U.S. Treasury 3.875% 11/30/2029 |  | 1662 | 1651 |
| U.S. Treasury 1.50% 2/15/2030 |  | 36651 | 31236 |
| U.S. Treasury 0.625% 5/15/2030 |  | 20225 | 16012 |
| U.S. Treasury 2.875% 5/15/2032 |  | 50000 | 46102 |
| U.S. Treasury 4.125% 11/15/2032 |  | 96356 | 98276 |
| U.S. Treasury 1.125% 5/15/2040 |  | 62775 | 39393 |
| U.S. Treasury 1.375% 11/15/2040 |  | 52695 | 34328 |
| U.S. Treasury 1.75% 8/15/2041 |  | 47854 | 32834 |
| U.S. Treasury 2.00% 11/15/2041 |  | 1181 | 846 |
| U.S. Treasury 4.00% 11/15/2042 |  | 21751 | 21312 |
| U.S. Treasury 2.50% 2/15/2046 |  | 3755 | 2822 |
| U.S. Treasury 3.00% 5/15/2047 |  | 9355 | 7690 |
| U.S. Treasury 3.00% 2/15/2048 |  | 336 | 277 |
| U.S. Treasury 2.00% 2/15/2050 |  | 13825 | 9184 |
| U.S. Treasury 1.375% 8/15/2050 |  | 12500 | 6993 |
| U.S. Treasury 2.375% 5/15/2051 |  | 4757 | 3430 |
| U.S. Treasury 2.00% 8/15/2051 |  | 1356 | 893 |
| U.S. Treasury 2.25% 2/15/2052<sup>11</sup> |  | 72025 | 50351 |
| U.S. Treasury 3.00% 8/15/2052<sup>11</sup> |  | 73627 | 61049 |
|  |  |  | **1123023** |
| **U.S. Treasury inflation-protected securities 1.99%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>12</sup> |  | 22067 | 21475 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>12</sup> |  | 76769 | 74363 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>12</sup> |  | 98718 | 95142 |
| U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>12</sup> |  | 25161 | 24151 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>12</sup> |  | 4649 | 4467 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>12</sup> |  | 3905 | 3711 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>12</sup> |  | 43574 | 40962 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>12</sup> |  | 15266 | 14319 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>12</sup> |  | 50295 | 50231 |
| U.S. Treasury Inflation-Protected Security 0.75% 7/15/2028<sup>12</sup> |  | 20774 | 19790 |
| U.S. Treasury Inflation-Protected Security 0.875% 1/15/2029<sup>12</sup> |  | 23419 | 22309 |

---

American Funds Insurance Series 139

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>12</sup> | USD | 27071 | $24019 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032<sup>12</sup> |  | 60545 | 52974 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>12</sup> |  | 55158 | 46174 |
|  |  |  | **494087** |
| **Total U.S. Treasury bonds & notes** |  |  | **1617110** |
| **Corporate bonds, notes & loans 5.63%** |  |  |  |
| **Financials 1.27%** |  |  |  |
| ACE INA Holdings, Inc. 3.35% 5/3/2026 |  | 880 | 843 |
| ACE INA Holdings, Inc. 4.35% 11/3/2045 |  | 400 | 348 |
| Advisor Group Holdings, LLC 6.25% 3/1/2028<sup>6</sup> |  | 4470 | 4115 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 5457 | 4779 |
| AerCap Ireland Capital DAC 3.00% 10/29/2028 |  | 4501 | 3779 |
| AerCap Ireland Capital DAC 3.30% 1/30/2032 |  | 2838 | 2226 |
| AerCap Ireland Capital DAC 3.85% 10/29/2041 |  | 1970 | 1400 |
| AG Merger Sub II, Inc. 10.75% 8/1/2027<sup>6</sup> |  | 2420 | 2453 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027<sup>6</sup> |  | 1072 | 1083 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>6,13</sup> |  | 7750 | 7899 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027<sup>6</sup> |  | 2100 | 1884 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029<sup>6</sup> |  | 2295 | 1890 |
| Ally Financial, Inc. 8.00% 11/1/2031 |  | 3000 | 3127 |
| American International Group, Inc. 2.50% 6/30/2025 |  | 10533 | 9926 |
| AmWINS Group, Inc. 4.875% 6/30/2029<sup>6</sup> |  | 1348 | 1145 |
| Aretec Escrow Issuer, Inc. 7.50% 4/1/2029<sup>6</sup> |  | 1250 | 1034 |
| Banco Santander, SA 5.147% 8/18/2025 |  | 2400 | 2376 |
| Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)<sup>13</sup> |  | 2428 | 2034 |
| Bank of America Corp. 3.55% 3/5/2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)<sup>13</sup> |  | 6000 | 5978 |
| Bank of America Corp. 1.197% 10/24/2026 (USD-SOFR + 1.01% on 10/24/2025)<sup>13</sup> |  | 2500 | 2225 |
| Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>13</sup> |  | 1565 | 1373 |
| Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>13</sup> |  | 2345 | 2127 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>13</sup> |  | 1000 | 766 |
| Bank of Nova Scotia 1.625% 5/1/2023 |  | 5000 | 4948 |
| Berkshire Hathaway, Inc. 2.75% 3/15/2023 |  | 1615 | 1608 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026 |  | 500 | 480 |
| Blackstone Private Credit Fund 7.05% 9/29/2025<sup>6</sup> |  | 2510 | 2493 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>6,13</sup> |  | 2400 | 1961 |
| Castlelake Aviation Finance DAC 5.00% 4/15/2027<sup>6</sup> |  | 3370 | 2937 |
| Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)<sup>13</sup> |  | 8000 | 8043 |
| Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)<sup>13</sup> |  | 3254 | 2743 |
| CME Group, Inc. 3.75% 6/15/2028 |  | 3425 | 3297 |
| Coinbase Global, Inc. 3.375% 10/1/2028<sup>6</sup> |  | 2625 | 1391 |
| Coinbase Global, Inc. 3.625% 10/1/2031<sup>6</sup> |  | 2875 | 1388 |
| Compass Diversified Holdings 5.25% 4/15/2029<sup>6</sup> |  | 820 | 703 |
| Compass Diversified Holdings 5.00% 1/15/2032<sup>6</sup> |  | 715 | 569 |
| Corebridge Financial, Inc. 3.50% 4/4/2025<sup>6</sup> |  | 642 | 616 |
| Corebridge Financial, Inc. 3.65% 4/5/2027<sup>6</sup> |  | 914 | 853 |
| Corebridge Financial, Inc. 3.85% 4/5/2029<sup>6</sup> |  | 621 | 567 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>6</sup> |  | 351 | 307 |
| Corebridge Financial, Inc. 4.35% 4/5/2042<sup>6</sup> |  | 203 | 167 |
| Corebridge Financial, Inc. 4.40% 4/5/2052<sup>6</sup> |  | 489 | 390 |
| Crédit Agricole SA 4.375% 3/17/2025<sup>6</sup> |  | 850 | 822 |
| Credit Suisse Group AG 3.80% 6/9/2023 |  | 1875 | 1826 |
| Credit Suisse Group AG 4.207% 6/12/2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)<sup>6,13</sup> |  | 4500 | 4388 |
| Credit Suisse Group AG 3.625% 9/9/2024 |  | 1500 | 1400 |
| Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)<sup>6,13</sup> |  | 1568 | 1387 |
| Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)<sup>6,13</sup> |  | 1250 | 1069 |

---

140 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Credit Suisse Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)<sup>6,13</sup> | USD | 800 | $642 |
| Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)<sup>6,13</sup> |  | 6000 | 5817 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>13</sup> |  | 2212 | 1954 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>13</sup> |  | 2788 | 2367 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)<sup>13</sup> |  | 5000 | 4257 |
| Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026<sup>3,9,14</sup> |  | 709 | 616 |
| Digital Currency Group, Inc., Term Loan, 8.75% 11/30/2026<sup>3,14</sup> |  | 945 | 758 |
| DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)<sup>6,13</sup> |  | 7750 | 7758 |
| FS Energy and Power Fund 7.50% 8/15/2023<sup>6</sup> |  | 1995 | 2001 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)<sup>13</sup> |  | 2198 | 1925 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)<sup>13</sup> |  | 4000 | 3567 |
| Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)<sup>13</sup> |  | 390 | 357 |
| Goldman Sachs Group, Inc. 2.615% 4/22/2032 (USD-SOFR + 1.281% on 4/22/2031)<sup>13</sup> |  | 2323 | 1858 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041)<sup>13</sup> |  | 2000 | 1448 |
| Groupe BPCE SA 2.75% 1/11/2023<sup>6</sup> |  | 600 | 600 |
| Groupe BPCE SA 5.70% 10/22/2023<sup>6</sup> |  | 2250 | 2234 |
| Groupe BPCE SA 5.15% 7/21/2024<sup>6</sup> |  | 3710 | 3634 |
| Groupe BPCE SA 1.00% 1/20/2026<sup>6</sup> |  | 3000 | 2633 |
| Hightower Holding, LLC 6.75% 4/15/2029<sup>6</sup> |  | 870 | 731 |
| HSBC Holdings PLC 4.25% 3/14/2024 |  | 3000 | 2948 |
| HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)<sup>13</sup> |  | 625 | 587 |
| HSBC Holdings PLC 2.099% 6/4/2026 (USD-SOFR + 1.929% on 6/4/2025)<sup>13</sup> |  | 3000 | 2733 |
| HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)<sup>13</sup> |  | 1500 | 1316 |
| Intercontinental Exchange, Inc. 2.65% 9/15/2040 |  | 7425 | 5166 |
| Intesa Sanpaolo SpA 3.375% 1/12/2023<sup>6</sup> |  | 750 | 750 |
| Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>6</sup> |  | 1730 | 1664 |
| Intesa Sanpaolo SpA 3.25% 9/23/2024<sup>6</sup> |  | 750 | 712 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027<sup>6</sup> |  | 300 | 268 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)<sup>6,13</sup> |  | 4600 | 4680 |
| JPMorgan Chase & Co. 3.559% 4/23/2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)<sup>13</sup> |  | 4725 | 4694 |
| JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)<sup>13</sup> |  | 6000 | 5831 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)<sup>13</sup> |  | 4000 | 3826 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>13</sup> |  | 3740 | 3652 |
| JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)<sup>13</sup> |  | 299 | 278 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>13</sup> |  | 3982 | 3803 |
| Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)<sup>13</sup> |  | 1222 | 1077 |
| Lloyds Banking Group PLC 4.05% 8/16/2023 |  | 2000 | 1987 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)<sup>13</sup> |  | 800 | 693 |
| LPL Holdings, Inc. 4.625% 11/15/2027<sup>6</sup> |  | 2700 | 2527 |
| LPL Holdings, Inc. 4.375% 5/15/2031<sup>6</sup> |  | 1805 | 1537 |
| Marsh & McLennan Companies, Inc. 3.875% 3/15/2024 |  | 820 | 809 |
| Marsh & McLennan Companies, Inc. 4.375% 3/15/2029 |  | 1705 | 1651 |
| Marsh & McLennan Companies, Inc. 4.90% 3/15/2049 |  | 719 | 665 |
| Marsh & McLennan Companies, Inc. 2.90% 12/15/2051 |  | 920 | 594 |
| MGIC Investment Corp. 5.25% 8/15/2028 |  | 1175 | 1085 |
| Morgan Stanley 3.737% 4/24/2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)<sup>13</sup> |  | 300 | 298 |
| Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)<sup>13</sup> |  | 2450 | 2410 |

---

American Funds Insurance Series 141

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Morgan Stanley 3.125% 7/27/2026 | USD | 325 | $304 |
| MSCI, Inc. 3.625% 11/1/2031<sup>6</sup> |  | 2225 | 1843 |
| National Australia Bank, Ltd. 1.887% 1/12/2027<sup>6</sup> |  | 5000 | 4450 |
| Navient Corp. 5.50% 1/25/2023 |  | 1594 | 1594 |
| Navient Corp. 6.125% 3/25/2024 |  | 8030 | 7879 |
| Navient Corp. 5.875% 10/25/2024 |  | 1005 | 974 |
| Navient Corp. 6.75% 6/15/2026 |  | 300 | 285 |
| Navient Corp. 5.50% 3/15/2029 |  | 5980 | 4888 |
| New York Life Global Funding 2.35% 7/14/2026<sup>6</sup> |  | 590 | 544 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027<sup>6</sup> |  | 2500 | 2211 |
| OneMain Finance Corp. 3.875% 9/15/2028 |  | 756 | 602 |
| Owl Rock Capital Corp. 4.00% 3/30/2025 |  | 102 | 96 |
| Owl Rock Capital Corp. 3.75% 7/22/2025 |  | 2874 | 2658 |
| Owl Rock Capital Corp. 3.40% 7/15/2026 |  | 1290 | 1128 |
| Owl Rock Capital Corp. II 4.625% 11/26/2024<sup>6</sup> |  | 2305 | 2194 |
| Owl Rock Capital Corp. III 3.125% 4/13/2027 |  | 2520 | 2078 |
| Owl Rock Core Income Corp. 4.70% 2/8/2027 |  | 2500 | 2258 |
| Oxford Finance, LLC 6.375% 2/1/2027<sup>6</sup> |  | 1125 | 1049 |
| PNC Financial Services Group, Inc. 3.90% 4/29/2024 |  | 2000 | 1977 |
| Power Financial Corp., Ltd. 5.25% 8/10/2028 |  | 383 | 373 |
| Power Financial Corp., Ltd. 6.15% 12/6/2028 |  | 350 | 356 |
| Power Financial Corp., Ltd. 4.50% 6/18/2029 |  | 554 | 513 |
| Power Financial Corp., Ltd. 3.95% 4/23/2030 |  | 1213 | 1067 |
| Prudential Financial, Inc. 4.35% 2/25/2050 |  | 2205 | 1879 |
| Prudential Financial, Inc. 3.70% 3/13/2051 |  | 755 | 580 |
| Quicken Loans, LLC 3.625% 3/1/2029<sup>6</sup> |  | 1505 | 1195 |
| Rabobank Nederland 4.375% 8/4/2025 |  | 4500 | 4397 |
| Rocket Mortgage, LLC 2.875% 10/15/2026<sup>6</sup> |  | 2110 | 1812 |
| Royal Bank of Canada 1.15% 6/10/2025 |  | 4711 | 4316 |
| Ryan Specialty Group, LLC 4.375% 2/1/2030<sup>6</sup> |  | 270 | 234 |
| Springleaf Finance Corp. 6.125% 3/15/2024 |  | 2550 | 2472 |
| Starwood Property Trust, Inc. 5.50% 11/1/2023<sup>6</sup> |  | 1160 | 1152 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027<sup>6</sup> |  | 1540 | 1350 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049<br> (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)<sup>6,13</sup> |  | 2800 | 2591 |
| Toronto-Dominion Bank 2.65% 6/12/2024 |  | 625 | 605 |
| Toronto-Dominion Bank 0.75% 9/11/2025 |  | 5375 | 4803 |
| Toronto-Dominion Bank 1.25% 9/10/2026 |  | 2425 | 2124 |
| Toronto-Dominion Bank 1.95% 1/12/2027 |  | 2500 | 2231 |
| Toronto-Dominion Bank 2.45% 1/12/2032 |  | 1500 | 1219 |
| Travelers Companies, Inc. 4.00% 5/30/2047 |  | 860 | 699 |
| U.S. Bancorp 2.375% 7/22/2026 |  | 4000 | 3696 |
| UBS Group AG 4.125% 9/24/2025<sup>6</sup> |  | 2750 | 2677 |
| UniCredit SpA 4.625% 4/12/2027<sup>6</sup> |  | 625 | 586 |
| Wells Fargo & Company 2.164% 2/11/2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)<sup>13</sup> |  | 8000 | 7464 |
| Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>13</sup> |  | 4337 | 4024 |
| Westpac Banking Corp. 2.75% 1/11/2023 |  | 1750 | 1749 |
| Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)<sup>13</sup> |  | 3000 | 2753 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)<sup>13</sup> |  | 3325 | 2478 |
| Westpac Banking Corp. 2.963% 11/16/2040 |  | 1500 | 996 |
|  |  |  | **315964** |
| **Energy 0.62%** |  |  |  |
| Altera Infrastructure, LP 8.50% 7/15/2023<sup>3,6,15</sup> |  | 3550 | 663 |
| Antero Midstream Partners, LP 5.375% 6/15/2029<sup>6</sup> |  | 2170 | 1987 |
| Antero Resources Corp. 7.625% 2/1/2029<sup>6</sup> |  | 955 | 962 |
| Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026<sup>6</sup> |  | 2000 | 1943 |

---

142 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029<sup>6</sup> | USD | 1270 | $1134 |
| Bonanza Creek Energy, Inc. 5.00% 10/15/2026<sup>6</sup> |  | 480 | 439 |
| BP Capital Markets America, Inc. 2.772% 11/10/2050 |  | 681 | 438 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025 |  | 961 | 895 |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047 |  | 1559 | 1360 |
| Cheniere Energy, Inc. 4.625% 10/15/2028 |  | 4645 | 4207 |
| Chesapeake Energy Corp. 4.875% 4/15/2022<sup>15</sup> |  | 7225 | 163 |
| Chesapeake Energy Corp. 5.50% 2/1/2026<sup>6</sup> |  | 685 | 662 |
| Chesapeake Energy Corp. 5.875% 2/1/2029<sup>6</sup> |  | 2240 | 2126 |
| CNX Midstream Partners, LP 4.75% 4/15/2030<sup>6</sup> |  | 1055 | 867 |
| CNX Resources Corp. 7.25% 3/14/2027<sup>6</sup> |  | 1725 | 1715 |
| CNX Resources Corp. 6.00% 1/15/2029<sup>6</sup> |  | 2675 | 2465 |
| CNX Resources Corp. 7.375% 1/15/2031<sup>6</sup> |  | 553 | 531 |
| Comstock Resources, Inc. 5.875% 1/15/2030<sup>6</sup> |  | 450 | 387 |
| Constellation Oil Services Holding SA 13.50% 6/30/2025<sup>3,6</sup> |  | 1120 | 1120 |
| Constellation Oil Services Holding SA 4.00% PIK 12/31/2026<sup>16</sup> |  | 434 | 257 |
| Crestwood Midstream Partners, LP 8.00% 4/1/2029<sup>6</sup> |  | 4265 | 4250 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>6,9,16</sup> |  | 204 | 194 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>16</sup> |  | 185 | 176 |
| DT Midstream, Inc. 4.375% 6/15/2031<sup>6</sup> |  | 1680 | 1412 |
| Enbridge Energy Partners, LP, Series B, 7.50% 4/15/2038 |  | 300 | 331 |
| Enbridge, Inc. 4.00% 10/1/2023 |  | 278 | 276 |
| Enbridge, Inc. 2.50% 1/15/2025 |  | 300 | 284 |
| Enbridge, Inc. 3.70% 7/15/2027 |  | 62 | 58 |
| Energy Transfer Operating, LP 5.00% 5/15/2050 |  | 1869 | 1502 |
| Energy Transfer Partners, LP 4.50% 4/15/2024 |  | 1210 | 1193 |
| Energy Transfer Partners, LP 4.75% 1/15/2026 |  | 2494 | 2432 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046 |  | 500 | 437 |
| EQM Midstream Partners, LP 4.125% 12/1/2026 |  | 686 | 612 |
| EQM Midstream Partners, LP 6.50% 7/1/2027<sup>6</sup> |  | 1690 | 1618 |
| EQM Midstream Partners, LP 5.50% 7/15/2028 |  | 3088 | 2767 |
| EQM Midstream Partners, LP 7.50% 6/1/2030<sup>6</sup> |  | 642 | 619 |
| EQM Midstream Partners, LP 4.75% 1/15/2031<sup>6</sup> |  | 1635 | 1340 |
| EQT Corp. 5.00% 1/15/2029 |  | 340 | 320 |
| EQT Corp. 7.25% 2/1/2030<sup>13</sup> |  | 1110 | 1153 |
| EQT Corp. 3.625% 5/15/2031<sup>6</sup> |  | 400 | 340 |
| Equinor ASA 3.00% 4/6/2027 |  | 4000 | 3739 |
| Equinor ASA 3.625% 9/10/2028 |  | 3685 | 3494 |
| Exxon Mobil Corp. 2.019% 8/16/2024 |  | 643 | 615 |
| Exxon Mobil Corp. 2.44% 8/16/2029 |  | 1963 | 1719 |
| Exxon Mobil Corp. 3.452% 4/15/2051 |  | 1000 | 758 |
| Genesis Energy, LP 6.50% 10/1/2025 |  | 4280 | 4097 |
| Genesis Energy, LP 6.25% 5/15/2026 |  | 1805 | 1654 |
| Genesis Energy, LP 8.00% 1/15/2027 |  | 4612 | 4362 |
| Genesis Energy, LP 7.75% 2/1/2028 |  | 470 | 433 |
| Halliburton Company 3.80% 11/15/2025 |  | 6 | 6 |
| Harvest Midstream I, LP 7.50% 9/1/2028<sup>6</sup> |  | 850 | 813 |
| Hess Midstream Operations, LP 4.25% 2/15/2030<sup>6</sup> |  | 960 | 822 |
| Hess Midstream Operations, LP 5.50% 10/15/2030<sup>6</sup> |  | 400 | 366 |
| Hess Midstream Partners, LP 5.125% 6/15/2028<sup>6</sup> |  | 2155 | 1997 |
| Hilcorp Energy I, LP 6.00% 4/15/2030<sup>6</sup> |  | 350 | 312 |
| Hilcorp Energy I, LP 6.00% 2/1/2031<sup>6</sup> |  | 460 | 398 |
| Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/2027<sup>6</sup> |  | 545 | 536 |
| Kinder Morgan, Inc. 5.45% 8/1/2052 |  | 1238 | 1118 |
| Marathon Oil Corp. 4.40% 7/15/2027 |  | 1005 | 961 |
| MPLX, LP 4.125% 3/1/2027 |  | 500 | 473 |
| MPLX, LP 2.65% 8/15/2030 |  | 4273 | 3472 |
| MPLX, LP 4.50% 4/15/2038 |  | 750 | 635 |
| MPLX, LP 4.70% 4/15/2048 |  | 1101 | 874 |
| New Fortress Energy, Inc. 6.75% 9/15/2025<sup>6</sup> |  | 1065 | 1010 |
| New Fortress Energy, Inc. 6.50% 9/30/2026<sup>6</sup> |  | 2435 | 2266 |

---

American Funds Insurance Series 143

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| NGL Energy Operating, LLC 7.50% 2/1/2026<sup>6</sup> | USD | 14165 | $12637 |
| NGL Energy Partners, LP 6.125% 3/1/2025 |  | 3422 | 2794 |
| Oasis Petroleum, Inc. 6.375% 6/1/2026<sup>6</sup> |  | 1945 | 1897 |
| ONEOK, Inc. 5.85% 1/15/2026 |  | 347 | 352 |
| Parkland Corp. 4.625% 5/1/2030<sup>6</sup> |  | 1035 | 858 |
| Petróleos Mexicanos 6.875% 10/16/2025 |  | 3755 | 3682 |
| Petróleos Mexicanos 5.35% 2/12/2028 |  | 1870 | 1578 |
| Petróleos Mexicanos 6.75% 9/21/2047 |  | 1996 | 1278 |
| Pioneer Natural Resources Company 2.15% 1/15/2031 |  | 1669 | 1323 |
| Plains All American Pipeline, LP 3.80% 9/15/2030 |  | 113 | 98 |
| Range Resources Corp. 8.25% 1/15/2029 |  | 1040 | 1073 |
| Range Resources Corp. 4.75% 2/15/2030<sup>6</sup> |  | 1670 | 1474 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029<sup>6</sup> |  | 2689 | 2421 |
| Southwestern Energy Co. 7.75% 10/1/2027 |  | 2450 | 2501 |
| Southwestern Energy Co. 8.375% 9/15/2028 |  | 395 | 408 |
| Southwestern Energy Co. 5.375% 2/1/2029 |  | 1355 | 1258 |
| Southwestern Energy Co. 5.375% 3/15/2030 |  | 1945 | 1778 |
| Southwestern Energy Co. 4.75% 2/1/2032 |  | 960 | 822 |
| Statoil ASA 3.25% 11/10/2024 |  | 2850 | 2780 |
| Statoil ASA 4.25% 11/23/2041 |  | 2000 | 1769 |
| Sunoco, LP 4.50% 5/15/2029 |  | 1050 | 920 |
| Sunoco, LP 4.50% 4/30/2030 |  | 1255 | 1091 |
| Targa Resources Partners, LP 5.50% 3/1/2030 |  | 2260 | 2130 |
| Total SE 2.986% 6/29/2041 |  | 88 | 66 |
| TransCanada PipeLines, Ltd. 4.25% 5/15/2028 |  | 1090 | 1034 |
| TransCanada PipeLines, Ltd. 4.10% 4/15/2030 |  | 598 | 549 |
| TransCanada PipeLines, Ltd. 4.75% 5/15/2038 |  | 2000 | 1790 |
| TransCanada PipeLines, Ltd. 4.875% 5/15/2048 |  | 700 | 615 |
| Valero Energy Corp. 4.00% 4/1/2029 |  | 4000 | 3773 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031<sup>6</sup> |  | 840 | 717 |
| Weatherford International, Ltd. 11.00% 12/1/2024<sup>6</sup> |  | 497 | 509 |
| Weatherford International, Ltd. 6.50% 9/15/2028<sup>6</sup> |  | 2380 | 2337 |
| Weatherford International, Ltd. 8.625% 4/30/2030<sup>6</sup> |  | 7690 | 7398 |
| Western Gas Partners, LP 4.50% 3/1/2028 |  | 3018 | 2785 |
| Western Midstream Operating, LP 4.30% 2/1/2030<sup>13</sup> |  | 1125 | 985 |
| Williams Companies, Inc. 3.50% 11/15/2030 |  | 1094 | 959 |
|  |  |  | **153004** |
| **Health care 0.60%** |  |  |  |
| AbbVie, Inc. 3.80% 3/15/2025 |  | 206 | 201 |
| AbbVie, Inc. 2.95% 11/21/2026 |  | 1445 | 1346 |
| AdaptHealth, LLC 5.125% 3/1/2030<sup>6</sup> |  | 830 | 708 |
| AmerisourceBergen Corp. 0.737% 3/15/2023 |  | 1291 | 1280 |
| Amgen, Inc. 4.40% 2/22/2062 |  | 1697 | 1352 |
| Anthem, Inc. 2.375% 1/15/2025 |  | 818 | 777 |
| AstraZeneca Finance, LLC 1.20% 5/28/2026 |  | 3786 | 3375 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028 |  | 1871 | 1609 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 |  | 742 | 619 |
| AstraZeneca PLC 3.375% 11/16/2025 |  | 1140 | 1101 |
| Bausch Health Companies, Inc. 5.00% 1/30/2028<sup>6</sup> |  | 1735 | 836 |
| Bausch Health Companies, Inc. 4.875% 6/1/2028<sup>6</sup> |  | 7450 | 4753 |
| Bausch Health Companies, Inc. 5.00% 2/15/2029<sup>6</sup> |  | 1000 | 481 |
| Baxter International, Inc. 1.322% 11/29/2024 |  | 7109 | 6623 |
| Baxter International, Inc. 1.915% 2/1/2027 |  | 4739 | 4208 |
| Baxter International, Inc. 2.272% 12/1/2028 |  | 3180 | 2718 |
| Bayer US Finance II, LLC 3.875% 12/15/2023<sup>6</sup> |  | 1685 | 1661 |
| Becton, Dickinson and Company 3.363% 6/6/2024 |  | 198 | 194 |
| Boston Scientific Corp. 3.45% 3/1/2024 |  | 313 | 307 |
| Centene Corp. 4.25% 12/15/2027 |  | 565 | 531 |
| Centene Corp. 2.45% 7/15/2028 |  | 1325 | 1121 |

---

144 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| Centene Corp. 4.625% 12/15/2029 | USD | 1265 | $1159 |
| Cigna Corp. 3.75% 7/15/2023 |  | 245 | 243 |
| Community Health Systems, Inc. 5.625% 3/15/2027<sup>6</sup> |  | 1960 | 1684 |
| Community Health Systems, Inc. 5.25% 5/15/2030<sup>6</sup> |  | 3675 | 2778 |
| Eli Lilly and Company 3.375% 3/15/2029 |  | 1353 | 1269 |
| GlaxoSmithKline PLC 3.625% 5/15/2025 |  | 2825 | 2761 |
| HCA, Inc. 3.375% 3/15/2029<sup>6</sup> |  | 804 | 708 |
| HCA, Inc. 3.50% 9/1/2030 |  | 4050 | 3503 |
| HCA, Inc. 3.625% 3/15/2032<sup>6</sup> |  | 1000 | 849 |
| HCA, Inc. 4.375% 3/15/2042<sup>6</sup> |  | 1500 | 1201 |
| HCA, Inc. 4.625% 3/15/2052<sup>6</sup> |  | 1450 | 1135 |
| Jazz Securities DAC 4.375% 1/15/2029<sup>6</sup> |  | 1975 | 1764 |
| Merck & Co., Inc. 1.90% 12/10/2028 |  | 600 | 516 |
| Merck & Co., Inc. 2.75% 12/10/2051 |  | 1103 | 742 |
| Molina Healthcare, Inc. 4.375% 6/15/2028<sup>6</sup> |  | 440 | 402 |
| Molina Healthcare, Inc. 3.875% 11/15/2030<sup>6</sup> |  | 2899 | 2461 |
| Molina Healthcare, Inc. 3.875% 5/15/2032<sup>6</sup> |  | 3855 | 3207 |
| Novant Health, Inc. 3.168% 11/1/2051 |  | 3750 | 2608 |
| Novartis Capital Corp. 1.75% 2/14/2025 |  | 1250 | 1179 |
| Novartis Capital Corp. 2.00% 2/14/2027 |  | 2386 | 2174 |
| Owens & Minor, Inc. 4.375% 12/15/2024 |  | 5615 | 5436 |
| Owens & Minor, Inc. 4.50% 3/31/2029<sup>6</sup> |  | 4175 | 3334 |
| Par Pharmaceutical, Inc. 7.50% 4/1/2027<sup>6</sup> |  | 7303 | 5566 |
| Pfizer, Inc. 2.95% 3/15/2024 |  | 219 | 214 |
| Shire PLC 2.875% 9/23/2023 |  | 1365 | 1342 |
| Summa Health 3.511% 11/15/2051 |  | 1655 | 1123 |
| Tenet Healthcare Corp. 4.875% 1/1/2026<sup>6</sup> |  | 11225 | 10638 |
| Tenet Healthcare Corp. 4.25% 6/1/2029<sup>6</sup> |  | 2060 | 1788 |
| Tenet Healthcare Corp. 4.375% 1/15/2030<sup>6</sup> |  | 1925 | 1670 |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  | 7016 | 6891 |
| Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 |  | 935 | 931 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 17790 | 15594 |
| Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029 |  | 7495 | 6684 |
| Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 |  | 3550 | 2178 |
| UnitedHealth Group, Inc. 1.15% 5/15/2026 |  | 2610 | 2334 |
| UnitedHealth Group, Inc. 5.30% 2/15/2030 |  | 2500 | 2582 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030 |  | 974 | 806 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032 |  | 767 | 730 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041 |  | 3875 | 2928 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051 |  | 2504 | 1804 |
| UnitedHealth Group, Inc. 4.75% 5/15/2052 |  | 1250 | 1161 |
| Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025<sup>6</sup> |  | 6275 | 5344 |
|  |  |  | **149222** |
| **Consumer discretionary 0.59%** |  |  |  |
| Allied Universal Holdco, LLC 4.625% 6/1/2028<sup>6</sup> |  | 1660 | 1374 |
| Amazon.com, Inc. 2.70% 6/3/2060 |  | 2765 | 1679 |
| American Honda Finance Corp. 3.50% 2/15/2028 |  | 750 | 702 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029<sup>6</sup> |  | 2115 | 1785 |
| Atlas LuxCo 4 SARL 4.625% 6/1/2028<sup>6</sup> |  | 1065 | 865 |
| Bayerische Motoren Werke AG 2.25% 9/15/2023<sup>6</sup> |  | 300 | 294 |
| Caesars Entertainment, Inc. 6.25% 7/1/2025<sup>6</sup> |  | 2815 | 2741 |
| Carnival Corp. 4.00% 8/1/2028<sup>6</sup> |  | 3875 | 3167 |
| Daimler Trucks Finance North America, LLC 3.50% 4/7/2025<sup>6</sup> |  | 2000 | 1920 |
| Daimler Trucks Finance North America, LLC 2.00% 12/14/2026<sup>6</sup> |  | 2400 | 2118 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>6</sup> |  | 450 | 421 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>6</sup> |  | 1350 | 1137 |
| Fertitta Entertainment, Inc. 4.625% 1/15/2029<sup>6</sup> |  | 3580 | 3034 |
| Fertitta Entertainment, Inc. 6.75% 1/15/2030<sup>6</sup> |  | 1790 | 1447 |
| First Student Bidco, Inc. 4.00% 7/31/2029<sup>6</sup> |  | 1300 | 1077 |

---

American Funds Insurance Series 145

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Ford Motor Credit Company, LLC 5.125% 6/16/2025 | USD | 3855 | $3714 |
| Ford Motor Credit Company, LLC 4.542% 8/1/2026 |  | 2455 | 2266 |
| Ford Motor Credit Company, LLC 2.70% 8/10/2026 |  | 2110 | 1835 |
| General Motors Financial Co. 2.35% 2/26/2027 |  | 783 | 685 |
| Hanesbrands, Inc. 4.875% 5/15/2026<sup>6</sup> |  | 2700 | 2417 |
| Hilton Grand Vacations Borrower 5.00% 6/1/2029<sup>6</sup> |  | 3580 | 3083 |
| Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031<sup>6</sup> |  | 1885 | 1581 |
| Home Depot, Inc. 1.50% 9/15/2028 |  | 3000 | 2556 |
| Home Depot, Inc. 3.90% 12/6/2028 |  | 825 | 796 |
| Home Depot, Inc. 2.95% 6/15/2029 |  | 4000 | 3627 |
| Home Depot, Inc. 1.875% 9/15/2031 |  | 3000 | 2405 |
| Home Depot, Inc. 4.25% 4/1/2046 |  | 2000 | 1742 |
| Home Depot, Inc. 4.50% 12/6/2048 |  | 428 | 391 |
| Hyundai Capital America 1.00% 9/17/2024<sup>6</sup> |  | 3025 | 2797 |
| Hyundai Capital America 1.50% 6/15/2026<sup>6</sup> |  | 850 | 737 |
| Hyundai Capital America 1.65% 9/17/2026<sup>6</sup> |  | 3075 | 2707 |
| Hyundai Capital America 2.375% 10/15/2027<sup>6</sup> |  | 2579 | 2210 |
| Hyundai Capital America 2.10% 9/15/2028<sup>6</sup> |  | 3075 | 2529 |
| International Game Technology PLC 6.50% 2/15/2025<sup>6</sup> |  | 1880 | 1895 |
| International Game Technology PLC 5.25% 1/15/2029<sup>6</sup> |  | 6490 | 6059 |
| KB Home 7.25% 7/15/2030 |  | 1295 | 1260 |
| Kontoor Brands, Inc. 4.125% 11/15/2029<sup>6</sup> |  | 910 | 745 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027<sup>6</sup> |  | 775 | 704 |
| Lithia Motors, Inc. 3.875% 6/1/2029<sup>6</sup> |  | 2900 | 2388 |
| Lithia Motors, Inc. 4.375% 1/15/2031<sup>6</sup> |  | 1025 | 836 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 2500 | 1914 |
| McDonald's Corp. 4.60% 9/9/2032 |  | 1275 | 1251 |
| Melco International Development, Ltd. 5.75% 7/21/2028<sup>6</sup> |  | 1710 | 1433 |
| Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025<sup>6</sup> |  | 1500 | 1510 |
| Mercedes-Benz Finance North America, LLC 5.25% 11/29/2027<sup>6</sup> |  | 2875 | 2895 |
| NCL Corp., Ltd. 5.875% 2/15/2027<sup>6</sup> |  | 2450 | 2125 |
| NCL Corp., Ltd. 7.75% 2/15/2029<sup>6</sup> |  | 1375 | 1037 |
| Neiman Marcus Group, LLC 7.125% 4/1/2026<sup>6</sup> |  | 1345 | 1263 |
| Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/2025<sup>6,9</sup> |  | 780 | 213 |
| Party City Holdings, Inc. 8.75% 2/15/2026<sup>6</sup> |  | 3440 | 998 |
| Penske Automotive Group, Inc. 3.75% 6/15/2029 |  | 1375 | 1118 |
| Premier Entertainment Sub, LLC 5.625% 9/1/2029<sup>6</sup> |  | 1690 | 1248 |
| Premier Entertainment Sub, LLC 5.875% 9/1/2031<sup>6</sup> |  | 1690 | 1198 |
| Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029<sup>6</sup> |  | 715 | 491 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>6</sup> |  | 2423 | 2604 |
| Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026<sup>6</sup> |  | 3120 | 2526 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027<sup>6</sup> |  | 3520 | 2855 |
| Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>6</sup> |  | 1408 | 1417 |
| Sally Holdings, LLC 5.625% 12/1/2025 |  | 2705 | 2610 |
| Sands China, Ltd. 5.625% 8/8/2025 |  | 1302 | 1247 |
| Sands China, Ltd. 2.80% 3/8/2027<sup>13</sup> |  | 2075 | 1780 |
| Scientific Games Corp. 7.00% 5/15/2028<sup>6</sup> |  | 750 | 717 |
| Scientific Games Corp. 7.25% 11/15/2029<sup>6</sup> |  | 2240 | 2154 |
| Sonic Automotive, Inc. 4.625% 11/15/2029<sup>6</sup> |  | 3035 | 2434 |
| Sonic Automotive, Inc. 4.875% 11/15/2031<sup>6</sup> |  | 1325 | 1043 |
| Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>6</sup> |  | 2200 | 1891 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>6</sup> |  | 2500 | 2480 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>6</sup> |  | 2150 | 1646 |
| Stellantis Finance US, Inc. 6.375% 9/12/2032<sup>6</sup> |  | 2000 | 1980 |
| Tempur Sealy International, Inc. 4.00% 4/15/2029<sup>6</sup> |  | 850 | 715 |
| The Gap, Inc. 3.625% 10/1/2029<sup>6</sup> |  | 486 | 343 |
| The Gap, Inc. 3.875% 10/1/2031<sup>6</sup> |  | 323 | 226 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026 |  | 429 | 383 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027 |  | 2500 | 2234 |
| Travel + Leisure Co. 4.50% 12/1/2029<sup>6</sup> |  | 2100 | 1714 |
| Volkswagen Group of America Finance, LLC 4.25% 11/13/2023<sup>6</sup> |  | 3770 | 3734 |

---

146 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Volkswagen Group of America Finance, LLC 4.625% 11/13/2025<sup>6</sup> | USD | 3845 | $3786 |
| Volkswagen Group of America Finance, LLC 3.20% 9/26/2026<sup>6</sup> |  | 3201 | 2972 |
| Wheel Pros, Inc. 6.50% 5/15/2029<sup>6</sup> |  | 1750 | 621 |
| Wyndham Destinations, Inc. 4.625% 3/1/2030<sup>6</sup> |  | 1300 | 1080 |
| Wyndham Worldwide Corp. 4.375% 8/15/2028<sup>6</sup> |  | 2255 | 2027 |
| Wynn Las Vegas, LLC 4.25% 5/30/2023<sup>6</sup> |  | 2193 | 2165 |
|  |  |  | **145804** |
| **Communication services 0.53%** |  |  |  |
| Alphabet, Inc. 1.998% 8/15/2026 |  | 3000 | 2762 |
| Alphabet, Inc. 1.90% 8/15/2040 |  | 1375 | 918 |
| Alphabet, Inc. 2.25% 8/15/2060 |  | 1265 | 719 |
| AT&T, Inc. 3.50% 9/15/2053 |  | 5140 | 3492 |
| CCO Holdings, LLC 4.75% 3/1/2030<sup>6</sup> |  | 2500 | 2162 |
| CCO Holdings, LLC 4.50% 8/15/2030<sup>6</sup> |  | 3500 | 2899 |
| CCO Holdings, LLC 4.25% 2/1/2031<sup>6</sup> |  | 3875 | 3117 |
| CCO Holdings, LLC 4.75% 2/1/2032<sup>6</sup> |  | 2150 | 1747 |
| CCO Holdings, LLC 4.50% 5/1/2032 |  | 2710 | 2162 |
| Charter Communications Operating, LLC 4.908% 7/23/2025 |  | 500 | 491 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 |  | 2000 | 1223 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 |  | 3000 | 1895 |
| Comcast Corp. 2.35% 1/15/2027 |  | 4000 | 3640 |
| Comcast Corp. 3.20% 7/15/2036 |  | 375 | 305 |
| Comcast Corp. 2.80% 1/15/2051 |  | 791 | 503 |
| Comcast Corp. 2.887% 11/1/2051 |  | 2571 | 1663 |
| CSC Holdings, LLC 3.375% 2/15/2031<sup>6</sup> |  | 1875 | 1226 |
| DIRECTV Financing, LLC 5.875% 8/15/2027<sup>6</sup> |  | 3655 | 3277 |
| DISH Network Corp. 11.75% 11/15/2027<sup>6</sup> |  | 3700 | 3815 |
| Embarq Corp. 7.995% 6/1/2036 |  | 6465 | 3020 |
| Fox Corp. 4.03% 1/25/2024 |  | 1120 | 1107 |
| Frontier Communications Corp. 5.875% 10/15/2027<sup>6</sup> |  | 2225 | 2071 |
| Frontier Communications Corp. 5.00% 5/1/2028<sup>6</sup> |  | 5550 | 4851 |
| Frontier Communications Corp. 6.75% 5/1/2029<sup>6</sup> |  | 4400 | 3646 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 |  | 1850 | 1434 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030<sup>6</sup> |  | 1900 | 1495 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030<sup>6</sup> |  | 1100 | 1121 |
| Gray Escrow II, Inc. 5.375% 11/15/2031<sup>6</sup> |  | 900 | 650 |
| iHeartCommunications, Inc. 5.25% 8/15/2027<sup>6</sup> |  | 3093 | 2625 |
| Intelsat Jackson Holding Co. 6.50% 3/15/2030<sup>6</sup> |  | 2891 | 2592 |
| Ligado Networks, LLC 15.50% PIK 11/1/2023<sup>6,16</sup> |  | 4712 | 1537 |
| Live Nation Entertainment, Inc. 3.75% 1/15/2028<sup>6</sup> |  | 1350 | 1154 |
| Midas OpCo Holdings, LLC 5.625% 8/15/2029<sup>6</sup> |  | 3205 | 2649 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 1250 | 1210 |
| Netflix, Inc. 5.875% 11/15/2028 |  | 2175 | 2210 |
| Netflix, Inc. 6.375% 5/15/2029 |  | 50 | 52 |
| Netflix, Inc. 5.375% 11/15/2029<sup>6</sup> |  | 25 | 24 |
| News Corp. 3.875% 5/15/2029<sup>6</sup> |  | 875 | 760 |
| News Corp. 5.125% 2/15/2032<sup>6</sup> |  | 550 | 501 |
| Nexstar Broadcasting, Inc. 4.75% 11/1/2028<sup>6</sup> |  | 3175 | 2751 |
| SBA Tower Trust 1.631% 11/15/2026<sup>6</sup> |  | 8707 | 7408 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029<sup>6</sup> |  | 2325 | 1869 |
| Sinclair Television Group, Inc. 4.125% 12/1/2030<sup>6</sup> |  | 1175 | 882 |
| Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>6</sup> |  | 3575 | 3118 |
| Sirius XM Radio, Inc. 4.125% 7/1/2030<sup>6</sup> |  | 950 | 786 |
| Sirius XM Radio, Inc. 3.875% 9/1/2031<sup>6</sup> |  | 1975 | 1545 |
| Sprint Corp. 6.875% 11/15/2028 |  | 2525 | 2627 |
| Take-Two Interactive Software, Inc. 3.30% 3/28/2024 |  | 3175 | 3102 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032 |  | 2438 | 2165 |
| T-Mobile US, Inc. 1.50% 2/15/2026 |  | 500 | 448 |
| T-Mobile US, Inc. 2.05% 2/15/2028 |  | 325 | 280 |

---

American Funds Insurance Series 147

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| Univision Communications, Inc. 6.625% 6/1/2027<sup>6</sup> | USD | 5800 | $5608 |
| Univision Communications, Inc. 4.50% 5/1/2029<sup>6</sup> |  | 3475 | 2913 |
| Univision Communications, Inc. 7.375% 6/30/2030<sup>6</sup> |  | 225 | 215 |
| Verizon Communications, Inc. 2.875% 11/20/2050 |  | 2453 | 1548 |
| Virgin Media O2 4.25% 1/31/2031<sup>6</sup> |  | 4525 | 3673 |
| Virgin Media Secured Finance PLC 4.50% 8/15/2030<sup>6</sup> |  | 2115 | 1771 |
| VMED O2 UK Financing I PLC 4.75% 7/15/2031<sup>6</sup> |  | 225 | 183 |
| Vodafone Group PLC 5.25% 5/30/2048 |  | 500 | 443 |
| Vodafone Group PLC 4.25% 9/17/2050 |  | 4350 | 3337 |
| WarnerMedia Holdings, Inc. 3.638% 3/15/2025<sup>6</sup> |  | 3807 | 3623 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027<sup>6</sup> |  | 1018 | 918 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029<sup>6</sup> |  | 1435 | 1244 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>6</sup> |  | 2903 | 2399 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>6</sup> |  | 2500 | 1922 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>6</sup> |  | 1500 | 1096 |
| Ziggo Bond Co. BV 5.125% 2/28/2030<sup>6</sup> |  | 1775 | 1436 |
| Ziggo Bond Finance BV 4.875% 1/15/2030<sup>6</sup> |  | 725 | 608 |
|  |  |  | **132643** |
| **Industrials 0.53%** |  |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026<sup>6</sup> |  | 1005 | 968 |
| Allison Transmission Holdings, Inc. 3.75% 1/30/2031<sup>6</sup> |  | 3445 | 2838 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027<sup>6</sup> |  | 1025 | 929 |
| Avis Budget Group, Inc. 5.375% 3/1/2029<sup>6</sup> |  | 2450 | 2099 |
| Avolon Holdings Funding, Ltd. 3.95% 7/1/2024<sup>6</sup> |  | 1587 | 1520 |
| Avolon Holdings Funding, Ltd. 4.25% 4/15/2026<sup>6</sup> |  | 1126 | 1022 |
| Avolon Holdings Funding, Ltd. 4.375% 5/1/2026<sup>6</sup> |  | 1975 | 1802 |
| Boeing Company 4.875% 5/1/2025 |  | 1555 | 1545 |
| Boeing Company 3.10% 5/1/2026 |  | 251 | 236 |
| Boeing Company 3.25% 2/1/2028 |  | 4000 | 3639 |
| Boeing Company 5.15% 5/1/2030 |  | 1100 | 1076 |
| Boeing Company 3.60% 5/1/2034 |  | 6250 | 5016 |
| Boeing Company 5.805% 5/1/2050 |  | 4000 | 3729 |
| Bombardier, Inc. 7.125% 6/15/2026<sup>6</sup> |  | 4100 | 3985 |
| Bombardier, Inc. 7.875% 4/15/2027<sup>6</sup> |  | 8070 | 7844 |
| Bombardier, Inc. 6.00% 2/15/2028<sup>6</sup> |  | 1010 | 935 |
| BWX Technologies, Inc. 4.125% 4/15/2029<sup>6</sup> |  | 1025 | 899 |
| Canadian Pacific Railway, Ltd. 1.75% 12/2/2026 |  | 1385 | 1236 |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 |  | 1738 | 1444 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 829 | 561 |
| Chart Industries, Inc. 7.50% 1/1/2030<sup>6</sup> |  | 1347 | 1356 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028<sup>6</sup> |  | 590 | 512 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029<sup>6</sup> |  | 520 | 443 |
| CoreLogic, Inc. 4.50% 5/1/2028<sup>6</sup> |  | 6075 | 4669 |
| Covanta Holding Corp. 4.875% 12/1/2029<sup>6</sup> |  | 1035 | 849 |
| CSX Corp. 4.25% 3/15/2029 |  | 1062 | 1024 |
| CSX Corp. 2.50% 5/15/2051 |  | 1125 | 688 |
| Honeywell International, Inc. 2.30% 8/15/2024 |  | 2640 | 2536 |
| Honeywell International, Inc. 1.35% 6/1/2025 |  | 5947 | 5503 |
| Honeywell International, Inc. 2.70% 8/15/2029 |  | 1470 | 1310 |
| Icahn Enterprises Finance Corp. 4.75% 9/15/2024 |  | 2090 | 2009 |
| Icahn Enterprises, LP 5.25% 5/15/2027 |  | 1185 | 1088 |
| Icahn Enterprises, LP 4.375% 2/1/2029 |  | 1525 | 1292 |
| L3Harris Technologies, Inc. 1.80% 1/15/2031 |  | 2625 | 2021 |
| Lockheed Martin Corp. 5.10% 11/15/2027 |  | 951 | 974 |
| Lockheed Martin Corp. 5.25% 1/15/2033 |  | 1742 | 1802 |
| Lockheed Martin Corp. 5.70% 11/15/2054 |  | 1849 | 1949 |
| LSC Communications, Inc. 8.75% 10/15/2023<sup>3,6,15</sup> |  | 4063 | 12 |
| Masco Corp. 1.50% 2/15/2028 |  | 774 | 642 |
| Masco Corp. 2.00% 2/15/2031 |  | 497 | 384 |

---

148 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Masco Corp. 3.125% 2/15/2051 | USD | 230 | $144 |
| MasTec, Inc. 4.50% 8/15/2028<sup>6</sup> |  | 1425 | 1279 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027<sup>6</sup> |  | 1980 | 1973 |
| Norfolk Southern Corp. 3.05% 5/15/2050 |  | 2746 | 1852 |
| Northrop Grumman Corp. 2.93% 1/15/2025 |  | 1820 | 1747 |
| Northrop Grumman Corp. 3.25% 1/15/2028 |  | 3495 | 3229 |
| Otis Worldwide Corp. 2.293% 4/5/2027 |  | 2135 | 1914 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029<sup>6</sup> |  | 195 | 169 |
| Rolls-Royce PLC 5.75% 10/15/2027<sup>6</sup> |  | 1940 | 1851 |
| Siemens AG 1.20% 3/11/2026<sup>6</sup> |  | 3887 | 3468 |
| Siemens AG 1.70% 3/11/2028<sup>6</sup> |  | 3700 | 3167 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028<sup>6</sup> |  | 2950 | 2777 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>6</sup> |  | 507 | 534 |
| The Brink's Co. 4.625% 10/15/2027<sup>6</sup> |  | 2385 | 2186 |
| TransDigm, Inc. 6.25% 3/15/2026<sup>6</sup> |  | 3476 | 3436 |
| TransDigm, Inc. 5.50% 11/15/2027 |  | 2200 | 2070 |
| Triumph Group, Inc. 8.875% 6/1/2024<sup>6</sup> |  | 2295 | 2339 |
| Triumph Group, Inc. 6.25% 9/15/2024<sup>6</sup> |  | 4775 | 4534 |
| Triumph Group, Inc. 7.75% 8/15/2025 |  | 3950 | 3366 |
| Union Pacific Corp. 2.40% 2/5/2030 |  | 2414 | 2071 |
| Union Pacific Corp. 2.95% 3/10/2052 |  | 1000 | 681 |
| Union Pacific Corp. 3.839% 3/20/2060 |  | 546 | 425 |
| Union Pacific Corp. 3.799% 4/6/2071 |  | 545 | 405 |
| United Airlines, Inc. 4.375% 4/15/2026<sup>6</sup> |  | 975 | 905 |
| United Airlines, Inc. 4.625% 4/15/2029<sup>6</sup> |  | 2225 | 1941 |
| United Rentals, Inc. 3.875% 2/15/2031 |  | 2050 | 1723 |
| United Technologies Corp. 3.65% 8/16/2023 |  | 52 | 52 |
| United Technologies Corp. 3.95% 8/16/2025 |  | 3155 | 3085 |
| United Technologies Corp. 4.125% 11/16/2028 |  | 1075 | 1031 |
| Vertical U.S. Newco, Inc. 5.25% 7/15/2027<sup>6</sup> |  | 2000 | 1779 |
|  |  |  | **130519** |
| **Materials 0.40%** |  |  |  |
| Alcoa Nederland Holding BV 4.125% 3/31/2029<sup>6</sup> |  | 1175 | 1044 |
| Allegheny Technologies, Inc. 4.875% 10/1/2029 |  | 710 | 628 |
| Allegheny Technologies, Inc. 5.125% 10/1/2031 |  | 1110 | 983 |
| Anglo American Capital PLC 2.25% 3/17/2028<sup>6</sup> |  | 484 | 408 |
| Anglo American Capital PLC 2.625% 9/10/2030<sup>6</sup> |  | 2500 | 2037 |
| Anglo American Capital PLC 3.95% 9/10/2050<sup>6</sup> |  | 1281 | 942 |
| Arconic Rolled Products Corp. 6.125% 2/15/2028<sup>6</sup> |  | 750 | 705 |
| Avient Corp. 7.125% 8/1/2030<sup>6</sup> |  | 855 | 837 |
| Ball Corp. 6.875% 3/15/2028 |  | 1415 | 1455 |
| Ball Corp. 3.125% 9/15/2031 |  | 3520 | 2832 |
| CAN-PACK SA 3.875% 11/15/2029<sup>6</sup> |  | 935 | 738 |
| Celanese US Holdings, LLC 6.165% 7/15/2027 |  | 3500 | 3458 |
| Chevron Phillips Chemical Co., LLC 3.30% 5/1/2023<sup>6</sup> |  | 595 | 591 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027 |  | 9000 | 8613 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029<sup>6</sup> |  | 1825 | 1622 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031<sup>6</sup> |  | 1351 | 1195 |
| CVR Partners, LP 6.125% 6/15/2028<sup>6</sup> |  | 745 | 669 |
| Dow Chemical Co. 3.60% 11/15/2050 |  | 1328 | 955 |
| First Quantum Minerals, Ltd. 6.50% 3/1/2024<sup>6</sup> |  | 2204 | 2159 |
| First Quantum Minerals, Ltd. 7.50% 4/1/2025<sup>6</sup> |  | 11350 | 11071 |
| First Quantum Minerals, Ltd. 6.875% 3/1/2026<sup>6</sup> |  | 3625 | 3438 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027<sup>6</sup> |  | 4240 | 3987 |
| FXI Holdings, Inc. 7.875% 11/1/2024<sup>6</sup> |  | 2321 | 1933 |
| FXI Holdings, Inc. 12.25% 11/15/2026<sup>6</sup> |  | 4492 | 3726 |
| Glencore Funding, LLC 4.125% 3/12/2024<sup>6</sup> |  | 945 | 930 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027<sup>6</sup> |  | 5400 | 4541 |
| Kaiser Aluminum Corp. 4.625% 3/1/2028<sup>6</sup> |  | 2495 | 2181 |

---

American Funds Insurance Series 149

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| LSB Industries, Inc. 6.25% 10/15/2028<sup>6</sup> | USD | 860 | $788 |
| LYB International Finance III, LLC 2.25% 10/1/2030 |  | 1198 | 953 |
| LYB International Finance III, LLC 3.625% 4/1/2051 |  | 2537 | 1708 |
| LYB International Finance III, LLC 3.80% 10/1/2060 |  | 1186 | 774 |
| Methanex Corp. 5.125% 10/15/2027 |  | 6300 | 5854 |
| Mineral Resources, Ltd. 8.50% 5/1/2030<sup>6</sup> |  | 1525 | 1548 |
| Mosaic Co. 4.05% 11/15/2027 |  | 1050 | 991 |
| Nova Chemicals Corp. 4.25% 5/15/2029<sup>6</sup> |  | 1875 | 1536 |
| Novelis Corp. 3.875% 8/15/2031<sup>6</sup> |  | 1115 | 912 |
| Praxair, Inc. 1.10% 8/10/2030 |  | 2938 | 2258 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028<sup>6</sup> |  | 3485 | 2997 |
| SCIH Salt Holdings, Inc. 6.625% 5/1/2029<sup>6</sup> |  | 1230 | 992 |
| Sherwin-Williams Company 3.125% 6/1/2024 |  | 275 | 267 |
| Sherwin-Williams Company 3.80% 8/15/2049 |  | 5208 | 3891 |
| South32 Treasury, Ltd. 4.35% 4/14/2032<sup>6</sup> |  | 1527 | 1311 |
| SPCM SA 3.375% 3/15/2030<sup>6</sup> |  | 600 | 484 |
| Venator Finance SARL 9.50% 7/1/2025<sup>6</sup> |  | 1825 | 1323 |
| Venator Finance SARL 5.75% 7/15/2025<sup>6</sup> |  | 5845 | 2005 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028<sup>6</sup> |  | 3400 | 3356 |
| Westlake Chemical Corp. 4.375% 11/15/2047 |  | 500 | 378 |
|  |  |  | **98004** |
| **Utilities 0.31%** |  |  |  |
| Ameren Corp. 2.50% 9/15/2024 |  | 969 | 927 |
| Calpine Corp. 3.75% 3/1/2031<sup>6</sup> |  | 1975 | 1593 |
| Commonwealth Edison Co. 4.35% 11/15/2045 |  | 1085 | 931 |
| Commonwealth Edison Co. 3.85% 3/15/2052 |  | 2600 | 2083 |
| Dominion Resources, Inc., junior subordinated, 3.071% 8/15/2024<sup>13</sup> |  | 920 | 887 |
| Duke Energy Carolinas, LLC 3.95% 11/15/2028 |  | 1250 | 1202 |
| Duke Energy Corp. 4.50% 8/15/2032 |  | 2000 | 1879 |
| Duke Energy Corp. 3.50% 6/15/2051 |  | 2000 | 1398 |
| Duke Energy Florida, LLC 3.20% 1/15/2027 |  | 1445 | 1366 |
| Duke Energy Indiana, Inc. 3.25% 10/1/2049 |  | 1225 | 856 |
| Duke Energy Progress, LLC 3.70% 10/15/2046 |  | 457 | 348 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 |  | 202 | 122 |
| Duke Energy Progress, LLC 2.90% 8/15/2051 |  | 91 | 60 |
| Edison International 3.55% 11/15/2024 |  | 2200 | 2125 |
| EDP Finance BV 3.625% 7/15/2024<sup>6</sup> |  | 4100 | 3959 |
| Electricité de France SA 4.75% 10/13/2035<sup>6</sup> |  | 1250 | 1057 |
| Electricité de France SA 4.875% 9/21/2038<sup>6</sup> |  | 2750 | 2246 |
| Electricité de France SA 5.60% 1/27/2040 |  | 525 | 481 |
| Emera US Finance, LP 3.55% 6/15/2026 |  | 320 | 300 |
| Enersis Américas SA 4.00% 10/25/2026 |  | 245 | 233 |
| Entergy Corp. 2.80% 6/15/2030 |  | 3325 | 2816 |
| Eversource Energy 3.80% 12/1/2023 |  | 2730 | 2700 |
| FirstEnergy Corp. 3.40% 3/1/2050 |  | 2250 | 1489 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>6</sup> |  | 675 | 590 |
| NRG Energy, Inc. 3.625% 2/15/2031<sup>6</sup> |  | 1875 | 1429 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 |  | 125 | 107 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 2941 | 2289 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 100 | 68 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 1250 | 781 |
| PacifiCorp, First Mortgage Bonds, 4.125% 1/15/2049 |  | 4000 | 3293 |
| PG&E Corp. 5.00% 7/1/2028 |  | 3750 | 3429 |
| PG&E Corp. 5.25% 7/1/2030 |  | 3400 | 3099 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047 |  | 548 | 419 |
| Public Service Electric and Gas Co. 3.15% 1/1/2050 |  | 2451 | 1727 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 4450 | 3877 |
| Southern California Edison Co. 6.00% 1/15/2034 |  | 2500 | 2620 |
| Southern California Edison Co. 5.75% 4/1/2035 |  | 675 | 675 |

---

150 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Southern California Edison Co. 5.35% 7/15/2035 | USD | 3000 | $2915 |
| Southern California Edison Co. 4.00% 4/1/2047 |  | 264 | 208 |
| Talen Energy Corp. 7.25% 5/15/2027<sup>6</sup> |  | 8334 | 8664 |
| Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/2026<sup>9,14</sup> |  | 2815 | 2861 |
| Talen Energy Supply, LLC 7.625% 6/1/2028<sup>6</sup> |  | 1180 | 1232 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029<sup>6</sup> |  | 1030 | 903 |
| Virginia Electric and Power Co. 2.40% 3/30/2032 |  | 2575 | 2088 |
| Xcel Energy, Inc. 2.60% 12/1/2029 |  | 1950 | 1669 |
|  |  |  | **76001** |
| **Real estate 0.28%** |  |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026 |  | 315 | 305 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 |  | 1220 | 1148 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029 |  | 1940 | 1654 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 |  | 1320 | 1155 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033 |  | 4095 | 3056 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 |  | 410 | 349 |
| American Tower Corp. 1.45% 9/15/2026 |  | 2369 | 2070 |
| American Tower Corp. 3.55% 7/15/2027 |  | 1425 | 1322 |
| American Tower Corp. 3.60% 1/15/2028 |  | 1000 | 921 |
| American Tower Corp. 1.50% 1/31/2028 |  | 2500 | 2073 |
| American Tower Corp. 2.30% 9/15/2031 |  | 1500 | 1170 |
| American Tower Corp. 2.95% 1/15/2051 |  | 2000 | 1247 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029<sup>6</sup> |  | 2260 | 1712 |
| Essex Portfolio, LP 3.875% 5/1/2024 |  | 1000 | 980 |
| Essex Portfolio, LP 3.50% 4/1/2025 |  | 6825 | 6587 |
| Extra Space Storage, Inc. 2.35% 3/15/2032 |  | 1385 | 1051 |
| GLP Capital, LP 3.35% 9/1/2024 |  | 1263 | 1212 |
| Hospitality Properties Trust 4.35% 10/1/2024 |  | 560 | 510 |
| Host Hotels & Resorts, LP 4.50% 2/1/2026 |  | 355 | 341 |
| Howard Hughes Corp. 5.375% 8/1/2028<sup>6</sup> |  | 1450 | 1309 |
| Howard Hughes Corp. 4.125% 2/1/2029<sup>6</sup> |  | 1860 | 1560 |
| Howard Hughes Corp. 4.375% 2/1/2031<sup>6</sup> |  | 2690 | 2180 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 |  | 2401 | 1780 |
| Iron Mountain, Inc. 5.25% 7/15/2030<sup>6</sup> |  | 3785 | 3298 |
| Iron Mountain, Inc. 4.50% 2/15/2031<sup>6</sup> |  | 2650 | 2184 |
| Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 |  | 2645 | 2100 |
| Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 |  | 1940 | 1482 |
| Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031 |  | 2260 | 1704 |
| Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027<sup>6</sup> |  | 3757 | 3163 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029<sup>6</sup> |  | 2280 | 1933 |
| Public Storage 1.85% 5/1/2028 |  | 2490 | 2140 |
| Public Storage 1.95% 11/9/2028 |  | 2027 | 1733 |
| Public Storage 2.30% 5/1/2031 |  | 719 | 585 |
| RHP Hotel Properties, LP 4.50% 2/15/2029<sup>6</sup> |  | 1300 | 1123 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029<sup>6</sup> |  | 1240 | 1007 |
| Scentre Group 3.50% 2/12/2025<sup>6</sup> |  | 3075 | 2945 |
| Scentre Group 3.25% 10/28/2025<sup>6</sup> |  | 1000 | 939 |
| Scentre Group 3.75% 3/23/2027<sup>6</sup> |  | 2430 | 2241 |
| Sun Communities Operating, LP 2.30% 11/1/2028 |  | 1845 | 1540 |
| Sun Communities Operating, LP 2.70% 7/15/2031 |  | 876 | 694 |
| UDR, Inc. 2.95% 9/1/2026 |  | 760 | 699 |
| VICI Properties, LP 3.875% 2/15/2029<sup>6</sup> |  | 1367 | 1200 |
| VICI Properties, LP 4.625% 12/1/2029<sup>6</sup> |  | 532 | 485 |
| VICI Properties, LP 4.125% 8/15/2030<sup>6</sup> |  | 971 | 851 |
|  |  |  | **69738** |

---

American Funds Insurance Series 151

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Information technology 0.27%** |  |  |  |
| Adobe, Inc. 1.90% 2/1/2025 | USD | 366 | $346 |
| Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/2024<sup>9,14</sup> |  | 225 | 200 |
| Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025<sup>9,14</sup> |  | 4150 | 3121 |
| Analog Devices, Inc. 1.70% 10/1/2028 |  | 1286 | 1092 |
| Analog Devices, Inc. 2.10% 10/1/2031 |  | 1212 | 982 |
| Analog Devices, Inc. 2.80% 10/1/2041 |  | 2961 | 2179 |
| Analog Devices, Inc. 2.95% 10/1/2051 |  | 1955 | 1327 |
| Apple, Inc. 3.00% 2/9/2024 |  | 625 | 613 |
| Apple, Inc. 3.35% 2/9/2027 |  | 40 | 38 |
| Apple, Inc. 1.20% 2/8/2028 |  | 5000 | 4245 |
| Apple, Inc. 3.95% 8/8/2052 |  | 3500 | 2994 |
| Block, Inc. 3.50% 6/1/2031 |  | 2325 | 1858 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029<sup>6</sup> |  | 1000 | 882 |
| Broadcom, Inc. 1.95% 2/15/2028<sup>6</sup> |  | 1407 | 1191 |
| Broadcom, Inc. 2.60% 2/15/2033<sup>6</sup> |  | 2524 | 1901 |
| Broadcom, Inc. 3.469% 4/15/2034<sup>6</sup> |  | 1771 | 1418 |
| CommScope Finance, LLC 6.00% 3/1/2026<sup>6</sup> |  | 1600 | 1480 |
| Diebold Nixdorf, Inc. 9.375% 7/15/2025<sup>6</sup> |  | 10434 | 7462 |
| Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/2026<sup>3,6,16</sup> |  | 6909 | 4162 |
| Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025<sup>3,9,14</sup> |  | 4731 | 3186 |
| Fidelity National Information Services, Inc. 3.10% 3/1/2041 |  | 302 | 209 |
| Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/2024<sup>9,14</sup> | EUR | 1343 | 1243 |
| Fiserv, Inc. 3.50% 7/1/2029 | USD | 471 | 425 |
| Fiserv, Inc. 2.65% 6/1/2030 |  | 3605 | 3039 |
| Gartner, Inc. 4.50% 7/1/2028<sup>6</sup> |  | 650 | 607 |
| Intuit, Inc. 0.95% 7/15/2025 |  | 1530 | 1394 |
| Intuit, Inc. 1.35% 7/15/2027 |  | 1395 | 1209 |
| Intuit, Inc. 1.65% 7/15/2030 |  | 1845 | 1484 |
| Mastercard, Inc. 2.00% 11/18/2031 |  | 3874 | 3120 |
| Microsoft Corp. 2.921% 3/17/2052 |  | 4814 | 3431 |
| NCR Corp. 5.125% 4/15/2029<sup>6</sup> |  | 1650 | 1383 |
| PayPal Holdings, Inc. 2.65% 10/1/2026 |  | 662 | 612 |
| PayPal Holdings, Inc. 2.30% 6/1/2030 |  | 616 | 507 |
| Sabre GLBL, Inc. 7.375% 9/1/2025<sup>6</sup> |  | 946 | 911 |
| Sabre GLBL, Inc. 11.25% 12/15/2027<sup>6</sup> |  | 1157 | 1192 |
| Sabre Holdings Corp. 9.25% 4/15/2025<sup>6</sup> |  | 3122 | 3115 |
| Synaptics, Inc. 4.00% 6/15/2029<sup>6</sup> |  | 875 | 738 |
| Unisys Corp. 6.875% 11/1/2027<sup>6</sup> |  | 725 | 558 |
| VeriSign, Inc. 2.70% 6/15/2031 |  | 625 | 511 |
| Veritas US, Inc. 7.50% 9/1/2025<sup>6</sup> |  | 835 | 577 |
| Viavi Solutions, Inc. 3.75% 10/1/2029<sup>6</sup> |  | 725 | 611 |
|  |  |  | **67553** |
| **Consumer staples 0.23%** |  |  |  |
| 7-Eleven, Inc. 0.80% 2/10/2024<sup>6</sup> |  | 1700 | 1618 |
| 7-Eleven, Inc. 0.95% 2/10/2026<sup>6</sup> |  | 825 | 723 |
| 7-Eleven, Inc. 1.30% 2/10/2028<sup>6</sup> |  | 2500 | 2076 |
| Albertsons Companies, Inc. 3.50% 3/15/2029<sup>6</sup> |  | 1230 | 1035 |
| Altria Group, Inc. 3.40% 2/4/2041 |  | 1500 | 1000 |
| Altria Group, Inc. 3.70% 2/4/2051 |  | 1395 | 879 |
| Anheuser-Busch InBev NV 4.00% 4/13/2028 |  | 845 | 806 |
| Anheuser-Busch InBev NV 4.35% 6/1/2040 |  | 2500 | 2208 |
| Anheuser-Busch InBev NV 4.60% 4/15/2048 |  | 1500 | 1311 |
| British American Tobacco PLC 3.222% 8/15/2024 |  | 2826 | 2723 |
| British American Tobacco PLC 3.215% 9/6/2026 |  | 3323 | 3070 |
| British American Tobacco PLC 4.54% 8/15/2047 |  | 940 | 668 |
| Central Garden & Pet Co. 4.125% 4/30/2031<sup>6</sup> |  | 1395 | 1157 |
| Coca-Cola Company 1.00% 3/15/2028 |  | 940 | 787 |
| Conagra Brands, Inc. 1.375% 11/1/2027 |  | 4615 | 3852 |
| Constellation Brands, Inc. 3.60% 2/15/2028 |  | 625 | 580 |

---

152 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer staples (continued)** |  |  |  |
| Constellation Brands, Inc. 2.25% 8/1/2031 | USD | 1487 | $1185 |
| Coty, Inc. 4.75% 1/15/2029<sup>6</sup> |  | 1680 | 1523 |
| Imperial Tobacco Finance PLC 6.125% 7/27/2027<sup>6</sup> |  | 845 | 842 |
| Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026<sup>6</sup> |  | 2990 | 2590 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030<sup>6</sup> |  | 2210 | 1955 |
| PepsiCo, Inc. 2.625% 10/21/2041 |  | 5000 | 3721 |
| PepsiCo, Inc. 3.625% 3/19/2050 |  | 777 | 639 |
| PepsiCo, Inc. 2.75% 10/21/2051 |  | 1723 | 1200 |
| Philip Morris International, Inc. 2.875% 5/1/2024 |  | 788 | 765 |
| Philip Morris International, Inc. 3.25% 11/10/2024 |  | 2000 | 1936 |
| Philip Morris International, Inc. 0.875% 5/1/2026 |  | 2990 | 2630 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 3073 | 3101 |
| Philip Morris International, Inc. 3.375% 8/15/2029 |  | 788 | 711 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 1482 | 1507 |
| Philip Morris International, Inc. 1.75% 11/1/2030 |  | 2956 | 2322 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 938 | 959 |
| Post Holdings, Inc. 4.625% 4/15/2030<sup>6</sup> |  | 2886 | 2496 |
| Prestige Brands International, Inc. 3.75% 4/1/2031<sup>6</sup> |  | 1115 | 921 |
| Reynolds American, Inc. 5.85% 8/15/2045 |  | 2030 | 1737 |
| Simmons Foods, Inc. 4.625% 3/1/2029<sup>6</sup> |  | 560 | 457 |
|  |  |  | **57690** |
| **Total corporate bonds, notes & loans** |  |  | **1396142** |
| **Asset-backed obligations 1.68%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026<sup>6,8</sup> |  | 1050 | 1005 |
| Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 5.029% 1/15/2030<sup>6,8,9</sup> |  | 2205 | 2182 |
| Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 5.029% 10/16/2030<sup>6,8,9</sup> |  | 1639 | 1612 |
| American Express Credit Account Master Trust, Series 2018-9, Class A, (1-month USD-LIBOR + 0.38%) 4.698% 4/15/2026<sup>8,9</sup> |  | 9000 | 8995 |
| Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 5.245% 1/22/2028<sup>6,8,9</sup> |  | 2566 | 2538 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2017-2A, Class A, 2.97% 3/20/2024<sup>6,8</sup> |  | 960 | 957 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-1A, Class A, 3.70% 9/20/2024<sup>6,8</sup> |  | 1114 | 1103 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/2025<sup>6,8</sup> |  | 3100 | 3049 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027<sup>6,8</sup> |  | 539 | 489 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027<sup>6,8</sup> |  | 138 | 124 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027<sup>6,8</sup> |  | 11617 | 10133 |
| BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/2028<sup>8</sup> |  | 6633 | 6706 |
| Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>6,8,9</sup> |  | 3660 | 3614 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033<sup>6,8</sup> |  | 531 | 494 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037<sup>6,8</sup> |  | 4807 | 4092 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041<sup>6,8</sup> |  | 665 | 582 |
| Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 5.328% 7/27/2030<sup>6,8,9</sup> |  | 5164 | 5089 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>6,8</sup> |  | 5191 | 4639 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>6,8</sup> |  | 1746 | 1444 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>6,8</sup> |  | 6093 | 5277 |
| Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD-LIBOR + 0.62%) 4.981% 4/22/2026<sup>8,9</sup> |  | 4960 | 4963 |

---

American Funds Insurance Series 153

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045<sup>6,8</sup> | USD | 1446 | $1245 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045<sup>6,8</sup> |  | 5382 | 4669 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045<sup>6,8</sup> |  | 1170 | 1017 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046<sup>6,8</sup> |  | 1607 | 1373 |
| Discover Card Execution Note Trust, Series 2018-A6, Class A6, (1-month USD-LIBOR + 0.39%) 4.708% 3/15/2026<sup>8,9</sup> |  | 11400 | 11397 |
| Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 3/16/2026<sup>8</sup> |  | 256 | 256 |
| DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/2026<sup>6,8</sup> |  | 6318 | 6335 |
| Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 5.059% 4/15/2028<sup>6,8,9</sup> |  | 5181 | 5131 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045<sup>6,8</sup> |  | 351 | 297 |
| Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/2028<sup>6,8</sup> |  | 6513 | 6341 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029<sup>6,8</sup> |  | 3263 | 3192 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029<sup>6,8</sup> |  | 5092 | 5109 |
| Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025<sup>8</sup> |  | 1100 | 1101 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037<sup>6,8</sup> |  | 5999 | 5320 |
| Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/2026<sup>6,8</sup> |  | 3272 | 3292 |
| Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030<sup>6,8</sup> |  | 4825 | 4760 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/2030<sup>6,8</sup> |  | 6000 | 5885 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031<sup>6,8</sup> |  | 9605 | 9181 |
| Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/2031<sup>6,8</sup> |  | 8861 | 8318 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>6,8</sup> |  | 685 | 604 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045<sup>6,8</sup> |  | 275 | 245 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039<sup>6,8</sup> |  | 2443 | 2294 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040<sup>6,8</sup> |  | 10273 | 9116 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040<sup>6,8</sup> |  | 12830 | 11408 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041<sup>6,8</sup> |  | 4021 | 3468 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041<sup>6,8</sup> |  | 5992 | 5201 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041<sup>6,8</sup> |  | 474 | 402 |
| Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/2023<sup>3,6,8</sup> |  | 5930 | 5689 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>6,8</sup> |  | 8452 | 7816 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>6,8</sup> |  | 634 | 581 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025<sup>6,8</sup> |  | 405 | 365 |
| Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026<sup>6,8</sup> |  | 8390 | 8026 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>6,8</sup> |  | 5565 | 4853 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>6,8</sup> |  | 685 | 588 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>6,8</sup> |  | 429 | 355 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028<sup>6,8</sup> |  | 4900 | 4305 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028<sup>6,8</sup> |  | 8750 | 8096 |
| Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 5.079% 4/15/2029<sup>6,8,9</sup> |  | 1090 | 1087 |
| Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/2030<sup>6,8,9</sup> |  | 5497 | 5411 |
| Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/2029<sup>6,8,9</sup> |  | 2311 | 2288 |
| Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 3/20/2026<sup>6,8</sup> |  | 4700 | 4486 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/2026<sup>6,8</sup> |  | 1900 | 1840 |
| Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/2027<sup>6,8</sup> |  | 2531 | 2473 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>6,8</sup> |  | 5085 | 4327 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070<sup>6,8</sup> |  | 5969 | 5062 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046<sup>6,8</sup> |  | 6343 | 5341 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062<sup>6,8</sup> |  | 10468 | 9303 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>6,8</sup> |  | 5889 | 5217 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>6,8</sup> |  | 10010 | 8901 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>6,8</sup> |  | 23051 | 19520 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/2030<sup>6,8,9</sup> |  | 1752 | 1733 |
| Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 5.757% 11/25/2028<sup>6,8,9</sup> |  | 1415 | 1405 |

---

154 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/2029<sup>6,8,9</sup> | USD | 437 | $433 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 4.879% 10/15/2029<sup>6,8,9</sup> |  | 8431 | 8324 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 5.479% 10/15/2029<sup>6,8,9</sup> |  | 5378 | 5207 |
| Palmer Square Loan Funding, CLO, Series 2022-5, Class A1, (3-month USD CME Term SOFR + 1.56%) 4.084% 1/15/2031<sup>6,8,9</sup> |  | 5871 | 5838 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036<sup>8</sup> |  | 2725 | 2534 |
| PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 2.45% 1/20/2031<sup>6,8,9</sup> |  | 9947 | 9947 |
| Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 5.019% 10/15/2030<sup>6,8,9</sup> |  | 4634 | 4571 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 1/15/2025<sup>8</sup> |  | 4359 | 4337 |
| Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/2025<sup>8</sup> |  | 646 | 643 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026<sup>8</sup> |  | 1987 | 1991 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/2026<sup>8</sup> |  | 4101 | 4027 |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 5.048% 1/15/2053<sup>6,8,9</sup> |  | 6531 | 6256 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046<sup>6,8</sup> |  | 3451 | 2775 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046<sup>6,8</sup> |  | 4820 | 4182 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041<sup>6,8</sup> |  | 4782 | 4039 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>6,8</sup> |  | 2480 | 2209 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033<sup>6,8</sup> |  | 2048 | 1770 |
| Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 6.678% 10/20/2031<sup>6,8,9</sup> |  | 7500 | 7500 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075<sup>6,8</sup> |  | 3286 | 2989 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045<sup>6,8</sup> |  | 1820 | 1599 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045<sup>6,8</sup> |  | 801 | 699 |
| Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046<sup>6,8</sup> |  | 924 | 778 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046<sup>6,8</sup> |  | 2661 | 2267 |
| Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031<sup>6,8</sup> |  | 3250 | 3134 |
| Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/2033<sup>6,8</sup> |  | 889 | 814 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034<sup>6,8,9</sup> |  | 7257 | 6439 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045<sup>6,8</sup> |  | 10345 | 8870 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046<sup>6,8</sup> |  | 1823 | 1523 |
| Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/2025<sup>6,8</sup> |  | 6521 | 6506 |
|  |  |  | **417313** |
| **Bonds & notes of governments & government agencies outside the U.S. 0.17%** |  |  |  |
| CPPIB Capital, Inc. 2.75% 11/2/2027<sup>6</sup> |  | 6600 | 6096 |
| European Investment Bank 0.75% 10/26/2026 |  | 6194 | 5433 |
| OMERS Finance Trust 3.50% 4/19/2032<sup>6</sup> |  | 4315 | 3905 |
| OMERS Finance Trust 4.00% 4/19/2052<sup>6</sup> |  | 4315 | 3459 |
| Panama (Republic of) 3.298% 1/19/2033 |  | 4365 | 3545 |
| Panama (Republic of) 4.50% 1/19/2063 |  | 1035 | 733 |
| Peru (Republic of) 1.862% 12/1/2032 |  | 2525 | 1848 |
| Peru (Republic of) 2.78% 12/1/2060 |  | 3775 | 2214 |
| Qatar (State of) 3.375% 3/14/2024<sup>6</sup> |  | 2315 | 2271 |
| Qatar (State of) 4.00% 3/14/2029<sup>6</sup> |  | 745 | 733 |
| Qatar (State of) 4.817% 3/14/2049<sup>6</sup> |  | 750 | 731 |
| Swedish Export Credit Corp. 3.625% 9/3/2024 |  | 5089 | 4993 |
| United Mexican States 2.659% 5/24/2031 |  | 2703 | 2187 |
| United Mexican States 4.875% 5/19/2033 |  | 1790 | 1647 |
| United Mexican States 3.771% 5/24/2061 |  | 1528 | 971 |
|  |  |  | **40766** |

---

American Funds Insurance Series 155

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Municipals 0.14%** |  |  |  |
| **California 0.02%** |  |  |  |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026 | USD | 1200 | $1079 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027 |  | 1660 | 1454 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 |  | 495 | 398 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042 |  | 1170 | 869 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046 |  | 2470 | 2288 |
|  |  |  | **6088** |
| **Connecticut 0.00%** |  |  |  |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 11/15/2044 |  | 5 | 5 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 11/15/2044 |  | 10 | 10 |
|  |  |  | **15** |
| **Florida 0.04%** |  |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 |  | 5335 | 4649 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 |  | 5365 | 4399 |
|  |  |  | **9048** |
| **Guam 0.00%** |  |  |  |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036 |  | 240 | 196 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043 |  | 315 | 246 |
|  |  |  | **442** |
| **Illinois 0.01%** |  |  |  |
| G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033 |  | **4125** | **3952** |
| **Maryland 0.00%** |  |  |  |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 9/1/2040 |  | **10** | **10** |
| **Minnesota 0.00%** |  |  |  |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 7/1/2038 |  | **30** | **30** |
| **New York 0.03%** |  |  |  |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity) |  | 2865 | 2556 |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028 |  | 4745 | 4036 |
|  |  |  | **6592** |
| **Ohio 0.02%** |  |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031 |  | **5110** | **4314** |
| **South Carolina 0.00%** |  |  |  |
| Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 7/1/2041 |  | **10** | **10** |

---

156 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Municipals (continued)** |  |  |  |
| **South Dakota 0.00%** |  |  |  |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 5/1/2034 | **USD** | **5** | $**5** |
| **Tennessee 0.00%** |  |  |  |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 7/1/2043 |  | **5** | **5** |
| **Wisconsin 0.02%** |  |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 |  | **5865** | **5213** |
| **Total municipals** |  |  | **35724** |
| **Total bonds, notes & other debt instruments** (cost: $5,829,150,000) |  |  | **5385913** |
| **Short-term securities 6.82%** |  | Shares |  |
| **Money market investments 6.61%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,17</sup> |  | **16398802** | **1639716** |
| **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>17,18</sup> |  | 20644758 | 20645 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>17,18</sup> |  | 17940546 | 17940 |
| Capital Group Central Cash Fund 4.31%<sup>7,17,18</sup> |  | 126229 | 12622 |
|  |  |  | **51207** |
| **Total short-term securities** (cost: $1,690,721,000) |  |  | **1690923** |
| **Total investment securities 102.09%** (cost: $21,116,750,000) |  |  | **25318386** |
| Other assets less liabilities (2.09)% |  |  | (517812) |
| **Net assets 100.00%** |  |  | $**24800574** |

---

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000)** |
| 2 Year U.S. Treasury Note Futures | Long | 543 | March 2023 | USD111,357 | $139 |
| 5 Year U.S. Treasury Note Futures | Long | 2120 | March 2023 | 228811 | (257) |
| 10 Year U.S. Treasury Note Futures | Long | 1324 | March 2023 | 148681 | (1571) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 3101 | March 2023 | (366790) | 2180 |
| 20 Year U.S. Treasury Bond Futures | Long | 960 | March 2023 | 120330 | (1534) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 53 | March 2023 | 7119 | (123) |
|  |  |  |  |  | $(1166) |

---

American Funds Insurance Series 157

Asset Allocation Fund (continued)

**Swap contracts**

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Value at<br> 12/31/2022<br> (000)** | **Upfront<br> premium<br> received<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| CDX.NA.IG.39 | 1.00% | Quarterly | 12/20/2027 | USD238,057 | $(1903) | $(280) | $(1623) |

---

**Investments in affiliates<sup>7</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)** | **Value of<br> affiliates at 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Health care 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuCana PLC (ADR)<sup>19</sup> | $7086 | $— | $2674 | $(14288) | $9876 | $— | $— |
| **Investment funds 5.51%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | 1617261 | 83203 | 40000 | (10186) | (283156) | 1367122 | 43890 |
| **Short-term securities 6.66%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 6.61%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>17</sup> | 1417334 | 4300144 | 4077429 | (250) | (83) | 1639716 | 36585 |
| **Money market investments purchased with collateral from securities on loan 0.05%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>17,18</sup> | 8492 | 4130<sup>20</sup> |  |  |  | 12622 | —<sup>21</sup> |
| **Total short-term securities** |  |  |  |  |  | 1652338 |  |
| **Total 12.17%** |  |  |  | $(24724) | $(273363) | $3019460 | $80475 |

---

**Restricted securities<sup>4</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Acquisition<br> date** | **Cost<br> (000)** | **Value<br> (000)** | **Percent<br> of net<br> assets** |
| Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 7/9/2024 <sup>3</sup> | 7/9/2021 | $50000 | $63388 | .26% |
| Rotech Healthcare, Inc.<sup>1,3</sup> | 8/22/2014 | 6949 | 19703 | .08 |
| **Total** |  | $56949 | $83091 | .34% |

---

158 American Funds Insurance Series

Asset Allocation Fund (continued)

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $67,688,000, which represented .27% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $83,091,000, which represented .33% of the net assets of the fund.

<sup>5</sup> Amount less than one thousand.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,155,580,000, which represented 4.66% of the net assets of the fund.

<sup>7</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>8</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>9</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>10</sup> Purchased on a TBA basis.

<sup>11</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,779,000, which represented .04% of the net assets of the fund.

<sup>12</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>13</sup> Step bond; coupon rate may change at a later date.

<sup>14</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $8,799,000, which represented .04% of the net assets of the fund.

<sup>15</sup> Scheduled interest and/or principal payment was not received.

<sup>16</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>17</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>18</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>19</sup> Affiliated issuer during the reporting period but no longer held at 12/31/2022.

<sup>20</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>21</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

Agcy. = Agency

AMT = Alternative Minimum Tax

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Dept. = Department

Dev. = Development

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 159

American Funds Global Balanced Fund

(formerly Global Balanced Fund)

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 58.58%** | Shares | Value<br> (000) |
| **Financials 10.64%** |  |  |
| Zurich Insurance Group AG | 10777 | $5150 |
| B3 SA-Brasil, Bolsa, Balcao | 2047634 | 5123 |
| HDFC Bank, Ltd. (ADR) | 25988 | 1778 |
| HDFC Bank, Ltd. | 79465 | 1564 |
| DNB Bank ASA | 156181 | 3092 |
| AIA Group, Ltd. | 195894 | 2158 |
| Toronto-Dominion Bank (CAD denominated) | 32954 | 2134 |
| PNC Financial Services Group, Inc. | 11839 | 1870 |
| Kotak Mahindra Bank, Ltd. | 78279 | 1722 |
| DBS Group Holdings, Ltd. | 55100 | 1395 |
| Citigroup, Inc. | 30627 | 1385 |
| BlackRock, Inc. | 1886 | 1337 |
| ING Groep NV | 98239 | 1199 |
| United Overseas Bank, Ltd. | 47600 | 1092 |
| BNP Paribas SA | 12920 | 735 |
| Nasdaq, Inc. | 11966 | 734 |
| JPMorgan Chase & Co. | 5371 | 720 |
| KBC Groep NV | 11130 | 715 |
| Münchener Rückversicherungs-Gesellschaft AG | 1931 | 628 |
| Aegon NV | 122629 | 622 |
| Bank Central Asia Tbk PT | 1108100 | 608 |
| Tryg A/S | 24243 | 575 |
| Banco Santander, SA | 176586 | 529 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 66500 | 439 |
| Ping An Insurance (Group) Company of China, Ltd., Class A | 11400 | 77 |
| FinecoBank SpA | 26543 | 442 |
| Great-West Lifeco, Inc. | 17334 | 401 |
| CME Group, Inc., Class A | 2292 | 385 |
| Fairfax Financial Holdings, Ltd., subordinate voting shares | 506 | 300 |
| Allfunds Group PLC | 18078 | 126 |
| Lufax Holding, Ltd. (ADR) | 47602 | 92 |
|  |  | **39127** |
| **Industrials 8.37%** |  |  |
| Raytheon Technologies Corp. | 71227 | 7188 |
| General Electric Co. | 39535 | 3313 |
| BAE Systems PLC | 264063 | 2729 |
| Thales SA | 20022 | 2560 |
| General Dynamics Corp. | 8468 | 2101 |
| Carrier Global Corp. | 49012 | 2022 |
| L3Harris Technologies, Inc. | 9073 | 1889 |
| Siemens AG | 13373 | 1856 |
| Honeywell International, Inc. | 6585 | 1411 |
| RELX PLC | 46732 | 1295 |
| CSX Corp. | 38467 | 1192 |
| LIXIL Corp. | 54500 | 831 |
| Deutsche Post AG | 17657 | 665 |
| Safran SA | 4525 | 565 |
| Trelleborg AB, Class B | 11334 | 262 |
| Brenntag SE | 3756 | 240 |
| Melrose Industries PLC | 141781 | 230 |
| Airbus SE, non-registered shares | 1805 | 215 |
| NIBE Industrier AB, Class B | 21550 | 201 |
|  |  | **30765** |
| **Health care 7.78%** |  |  |
| Abbott Laboratories | 57298 | 6291 |
| Gilead Sciences, Inc. | 30992 | 2661 |
| Novartis AG | 28897 | 2617 |
| Siemens Healthineers AG | 51525 | 2578 |
| UnitedHealth Group, Inc. | 4540 | 2407 |

---

160 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| Thermo Fisher Scientific, Inc. | 3354 | $1847 |
| AstraZeneca PLC | 12615 | 1712 |
| Merck KGaA | 8165 | 1581 |
| AbbVie, Inc. | 8136 | 1315 |
| Stryker Corp. | 3999 | 978 |
| Amgen, Inc. | 3365 | 884 |
| Medtronic PLC | 11261 | 875 |
| Eurofins Scientific SE, non-registered shares | 11316 | 815 |
| BioMarin Pharmaceutical, Inc.<sup>1</sup> | 6615 | 685 |
| Humana, Inc. | 1166 | 597 |
| Bayer AG | 10117 | 522 |
| Takeda Pharmaceutical Company, Ltd. | 8400 | 262 |
|  |  | **28627** |
| **Information technology 6.47%** |  |  |
| Broadcom, Inc. | 16303 | 9115 |
| Microsoft Corp. | 31123 | 7464 |
| Micron Technology, Inc. | 44625 | 2230 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 97000 | 1414 |
| GlobalWafers Co., Ltd. | 86000 | 1195 |
| ServiceNow, Inc.<sup>1</sup> | 2184 | 848 |
| Accenture PLC, Class A | 3024 | 807 |
| Apple, Inc. | 3194 | 415 |
| Applied Materials, Inc. | 2383 | 232 |
| Texas Instruments, Inc. | 380 | 63 |
|  |  | **23783** |
| **Consumer staples 5.34%** |  |  |
| Nestlé SA | 35802 | 4135 |
| Philip Morris International, Inc. | 36010 | 3645 |
| ITC, Ltd. | 833272 | 3340 |
| Imperial Brands PLC | 95936 | 2397 |
| Seven & i Holdings Co., Ltd. | 39200 | 1677 |
| Pernod Ricard SA | 5580 | 1097 |
| British American Tobacco PLC | 27475 | 1090 |
| Heineken NV | 7506 | 705 |
| Altria Group, Inc. | 14317 | 654 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 104700 | 465 |
| Treasury Wine Estates, Ltd. | 27708 | 256 |
| Kweichow Moutai Co., Ltd., Class A | 721 | 178 |
|  |  | **19639** |
| **Utilities 4.80%** |  |  |
| DTE Energy Company | 29637 | 3483 |
| Power Grid Corporation of India, Ltd. | 1007658 | 2594 |
| NextEra Energy, Inc. | 28214 | 2359 |
| Duke Energy Corp. | 16849 | 1735 |
| E.ON SE | 157688 | 1574 |
| Entergy Corp. | 10025 | 1128 |
| Iberdrola, SA, non-registered shares | 77458 | 906 |
| ENN Energy Holdings, Ltd. | 64000 | 893 |
| Dominion Energy, Inc. | 14276 | 875 |
| National Grid PLC | 65238 | 784 |
| Enel SpA | 122240 | 657 |
| SembCorp Industries, Ltd. | 187100 | 471 |
| Public Service Enterprise Group, Inc. | 3391 | 208 |
|  |  | **17667** |

---

American Funds Insurance Series 161

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Materials 4.33%** |  |  |
| Freeport-McMoRan, Inc. | 87143 | $3311 |
| Linde PLC | 6504 | 2122 |
| BHP Group, Ltd. (CDI) | 62248 | 1919 |
| Evonik Industries AG | 96394 | 1851 |
| Fortescue Metals Group, Ltd. | 126401 | 1762 |
| Rio Tinto PLC | 20187 | 1417 |
| Shin-Etsu Chemical Co., Ltd. | 11000 | 1340 |
| Vale SA (ADR), ordinary nominative shares | 64102 | 1088 |
| UPM-Kymmene OYJ | 15079 | 565 |
| International Flavors & Fragrances, Inc. | 2739 | 287 |
| Air Liquide SA, non-registered shares | 1874 | 267 |
|  |  | **15929** |
| **Energy 4.02%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 125963 | 6995 |
| Neste OYJ | 40724 | 1881 |
| Shell PLC (GBP denominated) | 54477 | 1548 |
| Chevron Corp. | 8045 | 1444 |
| BP PLC | 184567 | 1073 |
| DT Midstream, Inc. | 10284 | 568 |
| Baker Hughes Co., Class A | 17643 | 521 |
| TC Energy Corp. (CAD denominated) | 12080 | 482 |
| Woodside Energy Group, Ltd. (CDI) | 10942 | 264 |
|  |  | **14776** |
| **Communication services 3.14%** |  |  |
| Alphabet, Inc., Class A<sup>1</sup> | 19243 | 1698 |
| Alphabet, Inc., Class C<sup>1</sup> | 7907 | 701 |
| Netflix, Inc.<sup>1</sup> | 8029 | 2368 |
| Singapore Telecommunications, Ltd. | 782600 | 1502 |
| Comcast Corp., Class A | 30643 | 1072 |
| BCE, Inc. | 22635 | 995 |
| Omnicom Group, Inc. | 10624 | 867 |
| Universal Music Group NV | 31035 | 749 |
| SoftBank Corp. | 54400 | 615 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 4089 | 492 |
| Electronic Arts, Inc. | 4021 | 491 |
|  |  | **11550** |
| **Consumer discretionary 2.27%** |  |  |
| LVMH Moët Hennessy-Louis Vuitton SE | 2423 | 1760 |
| Cie. Financière Richemont SA, Class A | 8551 | 1107 |
| Ferrari NV | 3990 | 855 |
| Ferrari NV (EUR denominated) | 1039 | 222 |
| General Motors Company | 27725 | 933 |
| Tesla, Inc.<sup>1</sup> | 7350 | 905 |
| InterContinental Hotels Group PLC | 12297 | 708 |
| Starbucks Corp. | 4596 | 456 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 8302 | 410 |
| Astra International Tbk PT | 1050300 | 383 |
| Aptiv PLC<sup>1</sup> | 2518 | 234 |
| D.R. Horton, Inc. | 2232 | 199 |
| Airbnb, Inc., Class A<sup>1</sup> | 1851 | 158 |
| JD.com, Inc., Class A | 1200 | 34 |
|  |  | **8364** |

---

162 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Common stocks** (continued) |  | Shares | Value<br> (000) |
| **Real estate 1.42%** |  |  |  |
| Embassy Office Parks REIT |  | 342621 | $1390 |
| Equinix, Inc. REIT |  | 2059 | 1349 |
| CTP NV |  | 104148 | 1226 |
| Digital Realty Trust, Inc. REIT |  | 4683 | 470 |
| Crown Castle, Inc. REIT |  | 3025 | 410 |
| Americold Realty Trust, Inc. REIT |  | 12798 | 362 |
|  |  |  | **5207** |
| **Total common stocks** (cost: $194,190,000) |  |  | **215434** |
| **Preferred securities 0.40%** |  |  |  |
| **Financials 0.25%** |  |  |  |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares<sup>1</sup> |  | 223000 | 522 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares<sup>1</sup> |  | 192000 | 389 |
|  |  |  | **911** |
| **Consumer discretionary 0.15%** |  |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> |  | **5497** | **558** |
| **Total preferred securities** (cost: $1,986,000) |  |  | **1469** |
| **Convertible stocks 0.34%** |  |  |  |
| **Utilities 0.23%** |  |  |  |
| NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 |  | **16500** | **828** |
| **Health care 0.11%** |  |  |  |
| Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023 |  | **300** | **407** |
| **Total convertible stocks** (cost: $1,214,000) |  |  | **1235** |
| **Investment funds 1.50%** |  |  |  |
| Capital Group Central Corporate Bond Fund<sup>2</sup> |  | **678772** | **5532** |
| **Total investment funds** (cost: $5,481,000) |  |  | **5532** |
| **Bonds, notes & other debt instruments 34.19%** |  | Principal amount<br> (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 13.26%** | **Bonds & notes of governments & government agencies outside the U.S. 13.26%** | **Bonds & notes of governments & government agencies outside the U.S. 13.26%** |  |
| Abu Dhabi (Emirate of) 0.75% 9/2/2023<sup>3</sup> | USD | 275 | 267 |
| Agricultural Development Bank of China 3.75% 1/25/2029 | CNY | 550 | 83 |
| Asian Development Bank 1.125% 6/10/2025 | GBP | 100 | 112 |
| Australia (Commonwealth of), Series 152, 2.75% 11/21/2028 | AUD | 310 | 200 |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 |  | 1055 | 591 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 |  | 150 | 79 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 |  | 2250 | 1388 |
| Austria (Republic of) 0% 2/20/2031 | EUR | 660 | 553 |
| Brazil (Federative Republic of) 10.00% 1/1/2023 | BRL | 600 | 108 |
| Brazil (Federative Republic of) 0% 1/1/2024 |  | 1700 | 284 |
| Brazil (Federative Republic of) 10.00% 1/1/2025 |  | 900 | 163 |
| Canada 0.75% 10/1/2024 | CAD | 1125 | 785 |
| Canada 2.25% 6/1/2025 |  | 1400 | 998 |
| Canada 0.25% 3/1/2026 |  | 570 | 378 |
| Canada 3.50% 3/1/2028 |  | 1009 | 749 |
| Chile (Republic of) 4.70% 9/1/2030 | CLP | 245000 | 279 |

---

American Funds Insurance Series 163

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |
| China (People's Republic of), Series 1910, 3.86% 7/22/2049 | CNY | 2110 | $336 |
| China (People's Republic of), Series INBK, 3.39% 3/16/2050 |  | 1600 | 235 |
| China (People's Republic of), Series INBK, 3.81% 9/14/2050 |  | 10290 | 1626 |
| China Development Bank Corp., Series 2008, 2.89% 6/22/2025 |  | 3240 | 470 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027 |  | 1060 | 156 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027 |  | 8580 | 1258 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028 |  | 2040 | 322 |
| Colombia (Republic of), Series B, 5.75% 11/3/2027 | COP | 2331300 | 365 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031 |  | 5308700 | 776 |
| European Investment Bank 0.375% 9/15/2027 | EUR | 110 | 105 |
| European Investment Bank 0.25% 1/20/2032 |  | 860 | 717 |
| European Union 0% 7/6/2026 |  | 100 | 97 |
| European Union 0.25% 10/22/2026 |  | 50 | 48 |
| French Republic O.A.T. 0.75% 2/25/2028 |  | 640 | 618 |
| French Republic O.A.T. 0% 11/25/2030 |  | 1320 | 1128 |
| French Republic O.A.T. 0% 5/25/2032 |  | 650 | 527 |
| French Republic O.A.T. 2.00% 11/25/2032 |  | 610 | 596 |
| French Republic O.A.T. 3.25% 5/25/2045 |  | 160 | 171 |
| Germany (Federal Republic of) 0% 4/16/2027 |  | 950 | 915 |
| Germany (Federal Republic of) 0% 8/15/2031 |  | 2600 | 2258 |
| Germany (Federal Republic of) 0% 2/15/2032 |  | 540 | 463 |
| Germany (Federal Republic of) 1.70% 8/15/2032 |  | 1129 | 1127 |
| Germany (Federal Republic of) 1.00% 5/15/2038 |  | 640 | 548 |
| Germany (Federal Republic of) 0% 8/15/2050 |  | 200 | 112 |
| Germany (Federal Republic of) 0% 8/15/2052 |  | 260 | 139 |
| Greece (Hellenic Republic of) 3.45% 4/2/2024 |  | 110 | 118 |
| Greece (Hellenic Republic of) 3.375% 2/15/2025 |  | 300 | 321 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 |  | 790 | 668 |
| India (Republic of) 5.15% 11/9/2025 | INR | 8000 | 92 |
| Indonesia (Republic of), Series 78, 8.25% 5/15/2029 | IDR | 1833000 | 127 |
| Indonesia (Republic of), Series 87, 6.50% 2/15/2031 |  | 1253000 | 78 |
| Israel (State of) 2.875% 1/29/2024 | EUR | 200 | 213 |
| Israel (State of) 1.50% 1/18/2027 |  | 100 | 100 |
| Italy (Republic of) 1.35% 4/1/2030 |  | 660 | 581 |
| Italy (Republic of) 2.50% 12/1/2032 |  | 650 | 583 |
| Japan, Series 17, 0.10% 9/10/2023<sup>4</sup> | JPY | 10900 | 84 |
| Japan, Series 18, 0.10% 3/10/2024<sup>4</sup> |  | 21660 | 169 |
| Japan, Series 19, 0.10% 9/10/2024<sup>4</sup> |  | 31620 | 247 |
| Japan, Series 150, 0.005% 12/20/2026 |  | 84950 | 644 |
| Japan, Series 22, 0.10% 3/10/2027<sup>4</sup> |  | 26454 | 211 |
| Japan, Series 346, 0.10% 3/20/2027 |  | 134150 | 1018 |
| Japan, Series 363, 0.10% 6/20/2031 |  | 56000 | 412 |
| Japan, Series 365, 0.10% 12/20/2031 |  | 317600 | 2340 |
| Japan, Series 152, 1.20% 3/20/2035 |  | 264400 | 2109 |
| Japan, Series 179, 0.50% 12/20/2041 |  | 71600 | 476 |
| Japan, Series 42, 1.70% 3/20/2044 |  | 50150 | 408 |
| Japan, Series 37, 0.60% 6/20/2050 |  | 26950 | 162 |
| Japan, Series 74, 1.00% 3/20/2052 |  | 178400 | 1178 |
| Japan, Series 76, 1.40% 9/20/2052 |  | 80350 | 586 |
| KfW 1.125% 7/4/2025 | GBP | 95 | 106 |
| Malaysia (Federation of), Series 0119, 3.906% 7/15/2026 | MYR | 1380 | 315 |
| Malaysia (Federation of), Series 0219, 3.885% 8/15/2029 |  | 620 | 140 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 |  | 270 | 57 |
| Morocco (Kingdom of) 3.50% 6/19/2024 | EUR | 100 | 107 |
| Morocco (Kingdom of) 1.50% 11/27/2031 |  | 100 | 79 |
| Netherlands (Kingdom of the) 5.50% 1/15/2028 |  | 100 | 121 |
| Nova Scotia (Province of) 3.15% 12/1/2051 | CAD | 170 | 101 |
| Peru (Republic of) 2.392% 1/23/2026 | USD | 90 | 83 |
| Philippines (Republic of) 0.001% 4/12/2024 | JPY | 100000 | 753 |

---

164 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |
| Philippines (Republic of) 0.25% 4/28/2025 | EUR | 100 | $99 |
| Philippines (Republic of) 1.648% 6/10/2031 | USD | 200 | 160 |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN | 410 | 74 |
| Portuguese Republic 0.475% 10/18/2030 | EUR | 230 | 199 |
| Romania 2.125% 3/7/2028 |  | 130 | 117 |
| Romania 3.624% 5/26/2030 |  | 392 | 344 |
| Romania 2.00% 1/28/2032 |  | 100 | 72 |
| Romania 2.00% 4/14/2033 |  | 200 | 138 |
| Romania 3.375% 2/8/2038 |  | 80 | 58 |
| Romania 4.625% 4/3/2049 |  | 39 | 30 |
| Romania 3.375% 1/28/2050 |  | 73 | 45 |
| Russian Federation 7.00% 8/16/2023<sup>5,6</sup> | RUB | 16600 | 77 |
| Russian Federation 2.875% 12/4/2025<sup>5</sup> | EUR | 200 | 90 |
| Russian Federation 4.25% 6/23/2027<sup>5</sup> | USD | 200 | 86 |
| Russian Federation 4.375% 3/21/2029<sup>5</sup> |  | 200 | 82 |
| Russian Federation 6.90% 5/23/2029<sup>5</sup> | RUB | 28250 | 123 |
| Russian Federation 7.65% 4/10/2030<sup>5</sup> |  | 38320 | 166 |
| Russian Federation 5.90% 3/12/2031<sup>5</sup> |  | 5620 | 24 |
| Russian Federation 6.90% 7/23/2031<sup>5</sup> |  | 18200 | 79 |
| Russian Federation 8.50% 9/17/2031<sup>5</sup> |  | 5530 | 24 |
| Russian Federation 7.70% 3/23/2033<sup>5</sup> |  | 23030 | 100 |
| Russian Federation 7.25% 5/10/2034<sup>5</sup> |  | 8140 | 35 |
| Serbia (Republic of) 3.125% 5/15/2027 | EUR | 385 | 356 |
| Serbia (Republic of) 2.05% 9/23/2036 |  | 185 | 112 |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR | 3000 | 157 |
| Spain (Kingdom of) 0% 1/31/2027 | EUR | 335 | 317 |
| Spain (Kingdom of) 0.80% 7/30/2027 |  | 490 | 474 |
| Spain (Kingdom of) 0.50% 10/31/2031 |  | 395 | 329 |
| Spain (Kingdom of) 0.70% 4/30/2032 |  | 830 | 693 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 260 | 235 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 150 | 135 |
| Ukraine 6.876% 5/21/2031<sup>3,5</sup> | USD | 250 | 48 |
| Ukraine 6.876% 5/21/2031<sup>5</sup> |  | 200 | 38 |
| United Kingdom 2.75% 9/7/2024 | GBP | 50 | 60 |
| United Kingdom 1.25% 7/22/2027 |  | 410 | 447 |
| United Kingdom 0.375% 10/22/2030 |  | 490 | 463 |
| United Kingdom 0.25% 7/31/2031 |  | 160 | 145 |
| United Kingdom 1.00% 1/31/2032 |  | 1490 | 1427 |
| United Kingdom 4.25% 6/7/2032 |  | 1165 | 1474 |
| United Kingdom 3.25% 1/22/2044 |  | 174 | 187 |
| United Kingdom 1.25% 7/31/2051 |  | 413 | 270 |
| United Mexican States, Series M, 5.75% 3/5/2026 | MXN | 18200 | 846 |
| United Mexican States, Series M, 7.50% 6/3/2027 |  | 1950 | 94 |
| United Mexican States, Series M, 7.75% 5/29/2031 |  | 5000 | 238 |
| United Mexican States, Series M, 8.00% 11/7/2047 |  | 5120 | 235 |
| United Mexican States, Series M, 8.00% 7/31/2053 |  | 18880 | 864 |
|  |  |  | **48783** |
| **U.S. Treasury bonds & notes 12.04%** |  |  |  |
| **U.S. Treasury 11.52%** |  |  |  |
| U.S. Treasury 2.50% 3/31/2023 | USD | 1182 | 1177 |
| U.S. Treasury 2.75% 4/30/2023 |  | 1485 | 1477 |
| U.S. Treasury 1.50% 2/29/2024 |  | 5058 | 4876 |
| U.S. Treasury 2.50% 4/30/2024 |  | 995 | 967 |
| U.S. Treasury 3.25% 8/31/2024 |  | 706 | 691 |
| U.S. Treasury 1.50% 10/31/2024 |  | 1300 | 1232 |
| U.S. Treasury 1.00% 12/15/2024 |  | 620 | 580 |
| U.S. Treasury 1.75% 3/15/2025 |  | 98 | 93 |
| U.S. Treasury 3.00% 7/15/2025 |  | 1016 | 984 |

---

American Funds Insurance Series 165

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 3.125% 8/15/2025 | USD | 18 | $17 |
| U.S. Treasury 0.25% 8/31/2025 |  | 833 | 749 |
| U.S. Treasury 4.50% 11/15/2025 |  | 178 | 179 |
| U.S. Treasury 0.375% 11/30/2025 |  | 50 | 45 |
| U.S. Treasury 0.50% 2/28/2026 |  | 500 | 446 |
| U.S. Treasury 0.75% 3/31/2026 |  | 2075 | 1861 |
| U.S. Treasury 0.875% 6/30/2026 |  | 74 | 66 |
| U.S. Treasury 2.25% 2/15/2027 |  | 298 | 277 |
| U.S. Treasury 1.875% 2/28/2027 |  | 6696 | 6133 |
| U.S. Treasury 2.50% 3/31/2027 |  | 1025 | 962 |
| U.S. Treasury 2.75% 4/30/2027 |  | 6460 | 6125 |
| U.S. Treasury 2.75% 7/31/2027 |  | 46 | 43 |
| U.S. Treasury 3.125% 8/31/2027 |  | 2160 | 2078 |
| U.S. Treasury 4.125% 9/30/2027 |  | 268 | 269 |
| U.S. Treasury 4.125% 10/31/2027 |  | 357 | 358 |
| U.S. Treasury 2.875% 5/15/2028 |  | 1275 | 1204 |
| U.S. Treasury 2.875% 8/15/2028 |  | 557 | 525 |
| U.S. Treasury 0.625% 5/15/2030 |  | 823 | 652 |
| U.S. Treasury 0.625% 8/15/2030 |  | 650 | 512 |
| U.S. Treasury 1.625% 5/15/2031 |  | 375 | 316 |
| U.S. Treasury 1.25% 8/15/2031 |  | 395 | 321 |
| U.S. Treasury 1.375% 11/15/2031 |  | 834 | 680 |
| U.S. Treasury 1.875% 2/15/2032 |  | 779 | 661 |
| U.S. Treasury 2.875% 5/15/2032 |  | 640 | 590 |
| U.S. Treasury 2.75% 8/15/2032 |  | 1279 | 1164 |
| U.S. Treasury 4.125% 11/15/2032 |  | 195 | 199 |
| U.S. Treasury 1.875% 2/15/2041<sup>7</sup> |  | 920 | 652 |
| U.S. Treasury 2.25% 5/15/2041<sup>7</sup> |  | 525 | 395 |
| U.S. Treasury 2.875% 11/15/2046 |  | 400 | 322 |
| U.S. Treasury 1.25% 5/15/2050 |  | 140 | 76 |
| U.S. Treasury 2.375% 5/15/2051 |  | 490 | 353 |
| U.S. Treasury 2.00% 8/15/2051 |  | 560 | 369 |
| U.S. Treasury 1.875% 11/15/2051<sup>7</sup> |  | 686 | 437 |
| U.S. Treasury 2.25% 2/15/2052<sup>7</sup> |  | 765 | 535 |
| U.S. Treasury 2.875% 5/15/2052 |  | 273 | 220 |
| U.S. Treasury 3.00% 8/15/2052 |  | 510 | 423 |
| U.S. Treasury 4.00% 11/15/2052 |  | 70 | 70 |
|  |  |  | **42361** |
| **U.S. Treasury inflation-protected securities 0.52%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>4</sup> |  | 829 | 803 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>4</sup> |  | 575 | 555 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027<sup>4</sup> |  | 367 | 346 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>4</sup> |  | 249 | 208 |
|  |  |  | **1912** |
| **Total U.S. Treasury bonds & notes** |  |  | **44273** |
| **Corporate bonds, notes & loans 5.64%** |  |  |  |
| **Financials 1.80%** |  |  |  |
| ACE INA Holdings, Inc. 3.35% 5/3/2026 |  | 10 | 10 |
| ACE INA Holdings, Inc. 4.35% 11/3/2045 |  | 20 | 17 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)<sup>8</sup> | EUR | 200 | 167 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>3,8</sup> | USD | 200 | 204 |
| Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)<sup>8</sup> | EUR | 100 | 106 |
| Banco de Sabadell, SA 2.625% 3/24/2026 (5-year EUR Mid-Swap + 2.20% on 3/24/2025)<sup>8</sup> |  | 100 | 101 |
| Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)<sup>8</sup> | USD | 200 | 188 |
| Bank of America Corp. 1.319% 6/19/2026 (USD-SOFR + 1.15% on 6/19/2025)<sup>8</sup> |  | 500 | 451 |
| Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>8</sup> |  | 160 | 140 |

---

166 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>8</sup> | USD | 236 | $214 |
| Bank of America Corp. 2.496% 2/13/2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)<sup>8</sup> |  | 20 | 16 |
| Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)<sup>8</sup> |  | 475 | 472 |
| Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)<sup>8</sup> |  | 103 | 96 |
| Citigroup, Inc. 3.106% 4/8/2026 (USD-SOFR + 2.842% on 3/8/2026)<sup>8</sup> |  | 175 | 166 |
| Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)<sup>8</sup> |  | 310 | 269 |
| Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)<sup>8</sup> |  | 110 | 99 |
| Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)<sup>8</sup> |  | 29 | 27 |
| Commonwealth Bank of Australia 2.688% 3/11/2031<sup>3</sup> |  | 225 | 174 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>3</sup> |  | 59 | 52 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>8</sup> |  | 160 | 136 |
| Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)<sup>8</sup> | EUR | 100 | 95 |
| Goldman Sachs Group, Inc. 1.00% 3/18/2033<sup>9</sup> |  | 210 | 162 |
| Goldman Sachs Group, Inc. 4.017% 10/31/2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)<sup>8</sup> | USD | 78 | 64 |
| Groupe BPCE SA 5.70% 10/22/2023<sup>3</sup> |  | 200 | 199 |
| Groupe BPCE SA 1.00% 4/1/2025 | EUR | 100 | 101 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)<sup>8</sup> | USD | 200 | 191 |
| JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)<sup>8</sup> |  | 186 | 164 |
| JPMorgan Chase & Co. 4.493% 3/24/2031 (USD-SOFR + 3.79% on 3/24/2030)<sup>8</sup> |  | 160 | 150 |
| Morgan Stanley 3.125% 7/27/2026 |  | 110 | 103 |
| Morgan Stanley 0.985% 12/10/2026 (USD-SOFR + 0.72% on 12/10/2025)<sup>8</sup> |  | 200 | 175 |
| Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)<sup>8</sup> |  | 126 | 111 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030)<sup>8</sup> |  | 72 | 60 |
| Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)<sup>8</sup> | EUR | 510 | 485 |
| New York Life Insurance Company 3.75% 5/15/2050<sup>3</sup> | USD | 23 | 18 |
| Nordea Bank AB 3.60% 6/6/2025<sup>3</sup> |  | 200 | 193 |
| Royal Bank of Canada 1.20% 4/27/2026 |  | 175 | 156 |
| UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)<sup>3,8</sup> |  | 450 | 442 |
| Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>8</sup> |  | 210 | 195 |
| Wells Fargo & Company 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)<sup>8</sup> |  | 400 | 354 |
| Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>8</sup> |  | 100 | 85 |
|  |  |  | **6608** |
| **Utilities 0.89%** |  |  |  |
| Alabama Power Co. 3.00% 3/15/2052 |  | 250 | 166 |
| CMS Energy Corp. 3.00% 5/15/2026 |  | 150 | 140 |
| Consumers Energy Co. 3.60% 8/15/2032 |  | 250 | 228 |
| Duke Energy Carolinas, LLC 3.05% 3/15/2023 |  | 280 | 279 |
| Duke Energy Progress, LLC 3.70% 9/1/2028 |  | 75 | 71 |
| E.ON SE 1.625% 3/29/2031 | EUR | 240 | 216 |
| Edison International 4.125% 3/15/2028 | USD | 160 | 149 |
| Enel Finance International SA 1.875% 7/12/2028<sup>3</sup> |  | 200 | 159 |
| Enersis Américas SA 4.00% 10/25/2026 |  | 35 | 33 |
| Entergy Louisiana, LLC 4.75% 9/15/2052 |  | 100 | 90 |
| Exelon Corp. 3.40% 4/15/2026 |  | 150 | 143 |
| FirstEnergy Corp. 3.50% 4/1/2028<sup>3</sup> |  | 35 | 32 |
| Florida Power & Light Company 2.875% 12/4/2051 |  | 120 | 81 |
| Interstate Power and Light Co. 2.30% 6/1/2030 |  | 50 | 41 |
| NextEra Energy Capital Holdings, Inc. 2.75% 11/1/2029 |  | 232 | 201 |
| Niagara Mohawk Power Corp. 3.508% 10/1/2024<sup>3</sup> |  | 85 | 82 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 |  | 25 | 23 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 |  | 100 | 86 |

---

American Funds Insurance Series 167

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Pacific Gas and Electric Co. 3.00% 6/15/2028 | USD | 140 | $121 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 114 | 105 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 |  | 31 | 28 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 600 | 467 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031 |  | 50 | 41 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 137 | 86 |
| Xcel Energy, Inc. 3.35% 12/1/2026 |  | 216 | 203 |
|  |  |  | **3271** |
| **Consumer discretionary 0.62%** |  |  |  |
| Amazon.com, Inc. 2.80% 8/22/2024 |  | 45 | 44 |
| Bayerische Motoren Werke AG 3.90% 4/9/2025<sup>3</sup> |  | 70 | 69 |
| Bayerische Motoren Werke AG 4.15% 4/9/2030<sup>3</sup> |  | 70 | 67 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>3</sup> |  | 150 | 140 |
| General Motors Financial Co. 2.40% 4/10/2028 |  | 150 | 126 |
| Hyundai Capital America 1.50% 6/15/2026<sup>3</sup> |  | 250 | 217 |
| Hyundai Capital America 2.375% 10/15/2027<sup>3</sup> |  | 109 | 93 |
| Hyundai Capital Services, Inc. 3.75% 3/5/2023<sup>3</sup> |  | 250 | 249 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>3</sup> |  | 222 | 239 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>3</sup> |  | 185 | 148 |
| Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>3</sup> |  | 70 | 70 |
| Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>3</sup> |  | 59 | 61 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>3</sup> |  | 400 | 397 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>3</sup> |  | 200 | 153 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030 |  | 33 | 30 |
| Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds (9-year EUR Mid-Swap + 3.36% on 3/28/2031)<sup>8</sup> | EUR | 200 | 175 |
|  |  |  | **2278** |
| **Health care 0.45%** |  |  |  |
| Aetna, Inc. 2.80% 6/15/2023 | USD | 10 | 10 |
| Amgen, Inc. 1.90% 2/21/2025 |  | 40 | 37 |
| Amgen, Inc. 2.20% 2/21/2027 |  | 30 | 27 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 280 | 260 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 |  | 69 | 57 |
| AstraZeneca PLC 3.50% 8/17/2023 |  | 150 | 149 |
| Becton, Dickinson and Company 3.734% 12/15/2024 |  | 10 | 10 |
| Becton, Dickinson and Company 3.70% 6/6/2027 |  | 43 | 41 |
| Becton, Dickinson and Company 2.823% 5/20/2030 |  | 28 | 24 |
| Becton, Dickinson and Company 4.298% 8/22/2032 |  | 320 | 300 |
| Cigna Corp. 4.125% 11/15/2025 |  | 80 | 78 |
| EMD Finance, LLC 3.25% 3/19/2025<sup>3</sup> |  | 250 | 240 |
| Stryker Corp. 0.75% 3/1/2029 | EUR | 210 | 188 |
| Takeda Pharmaceutical Company, Ltd. 2.25% 11/21/2026 |  | 100 | 102 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029 | USD | 135 | 129 |
|  |  |  | **1652** |
| **Communication services 0.42%** |  |  |  |
| AT&T, Inc. 2.75% 6/1/2031 |  | 375 | 312 |
| AT&T, Inc. 2.55% 12/1/2033 |  | 64 | 49 |
| Comcast Corp. 0% 9/14/2026 | EUR | 100 | 94 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 | USD | 45 | 56 |
| Netflix, Inc. 3.875% 11/15/2029<sup>9</sup> | EUR | 200 | 201 |
| Orange SA 9.00% 3/1/2031<sup>8</sup> | USD | 65 | 80 |
| T-Mobile US, Inc. 2.05% 2/15/2028 |  | 200 | 172 |
| Verizon Communications, Inc. 0.375% 3/22/2029 | EUR | 140 | 121 |

---

168 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| Verizon Communications, Inc. 2.55% 3/21/2031 | USD | 325 | $268 |
| Verizon Communications, Inc. 0.75% 3/22/2032 | EUR | 100 | 80 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>3</sup> | USD | 168 | 129 |
|  |  |  | **1562** |
| **Information technology 0.38%** |  |  |  |
| Apple, Inc. 3.35% 8/8/2032 |  | 580 | 528 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>3</sup> |  | 21 | 19 |
| Broadcom, Inc. 4.15% 11/15/2030 |  | 70 | 63 |
| Broadcom, Inc. 3.419% 4/15/2033<sup>3</sup> |  | 53 | 43 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>3</sup> |  | 15 | 11 |
| Lenovo Group, Ltd. 5.875% 4/24/2025 |  | 269 | 262 |
| Mastercard, Inc. 2.00% 11/18/2031 |  | 102 | 82 |
| Microsoft Corp. 2.40% 8/8/2026 |  | 187 | 175 |
| Oracle Corp. 2.65% 7/15/2026 |  | 216 | 199 |
|  |  |  | **1382** |
| **Industrials 0.32%** |  |  |  |
| Boeing Company 4.508% 5/1/2023 |  | 400 | 399 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 164 | 111 |
| Carrier Global Corp. 2.242% 2/15/2025 |  | 6 | 6 |
| Carrier Global Corp. 2.493% 2/15/2027 |  | 7 | 6 |
| CSX Corp. 3.80% 4/15/2050 |  | 6 | 5 |
| CSX Corp. 2.50% 5/15/2051 |  | 75 | 46 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034<sup>3</sup> |  | 95 | 92 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027<sup>3</sup> |  | 200 | 181 |
| Singapore Airlines, Ltd. 3.375% 1/19/2029 |  | 200 | 181 |
| United Technologies Corp. 4.125% 11/16/2028 |  | 170 | 163 |
|  |  |  | **1190** |
| **Consumer staples 0.26%** |  |  |  |
| Altria Group, Inc. 2.20% 6/15/2027 | EUR | 270 | 260 |
| Anheuser-Busch InBev NV 4.00% 4/13/2028 | USD | 100 | 95 |
| Anheuser-Busch InBev NV 4.75% 1/23/2029 |  | 220 | 218 |
| British American Tobacco PLC 3.215% 9/6/2026 |  | 62 | 57 |
| British American Tobacco PLC 4.70% 4/2/2027 |  | 67 | 64 |
| British American Tobacco PLC 3.557% 8/15/2027 |  | 105 | 96 |
| British American Tobacco PLC 3.462% 9/6/2029 |  | 75 | 65 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 110 | 113 |
|  |  |  | **968** |
| **Energy 0.24%** |  |  |  |
| Canadian Natural Resources, Ltd. 2.95% 7/15/2030 |  | 161 | 136 |
| Halliburton Company 3.80% 11/15/2025 |  | 2 | 2 |
| Kinder Morgan, Inc. 4.30% 6/1/2025 |  | 165 | 162 |
| Petróleos Mexicanos 6.75% 9/21/2047 |  | 107 | 69 |
| Qatar Petroleum 3.125% 7/12/2041<sup>3</sup> |  | 270 | 208 |
| Statoil ASA 3.70% 3/1/2024 |  | 50 | 49 |
| TransCanada Corp. 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)<sup>8</sup> |  | 288 | 275 |
|  |  |  | **901** |
| **Real estate 0.14%** |  |  |  |
| American Tower Corp. 0.875% 5/21/2029 | EUR | 250 | 214 |
| Equinix, Inc. 2.15% 7/15/2030 | USD | 176 | 140 |
| Essex Portfolio, LP 3.50% 4/1/2025 |  | 120 | 116 |
| Essex Portfolio, LP 3.375% 4/15/2026 |  | 40 | 38 |
|  |  |  | **508** |

---

American Funds Insurance Series 169

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Materials 0.12%** |  |  |  |
| Celanese US Holdings, LLC 5.337% 1/19/2029 | EUR | 300 | $305 |
| Celanese US Holdings, LLC 6.379% 7/15/2032 | USD | 50 | 48 |
| Vale Overseas, Ltd. 3.75% 7/8/2030 |  | 94 | 82 |
|  |  |  | **435** |
| **Total corporate bonds, notes & loans** |  |  | **20755** |
| **Mortgage-backed obligations 2.58%** |  |  |  |
| **Federal agency mortgage-backed obligations 1.56%** |  |  |  |
| Fannie Mae Pool #FM7100 3.50% 6/1/2050<sup>10</sup> |  | 350 | 324 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>10</sup> |  | 315 | 267 |
| Fannie Mae Pool #BV9612 2.50% 4/1/2052<sup>10</sup> |  | 271 | 230 |
| Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>10</sup> |  | 148 | 143 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>10</sup> |  | 471 | 442 |
| Fannie Mae Pool #BW3812 4.50% 9/1/2052<sup>10</sup> |  | 120 | 116 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>10</sup> |  | 135 | 130 |
| Fannie Mae Pool #BW7796 5.00% 10/1/2052<sup>10</sup> |  | 840 | 829 |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052<sup>10</sup> |  | 57 | 53 |
| Fannie Mae Pool #BW1385 4.00% 12/1/2052<sup>10</sup> |  | 290 | 272 |
| Freddie Mac Pool #ZJ9038 5.00% 6/1/2023<sup>10</sup> |  | —<sup>11</sup> | —<sup>11</sup> |
| Freddie Mac Pool #QE8253 4.50% 8/1/2052<sup>10</sup> |  | 200 | 193 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>10</sup> |  | 100 | 94 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>10</sup> |  | 513 | 494 |
| Freddie Mac Pool #QF2182 4.50% 10/1/2052<sup>10</sup> |  | 84 | 81 |
| Freddie Mac Pool #QF3955 4.00% 12/1/2052<sup>10</sup> |  | 238 | 224 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>10</sup> |  | 75 | 72 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033<sup>10</sup> |  | 580 | 546 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>10,12</sup> |  | 1350 | 1241 |
|  |  |  | **5751** |
| **Other mortgage-backed securities 1.02%** |  |  |  |
| Nordea Kredit 0.50% 10/1/2040<sup>10</sup> | DKK | 1615 | 181 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037<sup>10</sup> |  | 502 | 62 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2040<sup>10</sup> |  | 7234 | 809 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040<sup>10</sup> |  | 1281 | 158 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043<sup>10</sup> |  | 20442 | 2228 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050<sup>10</sup> |  | 1365 | 136 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050<sup>10</sup> |  | 590 | 63 |
| Nykredit Realkredit AS, Series 01E, 1.00% 10/1/2053<sup>10</sup> |  | 862 | 90 |
| Realkredit Danmark AS 1.00% 10/1/2053<sup>10</sup> |  | 194 | 20 |
|  |  |  | **3747** |
| **Total mortgage-backed obligations** |  |  | **9498** |
| **Asset-backed obligations 0.63%** |  |  |  |
| AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 4.958% 12/18/2025<sup>10,13</sup> | USD | 203 | 203 |
| CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 4.577% 9/15/2025<sup>10,13</sup> |  | 128 | 128 |
| Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/2024<sup>10</sup> |  | 56 | 56 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/2024<sup>10</sup> |  | 66 | 66 |
| Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.407% 2/15/2025<sup>10,13</sup> |  | 111 | 111 |
| GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 4.536% 10/21/2024<sup>10,13</sup> |  | 110 | 110 |
| GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.408% 9/16/2025<sup>10,13</sup> |  | 121 | 121 |
| Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 4.387% 5/15/2025<sup>10,13</sup> |  | 120 | 120 |

---

170 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/2024<sup>10</sup> | USD | 302 | $295 |
| Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 4.487% 8/15/2024<sup>10,13</sup> |  | 283 | 283 |
| Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/2025<sup>10</sup> |  | 193 | 193 |
| Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 4.377% 8/15/2025<sup>10,13</sup> |  | 40 | 40 |
| Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)<sup>8,10</sup> |  | 250 | 245 |
| Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/2024<sup>10</sup> |  | 155 | 153 |
| Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/2025<sup>3,10</sup> |  | 181 | 180 |
|  |  |  | **2304** |
| **Municipals 0.04%** |  |  |  |
| **Ohio 0.02%** |  |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 |  | **100** | **72** |
| **Texas 0.02%** |  |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | **80** | **57** |
| **Total municipals** |  |  | **129** |
| **Total bonds, notes & other debt instruments** (cost: $141,023,000) |  |  | **125742** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-term securities 4.34%** | Weighted<br> average yield<br> at acquisition |  |  |
| **Commercial paper 3.27%** |  |  |  |
| British Columbia (Province of) 1/23/2023 | 3.996% | 2560 | 2553 |
| KfW 1/27/2023<sup>3</sup> | 3.890 | 4500 | 4485 |
| Toronto-Dominion Bank 1/27/2023<sup>3</sup> | 4.132 | 5000 | 4983 |
|  |  |  | **12021** |
|  |  | Shares |  |
| **Money market investments 1.07%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>2,14</sup> |  | **39285** | **3928** |
| **Total short-term securities** (cost: $15,953,000) |  |  | **15949** |
| **Total investment securities 99.35%** (cost: $359,847,000) | **Total investment securities 99.35%** (cost: $359,847,000) |  | **365361** |
| Other assets less liabilities 0.65% |  |  | 2399 |
| **Net assets 100.00%** |  |  | $**367760** |

---

American Funds Insurance Series 171

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000)** |
| 2 Year U.S. Treasury Note Futures | Long | 5 | March 2023 | USD1,025 | $1 |
| 5 Year Euro-Bobl Futures | Long | 49 | March 2023 | 6071 | (205) |
| 5 Year U.S. Treasury Note Futures | Long | 95 | March 2023 | 10253 | (8) |
| 10 Year Euro-Bund Futures | Long | 14 | March 2023 | 1992 | (128) |
| 10 Year Italy Government Bond Futures | Short | 1 | March 2023 | (116) | 9 |
| 10 Year Japanese Government Bond Futures | Short | 1 | March 2023 | (1108) | 23 |
| 10 Year Australian Treasury Bond Futures | Long | 4 | March 2023 | 315 | (19) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 6 | March 2023 | 710 | (6) |
| 10 Year U.S. Treasury Note Futures | Short | 6 | March 2023 | (674) | 4 |
| 10 Year UK Gilt Futures | Short | 2 | March 2023 | (241) | 15 |
| 20 Year U.S. Treasury Bond Futures | Long | 4 | March 2023 | 501 | (11) |
| 30 Year Euro-Buxl Futures | Long | 2 | March 2023 | 290 | (54) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 6 | March 2023 | (806) | 6 |
|  |  |  |  |  | $(373) |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)**<br>**at 12/31/2022<br> (000)** |
| KRW | 1761900 | USD | 1337 | Citibank | 1/9/2023 | $63 |
| USD | 687 | KRW | 894770 | Bank of America | 1/9/2023 | (23) |
| EUR | 2560 | DKK | 19040 | Standard Chartered Bank | 1/10/2023 | (1) |
| USD | 203 | NZD | 320 | HSBC Bank | 1/10/2023 | (1) |
| SEK | 1270 | USD | 122 | UBS AG | 1/10/2023 | (1) |
| USD | 511 | MYR | 2250 | JPMorgan Chase | 1/10/2023 | (3) |
| USD | 640 | AUD | 950 | HSBC Bank | 1/10/2023 | (7) |
| USD | 445 | MXN | 8853 | Goldman Sachs | 1/10/2023 | (8) |
| EUR | 4105 | USD | 4324 | Goldman Sachs | 1/12/2023 | 74 |
| CAD | 1450 | USD | 1063 | HSBC Bank | 1/12/2023 | 8 |
| USD | 74 | CAD | 100 | HSBC Bank | 1/12/2023 | —<sup>11</sup> |
| NZD | 470 | USD | 299 | Morgan Stanley | 1/12/2023 | (1) |
| USD | 1585 | EUR | 1500 | BNP Paribas | 1/12/2023 | (21) |
| JPY | 169239 | USD | 1256 | Bank of America | 1/13/2023 | 35 |
| JPY | 89090 | USD | 656 | Bank of America | 1/13/2023 | 24 |
| USD | 278 | COP | 1337640 | Citibank | 1/13/2023 | 3 |
| USD | 563 | CAD | 760 | Standard Chartered Bank | 1/13/2023 | 2 |
| USD | 98 | GBP | 80 | Morgan Stanley | 1/13/2023 | 1 |
| GBP | 240 | USD | 292 | Bank of New York Mellon | 1/13/2023 | (2) |
| USD | 303 | MXN | 6020 | UBS AG | 1/13/2023 | (5) |
| JPY | 466020 | USD | 3428 | Standard Chartered Bank | 1/20/2023 | 133 |
| JPY | 81321 | AUD | 890 | HSBC Bank | 1/20/2023 | 15 |
| JPY | 51480 | USD | 380 | Standard Chartered Bank | 1/20/2023 | 14 |
| USD | 112 | CLP | 100000 | Bank of America | 1/23/2023 | (6) |
| USD | 564 | BRL | 3025 | Citibank | 1/23/2023 | (7) |
| JPY | 118440 | USD | 821 | Standard Chartered Bank | 1/27/2023 | 85 |
| JPY | 172080 | USD | 1271 | BNP Paribas | 1/27/2023 | 46 |
| JPY | 45290 | USD | 313 | UBS AG | 1/27/2023 | 33 |
| JPY | 78800 | USD | 585 | Goldman Sachs | 1/27/2023 | 18 |
| PLN | 4260 | USD | 922 | Citibank | 2/2/2023 | 47 |

---

172 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

**Forward currency contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency<br> purchased<br> (000)** | **Currency<br> purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation**<br>**(depreciation)**<br> **at 12/31/2022**<br> **(000)** |
| USD | 245 | PLN | 1150 | UBS AG | 2/2/2023 | $(17) |
| USD | 420 | PLN | 1940 | Citibank | 2/2/2023 | (21) |
| PLN | 1940 | USD | 468 | BNP Paribas | 2/2/2023 | (26) |
| KRW | 405540 | USD | 307 | Standard Chartered Bank | 2/28/2023 | 16 |
| CNH | 8530 | USD | 1218 | Standard Chartered Bank | 3/6/2023 | 22 |
| JPY | 76110 | USD | 565 | BNP Paribas | 3/6/2023 | 20 |
| EUR | 720 | USD | 757 | Bank of America | 3/6/2023 | 17 |
| KRW | 347180 | USD | 267 | HSBC Bank | 3/6/2023 | 10 |
|  |  |  |  |  |  | $536 |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | **Notional** | **Notional** | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **amount<br> (000)** | **amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid<br> (000)** | **Unrealized<br> (depreciation)<br> appreciation**<br>**at 12/31/2022<br> (000)** |
| 1.2475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | NZD | 375 | $(6) | $— | $(6) |
| 1.234974% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 |  | 3197 | (51) |  | (51) |
| 1.2375% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/26/2023 |  | 1178 | (20) |  | (20) |
| 1.264% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/27/2023 |  | 2945 | (48) |  | (48) |
| 1.26% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/30/2023 |  | 486 | (8) |  | (8) |
| 1.28% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/31/2023 |  | 486 | (8) |  | (8) |
| 1.30% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/3/2023 |  | 533 | (9) |  | (9) |
| 1.4975% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/21/2023 |  | 1001 | (17) |  | (17) |
| 1.445% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/28/2023 |  | 1000 | (18) |  | (18) |
| 1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/29/2023 |  | 1019 | (19) |  | (19) |
| 1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/30/2023 |  | 1023 | (19) |  | (19) |
| 1.5125% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 |  | 904 | (17) |  | (17) |
| 1.53% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 |  | 1031 | (20) |  | (20) |
| 1.5625% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/15/2023 |  | 1029 | (19) |  | (19) |
| 1.59% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/18/2023 |  | 1029 | (19) |  | (19) |
| 1.62% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/19/2023 |  | 1144 | (21) |  | (21) |
| 3.7697% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/6/2023 |  | 5500 | (47) |  | (47) |
| 2.24% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 |  | 1463 | (24) |  | (24) |
| 2.2525% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 |  | 1463 | (24) |  | (24) |
| 2.20% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/9/2023 |  | 123 | (2) |  | (2) |
| 2.495% | Annual | SONIA | Annual | 5/5/2024 | GBP | 3050 | (77) |  | (77) |
| 2.42% | Annual | SONIA | Annual | 5/5/2024 |  | 6100 | (160) |  | (160) |
| 2.9588% | Annual | SONIA | Annual | 6/9/2024 |  | 4180 | (84) |  | (84) |
| SONIA | Annual | 5.6325% | Annual | 9/25/2024 |  | 7720 | (88) |  | (88) |
| 6.59% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 2000 | (7) |  | (7) |
| 6.585% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 2600 | (10) |  | (10) |
| 6.64% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 3200 | (12) |  | (12) |
| 6.6175% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 8600 | (31) |  | (31) |
| 6.633% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 8900 | (32) |  | (32) |
| 6.58% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 11300 | (42) |  | (42) |
| 7.59% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 2500 | (6) |  | (6) |
| 7.62% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 3701 | (8) |  | (8) |
| 7.66% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 6100 | (13) |  | (13) |

---

American Funds Insurance Series 173

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | **Notional** | **Notional** | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **amount<br> (000)** | **amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid<br> (000)** | **Unrealized<br> (depreciation)<br> appreciation**<br>**at 12/31/2022<br> (000)** |
| 7.64% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | MXN | 6000 | $(13) | $— | $(13) |
| 7.52% | 28-day | 28-day MXN-TIIE | 28-day | 10/30/2026 |  | 7639 | (18) |  | (18) |
| 9.07% | 28-day | 28-day MXN-TIIE | 28-day | 4/28/2027 |  | 20400 | 8 |  | 8 |
|  |  |  |  |  |  |  | $(1009) | $— | $(1009) |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — sell protection**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financing<br> rate received** | **Payment<br> frequency** | **Reference<br> index** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **<sup>15</sup>** | **Value at<br> 12/31/2022<br> (000)** | **<sup>16</sup>** | **Upfront<br> premium<br> paid<br> (000)** | **Unrealized<br> appreciation<br> at 12/31/2022<br> (000)** |
| 1.00% | Quarterly | CDX.NA.IG.39 | 12/20/2027 | USD | 2580 |  | $20 |  | $13 | $7 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> gain<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Investment funds 1.50%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $— | $5481 | $— | $— | $51 | $5532 | $50 |
| **Short-term securities 1.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 1.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>14</sup> | 1127 | 144034 | 141236 | 3 |  | 3928 | 343 |
| **Total 2.57%** |  |  |  | $3 | $51 | $9460 | $393 |

---

**Restricted securities<sup>9</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Netflix, Inc. 3.875% 11/15/2029 | 7/11/20222-7/12/2022 | $191 | $201 | .06% |
| Goldman Sachs Group, Inc. 1.00% 3/18/2033 | 5/19/2021 | 251 | 162 | .04 |
| **Total** |  | $442 | $363 | .10% |

---

174 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $14,344,000, which represented 3.90% of the net assets of the fund.

<sup>4</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>5</sup> Scheduled interest and/or principal payment was not received.

<sup>6</sup> Value determined using significant unobservable inputs.

<sup>7</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $758,000, which represented .21% of the net assets of the fund.

<sup>8</sup> Step bond; coupon rate may change at a later date.

<sup>9</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $363,000, which represented .10% of the net assets of the fund.

<sup>10</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>11</sup> Amount less than one thousand.

<sup>12</sup> Purchased on a TBA basis.

<sup>13</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>14</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>15</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>16</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

**Key to abbreviations**

ADR = American Depositary Receipts

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NZD = New Zealand dollars

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

TIIE = Equilibrium Interbank Interest Rate

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series 175

The Bond Fund of America

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 95.37%** | Principal amount <br> (000) | Principal amount <br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans 34.59%** |  |  |  |
| **Financials 9.65%** |  |  |  |
| ACE INA Holdings, Inc. 3.35% 5/3/2026 | USD | 2025 | $1941 |
| ACE INA Holdings, Inc. 4.35% 11/3/2045 |  | 2220 | 1933 |
| AerCap Ireland Capital DAC 1.65% 10/29/2024 |  | 5996 | 5535 |
| AerCap Ireland Capital DAC 6.50% 7/15/2025 |  | 1798 | 1824 |
| AerCap Ireland Capital DAC 1.75% 1/30/2026 |  | 2841 | 2503 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 10289 | 9010 |
| AerCap Ireland Capital DAC 3.00% 10/29/2028 |  | 10345 | 8686 |
| AerCap Ireland Capital DAC 3.30% 1/30/2032 |  | 11338 | 8891 |
| AerCap Ireland Capital DAC 3.40% 10/29/2033 |  | 5120 | 3896 |
| AerCap Ireland Capital DAC 3.85% 10/29/2041 |  | 1254 | 891 |
| AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 10/29/2023 |  | 3130 | 3013 |
| Ally Financial, Inc. 5.125% 9/30/2024 |  | 1500 | 1486 |
| Ally Financial, Inc. 8.00% 11/1/2031 |  | 8075 | 8418 |
| American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)<sup>1</sup> |  | 4501 | 4265 |
| Arthur J. Gallagher & Co. 3.50% 5/20/2051 |  | 1073 | 754 |
| Banco Santander, SA 5.147% 8/18/2025 |  | 4000 | 3960 |
| Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)<sup>1</sup> |  | 1400 | 1198 |
| Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)<sup>1</sup> |  | 1970 | 1818 |
| Bank of America Corp. 1.658% 3/11/2027 (USD-SOFR + 0.91% on 3/11/2026)<sup>1</sup> |  | 981 | 869 |
| Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>1</sup> |  | 7989 | 7009 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)<sup>1</sup> |  | 2635 | 2524 |
| Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)<sup>1</sup> |  | 11107 | 10866 |
| Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)<sup>1</sup> |  | 1502 | 1553 |
| Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>1</sup> |  | 10129 | 9189 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)<sup>1</sup> |  | 2773 | 2338 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>1</sup> |  | 21177 | 16224 |
| Bank of America Corp. 2.687% 4/22/2032 (USD-SOFR + 1.32% on 4/22/2031)<sup>1</sup> |  | 8343 | 6698 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)<sup>1</sup> |  | 36155 | 27930 |
| Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031)<sup>1</sup> |  | 2613 | 2053 |
| Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)<sup>1</sup> |  | 4089 | 3305 |
| Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)<sup>1</sup> |  | 10180 | 9340 |
| Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)<sup>1</sup> |  | 7947 | 7568 |
| Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)<sup>1,2</sup> |  | 4850 | 4814 |
| Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)<sup>1</sup> |  | 4525 | 4496 |
| BNP Paribas SA 1.323% 1/13/2027 (USD-SOFR + 1.004% on 1/13/2026)<sup>1,2</sup> |  | 7581 | 6634 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)<sup>1,2</sup> |  | 13134 | 11569 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>1,2</sup> |  | 3594 | 2936 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)<sup>1,2</sup> |  | 4177 | 3276 |
| Canadian Imperial Bank of Commerce (CIBC) 3.60% 4/7/2032 |  | 1303 | 1152 |
| Capital One Financial Corp. 1.343% 12/6/2024 (USD-SOFR + 0.69% on 12/6/2023)<sup>1</sup> |  | 4525 | 4334 |
| Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)<sup>1</sup> |  | 2430 | 2382 |
| Capital One Financial Corp. 4.927% 5/10/2028 (USD-SOFR + 2.057% on 5/10/2027)<sup>1</sup> |  | 4650 | 4509 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 |  | 1126 | 880 |
| CIT Group, Inc. 3.929% 6/19/2024 (USD-SOFR + 3.827% on 6/19/2023)<sup>1</sup> |  | 5410 | 5364 |
| Citigroup, Inc. 4.60% 3/9/2026 |  | 1800 | 1770 |
| Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)<sup>1</sup> |  | 8740 | 7591 |
| Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)<sup>1</sup> |  | 5520 | 4984 |
| Citigroup, Inc. 4.658% 5/24/2028 (USD-SOFR + 1.887% on 5/24/2027)<sup>1</sup> |  | 3386 | 3282 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)<sup>1</sup> |  | 1030 | 834 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)<sup>1</sup> |  | 5350 | 4590 |
| Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)<sup>1</sup> |  | 1718 | 1614 |
| Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)<sup>1</sup> |  | 2781 | 2878 |
| Corebridge Financial, Inc. 3.50% 4/4/2025<sup>2</sup> |  | 1439 | 1381 |
| Corebridge Financial, Inc. 3.65% 4/5/2027<sup>2</sup> |  | 4493 | 4195 |
| Corebridge Financial, Inc. 3.85% 4/5/2029<sup>2</sup> |  | 5794 | 5289 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>2</sup> |  | 5959 | 5221 |
| Corebridge Financial, Inc. 4.35% 4/5/2042<sup>2</sup> |  | 361 | 298 |

---

176 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Corebridge Financial, Inc. 4.40% 4/5/2052<sup>2</sup> | USD | 1352 | $1078 |
| Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)<sup>1,2</sup> |  | 4450 | 4060 |
| Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)<sup>1,2</sup> |  | 2450 | 2145 |
| Credit Suisse Group AG 3.80% 6/9/2023 |  | 15327 | 14927 |
| Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)<sup>1,2</sup> |  | 850 | 752 |
| Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)<sup>1,2</sup> |  | 7609 | 6505 |
| Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)<sup>1,2</sup> |  | 11200 | 8973 |
| Credit Suisse Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)<sup>1,2</sup> |  | 1265 | 1154 |
| Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)<sup>1,2</sup> |  | 5476 | 4262 |
| Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)<sup>1,2</sup> |  | 7369 | 5106 |
| Credit Suisse Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)<sup>1,2</sup> |  | 576 | 507 |
| Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)<sup>1,2</sup> |  | 6658 | 6835 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)<sup>1,2</sup> |  | 2990 | 2565 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)<sup>1,2</sup> |  | 2975 | 2740 |
| Deutsche Bank AG 3.95% 2/27/2023 |  | 6350 | 6328 |
| Deutsche Bank AG 0.898% 5/28/2024 |  | 2500 | 2339 |
| Deutsche Bank AG 3.70% 5/30/2024 |  | 5150 | 5007 |
| Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)<sup>1</sup> |  | 10475 | 10120 |
| Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)<sup>1</sup> |  | 3673 | 3512 |
| Deutsche Bank AG 4.10% 1/13/2026 |  | 7305 | 7029 |
| Deutsche Bank AG 4.10% 1/13/2026 |  | 857 | 824 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>1</sup> |  | 41608 | 36749 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>1</sup> |  | 4315 | 3664 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)<sup>1</sup> |  | 7258 | 6179 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)<sup>1</sup> |  | 2900 | 2331 |
| Discover Financial Services 6.70% 11/29/2032 |  | 1475 | 1504 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)<sup>1,2</sup> |  | 1200 | 1045 |
| GE Capital Funding, LLC 4.55% 5/15/2032 |  | 973 | 927 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)<sup>1</sup> |  | 3030 | 2660 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)<sup>1</sup> |  | 13275 | 11468 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)<sup>1</sup> |  | 13961 | 12226 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)<sup>1</sup> |  | 1758 | 1568 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)<sup>1</sup> |  | 7403 | 6907 |
| Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)<sup>1</sup> |  | 1534 | 1473 |
| Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)<sup>1</sup> |  | 9600 | 8786 |
| Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)<sup>1</sup> |  | 10422 | 8490 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)<sup>1</sup> |  | 3160 | 2161 |
| Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.834% on 11/10/2026)<sup>1</sup> |  | 1750 | 1665 |
| Groupe BPCE SA 2.75% 1/11/2023<sup>2</sup> |  | 6875 | 6871 |
| Groupe BPCE SA 5.70% 10/22/2023<sup>2</sup> |  | 28166 | 27963 |
| Groupe BPCE SA 5.15% 7/21/2024<sup>2</sup> |  | 5481 | 5369 |
| Groupe BPCE SA 1.625% 1/14/2025<sup>2</sup> |  | 2980 | 2776 |
| Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)<sup>1,2</sup> |  | 6350 | 5649 |
| Groupe BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)<sup>1,2</sup> |  | 6195 | 5908 |
| HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)<sup>1</sup> |  | 5270 | 4571 |
| HSBC Holdings PLC 4.583% 6/19/2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)<sup>1</sup> |  | 6410 | 5913 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)<sup>1</sup> |  | 5917 | 4786 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)<sup>1</sup> |  | 5250 | 4074 |
| HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)<sup>1</sup> |  | 3595 | 3339 |
| Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027 |  | 669 | 585 |
| Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027 |  | 6335 | 5422 |
| Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/2023<sup>3</sup> |  | 2750 | 2741 |
| Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/2025<sup>3</sup> |  | 397 | 374 |
| Huarong Finance II Co., Ltd. 5.50% 1/16/2025 |  | 6669 | 6328 |

---

American Funds Insurance Series 177

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Huarong Finance II Co., Ltd. 5.00% 11/19/2025 | USD | 480 | $444 |
| Huarong Finance II Co., Ltd. 4.625% 6/3/2026 |  | 200 | 177 |
| Huarong Finance II Co., Ltd. 4.875% 11/22/2026 |  | 2106 | 1886 |
| Intercontinental Exchange, Inc. 4.35% 6/15/2029 |  | 8710 | 8433 |
| Intercontinental Exchange, Inc. 4.60% 3/15/2033 |  | 4601 | 4408 |
| Intercontinental Exchange, Inc. 4.95% 6/15/2052 |  | 5327 | 4963 |
| Intesa Sanpaolo SpA 3.375% 1/12/2023<sup>2</sup> |  | 10035 | 10030 |
| Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>2</sup> |  | 68143 | 65545 |
| Intesa Sanpaolo SpA 3.25% 9/23/2024<sup>2</sup> |  | 770 | 731 |
| Intesa Sanpaolo SpA 5.71% 1/15/2026<sup>2</sup> |  | 15400 | 14816 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027<sup>2</sup> |  | 6250 | 5581 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028<sup>2</sup> |  | 1986 | 1753 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032<sup>2</sup> |  | 2060 | 1714 |
| JPMorgan Chase & Co. 0.969% 6/23/2025 (USD-SOFR + 0.58% on 6/23/2024)<sup>1</sup> |  | 5870 | 5475 |
| JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)<sup>1</sup> |  | 11105 | 10289 |
| JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)<sup>1</sup> |  | 3620 | 3518 |
| JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)<sup>1</sup> |  | 1832 | 1612 |
| JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)<sup>1</sup> |  | 5965 | 5172 |
| JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)<sup>1</sup> |  | 4350 | 3941 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)<sup>1</sup> |  | 12080 | 11555 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>1</sup> |  | 8465 | 8265 |
| JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)<sup>1</sup> |  | 9600 | 8729 |
| JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)<sup>1</sup> |  | 2453 | 2053 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)<sup>1</sup> |  | 11980 | 11186 |
| JPMorgan Chase & Co. 2.522% 4/22/2031 (USD-SOFR + 2.04% on 4/22/2030)<sup>1</sup> |  | 1766 | 1449 |
| JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)<sup>1</sup> |  | 4802 | 3858 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)<sup>1</sup> |  | 5313 | 4213 |
| JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)<sup>1</sup> |  | 553 | 452 |
| JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)<sup>1</sup> |  | 1907 | 1771 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>1</sup> |  | 5475 | 5229 |
| Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)<sup>1</sup> |  | 2415 | 2128 |
| Keb Hana Bank 3.25% 3/30/2027<sup>2</sup> |  | 1315 | 1227 |
| Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)<sup>1</sup> |  | 2675 | 2493 |
| Marsh & McLennan Companies, Inc. 2.375% 12/15/2031 |  | 367 | 297 |
| Marsh & McLennan Companies, Inc. 2.90% 12/15/2051 |  | 505 | 326 |
| MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)<sup>1,2</sup> |  | 1405 | 1521 |
| MetLife, Inc. 3.60% 11/13/2025 |  | 3490 | 3395 |
| MetLife, Inc. 5.00% 7/15/2052 |  | 165 | 158 |
| Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)<sup>1</sup> |  | 2960 | 2724 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)<sup>1</sup> |  | 6200 | 5383 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)<sup>1</sup> |  | 2225 | 1930 |
| Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)<sup>1</sup> |  | 2970 | 2618 |
| Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)<sup>1</sup> |  | 2945 | 2781 |
| Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)<sup>1</sup> |  | 1197 | 1146 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)<sup>1</sup> |  | 4615 | 4026 |
| Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)<sup>1</sup> |  | 2390 | 2379 |
| Morgan Stanley 0.791% 1/22/2025 (USD-SOFR + 0.509% on 1/22/2024)<sup>1</sup> |  | 3065 | 2901 |
| Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)<sup>1</sup> |  | 2300 | 2200 |

---

178 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)<sup>1</sup> | USD | 10488 | $9114 |
| Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)<sup>1</sup> |  | 3671 | 3497 |
| Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)<sup>1</sup> |  | 2007 | 2075 |
| Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)<sup>1</sup> |  | 26412 | 20326 |
| Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)<sup>1</sup> |  | 2813 | 2209 |
| Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)<sup>1</sup> |  | 6616 | 5369 |
| Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)<sup>1</sup> |  | 3375 | 3181 |
| Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)<sup>1</sup> |  | 3810 | 4004 |
| Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)<sup>1</sup> |  | 2286 | 2096 |
| MSCI, Inc. 3.25% 8/15/2033<sup>2</sup> |  | 2750 | 2128 |
| Navient Corp. 6.75% 6/25/2025 |  | 425 | 409 |
| OneMain Holdings, Inc. 7.125% 3/15/2026 |  | 250 | 238 |
| Rede D'Or Finance SARL 4.50% 1/22/2030<sup>2</sup> |  | 1572 | 1355 |
| Santander Holdings USA, Inc. 3.50% 6/7/2024 |  | 8325 | 8092 |
| Santander Holdings USA, Inc. 2.49% 1/6/2028<sup>1</sup> |  | 3625 | 3115 |
| State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)<sup>1</sup> |  | 1640 | 1520 |
| Sumitomo Mitsui Banking Corp. 2.174% 1/14/2027 |  | 1100 | 977 |
| SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)<sup>1</sup> |  | 1530 | 971 |
| Synchrony Financial 4.375% 3/19/2024 |  | 3640 | 3576 |
| Toronto-Dominion Bank 1.95% 1/12/2027 |  | 1060 | 946 |
| Travelers Companies, Inc. 2.55% 4/27/2050 |  | 768 | 478 |
| U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)<sup>1</sup> |  | 2440 | 2387 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)<sup>1,2</sup> |  | 4000 | 3446 |
| UniCredit SpA 4.625% 4/12/2027<sup>2</sup> |  | 1395 | 1307 |
| UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)<sup>1,2</sup> |  | 16130 | 14182 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029 |  | 462 | 415 |
| Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)<sup>1</sup> |  | 20480 | 19382 |
| Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)<sup>1</sup> |  | 3524 | 3428 |
| Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>1</sup> |  | 9236 | 8569 |
| Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)<sup>1</sup> |  | 7450 | 7289 |
| Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)<sup>1</sup> |  | 7665 | 6478 |
| Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)<sup>1</sup> |  | 3675 | 3500 |
| Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>1</sup> |  | 20666 | 17607 |
| Willis North America, Inc. 4.65% 6/15/2027 |  | 1290 | 1248 |
|  |  |  | **986796** |
| **Utilities 4.42%** |  |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051 |  | 1475 | 1048 |
| Alabama Power Co. 3.00% 3/15/2052 |  | 3697 | 2458 |
| Alfa Desarrollo SpA 4.55% 9/27/2051<sup>2</sup> |  | 1001 | 763 |
| Ameren Corp. 4.50% 3/15/2049 |  | 2875 | 2634 |
| Baltimore Gas & Electric 4.55% 6/1/2052 |  | 525 | 467 |
| Berkshire Hathaway Energy Company 4.50% 2/1/2045 |  | 5895 | 5161 |
| Comisión Federal de Electricidad 4.688% 5/15/2029<sup>2</sup> |  | 3655 | 3249 |
| Comisión Federal de Electricidad 3.875% 7/26/2033<sup>2</sup> |  | 1340 | 1019 |
| Connecticut Light and Power Co. 2.05% 7/1/2031 |  | 1775 | 1430 |
| Consumers Energy Co. 4.05% 5/15/2048 |  | 1413 | 1173 |
| Consumers Energy Co. 3.75% 2/15/2050 |  | 5625 | 4416 |
| Consumers Energy Co. 3.10% 8/15/2050 |  | 4123 | 2883 |
| Consumers Energy Co. 3.50% 8/1/2051 |  | 235 | 178 |
| Duke Energy Corp. 3.75% 4/15/2024 |  | 3826 | 3760 |
| Duke Energy Corp. 4.50% 8/15/2032 |  | 7811 | 7340 |
| Duke Energy Corp. 3.50% 6/15/2051 |  | 1139 | 796 |
| Duke Energy Florida, LLC 3.40% 10/1/2046 |  | 5669 | 4098 |
| Duke Energy Florida, LLC 3.00% 12/15/2051 |  | 711 | 480 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 |  | 575 | 616 |

---

American Funds Insurance Series 179

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Duke Energy Progress, LLC 3.70% 9/1/2028 | USD | 3750 | $3530 |
| Duke Energy Progress, LLC 2.00% 8/15/2031 |  | 1775 | 1407 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 |  | 644 | 389 |
| Edison International 3.55% 11/15/2024 |  | 6850 | 6618 |
| Edison International 4.95% 4/15/2025 |  | 175 | 172 |
| Edison International 5.75% 6/15/2027 |  | 3181 | 3196 |
| Edison International 4.125% 3/15/2028 |  | 3644 | 3387 |
| Edison International 6.95% 11/15/2029 |  | 2525 | 2643 |
| Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)<sup>1</sup> | EUR | 2800 | 2346 |
| Emera US Finance, LP 0.833% 6/15/2024 | USD | 600 | 560 |
| Emera US Finance, LP 2.639% 6/15/2031 |  | 4400 | 3456 |
| Enel Società per Azioni 8.75% 9/24/2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)<sup>1,2</sup> |  | 1000 | 1003 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026<sup>2</sup> |  | 1310 | 1143 |
| Entergy Louisiana, LLC 4.20% 9/1/2048 |  | 6325 | 5207 |
| Entergy Louisiana, LLC 4.75% 9/15/2052 |  | 1525 | 1377 |
| Eversource Energy 3.80% 12/1/2023 |  | 5000 | 4945 |
| FirstEnergy Corp. 1.60% 1/15/2026 |  | 20066 | 17774 |
| FirstEnergy Corp. 3.50% 4/1/2028<sup>2</sup> |  | 2400 | 2191 |
| FirstEnergy Corp. 4.10% 5/15/2028<sup>2</sup> |  | 425 | 401 |
| FirstEnergy Corp. 2.65% 3/1/2030 |  | 12524 | 10234 |
| FirstEnergy Corp. 2.25% 9/1/2030 |  | 13707 | 10904 |
| FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)<sup>1</sup> |  | 12178 | 11355 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>2</sup> |  | 4000 | 3498 |
| Florida Power & Light Company 2.45% 2/3/2032 |  | 4890 | 4087 |
| Florida Power & Light Company 2.875% 12/4/2051 |  | 9334 | 6305 |
| Georgia Power Co. 3.70% 1/30/2050 |  | 275 | 206 |
| Interchile SA 4.50% 6/30/2056<sup>2</sup> |  | 465 | 385 |
| Israel Electric Corp., Ltd. 4.25% 8/14/2028<sup>2</sup> |  | 10190 | 9649 |
| Israel Electric Corp., Ltd. 3.75% 2/22/2032<sup>2</sup> |  | 340 | 299 |
| ITC Holdings Corp. 3.35% 11/15/2027 |  | 1118 | 1031 |
| Jersey Central Power & Light Co. 2.75% 3/1/2032<sup>2</sup> |  | 525 | 425 |
| Mississippi Power Co. 4.25% 3/15/2042 |  | 5020 | 4093 |
| Monongahela Power Co. 3.55% 5/15/2027<sup>2</sup> |  | 1700 | 1600 |
| NextEra Energy Capital Holdings, Inc. 1.875% 1/15/2027 |  | 2772 | 2457 |
| Northern States Power Co. 4.50% 6/1/2052 |  | 3328 | 3035 |
| Oncor Electric Delivery Company, LLC 4.15% 6/1/2032<sup>2</sup> |  | 1035 | 980 |
| Oncor Electric Delivery Company, LLC 4.55% 9/15/2032<sup>2</sup> |  | 975 | 958 |
| Pacific Gas and Electric Co. 3.25% 6/15/2023 |  | 5615 | 5554 |
| Pacific Gas and Electric Co. 3.40% 8/15/2024 |  | 2000 | 1920 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 |  | 27543 | 25623 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 |  | 10850 | 9956 |
| Pacific Gas and Electric Co. 3.30% 3/15/2027 |  | 5850 | 5212 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 |  | 12289 | 10865 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 |  | 13075 | 11621 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 7900 | 7278 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 |  | 35299 | 32078 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 19695 | 15326 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031 |  | 1300 | 1060 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 8898 | 6055 |
| Pacific Gas and Electric Co. 3.75% 8/15/2042 |  | 9466 | 6383 |
| Pacific Gas and Electric Co. 4.75% 2/15/2044 |  | 336 | 258 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 6836 | 4272 |
| Public Service Electric and Gas Co. 3.20% 5/15/2029 |  | 6000 | 5456 |
| Public Service Electric and Gas Co. 1.90% 8/15/2031 |  | 775 | 618 |
| Public Service Electric and Gas Co. 3.10% 3/15/2032 |  | 7500 | 6577 |
| Puget Energy, Inc. 3.65% 5/15/2025 |  | 300 | 286 |
| Southern California Edison Co. 4.20% 3/1/2029 |  | 11000 | 10485 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 8200 | 7144 |
| Southern California Edison Co. 2.50% 6/1/2031 |  | 5149 | 4256 |

---

180 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Southern California Edison Co. 5.95% 11/1/2032 | USD | 1100 | $1166 |
| Southern California Edison Co. 5.75% 4/1/2035 |  | 4549 | 4546 |
| Southern California Edison Co. 5.35% 7/15/2035 |  | 6450 | 6267 |
| Southern California Edison Co. 5.625% 2/1/2036 |  | 7051 | 6888 |
| Southern California Edison Co. 5.55% 1/15/2037 |  | 3844 | 3774 |
| Southern California Edison Co. 5.95% 2/1/2038 |  | 5121 | 5188 |
| Southern California Edison Co. 4.00% 4/1/2047 |  | 9402 | 7391 |
| Southern California Edison Co. 4.125% 3/1/2048 |  | 5765 | 4628 |
| Southern California Edison Co. 4.875% 3/1/2049 |  | 555 | 491 |
| Southern California Edison Co. 3.65% 2/1/2050 |  | 8086 | 5943 |
| Southern California Edison Co., Series C, 3.60% 2/1/2045 |  | 2717 | 1960 |
| Southwestern Electric Power Co. 1.65% 3/15/2026 |  | 3550 | 3179 |
| Southwestern Electric Power Co. 3.25% 11/1/2051 |  | 2270 | 1502 |
| Union Electric Co. 2.15% 3/15/2032 |  | 3175 | 2518 |
| Virginia Electric and Power Co. 2.30% 11/15/2031 |  | 2425 | 1958 |
| Virginia Electric and Power Co. 2.40% 3/30/2032 |  | 5345 | 4333 |
| WEC Energy Group, Inc. 2.20% 12/15/2028 |  | 1575 | 1336 |
| Wisconsin Electric Power Co. 2.85% 12/1/2051 |  | 375 | 241 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031 |  | 525 | 413 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050 |  | 1075 | 793 |
| Xcel Energy, Inc. 3.30% 6/1/2025 |  | 5650 | 5428 |
| Xcel Energy, Inc. 1.75% 3/15/2027 |  | 5660 | 4966 |
| Xcel Energy, Inc. 2.60% 12/1/2029 |  | 2925 | 2504 |
| Xcel Energy, Inc. 2.35% 11/15/2031 |  | 9059 | 7263 |
| Xcel Energy, Inc. 4.60% 6/1/2032 |  | 11675 | 11185 |
|  |  |  | **451359** |
| **Consumer discretionary 4.21%** |  |  |  |
| Allied Universal Holdco, LLC 4.625% 6/1/2028<sup>2</sup> |  | 335 | 277 |
| Amazon.com, Inc. 3.30% 4/13/2027 |  | 1760 | 1673 |
| Amazon.com, Inc. 1.65% 5/12/2028 |  | 3860 | 3321 |
| Amazon.com, Inc. 3.45% 4/13/2029 |  | 1305 | 1222 |
| Amazon.com, Inc. 3.60% 4/13/2032 |  | 6830 | 6271 |
| Amazon.com, Inc. 2.875% 5/12/2041 |  | 650 | 488 |
| Amazon.com, Inc. 3.10% 5/12/2051 |  | 9380 | 6727 |
| Amazon.com, Inc. 3.95% 4/13/2052 |  | 1635 | 1362 |
| Amazon.com, Inc. 3.25% 5/12/2061 |  | 4100 | 2828 |
| Amazon.com, Inc. 4.10% 4/13/2062 |  | 470 | 391 |
| Atlas LuxCo 4 SARL 4.625% 6/1/2028<sup>2</sup> |  | 255 | 207 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 |  | 740 | 659 |
| Bayerische Motoren Werke AG 1.25% 8/12/2026<sup>2</sup> |  | 100 | 88 |
| Bayerische Motoren Werke AG 3.45% 4/1/2027<sup>2</sup> |  | 1075 | 1016 |
| Bayerische Motoren Werke AG 1.95% 8/12/2031<sup>2</sup> |  | 620 | 486 |
| Bayerische Motoren Werke AG 3.70% 4/1/2032<sup>2</sup> |  | 1350 | 1210 |
| Daimler Trucks Finance North America, LLC 1.125% 12/14/2023<sup>2</sup> |  | 3015 | 2898 |
| Daimler Trucks Finance North America, LLC 1.625% 12/13/2024<sup>2</sup> |  | 4950 | 4597 |
| Daimler Trucks Finance North America, LLC 3.50% 4/7/2025<sup>2</sup> |  | 1750 | 1680 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>2</sup> |  | 4140 | 3875 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>2</sup> |  | 3975 | 3348 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031<sup>2</sup> |  | 9625 | 7486 |
| DaimlerChrysler North America Holding Corp. 3.35% 2/22/2023<sup>2</sup> |  | 2000 | 1993 |
| DaimlerChrysler North America Holding Corp. 1.75% 3/10/2023<sup>2</sup> |  | 8000 | 7953 |
| Ford Motor Co. 2.90% 2/10/2029 |  | 1065 | 852 |
| Ford Motor Credit Company, LLC 5.125% 6/16/2025 |  | 3870 | 3729 |
| Ford Motor Credit Company, LLC 4.271% 1/9/2027 |  | 18542 | 16803 |
| Ford Motor Credit Company, LLC 4.125% 8/17/2027 |  | 39080 | 35066 |
| Ford Motor Credit Company, LLC 3.815% 11/2/2027 |  | 3790 | 3337 |
| Ford Motor Credit Company, LLC 7.35% 11/4/2027 |  | 6289 | 6460 |
| Ford Motor Credit Company, LLC 5.113% 5/3/2029 |  | 4205 | 3817 |
| General Motors Company 4.35% 4/9/2025 |  | 11358 | 11059 |

---

American Funds Insurance Series 181

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| General Motors Company 6.125% 10/1/2025 | USD | 23743 | $24188 |
| General Motors Company 5.40% 10/15/2029 |  | 781 | 747 |
| General Motors Company 5.40% 4/1/2048 |  | 7200 | 5915 |
| General Motors Financial Co. 3.25% 1/5/2023 |  | 964 | 964 |
| General Motors Financial Co. 1.05% 3/8/2024 |  | 4200 | 3990 |
| General Motors Financial Co. 1.50% 6/10/2026 |  | 6712 | 5837 |
| General Motors Financial Co. 2.35% 2/26/2027 |  | 9771 | 8547 |
| General Motors Financial Co. 2.40% 4/10/2028 |  | 13909 | 11722 |
| General Motors Financial Co. 2.40% 10/15/2028 |  | 464 | 386 |
| General Motors Financial Co. 3.60% 6/21/2030 |  | 465 | 392 |
| General Motors Financial Co. 2.35% 1/8/2031 |  | 6075 | 4594 |
| General Motors Financial Co. 2.70% 6/10/2031 |  | 5495 | 4223 |
| Grand Canyon University 4.125% 10/1/2024 |  | 4190 | 3941 |
| Home Depot, Inc. 2.95% 6/15/2029 |  | 6081 | 5515 |
| Home Depot, Inc. 4.50% 12/6/2048 |  | 1915 | 1747 |
| Hyundai Capital America 2.375% 2/10/2023<sup>2</sup> |  | 9977 | 9955 |
| Hyundai Capital America 1.25% 9/18/2023<sup>2</sup> |  | 3150 | 3054 |
| Hyundai Capital America 0.875% 6/14/2024<sup>2</sup> |  | 380 | 355 |
| Hyundai Capital America 3.40% 6/20/2024<sup>2</sup> |  | 8180 | 7899 |
| Hyundai Capital America 1.00% 9/17/2024<sup>2</sup> |  | 2750 | 2543 |
| Hyundai Capital America 2.65% 2/10/2025<sup>2</sup> |  | 12372 | 11645 |
| Hyundai Capital America 1.80% 10/15/2025<sup>2</sup> |  | 13274 | 11952 |
| Hyundai Capital America 1.30% 1/8/2026<sup>2</sup> |  | 6000 | 5254 |
| Hyundai Capital America 1.50% 6/15/2026<sup>2</sup> |  | 7475 | 6485 |
| Hyundai Capital America 1.65% 9/17/2026<sup>2</sup> |  | 7275 | 6403 |
| Hyundai Capital America 3.00% 2/10/2027<sup>2</sup> |  | 9000 | 8090 |
| Hyundai Capital America 2.375% 10/15/2027<sup>2</sup> |  | 7543 | 6465 |
| Hyundai Capital America 1.80% 1/10/2028<sup>2</sup> |  | 5965 | 4901 |
| Hyundai Capital America 2.00% 6/15/2028<sup>2</sup> |  | 5775 | 4714 |
| Hyundai Capital America 2.10% 9/15/2028<sup>2</sup> |  | 3010 | 2476 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026<sup>2</sup> |  | 3695 | 3213 |
| KIA Corp. 2.375% 2/14/2025<sup>2</sup> |  | 1580 | 1467 |
| Marriott International, Inc. 5.75% 5/1/2025 |  | 330 | 333 |
| Marriott International, Inc. 3.125% 6/15/2026 |  | 410 | 384 |
| Marriott International, Inc. 5.00% 10/15/2027 |  | 4470 | 4418 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 2226 | 1705 |
| McDonald's Corp. 2.125% 3/1/2030 |  | 2482 | 2082 |
| McDonald's Corp. 4.60% 9/9/2032 |  | 1765 | 1731 |
| McDonald's Corp. 4.45% 3/1/2047 |  | 3535 | 3082 |
| McDonald's Corp. 3.625% 9/1/2049 |  | 2938 | 2224 |
| McDonald's Corp. 5.15% 9/9/2052 |  | 730 | 704 |
| Meituan Dianping 3.05% 10/28/2030<sup>2</sup> |  | 3200 | 2471 |
| Nissan Motor Co., Ltd. 3.043% 9/15/2023<sup>2</sup> |  | 240 | 235 |
| Nissan Motor Co., Ltd. 3.522% 9/17/2025<sup>2</sup> |  | 800 | 744 |
| Nissan Motor Co., Ltd. 2.00% 3/9/2026<sup>2</sup> |  | 12000 | 10333 |
| Nissan Motor Co., Ltd. 2.75% 3/9/2028<sup>2</sup> |  | 11200 | 9089 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030<sup>2</sup> |  | 16083 | 13685 |
| Sands China, Ltd. 2.80% 3/8/2027<sup>1</sup> |  | 2368 | 2031 |
| Starbucks Corp. 3.75% 12/1/2047 |  | 3785 | 2891 |
| Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>2</sup> |  | 6921 | 5948 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>2</sup> |  | 825 | 818 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>2</sup> |  | 6554 | 5016 |
| Stellantis Finance US, Inc. 6.375% 9/12/2032<sup>2</sup> |  | 12065 | 11946 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030 |  | 4954 | 4505 |
| Volkswagen Group of America Finance, LLC 4.25% 11/13/2023<sup>2</sup> |  | 15000 | 14858 |
| Volkswagen Group of America Finance, LLC 2.85% 9/26/2024<sup>2</sup> |  | 546 | 523 |
| Volkswagen Group of America Finance, LLC 3.35% 5/13/2025<sup>2</sup> |  | 2636 | 2520 |

---

182 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Volkswagen Group of America Finance, LLC 1.625% 11/24/2027<sup>2</sup> | USD | 2550 | $2139 |
| Wyndham Destinations, Inc. 6.625% 7/31/2026<sup>2</sup> |  | 675 | 662 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029<sup>2</sup> |  | 410 | 352 |
|  |  |  | **430187** |
| **Health care 3.84%** |  |  |  |
| AbbVie, Inc. 3.20% 11/21/2029 |  | 8482 | 7666 |
| AbbVie, Inc. 4.25% 11/21/2049 |  | 8 | 7 |
| Amgen, Inc. 3.00% 2/22/2029 |  | 325 | 288 |
| Amgen, Inc. 4.05% 8/18/2029 |  | 8400 | 7869 |
| Amgen, Inc. 2.45% 2/21/2030 |  | 5131 | 4329 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 9522 | 8839 |
| Amgen, Inc. 4.875% 3/1/2053 |  | 4975 | 4440 |
| Amgen, Inc. 4.40% 2/22/2062 |  | 196 | 156 |
| Anthem, Inc. 2.375% 1/15/2025 |  | 1534 | 1457 |
| Anthem, Inc. 4.10% 5/15/2032 |  | 8711 | 8128 |
| Anthem, Inc. 4.55% 5/15/2052 |  | 1721 | 1504 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028 |  | 1429 | 1229 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 |  | 2087 | 1741 |
| AstraZeneca PLC 4.00% 1/17/2029 |  | 5920 | 5694 |
| Bausch Health Companies, Inc. 4.875% 6/1/2028<sup>2</sup> |  | 830 | 529 |
| Baxter International, Inc. 2.539% 2/1/2032 |  | 3906 | 3113 |
| Bayer US Finance II, LLC 4.25% 12/15/2025<sup>2</sup> |  | 17570 | 17043 |
| Becton, Dickinson and Company 4.298% 8/22/2032 |  | 545 | 512 |
| Centene Corp. 4.25% 12/15/2027 |  | 14860 | 13969 |
| Centene Corp. 2.45% 7/15/2028 |  | 12410 | 10499 |
| Centene Corp. 4.625% 12/15/2029 |  | 14945 | 13691 |
| Centene Corp. 3.375% 2/15/2030 |  | 15718 | 13323 |
| Centene Corp. 2.50% 3/1/2031 |  | 8550 | 6707 |
| Centene Corp. 2.625% 8/1/2031 |  | 2510 | 1977 |
| Danaher Corp. 2.80% 12/10/2051 |  | 1090 | 725 |
| Eli Lilly and Company 3.375% 3/15/2029 |  | 1255 | 1177 |
| GE Healthcare Holding, LLC 5.65% 11/15/2027<sup>2</sup> |  | 4895 | 4961 |
| GE Healthcare Holding, LLC 5.857% 3/15/2030<sup>2</sup> |  | 1145 | 1175 |
| GE Healthcare Holding, LLC 5.905% 11/22/2032<sup>2</sup> |  | 8640 | 8980 |
| GE Healthcare Holding, LLC 6.377% 11/22/2052<sup>2</sup> |  | 375 | 401 |
| Gilead Sciences, Inc. 1.65% 10/1/2030 |  | 1570 | 1249 |
| HCA, Inc. 3.125% 3/15/2027<sup>2</sup> |  | 755 | 688 |
| HCA, Inc. 2.375% 7/15/2031 |  | 2318 | 1810 |
| HCA, Inc. 3.625% 3/15/2032<sup>2</sup> |  | 5000 | 4244 |
| HCA, Inc. 4.625% 3/15/2052<sup>2</sup> |  | 390 | 305 |
| Johnson & Johnson 0.95% 9/1/2027 |  | 12753 | 11001 |
| Johnson & Johnson 2.10% 9/1/2040 |  | 825 | 571 |
| Johnson & Johnson 2.25% 9/1/2050 |  | 1933 | 1205 |
| Laboratory Corporation of America Holdings 1.55% 6/1/2026 |  | 1058 | 938 |
| Laboratory Corporation of America Holdings 4.70% 2/1/2045 |  | 4160 | 3584 |
| Merck & Co., Inc. 1.70% 6/10/2027 |  | 3093 | 2747 |
| Merck & Co., Inc. 2.75% 12/10/2051 |  | 808 | 544 |
| Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 |  | 1918 | 1486 |
| Roche Holdings, Inc. 1.93% 12/13/2028<sup>2</sup> |  | 7845 | 6720 |
| Roche Holdings, Inc. 2.076% 12/13/2031<sup>2</sup> |  | 12562 | 10254 |
| Roche Holdings, Inc. 2.607% 12/13/2051<sup>2</sup> |  | 645 | 421 |
| Shire PLC 3.20% 9/23/2026 |  | 13588 | 12762 |
| Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 |  | 45000 | 44821 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 68853 | 60352 |
| Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028 |  | 26824 | 26215 |
| Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 |  | 46666 | 28634 |
| UnitedHealth Group, Inc. 3.75% 7/15/2025 |  | 5410 | 5294 |
| UnitedHealth Group, Inc. 3.70% 5/15/2027 |  | 1184 | 1147 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029 |  | 2231 | 2136 |

---

American Funds Insurance Series 183

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| UnitedHealth Group, Inc. 2.00% 5/15/2030 | USD | 855 | $707 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032 |  | 3169 | 3018 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041 |  | 1300 | 982 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048 |  | 960 | 834 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051 |  | 927 | 668 |
| UnitedHealth Group, Inc. 4.75% 5/15/2052 |  | 1400 | 1300 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062 |  | 294 | 277 |
| UnitedHealth Group, Inc. 6.05% 2/15/2063 |  | 230 | 251 |
| Zoetis, Inc. 5.60% 11/16/2032 |  | 2850 | 2964 |
|  |  |  | **392258** |
| **Communication services 3.31%** |  |  |  |
| AT&T, Inc. 1.70% 3/25/2026 |  | 19000 | 17145 |
| AT&T, Inc. 1.65% 2/1/2028 |  | 4700 | 3977 |
| AT&T, Inc. 4.30% 2/15/2030 |  | 15940 | 15047 |
| AT&T, Inc. 2.55% 12/1/2033 |  | 15003 | 11574 |
| AT&T, Inc. 3.50% 9/15/2053 |  | 19935 | 13545 |
| CCO Holdings, LLC 4.75% 2/1/2032<sup>2</sup> |  | 1265 | 1028 |
| CCO Holdings, LLC 4.25% 1/15/2034<sup>2</sup> |  | 3875 | 2867 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/2027<sup>2</sup> |  | 4800 | 4484 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 2.25% 1/15/2029 |  | 1351 | 1090 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031 |  | 8212 | 6412 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033 |  | 2642 | 2268 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.75% 4/1/2048 |  | 5000 | 4114 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.25% 4/1/2053 |  | 1240 | 962 |
| CenturyLink, Inc. 4.00% 2/15/2027<sup>2</sup> |  | 10381 | 8821 |
| Comcast Corp. 3.15% 2/15/2028 |  | 7200 | 6660 |
| Comcast Corp. 4.00% 3/1/2048 |  | 5000 | 4033 |
| Meta Platforms, Inc. 4.45% 8/15/2052 |  | 3775 | 3019 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 23259 | 22511 |
| Netflix, Inc. 5.875% 11/15/2028 |  | 29196 | 29664 |
| Netflix, Inc. 6.375% 5/15/2029 |  | 5078 | 5235 |
| Netflix, Inc. 5.375% 11/15/2029<sup>2</sup> |  | 15350 | 14917 |
| Netflix, Inc. 4.875% 6/15/2030<sup>2</sup> |  | 18215 | 17018 |
| News Corp. 5.125% 2/15/2032<sup>2</sup> |  | 1300 | 1185 |
| SBA Tower Trust 1.631% 11/15/2026<sup>2</sup> |  | 6741 | 5735 |
| Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>2</sup> |  | 675 | 589 |
| Sprint Corp. 7.625% 2/15/2025 |  | 6665 | 6895 |
| Tencent Holdings, Ltd. 2.39% 6/3/2030<sup>2</sup> |  | 10000 | 8153 |
| T-Mobile US, Inc. 3.50% 4/15/2025 |  | 3275 | 3152 |
| T-Mobile US, Inc. 2.25% 2/15/2026 |  | 2388 | 2177 |
| T-Mobile US, Inc. 2.625% 4/15/2026 |  | 9691 | 8899 |
| T-Mobile US, Inc. 3.75% 4/15/2027 |  | 5000 | 4717 |
| T-Mobile US, Inc. 2.625% 2/15/2029 |  | 3117 | 2643 |
| T-Mobile US, Inc. 2.40% 3/15/2029 |  | 1224 | 1035 |
| T-Mobile US, Inc. 3.875% 4/15/2030 |  | 4500 | 4087 |
| T-Mobile US, Inc. 2.875% 2/15/2031 |  | 17956 | 14862 |
| T-Mobile US, Inc. 3.00% 2/15/2041 |  | 2100 | 1490 |
| T-Mobile US, Inc. 3.40% 10/15/2052 |  | 12280 | 8307 |
| Verizon Communications, Inc. 4.329% 9/21/2028 |  | 1539 | 1483 |
| Verizon Communications, Inc. 1.75% 1/20/2031 |  | 15450 | 12023 |
| Verizon Communications, Inc. 2.55% 3/21/2031 |  | 7535 | 6215 |
| Verizon Communications, Inc. 2.355% 3/15/2032 |  | 2815 | 2239 |
| Verizon Communications, Inc. 3.40% 3/22/2041 |  | 2050 | 1549 |
| Verizon Communications, Inc. 2.875% 11/20/2050 |  | 3000 | 1894 |
| Verizon Communications, Inc. 3.55% 3/22/2051 |  | 1975 | 1416 |
| Verizon Communications, Inc. 3.875% 3/1/2052 |  | 3155 | 2408 |
| Vodafone Group PLC 4.25% 9/17/2050 |  | 3050 | 2340 |
| WarnerMedia Holdings, Inc. 3.428% 3/15/2024<sup>2</sup> |  | 6552 | 6364 |
| WarnerMedia Holdings, Inc. 3.638% 3/15/2025<sup>2</sup> |  | 3056 | 2909 |

---

184 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027<sup>2</sup> | USD | 9501 | $8569 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029<sup>2</sup> |  | 1316 | 1141 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>2</sup> |  | 4932 | 4075 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>2</sup> |  | 3147 | 2419 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>2</sup> |  | 10630 | 7769 |
| WarnerMedia Holdings, Inc. 5.391% 3/15/2062<sup>2</sup> |  | 2802 | 2057 |
| ZipRecruiter, Inc. 5.00% 1/15/2030<sup>2</sup> |  | 1500 | 1239 |
|  |  |  | **338426** |
| **Industrials 3.13%** |  |  |  |
| ADT Security Corp. 4.125% 8/1/2029<sup>2</sup> |  | 510 | 434 |
| Air Lease Corp. 0.80% 8/18/2024 |  | 3175 | 2926 |
| Air Lease Corp. 2.875% 1/15/2026 |  | 10172 | 9423 |
| Air Lease Corp. 2.20% 1/15/2027 |  | 4341 | 3789 |
| Air Lease Corp. 2.10% 9/1/2028 |  | 2450 | 2000 |
| Avolon Holdings Funding, Ltd. 3.95% 7/1/2024<sup>2</sup> |  | 12514 | 11987 |
| Avolon Holdings Funding, Ltd. 2.125% 2/21/2026<sup>2</sup> |  | 8333 | 7181 |
| Avolon Holdings Funding, Ltd. 4.25% 4/15/2026<sup>2</sup> |  | 3302 | 2997 |
| Avolon Holdings Funding, Ltd. 3.25% 2/15/2027<sup>2</sup> |  | 8000 | 6857 |
| Avolon Holdings Funding, Ltd. 2.528% 11/18/2027<sup>2</sup> |  | 2142 | 1715 |
| BNSF Funding Trust I, junior subordinated, 6.613% 12/15/2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)<sup>1</sup> |  | 1680 | 1590 |
| Boeing Company 4.508% 5/1/2023 |  | 11358 | 11338 |
| Boeing Company 1.95% 2/1/2024 |  | 5646 | 5441 |
| Boeing Company 2.80% 3/1/2024 |  | 500 | 485 |
| Boeing Company 4.875% 5/1/2025 |  | 32512 | 32292 |
| Boeing Company 2.75% 2/1/2026 |  | 18384 | 17057 |
| Boeing Company 2.196% 2/4/2026 |  | 18411 | 16748 |
| Boeing Company 3.10% 5/1/2026 |  | 649 | 611 |
| Boeing Company 2.70% 2/1/2027 |  | 6473 | 5852 |
| Boeing Company 5.04% 5/1/2027 |  | 14350 | 14215 |
| Boeing Company 3.25% 2/1/2028 |  | 11379 | 10353 |
| Boeing Company 3.25% 3/1/2028 |  | 1925 | 1724 |
| Boeing Company 5.15% 5/1/2030 |  | 42874 | 41935 |
| Boeing Company 3.625% 2/1/2031 |  | 1602 | 1408 |
| Boeing Company 3.90% 5/1/2049 |  | 1411 | 997 |
| Boeing Company 5.805% 5/1/2050 |  | 4122 | 3843 |
| Canadian Pacific Railway, Ltd. 1.75% 12/2/2026 |  | 1982 | 1769 |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 |  | 3131 | 2602 |
| Canadian Pacific Railway, Ltd. 3.00% 12/2/2041 |  | 1677 | 1271 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 3111 | 2106 |
| Carrier Global Corp. 3.377% 4/5/2040 |  | 15000 | 11443 |
| CSX Corp. 4.10% 11/15/2032 |  | 8010 | 7534 |
| CSX Corp. 4.50% 11/15/2052 |  | 6670 | 5828 |
| Dun & Bradstreet Corp. 5.00% 12/15/2029<sup>2</sup> |  | 2798 | 2398 |
| Eaton Corp. 4.15% 3/15/2033 |  | 1518 | 1416 |
| Eaton Corp. 4.70% 8/23/2052 |  | 535 | 487 |
| General Dynamics Corp. 3.625% 4/1/2030 |  | 675 | 629 |
| Mexico City Airport Trust 5.50% 10/31/2046 |  | 1959 | 1512 |
| Mexico City Airport Trust 5.50% 7/31/2047 |  | 5909 | 4564 |
| Mexico City Airport Trust 5.50% 7/31/2047<sup>2</sup> |  | 1132 | 874 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027<sup>2</sup> |  | 2690 | 2441 |
| Norfolk Southern Corp. 4.55% 6/1/2053 |  | 1188 | 1039 |
| Northrop Grumman Corp. 3.25% 1/15/2028 |  | 10845 | 10021 |
| Raytheon Technologies Corp. 1.90% 9/1/2031 |  | 3087 | 2431 |
| Raytheon Technologies Corp. 2.375% 3/15/2032 |  | 1321 | 1073 |
| Raytheon Technologies Corp. 2.82% 9/1/2051 |  | 665 | 434 |
| Raytheon Technologies Corp. 3.03% 3/15/2052 |  | 1190 | 812 |
| Republic Services, Inc. 2.375% 3/15/2033 |  | 1635 | 1309 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>2</sup> |  | 503 | 530 |

---

American Funds Insurance Series 185

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Summit Digitel Infrastructure Private, Ltd. 2.875% 8/12/2031<sup>2</sup> | USD | 2550 | $1962 |
| Triton Container International, Ltd. 1.15% 6/7/2024<sup>2</sup> |  | 1609 | 1489 |
| Triton Container International, Ltd. 3.15% 6/15/2031<sup>2</sup> |  | 2482 | 1934 |
| Union Pacific Corp. 2.15% 2/5/2027 |  | 2213 | 2002 |
| Union Pacific Corp. 2.40% 2/5/2030 |  | 4454 | 3820 |
| Union Pacific Corp. 2.375% 5/20/2031 |  | 3938 | 3326 |
| Union Pacific Corp. 2.80% 2/14/2032 |  | 6734 | 5832 |
| Union Pacific Corp. 3.375% 2/14/2042 |  | 530 | 424 |
| Union Pacific Corp. 3.25% 2/5/2050 |  | 7000 | 5078 |
| Union Pacific Corp. 2.95% 3/10/2052 |  | 1405 | 957 |
| United Rentals, Inc. 5.50% 5/15/2027 |  | 2500 | 2472 |
| United Technologies Corp. 3.125% 5/4/2027 |  | 4551 | 4245 |
| United Technologies Corp. 4.125% 11/16/2028 |  | 4974 | 4771 |
| Waste Management, Inc. 4.15% 4/15/2032 |  | 2155 | 2057 |
|  |  |  | **320090** |
| **Energy 2.54%** |  |  |  |
| Antero Resources Corp. 5.375% 3/1/2030<sup>2</sup> |  | 280 | 260 |
| Apache Corp. 4.625% 11/15/2025 |  | 645 | 624 |
| Apache Corp. 4.25% 1/15/2030 |  | 2465 | 2186 |
| Apache Corp. 5.35% 7/1/2049 |  | 800 | 648 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026 |  | 1136 | 1020 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025 |  | 754 | 702 |
| Canadian Natural Resources, Ltd. 3.85% 6/1/2027 |  | 1151 | 1086 |
| Cenovus Energy, Inc. 5.375% 7/15/2025 |  | 2763 | 2756 |
| Cenovus Energy, Inc. 4.25% 4/15/2027 |  | 13613 | 13032 |
| Cenovus Energy, Inc. 2.65% 1/15/2032 |  | 2969 | 2378 |
| Cenovus Energy, Inc. 5.25% 6/15/2037 |  | 770 | 704 |
| Cenovus Energy, Inc. 5.40% 6/15/2047 |  | 14816 | 13323 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032 |  | 937 | 746 |
| Chevron Corp. 2.954% 5/16/2026 |  | 3365 | 3196 |
| Chevron Corp. 3.078% 5/11/2050 |  | 692 | 500 |
| Devon Energy Corp. 4.50% 1/15/2030 |  | 5197 | 4850 |
| DT Midstream, Inc. 4.125% 6/15/2029<sup>2</sup> |  | 555 | 478 |
| Ecopetrol SA 5.875% 5/28/2045 |  | 452 | 316 |
| Enbridge, Inc. 4.00% 10/1/2023 |  | 1500 | 1488 |
| Energy Transfer Partners, LP 6.25% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.028% on 2/15/2023)<sup>1</sup> |  | 7850 | 6682 |
| Energy Transfer Partners, LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2049)<sup>1</sup> |  | 500 | 373 |
| EQT Corp. 5.70% 4/1/2028 |  | 1223 | 1218 |
| EQT Corp. 7.25% 2/1/2030<sup>1</sup> |  | 7500 | 7791 |
| Equinor ASA 3.625% 9/10/2028 |  | 4928 | 4673 |
| Equinor ASA 3.125% 4/6/2030 |  | 20000 | 18004 |
| Equinor ASA 3.25% 11/18/2049 |  | 5687 | 4159 |
| Exxon Mobil Corp. 3.043% 3/1/2026 |  | 4625 | 4417 |
| Exxon Mobil Corp. 2.61% 10/15/2030 |  | 1040 | 911 |
| Occidental Petroleum Corp. 8.875% 7/15/2030 |  | 630 | 712 |
| Odebrecht Drilling Norbe 7.35% PIK 12/1/2026<sup>2,4</sup> |  | 40 | 22 |
| Odebrecht Drilling Norbe 0% perpetual bonds<sup>2</sup> |  | 1150 | 3 |
| Oleoducto Central SA 4.00% 7/14/2027<sup>2</sup> |  | 1715 | 1516 |
| Oleoducto Central SA 4.00% 7/14/2027 |  | 350 | 309 |
| Petróleos Mexicanos 3.50% 1/30/2023 |  | 1500 | 1496 |
| Petróleos Mexicanos 6.875% 10/16/2025 |  | 5000 | 4903 |
| Petróleos Mexicanos 6.875% 8/4/2026 |  | 24876 | 23550 |
| Petróleos Mexicanos 6.49% 1/23/2027 |  | 20653 | 18867 |
| Petróleos Mexicanos 6.50% 3/13/2027 |  | 31829 | 29102 |
| Petróleos Mexicanos 6.50% 1/23/2029 |  | 3139 | 2694 |
| Petróleos Mexicanos 8.75% 6/2/2029 |  | 5805 | 5451 |
| Petróleos Mexicanos 6.70% 2/16/2032 |  | 14854 | 11693 |

---

186 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Qatar Petroleum 2.25% 7/12/2031<sup>2</sup> | USD | 22020 | $18281 |
| Qatar Petroleum 3.125% 7/12/2041<sup>2</sup> |  | 7310 | 5644 |
| Qatar Petroleum 3.30% 7/12/2051<sup>2</sup> |  | 2185 | 1619 |
| SA Global Sukuk, Ltd. 1.602% 6/17/2026<sup>2</sup> |  | 7645 | 6842 |
| Sabine Pass Liquefaction, LLC 5.75% 5/15/2024 |  | 5148 | 5152 |
| Shell International Finance BV 3.875% 11/13/2028 |  | 9410 | 9081 |
| Shell International Finance BV 2.75% 4/6/2030 |  | 1186 | 1043 |
| Southwestern Energy Co. 5.95% 1/23/2025<sup>1</sup> |  | 495 | 487 |
| Total Capital Canada, Ltd. 2.75% 7/15/2023 |  | 2140 | 2113 |
| Total Capital International 3.455% 2/19/2029 |  | 885 | 822 |
| TransCanada PipeLines, Ltd. 4.10% 4/15/2030 |  | 1578 | 1449 |
| Western Midstream Operating, LP 3.35% 2/1/2025<sup>1</sup> |  | 2782 | 2637 |
| Western Midstream Operating, LP 4.30% 2/1/2030<sup>1</sup> |  | 2202 | 1927 |
| Western Midstream Operating, LP 5.50% 2/1/2050<sup>1</sup> |  | 3079 | 2542 |
| Williams Partners, LP 4.50% 11/15/2023 |  | 500 | 497 |
| Williams Partners, LP 4.30% 3/4/2024 |  | 595 | 588 |
|  |  |  | **259563** |
| **Consumer staples 1.83%** |  |  |  |
| 7-Eleven, Inc. 1.80% 2/10/2031<sup>2</sup> |  | 4676 | 3582 |
| 7-Eleven, Inc. 2.80% 2/10/2051<sup>2</sup> |  | 5000 | 3082 |
| Altria Group, Inc. 4.40% 2/14/2026 |  | 4585 | 4494 |
| Altria Group, Inc. 4.50% 5/2/2043 |  | 1585 | 1196 |
| Altria Group, Inc. 5.95% 2/14/2049 |  | 8434 | 7539 |
| Anheuser-Busch InBev NV 4.75% 1/23/2029 |  | 7500 | 7419 |
| Anheuser-Busch InBev NV 5.55% 1/23/2049 |  | 5000 | 4971 |
| Anheuser-Busch InBev NV 4.50% 6/1/2050 |  | 1355 | 1192 |
| British American Tobacco International Finance PLC 3.95% 6/15/2025<sup>2</sup> |  | 16879 | 16226 |
| British American Tobacco International Finance PLC 1.668% 3/25/2026 |  | 4070 | 3611 |
| British American Tobacco PLC 3.557% 8/15/2027 |  | 9561 | 8750 |
| British American Tobacco PLC 4.448% 3/16/2028 |  | 3065 | 2844 |
| British American Tobacco PLC 2.259% 3/25/2028 |  | 4348 | 3616 |
| British American Tobacco PLC 4.742% 3/16/2032 |  | 2675 | 2381 |
| British American Tobacco PLC 4.39% 8/15/2037 |  | 1500 | 1171 |
| British American Tobacco PLC 4.54% 8/15/2047 |  | 13490 | 9582 |
| British American Tobacco PLC 4.758% 9/6/2049 |  | 21450 | 15620 |
| British American Tobacco PLC 5.65% 3/16/2052 |  | 430 | 356 |
| Conagra Brands, Inc. 5.30% 11/1/2038 |  | 436 | 412 |
| Conagra Brands, Inc. 5.40% 11/1/2048 |  | 57 | 53 |
| Constellation Brands, Inc. 3.50% 5/9/2027 |  | 7500 | 7035 |
| Constellation Brands, Inc. 4.35% 5/9/2027 |  | 890 | 868 |
| Constellation Brands, Inc. 2.875% 5/1/2030 |  | 620 | 529 |
| Constellation Brands, Inc. 2.25% 8/1/2031 |  | 1487 | 1185 |
| Constellation Brands, Inc. 4.75% 5/9/2032 |  | 2284 | 2205 |
| Imperial Tobacco Finance PLC 6.125% 7/27/2027<sup>2</sup> |  | 1810 | 1804 |
| JBS USA Lux SA 2.50% 1/15/2027<sup>2</sup> |  | 3880 | 3399 |
| JBS USA Lux SA 3.00% 2/2/2029<sup>2</sup> |  | 2709 | 2248 |
| JBS USA Lux SA 5.50% 1/15/2030<sup>2</sup> |  | 435 | 415 |
| JBS USA Lux SA 3.625% 1/15/2032<sup>2</sup> |  | 1430 | 1160 |
| JBS USA Lux SA 3.00% 5/15/2032<sup>2</sup> |  | 3430 | 2635 |
| JBS USA Lux SA 5.75% 4/1/2033<sup>2</sup> |  | 7368 | 7046 |
| Kraft Heinz Company 5.50% 6/1/2050 |  | 2725 | 2619 |
| PepsiCo, Inc. 1.95% 10/21/2031 |  | 6979 | 5658 |
| Philip Morris International, Inc. 5.00% 11/17/2025 |  | 6555 | 6592 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 4898 | 4942 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 4309 | 4382 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 6327 | 6470 |
| Philip Morris International, Inc. 4.125% 3/4/2043 |  | 4117 | 3270 |
| Philip Morris International, Inc. 4.875% 11/15/2043 |  | 5433 | 4774 |
| PT Indofood CBP Sukses Makmur Tbk 3.398% 6/9/2031 |  | 3110 | 2590 |

---

American Funds Insurance Series 187

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer staples (continued)** |  |  |  |
| PT Indofood CBP Sukses Makmur Tbk 4.745% 6/9/2051 | USD | 685 | $507 |
| Reynolds American, Inc. 4.45% 6/12/2025 |  | 14570 | 14267 |
| Reynolds American, Inc. 5.85% 8/15/2045 |  | 1688 | 1445 |
| Wal-Mart Stores, Inc. 4.15% 9/9/2032 |  | 570 | 557 |
| Wal-Mart Stores, Inc. 4.50% 9/9/2052 |  | 480 | 460 |
|  |  |  | **187159** |
| **Information technology 0.82%** |  |  |  |
| Analog Devices, Inc. 2.80% 10/1/2041 |  | 521 | 383 |
| Apple, Inc. 2.70% 8/5/2051 |  | 7080 | 4701 |
| Apple, Inc. 3.95% 8/8/2052 |  | 1805 | 1544 |
| Block, Inc. 2.75% 6/1/2026 |  | 1975 | 1767 |
| Block, Inc. 3.50% 6/1/2031 |  | 825 | 659 |
| Broadcom Corp. 3.875% 1/15/2027 |  | 7027 | 6657 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>2</sup> |  | 1470 | 1338 |
| Broadcom, Inc. 4.15% 4/15/2032<sup>2</sup> |  | 2270 | 1999 |
| Broadcom, Inc. 3.469% 4/15/2034<sup>2</sup> |  | 33872 | 27121 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>2</sup> |  | 2149 | 1587 |
| Broadcom, Inc. 3.187% 11/15/2036<sup>2</sup> |  | 4803 | 3465 |
| Broadcom, Inc. 4.926% 5/15/2037<sup>2</sup> |  | 4049 | 3547 |
| Global Payments, Inc. 2.90% 11/15/2031 |  | 1005 | 795 |
| Oracle Corp. 1.65% 3/25/2026 |  | 4867 | 4363 |
| Oracle Corp. 2.30% 3/25/2028 |  | 6875 | 5967 |
| Oracle Corp. 2.875% 3/25/2031 |  | 3345 | 2782 |
| Oracle Corp. 3.95% 3/25/2051 |  | 4869 | 3490 |
| PayPal Holdings, Inc. 5.05% 6/1/2052 |  | 3775 | 3439 |
| salesforce.com, inc. 1.95% 7/15/2031 |  | 3775 | 3019 |
| salesforce.com, inc. 2.70% 7/15/2041 |  | 875 | 628 |
| salesforce.com, inc. 2.90% 7/15/2051 |  | 5140 | 3393 |
| salesforce.com, inc. 3.05% 7/15/2061 |  | 265 | 170 |
| VeriSign, Inc. 2.70% 6/15/2031 |  | 1494 | 1220 |
|  |  |  | **84034** |
| **Real estate 0.70%** |  |  |  |
| American Tower Corp. 1.45% 9/15/2026 |  | 657 | 574 |
| American Tower Corp. 3.65% 3/15/2027 |  | 2291 | 2143 |
| Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031<sup>2</sup> |  | 395 | 318 |
| Corporate Office Properties, LP 2.00% 1/15/2029 |  | 1139 | 876 |
| Corporate Office Properties, LP 2.75% 4/15/2031 |  | 1547 | 1161 |
| Corporate Office Properties, LP 2.90% 12/1/2033 |  | 564 | 402 |
| Equinix, Inc. 2.90% 11/18/2026 |  | 3287 | 3009 |
| Equinix, Inc. 3.20% 11/18/2029 |  | 3846 | 3356 |
| Equinix, Inc. 2.50% 5/15/2031 |  | 7760 | 6254 |
| Equinix, Inc. 3.90% 4/15/2032 |  | 1155 | 1029 |
| Equinix, Inc. 3.40% 2/15/2052 |  | 1201 | 823 |
| Extra Space Storage, Inc. 2.35% 3/15/2032 |  | 698 | 530 |
| FibraSOMA 4.375% 7/22/2031<sup>2</sup> |  | 1475 | 1105 |
| Hospitality Properties Trust 4.50% 3/15/2025 |  | 855 | 739 |
| Hospitality Properties Trust 3.95% 1/15/2028 |  | 1710 | 1217 |
| Howard Hughes Corp. 4.375% 2/1/2031<sup>2</sup> |  | 675 | 547 |
| Invitation Homes Operating Partnership, LP 2.30% 11/15/2028 |  | 767 | 636 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 |  | 2048 | 1518 |
| Invitation Homes Operating Partnership, LP 2.70% 1/15/2034 |  | 660 | 483 |
| Iron Mountain, Inc. 4.875% 9/15/2027<sup>2</sup> |  | 1605 | 1479 |
| Iron Mountain, Inc. 5.25% 3/15/2028<sup>2</sup> |  | 3500 | 3226 |
| Iron Mountain, Inc. 5.25% 7/15/2030<sup>2</sup> |  | 675 | 588 |
| Omega Healthcare Investors, Inc. 4.375% 8/1/2023 |  | 186 | 185 |
| Piedmont Operating Partnership, LP 4.45% 3/15/2024 |  | 1000 | 983 |
| Public Storage 1.95% 11/9/2028 |  | 993 | 849 |
| Public Storage 2.30% 5/1/2031 |  | 3195 | 2601 |

---

188 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Real estate (continued)** |  |  |  |
| Scentre Group 3.50% 2/12/2025<sup>2</sup> | USD | 4565 | $4372 |
| Sun Communities Operating, LP 2.30% 11/1/2028 |  | 1026 | 856 |
| Sun Communities Operating, LP 2.70% 7/15/2031 |  | 3877 | 3070 |
| VICI Properties, LP 4.375% 5/15/2025 |  | 670 | 652 |
| VICI Properties, LP 4.75% 2/15/2028 |  | 6844 | 6505 |
| VICI Properties, LP 4.95% 2/15/2030 |  | 5515 | 5257 |
| VICI Properties, LP 4.125% 8/15/2030<sup>2</sup> |  | 425 | 373 |
| VICI Properties, LP 5.125% 5/15/2032 |  | 11766 | 10917 |
| VICI Properties, LP 5.625% 5/15/2052 |  | 2695 | 2388 |
|  |  |  | **71021** |
| **Materials 0.13%** |  |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040 |  | 2911 | 2178 |
| Celanese US Holdings, LLC 6.05% 3/15/2025 |  | 195 | 194 |
| Celanese US Holdings, LLC 6.165% 7/15/2027 |  | 2875 | 2840 |
| Celanese US Holdings, LLC 6.33% 7/15/2029 |  | 775 | 755 |
| Celanese US Holdings, LLC 6.379% 7/15/2032 |  | 2055 | 1960 |
| Glencore Funding, LLC 2.625% 9/23/2031<sup>2</sup> |  | 790 | 631 |
| Glencore Funding, LLC 3.375% 9/23/2051<sup>2</sup> |  | 370 | 242 |
| International Flavors & Fragrances, Inc. 2.30% 11/1/2030<sup>2</sup> |  | 3536 | 2813 |
| Methanex Corp. 5.125% 10/15/2027 |  | 510 | 474 |
| Nova Chemicals Corp. 4.25% 5/15/2029<sup>2</sup> |  | 425 | 348 |
| South32 Treasury, Ltd. 4.35% 4/14/2032<sup>2</sup> |  | 1384 | 1188 |
|  |  |  | **13623** |
| **Municipals 0.01%** |  |  |  |
| Aeropuerto International de Tocume SA 4.00% 8/11/2041<sup>2</sup> |  | 730 | 603 |
| Aeropuerto International de Tocume SA 5.125% 8/11/2061<sup>2</sup> |  | 565 | 464 |
|  |  |  | **1067** |
| **Total corporate bonds, notes & loans** |  |  | **3535583** |
| **U.S. Treasury bonds & notes 27.43%** |  |  |  |
| **U.S. Treasury 14.76%** |  |  |  |
| U.S. Treasury 0.125% 5/31/2023 |  | 39035 | 38325 |
| U.S. Treasury 2.25% 12/31/2023 |  | 24768 | 24174 |
| U.S. Treasury 1.50% 2/29/2024 |  | 9807 | 9455 |
| U.S. Treasury 2.50% 4/30/2024 |  | 22390 | 21755 |
| U.S. Treasury 0.375% 9/15/2024 |  | 15740 | 14672 |
| U.S. Treasury 4.50% 11/30/2024 |  | 38095 | 38103 |
| U.S. Treasury 3.00% 7/15/2025 |  | 97643 | 94593 |
| U.S. Treasury 4.00% 12/15/2025 |  | 67475 | 67053 |
| U.S. Treasury 0.375% 12/31/2025 |  | 44080 | 39409 |
| U.S. Treasury 0.375% 1/31/2026 |  | 40000 | 35602 |
| U.S. Treasury 0.75% 5/31/2026 |  | 20625 | 18401 |
| U.S. Treasury 0.75% 8/31/2026 |  | 26766 | 23705 |
| U.S. Treasury 1.375% 8/31/2026 |  | 45000 | 40809 |
| U.S. Treasury 0.50% 4/30/2027 |  | 45625 | 39295 |
| U.S. Treasury 2.75% 4/30/2027 |  | 11500 | 10903 |
| U.S. Treasury 2.25% 11/15/2027<sup>5</sup> |  | 105830 | 97546 |
| U.S. Treasury 6.125% 11/15/2027 |  | 24000 | 26188 |
| U.S. Treasury 3.875% 11/30/2027 |  | 46272 | 46021 |
| U.S. Treasury 1.25% 5/31/2028 |  | 21480 | 18605 |
| U.S. Treasury 3.875% 11/30/2029 |  | 149 | 148 |
| U.S. Treasury 3.875% 12/31/2029 |  | 5750 | 5710 |
| U.S. Treasury 1.625% 5/15/2031 |  | 1630 | 1372 |
| U.S. Treasury 4.125% 11/15/2032 |  | 15000 | 15299 |
| U.S. Treasury 4.25% 5/15/2039 |  | 106700 | 110123 |
| U.S. Treasury 1.125% 5/15/2040 |  | 124213 | 77947 |
| U.S. Treasury 1.375% 11/15/2040 |  | 40000 | 26058 |
| U.S. Treasury 1.875% 2/15/2041 |  | 46900 | 33221 |

---

American Funds Insurance Series 189

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 2.00% 11/15/2041 | USD | 247 | $177 |
| U.S. Treasury 2.375% 2/15/2042 |  | 3271 | 2500 |
| U.S. Treasury 4.00% 11/15/2042 |  | 766 | 751 |
| U.S. Treasury 3.00% 2/15/2049 |  | 123340 | 102162 |
| U.S. Treasury 1.25% 5/15/2050 |  | 21285 | 11514 |
| U.S. Treasury 2.00% 8/15/2051 |  | 1587 | 1044 |
| U.S. Treasury 1.875% 11/15/2051 |  | 4670 | 2974 |
| U.S. Treasury 3.00% 8/15/2052<sup>5</sup> |  | 493436 | 409137 |
| U.S. Treasury 4.00% 11/15/2052 |  | 3800 | 3820 |
|  |  |  | **1508571** |
| **U.S. Treasury inflation-protected securities 12.67%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>6</sup> |  | 206245 | 205862 |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>6</sup> |  | 85927 | 85102 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>6</sup> |  | 6574 | 6498 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>6</sup> |  | 255440 | 250190 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>6</sup> |  | 29208 | 28425 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>6</sup> |  | 250395 | 242546 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>6</sup> |  | 57910 | 55812 |
| U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>6</sup> |  | 26921 | 25840 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>6</sup> |  | 28626 | 27283 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>6</sup> |  | 71002 | 68225 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2026<sup>6</sup> |  | 3300 | 3168 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>6</sup> |  | 13368 | 12538 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027<sup>6</sup> |  | 66635 | 62091 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027<sup>6</sup> |  | 85852 | 80941 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>6</sup> |  | 21184 | 21157 |
| U.S. Treasury Inflation-Protected Security 0.50% 1/15/2028<sup>5,6</sup> |  | 90600 | 85240 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>6</sup> |  | 20209 | 17930 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031<sup>6</sup> |  | 13385 | 11811 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>6</sup> |  | 6118 | 3947 |
|  |  |  | **1294606** |
| **Total U.S. Treasury bonds & notes** |  |  | **2803177** |
| **Mortgage-backed obligations 25.81%** |  |  |  |
| **Federal agency mortgage-backed obligations 23.23%** |  |  |  |
| Fannie Mae Pool #254764 5.50% 6/1/2023<sup>7</sup> |  | —<sup>8</sup> | —<sup>8</sup> |
| Fannie Mae Pool #AB1068 4.50% 5/1/2025<sup>7</sup> |  | 37 | 37 |
| Fannie Mae Pool #256133 4.50% 1/1/2026<sup>7</sup> |  | 32 | 31 |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028<sup>7</sup> |  | 75 | 72 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031<sup>7</sup> |  | 44 | 42 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032<sup>7</sup> |  | 28 | 27 |
| Fannie Mae Pool #913966 6.00% 2/1/2037<sup>7</sup> |  | 34 | 36 |
| Fannie Mae Pool #945680 6.00% 9/1/2037<sup>7</sup> |  | 426 | 444 |
| Fannie Mae Pool #924866 2.765% 10/1/2037<sup>3,7</sup> |  | 419 | 410 |
| Fannie Mae Pool #988588 5.50% 8/1/2038<sup>7</sup> |  | 185 | 192 |
| Fannie Mae Pool #889982 5.50% 11/1/2038<sup>7</sup> |  | 919 | 953 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040<sup>7</sup> |  | 191 | 194 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041<sup>7</sup> |  | 805 | 810 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041<sup>7</sup> |  | 754 | 764 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041<sup>7</sup> |  | 952 | 963 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041<sup>7</sup> |  | 524 | 530 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041<sup>7</sup> |  | 444 | 452 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041<sup>7</sup> |  | 321 | 325 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>7</sup> |  | 9994 | 8437 |
| Fannie Mae Pool #MA4540 2.00% 2/1/2042<sup>7</sup> |  | 2628 | 2218 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045<sup>7</sup> |  | 42 | 40 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>7</sup> |  | 2819 | 2610 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046<sup>7</sup> |  | 896 | 833 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046<sup>7</sup> |  | 792 | 757 |

---

190 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046<sup>7</sup> | USD | 137 | $132 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046<sup>7</sup> |  | 313 | 295 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047<sup>7</sup> |  | 42 | 40 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047<sup>7</sup> |  | 4696 | 4364 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047<sup>7</sup> |  | 91 | 87 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047<sup>7</sup> |  | 2854 | 2812 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048<sup>7</sup> |  | 1384 | 1285 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048<sup>7</sup> |  | 16 | 16 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048<sup>7</sup> |  | 6893 | 6129 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048<sup>7</sup> |  | 5642 | 5198 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048<sup>7</sup> |  | 20838 | 19368 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048<sup>7</sup> |  | 13 | 12 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>7</sup> |  | 738 | 684 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049<sup>7</sup> |  | 1416 | 1267 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049<sup>7</sup> |  | 913 | 818 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049<sup>7</sup> |  | 22731 | 21695 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049<sup>7</sup> |  | 15691 | 14461 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049<sup>7</sup> |  | 4398 | 4048 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049<sup>7</sup> |  | 6796 | 6252 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>7</sup> |  | 6170 | 5302 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050<sup>7</sup> |  | 18556 | 16591 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050<sup>7</sup> |  | 6665 | 5981 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050<sup>7</sup> |  | 1 | 1 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050<sup>7</sup> |  | 1108 | 957 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050<sup>7</sup> |  | 1935 | 1646 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050<sup>7</sup> |  | 314 | 270 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050<sup>7</sup> |  | 7463 | 6437 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050<sup>7</sup> |  | 18989 | 17095 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>7</sup> |  | 12762 | 10450 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051<sup>7</sup> |  | 6306 | 5420 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>7</sup> |  | 21666 | 17724 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>7</sup> |  | 33 | 27 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051<sup>7</sup> |  | 20 | 16 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051<sup>7</sup> |  | 242 | 213 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051<sup>7</sup> |  | 533 | 457 |
| Fannie Mae Pool #FM8442 2.50% 8/1/2051<sup>7</sup> |  | 9106 | 7723 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051<sup>7</sup> |  | 1264 | 1074 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>7</sup> |  | 156 | 128 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>7</sup> |  | 4932 | 4181 |
| Fannie Mae Pool #FM9846 2.50% 12/1/2051<sup>7</sup> |  | 569 | 483 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051<sup>7</sup> |  | 27 | 25 |
| Fannie Mae Pool #FS2776 2.50% 1/1/2052<sup>7</sup> |  | 3264 | 2769 |
| Fannie Mae Pool #CB2765 2.00% 2/1/2052<sup>7</sup> |  | 6870 | 5649 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>7</sup> |  | 41218 | 36792 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052<sup>7</sup> |  | 1000 | 848 |
| Fannie Mae Pool #CB3170 3.00% 3/1/2052<sup>7</sup> |  | 392 | 345 |
| Fannie Mae Pool #BV7773 2.50% 4/1/2052<sup>7</sup> |  | 9356 | 7942 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052<sup>7</sup> |  | 8486 | 7196 |
| Fannie Mae Pool #BV2994 2.50% 4/1/2052<sup>7</sup> |  | 3401 | 2887 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>7</sup> |  | 780 | 662 |
| Fannie Mae Pool #BV7521 2.50% 5/1/2052<sup>7</sup> |  | 1000 | 848 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>7</sup> |  | 1174 | 1031 |
| Fannie Mae Pool #MA4599 3.00% 5/1/2052<sup>7</sup> |  | 500 | 439 |
| Fannie Mae Pool #BV9975 2.50% 6/1/2052<sup>7</sup> |  | 3301 | 2802 |
| Fannie Mae Pool #BV2452 3.00% 6/1/2052<sup>7</sup> |  | 739 | 649 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>7</sup> |  | 1689 | 1586 |
| Fannie Mae Pool #BW1001 4.50% 7/1/2052<sup>7</sup> |  | 675 | 651 |
| Fannie Mae Pool #BV2562 4.50% 7/1/2052<sup>7</sup> |  | 522 | 503 |
| Fannie Mae Pool #MA4699 3.50% 8/1/2052<sup>7</sup> |  | 900 | 819 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>7</sup> |  | 2823 | 2651 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>7</sup> |  | 2138 | 2008 |

---

American Funds Insurance Series 191

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BW9409 4.50% 8/1/2052<sup>7</sup> | USD | 1998 | $1925 |
| Fannie Mae Pool #BW5751 4.50% 8/1/2052<sup>7</sup> |  | 1983 | 1910 |
| Fannie Mae Pool #BW2284 4.50% 8/1/2052<sup>7</sup> |  | 1944 | 1873 |
| Fannie Mae Pool #BW6191 4.50% 8/1/2052<sup>7</sup> |  | 999 | 965 |
| Fannie Mae Pool #BW7611 4.50% 8/1/2052<sup>7</sup> |  | 974 | 938 |
| Fannie Mae Pool #BW8077 4.50% 8/1/2052<sup>7</sup> |  | 90 | 86 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>7</sup> |  | 9060 | 8508 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>7</sup> |  | 1831 | 1720 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>7</sup> |  | 1588 | 1491 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>7</sup> |  | 1504 | 1412 |
| Fannie Mae Pool #BV0952 4.50% 9/1/2052<sup>7</sup> |  | 4153 | 4001 |
| Fannie Mae Pool #BW3812 4.50% 9/1/2052<sup>7</sup> |  | 3994 | 3848 |
| Fannie Mae Pool #BW9386 4.50% 9/1/2052<sup>7</sup> |  | 2996 | 2888 |
| Fannie Mae Pool #BV0957 4.50% 9/1/2052<sup>7</sup> |  | 2996 | 2887 |
| Fannie Mae Pool #BW8692 4.50% 9/1/2052<sup>7</sup> |  | 999 | 963 |
| Fannie Mae Pool #BW9180 4.50% 9/1/2052<sup>7</sup> |  | 420 | 405 |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052<sup>7</sup> |  | 65 | 63 |
| Fannie Mae Pool #BW7702 4.50% 9/1/2052<sup>7</sup> |  | 42 | 40 |
| Fannie Mae Pool #MA4761 5.00% 9/1/2052<sup>7</sup> |  | 36426 | 35956 |
| Fannie Mae Pool #BW1295 3.50% 10/1/2052<sup>7</sup> |  | 574 | 522 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>7</sup> |  | 5933 | 5571 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>7</sup> |  | 4482 | 4208 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>7</sup> |  | 3728 | 3500 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>7</sup> |  | 1604 | 1506 |
| Fannie Mae Pool #CB4794 4.50% 10/1/2052<sup>7</sup> |  | 15949 | 15370 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>7</sup> |  | 10684 | 10294 |
| Fannie Mae Pool #BW8745 4.50% 10/1/2052<sup>7</sup> |  | 4974 | 4792 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052<sup>7</sup> |  | 2995 | 2885 |
| Fannie Mae Pool #BW7795 4.50% 10/1/2052<sup>7</sup> |  | 496 | 478 |
| Fannie Mae Pool #BW8592 4.50% 10/1/2052<sup>7</sup> |  | 149 | 143 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052<sup>7</sup> |  | 294 | 303 |
| Fannie Mae Pool #MA4854 2.50% 11/1/2052<sup>7</sup> |  | 902 | 765 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>7</sup> |  | 7069 | 6431 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>7</sup> |  | 9106 | 8550 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>7</sup> |  | 1677 | 1574 |
| Fannie Mae Pool #BX1042 4.50% 11/1/2052<sup>7</sup> |  | 548 | 528 |
| Fannie Mae Pool #BX1516 4.50% 11/1/2052<sup>7</sup> |  | 542 | 523 |
| Fannie Mae Pool #BX1035 4.50% 11/1/2052<sup>7</sup> |  | 308 | 297 |
| Fannie Mae Pool #BX3075 4.50% 11/1/2052<sup>7</sup> |  | 291 | 280 |
| Fannie Mae Pool #BX2558 4.50% 11/1/2052<sup>7</sup> |  | 62 | 60 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052<sup>7</sup> |  | 36 | 35 |
| Fannie Mae Pool #BW1380 4.50% 12/1/2052<sup>7</sup> |  | 13486 | 12993 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052<sup>7</sup> |  | 4721 | 4549 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>7</sup> |  | 4013 | 3961 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>7</sup> |  | 58203 | 59707 |
| Fannie Mae Pool #BX4022 6.50% 12/1/2052<sup>7</sup> |  | 200 | 205 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>7</sup> |  | 8583 | 8472 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>7</sup> |  | 4225 | 4335 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057<sup>7</sup> |  | 11899 | 10887 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058<sup>7</sup> |  | 9059 | 8322 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059<sup>7</sup> |  | 19463 | 17158 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>7</sup> |  | 22447 | 19666 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>7</sup> |  | 1326 | 1293 |
| Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/2025<sup>3,7</sup> |  | —<sup>8</sup> | —<sup>8</sup> |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041<sup>7</sup> |  | 7 | 7 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041<sup>7</sup> |  | 17 | 19 |
| Fannie Mae, Series 2002-W1, Class 2A, 4.915% 2/25/2042<sup>3,7</sup> |  | 21 | 21 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028<sup>7</sup> |  | 113 | 108 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029<sup>7</sup> |  | 2445 | 2346 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033<sup>7</sup> |  | 51 | 52 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034<sup>7</sup> |  | 46 | 44 |

---

192 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #G05196 5.50% 10/1/2038<sup>7</sup> | USD | 50 | $52 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038<sup>7</sup> |  | 37 | 39 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039<sup>7</sup> |  | 72 | 75 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040<sup>7</sup> |  | 265 | 275 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040<sup>7</sup> |  | 157 | 156 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041<sup>7</sup> |  | 177 | 176 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041<sup>7</sup> |  | 422 | 439 |
| Freddie Mac Pool #RB5138 2.00% 12/1/2041<sup>7</sup> |  | 2632 | 2222 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042<sup>7</sup> |  | 2569 | 2169 |
| Freddie Mac Pool #RB5148 2.00% 3/1/2042<sup>7</sup> |  | 5501 | 4643 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046<sup>7</sup> |  | 20778 | 18802 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047<sup>7</sup> |  | 109 | 98 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047<sup>7</sup> |  | 628 | 603 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047<sup>7</sup> |  | 5178 | 4642 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048<sup>7</sup> |  | 13489 | 12616 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048<sup>7</sup> |  | 330 | 307 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048<sup>7</sup> |  | 1273 | 1217 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049<sup>7</sup> |  | 751 | 693 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049<sup>7</sup> |  | 1997 | 1840 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049<sup>7</sup> |  | 10988 | 10187 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049<sup>7</sup> |  | 29606 | 26538 |
| Freddie Mac Pool #SD8090 2.00% 9/1/2050<sup>7</sup> |  | 1362 | 1115 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>7</sup> |  | 2836 | 2321 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>7</sup> |  | 115 | 94 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>7</sup> |  | 191 | 156 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>7</sup> |  | 2916 | 2387 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051<sup>7</sup> |  | 13776 | 11687 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051<sup>7</sup> |  | 2789 | 2389 |
| Freddie Mac Pool #QC7173 2.50% 9/1/2051<sup>7</sup> |  | 3203 | 2723 |
| Freddie Mac Pool #QD1746 2.50% 11/1/2051<sup>7</sup> |  | 3044 | 2585 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051<sup>7</sup> |  | 1671 | 1434 |
| Freddie Mac Pool #RA6485 3.00% 12/1/2051<sup>7</sup> |  | 35637 | 31327 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>7</sup> |  | 11001 | 9407 |
| Freddie Mac Pool #QD5725 2.50% 1/1/2052<sup>7</sup> |  | 2995 | 2544 |
| Freddie Mac Pool #QD4799 2.50% 1/1/2052<sup>7</sup> |  | 1000 | 848 |
| Freddie Mac Pool #RA6608 3.00% 2/1/2052<sup>7</sup> |  | 888 | 780 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>7</sup> |  | 867 | 790 |
| Freddie Mac Pool #QE0327 2.50% 4/1/2052<sup>7</sup> |  | 1000 | 849 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052<sup>7</sup> |  | 7000 | 5941 |
| Freddie Mac Pool #SD8219 2.50% 6/1/2052<sup>7</sup> |  | 73484 | 62311 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052<sup>7</sup> |  | 3363 | 2957 |
| Freddie Mac Pool #QE4855 3.50% 6/1/2052<sup>7</sup> |  | 68 | 62 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052<sup>7</sup> |  | 333 | 345 |
| Freddie Mac Pool #SD8234 2.50% 8/1/2052<sup>7</sup> |  | 5524 | 4684 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>7</sup> |  | 2186 | 2053 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>7</sup> |  | 1368 | 1285 |
| Freddie Mac Pool #QE8065 4.50% 8/1/2052<sup>7</sup> |  | 4104 | 3954 |
| Freddie Mac Pool #QE7539 4.50% 8/1/2052<sup>7</sup> |  | 2160 | 2083 |
| Freddie Mac Pool #QE8253 4.50% 8/1/2052<sup>7</sup> |  | 1712 | 1649 |
| Freddie Mac Pool #QE6903 4.50% 8/1/2052<sup>7</sup> |  | 248 | 239 |
| Freddie Mac Pool #QE7702 4.50% 8/1/2052<sup>7</sup> |  | 35 | 34 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>7</sup> |  | 73 | 64 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>7</sup> |  | 1763 | 1655 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>7</sup> |  | 1457 | 1368 |
| Freddie Mac Pool #QE9919 4.50% 9/1/2052<sup>7</sup> |  | 23534 | 22676 |
| Freddie Mac Pool #QF0313 4.50% 9/1/2052<sup>7</sup> |  | 9988 | 9636 |
| Freddie Mac Pool #QF0660 4.50% 9/1/2052<sup>7</sup> |  | 2996 | 2889 |
| Freddie Mac Pool #QE9813 4.50% 9/1/2052<sup>7</sup> |  | 406 | 392 |
| Freddie Mac Pool #QF0820 4.50% 9/1/2052<sup>7</sup> |  | 366 | 353 |
| Freddie Mac Pool #RA7930 4.50% 9/1/2052<sup>7</sup> |  | 306 | 295 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052<sup>7</sup> |  | 298 | 287 |

---

American Funds Insurance Series 193

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #QF0311 5.00% 9/1/2052<sup>7</sup> | USD | 17998 | $17766 |
| Freddie Mac Pool #QF2029 3.00% 10/1/2052<sup>7</sup> |  | 696 | 612 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>7</sup> |  | 1691 | 1588 |
| Freddie Mac Pool #QF2379 4.50% 10/1/2052<sup>7</sup> |  | 4994 | 4816 |
| Freddie Mac Pool #QF1254 4.50% 10/1/2052<sup>7</sup> |  | 3226 | 3108 |
| Freddie Mac Pool #QF1849 4.50% 10/1/2052<sup>7</sup> |  | 2140 | 2062 |
| Freddie Mac Pool #QF2136 4.50% 10/1/2052<sup>7</sup> |  | 1908 | 1838 |
| Freddie Mac Pool #QF0819 4.50% 10/1/2052<sup>7</sup> |  | 863 | 833 |
| Freddie Mac Pool #QF2380 4.50% 10/1/2052<sup>7</sup> |  | 632 | 611 |
| Freddie Mac Pool #QF2845 4.50% 10/1/2052<sup>7</sup> |  | 537 | 518 |
| Freddie Mac Pool #QF2182 4.50% 10/1/2052<sup>7</sup> |  | 303 | 292 |
| Freddie Mac Pool #QF0866 4.50% 10/1/2052<sup>7</sup> |  | 126 | 121 |
| Freddie Mac Pool #SD8263 3.00% 11/1/2052<sup>7</sup> |  | 14713 | 12932 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>7</sup> |  | 4331 | 3940 |
| Freddie Mac Pool #QF3144 3.50% 11/1/2052<sup>7</sup> |  | 673 | 614 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052<sup>7</sup> |  | 20313 | 19355 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052<sup>7</sup> |  | 7177 | 6853 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>7</sup> |  | 2753 | 2585 |
| Freddie Mac Pool #QF2936 4.50% 11/1/2052<sup>7</sup> |  | 2907 | 2801 |
| Freddie Mac Pool #QF2846 4.50% 11/1/2052<sup>7</sup> |  | 998 | 961 |
| Freddie Mac Pool #QF3276 5.50% 11/1/2052<sup>7</sup> |  | 703 | 707 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052<sup>7</sup> |  | 100 | 103 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052<sup>7</sup> |  | 53 | 54 |
| Freddie Mac Pool #QF3956 4.50% 12/1/2052<sup>7</sup> |  | 18992 | 18299 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>7</sup> |  | 2480 | 2390 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>7</sup> |  | 32354 | 31937 |
| Freddie Mac Pool #QF4754 5.00% 12/1/2052<sup>7</sup> |  | 3000 | 2961 |
| Freddie Mac Pool #QF4185 6.50% 12/1/2052<sup>7</sup> |  | 668 | 685 |
| Freddie Mac Pool #SD8284 3.00% 1/1/2053<sup>7</sup> |  | 4597 | 4040 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>7</sup> |  | 1671 | 1649 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>7</sup> |  | 59134 | 60661 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035<sup>7</sup> |  | 58 | 58 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037<sup>7</sup> |  | 125 | 126 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036<sup>7</sup> |  | 121 | 100 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036<sup>7</sup> |  | 118 | 99 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>7</sup> |  | 8360 | 7937 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058<sup>7</sup> |  | 1930 | 1821 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032<sup>7</sup> |  | 10720 | 10343 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>7,9</sup> |  | 14785 | 12394 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>7,9</sup> |  | 9533 | 8491 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>7,9</sup> |  | 33185 | 30495 |
| Government National Mortgage Assn. 4.00% 1/1/2053<sup>7,9</sup> |  | 33300 | 31515 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>7,9</sup> |  | 75701 | 75023 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>7,9</sup> |  | 4775 | 4803 |
| Government National Mortgage Assn. 5.50% 2/1/2053<sup>7,9</sup> |  | 51027 | 51288 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049<sup>7</sup> |  | 12379 | 11844 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049<sup>7</sup> |  | 35 | 35 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049<sup>7</sup> |  | 5200 | 5081 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050<sup>7</sup> |  | 11395 | 10581 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052<sup>7</sup> |  | 10072 | 9541 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>7</sup> |  | 18573 | 17594 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>7</sup> |  | 62302 | 60506 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>7</sup> |  | 485 | 471 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>7,9</sup> |  | 7545 | 6905 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>7,9</sup> |  | 210537 | 171362 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2053<sup>7,9</sup> |  | 62762 | 53158 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2053<sup>7,9</sup> |  | 11245 | 9871 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>7,9</sup> |  | 2735 | 2565 |

---

194 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>7,9</sup> | USD | 5931 | $5709 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>7,9</sup> |  | 42025 | 41417 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>7,9</sup> |  | 212640 | 213231 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>7,9</sup> |  | 10275 | 10430 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2053<sup>7,9</sup> |  | 10960 | 9965 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>7,9</sup> |  | 76136 | 71431 |
| Uniform Mortgage-Backed Security 5.00% 2/1/2053<sup>7,9</sup> |  | 13100 | 12908 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>7,9</sup> |  | 112000 | 113591 |
| Uniform Mortgage-Backed Security 6.50% 2/1/2053<sup>7,9</sup> |  | 215026 | 219946 |
|  |  |  | **2374821** |
| **Commercial mortgage-backed securities 1.51%** |  |  |  |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052<sup>7</sup> |  | 770 | 722 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052<sup>7</sup> |  | 100 | 92 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/2061<sup>7</sup> |  | 205 | 191 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061<sup>7</sup> |  | 127 | 117 |
| Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/2061<sup>3,7</sup> |  | 2444 | 2335 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061<sup>7</sup> |  | 1018 | 900 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063<sup>7</sup> |  | 295 | 247 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052<sup>7</sup> |  | 2541 | 2427 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053<sup>3,7</sup> |  | 781 | 757 |
| BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>2,3,7</sup> |  | 8575 | 8420 |
| BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/2037<sup>2,3,7</sup> |  | 3822 | 3739 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/2027<sup>2,3,7</sup> |  | 8476 | 8431 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>2,3,7</sup> |  | 14727 | 14207 |
| BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 5.268% 9/15/2036<sup>2,3,7</sup> |  | 570 | 539 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>2,3,7</sup> |  | 5292 | 5043 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/2036<sup>2,3,7</sup> |  | 995 | 936 |
| BX Trust, Series 2021-ARIA Class C, (1-month USD-LIBOR + 1.646%) 5.964% 10/15/2036<sup>2,3,7</sup> |  | 996 | 931 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD-LIBOR + 0.74%) 5.065% 11/15/2036<sup>2,3,7</sup> |  | 12622 | 12131 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/2037<sup>2,3,7</sup> |  | 5441 | 5335 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>2,3,7</sup> |  | 3741 | 3608 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.188% 6/15/2038<sup>2,3,7</sup> |  | 433 | 413 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.418% 6/15/2038<sup>2,3,7</sup> |  | 293 | 278 |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 5.718% 6/15/2038<sup>2,3,7</sup> |  | 740 | 699 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/2038<sup>2,3,7</sup> |  | 9979 | 9616 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 5.568% 11/15/2038<sup>2,3,7</sup> |  | 339 | 325 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 5.818% 11/15/2038<sup>2,3,7</sup> |  | 100 | 95 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 6.168% 11/15/2038<sup>2,3,7</sup> |  | 151 | 143 |
| BX Trust, Series 2022-GPA, Class A, (1-month USD CME Term SOFR + 2.165%) 6.501% 10/15/2039<sup>2,3,7</sup> |  | 3198 | 3185 |

---

American Funds Insurance Series 195

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049<sup>7</sup> | USD | 610 | $574 |
| Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/2047<sup>7</sup> |  | 350 | 339 |
| CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 6/15/2057<sup>7</sup> |  | 1137 | 1080 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049<sup>7</sup> |  | 200 | 182 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>2,3,7</sup> |  | 2811 | 2735 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/2038<sup>2,3,7</sup> |  | 641 | 618 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/2038<sup>2,3,7</sup> |  | 875 | 841 |
| Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 6.568% 7/15/2038<sup>2,3,7</sup> |  | 670 | 643 |
| Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/2036<sup>2,7</sup> |  | 304 | 284 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040<sup>2,7</sup> |  | 1897 | 1458 |
| Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/2036<sup>2,3,7</sup> |  | 3894 | 3786 |
| GS Mortgage Securities Trust, Series 2022-SHIP, Class A, (1-month USD CME Term SOFR + 0.731%) 5.067% 8/15/2024<sup>2,3,7</sup> |  | 1317 | 1300 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050<sup>7</sup> |  | 400 | 369 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052<sup>7</sup> |  | 100 | 93 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053<sup>7</sup> |  | 1536 | 1271 |
| ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (1-month USD CME Term SOFR + 2.245%) 6.581% 10/15/2039<sup>2,3,7</sup> |  | 3391 | 3398 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/2047<sup>7</sup> |  | 3280 | 3206 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050<sup>7</sup> |  | 640 | 599 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050<sup>7</sup> |  | 240 | 221 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039<sup>2,7</sup> |  | 7867 | 6739 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049<sup>3,7</sup> |  | 2040 | 1906 |
| La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/2039<sup>2,3,7</sup> |  | 848 | 831 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>2,3,7</sup> |  | 1576 | 1510 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/2026<sup>2,3,7</sup> |  | 154 | 150 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/2047<sup>7</sup> |  | 5446 | 5277 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048<sup>7</sup> |  | 410 | 389 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049<sup>7</sup> |  | 245 | 230 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048<sup>7</sup> |  | 730 | 670 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041<sup>2,7</sup> |  | 4065 | 3253 |
| SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 4.894% 7/15/2036<sup>2,3,7</sup> |  | 9351 | 8989 |
| SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 5.244% 7/15/2036<sup>2,3,7</sup> |  | 1000 | 954 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>2,3,7</sup> |  | 8739 | 8418 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 5.398% 11/15/2038<sup>2,3,7</sup> |  | 263 | 251 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 5.647% 11/15/2038<sup>2,3,7</sup> |  | 141 | 134 |

---

196 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 9/15/2048<sup>7</sup> | USD | 2373 | $2267 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049<sup>7</sup> |  | 2550 | 2406 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052<sup>7</sup> |  | 1019 | 892 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060<sup>7</sup> |  | 205 | 192 |
|  |  |  | **154317** |
| **Collateralized mortgage-backed obligations (privately originated) 1.07%** |  |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>2,3,7</sup> |  | 2864 | 2263 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055<sup>2,7</sup> |  | 131 | 119 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)<sup>1,2,7</sup> |  | 6000 | 5521 |
| Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/2029<sup>2,3,7</sup> |  | 414 | 414 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059<sup>2,3,7</sup> |  | 923 | 830 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059<sup>2,3,7</sup> |  | 586 | 556 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061<sup>2,7</sup> |  | 4867 | 4221 |
| Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030<sup>2,3,7</sup> |  | 425 | 413 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031<sup>2,3,7</sup> |  | 3032 | 2858 |
| Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036<sup>2,3,7</sup> |  | 1700 | 1616 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>2,3,7</sup> |  | 6893 | 6513 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060<sup>2,3,7</sup> |  | 204 | 186 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066<sup>2,3,7</sup> |  | 1660 | 1406 |
| Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) 6.678% 5/25/2042<sup>2,3,7</sup> |  | 326 | 330 |
| Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037<sup>2,7</sup> |  | 1575 | 1409 |
| Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060<sup>2,3,7</sup> |  | 1611 | 1384 |
| Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069<sup>2,7</sup> |  | 2051 | 2196 |
| Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069<sup>2,7</sup> |  | 2604 | 2677 |
| Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/2051<sup>2,3,7</sup> |  | 2073 | 1674 |
| Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/2051<sup>2,3,7</sup> |  | 1937 | 1562 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051<sup>2,3,7</sup> |  | 2038 | 1646 |
| Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051<sup>2,3,7</sup> |  | 3206 | 2589 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051<sup>2,3,7</sup> |  | 2222 | 1794 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/2028<sup>3,7</sup> |  | 1497 | 1548 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/2042<sup>2,3,7</sup> |  | 1537 | 1531 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/2042<sup>2,3,7</sup> |  | 73 | 73 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 6.878% 6/25/2042<sup>2,3,7</sup> |  | 278 | 281 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>2,3,7</sup> |  | 611 | 612 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.628% 9/25/2042<sup>2,3,7</sup> |  | 1519 | 1552 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/2050<sup>2,3,7</sup> |  | 3005 | 3000 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/2050<sup>2,3,7</sup> |  | 949 | 1011 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066<sup>2,3,7</sup> |  | 3494 | 2935 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026<sup>2,7</sup> |  | 5380 | 4654 |
| Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/2051<sup>2,3,7</sup> |  | 882 | 712 |
| Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)<sup>1,2,7</sup> |  | 3534 | 3273 |

---

American Funds Insurance Series 197

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |  |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061<sup>2,3,7</sup> | USD | 858 | $780 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)<sup>1,2,7</sup> |  | 2644 | 2380 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>2,3,7</sup> |  | 16160 | 15635 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060<sup>2,3,7</sup> |  | 3088 | 2720 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056<sup>2,3,7</sup> |  | 3558 | 2965 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039<sup>2,7</sup> |  | 1132 | 1028 |
| Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031<sup>2,3,7</sup> |  | 3346 | 3155 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060<sup>2,7</sup> |  | 10737 | 9539 |
| Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>2,10</sup> |  | 1680 | 1486 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038<sup>2,7</sup> |  | 5033 | 4381 |
|  |  |  | **109428** |
| **Total mortgage-backed obligations** |  |  | **2638566** |
| **Asset-backed obligations 4.52%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 8/17/2026<sup>2,7</sup> |  | 701 | 665 |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026<sup>2,7</sup> |  | 672 | 643 |
| Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/2027<sup>2,7</sup> |  | 765 | 744 |
| AGL CLO, Ltd., Series 2022-18A, Class A1, (3-month USD CME Term SOFR + 1.32%) 5.308% 4/21/2031<sup>2,3,7</sup> |  | —<sup>8</sup> | —<sup>8</sup> |
| American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 6/15/2026<sup>2,7</sup> |  | 1178 | 1169 |
| American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 6/15/2026<sup>2,7</sup> |  | 2500 | 2429 |
| American Credit Acceptance Receivables Trust, Series 2022-3, Class B, 4.55% 10/13/2026<sup>2,7</sup> |  | 360 | 353 |
| American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/2027<sup>2,7</sup> |  | 1055 | 1038 |
| American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/2027<sup>2,7</sup> |  | 806 | 760 |
| American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/2036<sup>2,7</sup> |  | 1136 | 1097 |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052<sup>2,7</sup> |  | 2781 | 2631 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052<sup>2,7</sup> |  | 396 | 376 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/2027<sup>7</sup> |  | 997 | 935 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027<sup>7</sup> |  | 1109 | 1009 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027<sup>7</sup> |  | 2613 | 2319 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/2025<sup>2,7</sup> |  | 2755 | 2710 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/2025<sup>2,7</sup> |  | 2210 | 2137 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/2026<sup>2,7</sup> |  | 7689 | 7124 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027<sup>2,7</sup> |  | 2427 | 2203 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027<sup>2,7</sup> |  | 623 | 560 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class C, 4.25% 2/20/2027<sup>2,7</sup> |  | 1279 | 1144 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027<sup>2,7</sup> |  | 3445 | 3005 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027<sup>2,7</sup> |  | 531 | 449 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027<sup>2,7</sup> |  | 193 | 161 |
| Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>2,3,7</sup> |  | 575 | 568 |

---

198 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/2034<sup>2,7</sup> | USD | 180 | $170 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034<sup>2,7</sup> |  | 269 | 227 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046<sup>2,7</sup> |  | 3951 | 3250 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046<sup>2,7</sup> |  | 497 | 375 |
| CarMax Auto Owner Trust, Series 2019-2, Class C, 3.16% 2/18/2025<sup>7</sup> |  | 400 | 396 |
| CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/2026<sup>7</sup> |  | 210 | 190 |
| CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/2027<sup>7</sup> |  | 206 | 184 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028<sup>7</sup> |  | 538 | 514 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037<sup>2,7</sup> |  | 15953 | 13578 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037<sup>2,7</sup> |  | 6185 | 5238 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037<sup>2,7</sup> |  | 671 | 544 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041<sup>2,7</sup> |  | 802 | 702 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>2,7</sup> |  | 18679 | 16693 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>2,7</sup> |  | 1950 | 1613 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060<sup>2,7</sup> |  | 3395 | 2969 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060<sup>2,7</sup> |  | 368 | 291 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>2,7</sup> |  | 6053 | 5242 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061<sup>2,7</sup> |  | 1917 | 1602 |
| CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062<sup>2,7</sup> |  | 15132 | 14821 |
| CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/2062<sup>2,7</sup> |  | 6637 | 6257 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045<sup>2,7</sup> |  | 2298 | 1978 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045<sup>2,7</sup> |  | 4800 | 4174 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046<sup>2,7</sup> |  | 436 | 363 |
| CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 3/17/2025<sup>2,7</sup> |  | 249 | 248 |
| CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 6/16/2025<sup>2,7</sup> |  | 405 | 404 |
| CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026<sup>2,7</sup> |  | 1883 | 1849 |
| CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 9/15/2026<sup>2,7</sup> |  | 514 | 507 |
| CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/2026<sup>2,7</sup> |  | 590 | 559 |
| CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/2028<sup>2,7</sup> |  | 2111 | 2033 |
| CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028<sup>2,7</sup> |  | 2797 | 2658 |
| Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 7/15/2025<sup>7</sup> |  | 86 | 86 |
| Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 10/15/2026<sup>7</sup> |  | 3890 | 3844 |
| Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/2027<sup>7</sup> |  | 5369 | 5249 |
| Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/2029<sup>7</sup> |  | 4053 | 3800 |
| DriveTime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 2/18/2025<sup>2,7</sup> |  | 2320 | 2309 |
| DriveTime Auto Owner Trust, Series 2019-3, Class D, 2.96% 4/15/2025<sup>2,7</sup> |  | 1473 | 1454 |
| DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/2026<sup>2,7</sup> |  | 817 | 791 |
| DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/2026<sup>2,7</sup> |  | 825 | 792 |
| DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/2026<sup>2,7</sup> |  | 449 | 414 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/2027<sup>2,7</sup> |  | 1179 | 1156 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/2027<sup>2,7</sup> |  | 1231 | 1170 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027<sup>2,7</sup> |  | 832 | 764 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045<sup>2,7</sup> |  | 428 | 362 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029<sup>2,7</sup> |  | 897 | 851 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029<sup>2,7</sup> |  | 1380 | 1350 |
| Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/2025<sup>2,7</sup> |  | 3251 | 3218 |
| Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 7/15/2025<sup>7</sup> |  | 401 | 397 |
| Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/2025<sup>2,7</sup> |  | 3405 | 3352 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 9/15/2025<sup>7</sup> |  | 721 | 716 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/2025<sup>7</sup> |  | 1162 | 1150 |
| Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025<sup>7</sup> |  | 587 | 588 |
| Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/2025<sup>2,7</sup> |  | 893 | 875 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/2026<sup>7</sup> |  | 1807 | 1737 |
| Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/2026<sup>7</sup> |  | 1012 | 975 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/2026<sup>7</sup> |  | 3047 | 2976 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 1/15/2027<sup>7</sup> |  | 568 | 558 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027<sup>7</sup> |  | 2612 | 2388 |

---

American Funds Insurance Series 199

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028<sup>7</sup> | USD | 1201 | $1127 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037<sup>2,7</sup> |  | 17959 | 15928 |
| FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/2038<sup>2,7</sup> |  | 1380 | 1195 |
| FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039<sup>2,7</sup> |  | 1733 | 1628 |
| Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030<sup>2,7</sup> |  | 17675 | 17438 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031<sup>2,7</sup> |  | 30070 | 28744 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>2,7</sup> |  | 2069 | 1827 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046<sup>2,7</sup> |  | 1421 | 1210 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046<sup>2,7</sup> |  | 158 | 134 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040<sup>2,7</sup> |  | 2868 | 2550 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041<sup>2,7</sup> |  | 9797 | 8450 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041<sup>2,7</sup> |  | 2739 | 2378 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041<sup>2,7</sup> |  | 214 | 181 |
| GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 7/22/2024<sup>7</sup> |  | 301 | 300 |
| GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 12/20/2024<sup>7</sup> |  | 425 | 424 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035<sup>2,7</sup> |  | 2703 | 2756 |
| Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/2023<sup>2,7,10</sup> |  | 8590 | 8241 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>2,7</sup> |  | 12703 | 11748 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>2,7</sup> |  | 1171 | 1074 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025<sup>2,7</sup> |  | 810 | 731 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>2,7</sup> |  | 17770 | 15498 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>2,7</sup> |  | 1264 | 1085 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>2,7</sup> |  | 859 | 710 |
| LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 8/17/2026<sup>2,7</sup> |  | 866 | 842 |
| LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 11/16/2026<sup>2,7</sup> |  | 304 | 285 |
| LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027<sup>2,7</sup> |  | 1207 | 1188 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027<sup>2,7</sup> |  | 438 | 426 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030<sup>2,7</sup> |  | 623 | 596 |
| Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/2030<sup>2,3,7</sup> |  | 892 | 878 |
| Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/2029<sup>2,3,7</sup> |  | 574 | 568 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/2026<sup>2,7</sup> |  | 1242 | 1203 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.24% 9/15/2026<sup>2,7</sup> |  | 230 | 223 |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028<sup>7,10,11</sup> |  | 1006 | 1006 |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028<sup>7,10,11</sup> |  | 150 | 150 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>2,7</sup> |  | 4052 | 3449 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069<sup>2,7</sup> |  | 2516 | 2110 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070<sup>2,7</sup> |  | 895 | 759 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046<sup>2,7</sup> |  | 4396 | 3702 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062<sup>2,7</sup> |  | 314 | 279 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>2,7</sup> |  | 5377 | 4762 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>2,7</sup> |  | 12315 | 10951 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/2062<sup>2,3,7</sup> |  | 4035 | 3918 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>2,7</sup> |  | 50765 | 42988 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/2030<sup>2,3,7</sup> |  | 273 | 270 |
| Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 3/8/2028<sup>2,7</sup> |  | 240 | 224 |
| Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/2029<sup>2,3,7</sup> |  | 256 | 253 |
| PFS Financing Corp., Series 2021-B, Class A, 0.775% 8/17/2026<sup>2,7</sup> |  | 7884 | 7276 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027<sup>2,7</sup> |  | 1721 | 1681 |
| Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 10/15/2024<sup>2,7</sup> |  | 804 | 802 |
| Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/2025<sup>2,7</sup> |  | 1355 | 1341 |
| Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD-LIBOR + 1.25%) 5.639% 7/25/2051<sup>2,3,7</sup> |  | 577 | 558 |

---

200 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 7/15/2025<sup>7</sup> | USD | 1584 | $1574 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 9/15/2025<sup>7</sup> |  | 523 | 521 |
| Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 1/15/2026<sup>7</sup> |  | 1480 | 1467 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/2026<sup>7</sup> |  | 2812 | 2736 |
| Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/2026<sup>7</sup> |  | 2211 | 2120 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/2027<sup>7</sup> |  | 917 | 892 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027<sup>7</sup> |  | 1802 | 1686 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/2027<sup>7</sup> |  | 1677 | 1613 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027<sup>7</sup> |  | 2236 | 2073 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/2028<sup>7</sup> |  | 856 | 828 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046<sup>2,7</sup> |  | 2641 | 2190 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046<sup>2,7</sup> |  | 487 | 397 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046<sup>2,7</sup> |  | 2392 | 1923 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046<sup>2,7</sup> |  | 3233 | 2805 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041<sup>2,7</sup> |  | 451 | 381 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>2,7</sup> |  | 1243 | 1108 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033<sup>2,7</sup> |  | 1441 | 1245 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075<sup>2,7</sup> |  | 2300 | 2092 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045<sup>2,7</sup> |  | 2971 | 2610 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045<sup>2,7</sup> |  | 1252 | 1135 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045<sup>2,7</sup> |  | 2223 | 1939 |
| Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046<sup>2,7</sup> |  | 6190 | 5211 |
| Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/2046<sup>2,7</sup> |  | 346 | 288 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046<sup>2,7</sup> |  | 5200 | 4431 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045<sup>2,7</sup> |  | 4358 | 3747 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046<sup>2,7</sup> |  | 130 | 107 |
| Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031<sup>2,7</sup> |  | 6000 | 5785 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045<sup>2,7</sup> |  | 10418 | 8932 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046<sup>2,7</sup> |  | 3563 | 2978 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046<sup>2,7</sup> |  | 346 | 285 |
| Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/2025<sup>2,7</sup> |  | 1557 | 1518 |
| Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/2026<sup>2,7</sup> |  | 3023 | 2866 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/2026<sup>2,7</sup> |  | 1690 | 1632 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/2026<sup>2,7</sup> |  | 2181 | 2050 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026<sup>2,7</sup> |  | 1446 | 1318 |
|  |  |  | **461708** |
| **Municipals 1.62%** |  |  |  |
|  **California 0.03%** |  |  |  |
| G.O. Bonds, Series 2009, 7.50% 4/1/2034 |  | 2100 | 2541 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 |  | 650 | 523 |
|  |  |  | **3064** |
| **Illinois 1.47%** |  |  |  |
| City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029 |  | 65 | 61 |
| City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039 |  | 30835 | 26399 |
| City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040 |  | 8945 | 7689 |
| City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 12/15/2025 |  | 2500 | 2155 |
| G.O. Bonds, Series 2013-B, 4.31% 4/1/2023 |  | 2125 | 2122 |
| G.O. Bonds, Pension Funding, Series 2003, 4.95% 6/1/2023 |  | 6228 | 6231 |
| G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 |  | 107000 | 102807 |
| G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 3/1/2023 |  | 3210 | 3215 |
|  |  |  | **150679** |

---

American Funds Insurance Series 201

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Municipals (continued)** |  |  |  |
| **New York 0.05%** |  |  |  |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 2.202% 3/15/2034 | **USD** | **6390** | $**4881** |
| **Texas 0.03%** |  |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | **4075** | **2899** |
| **Wisconsin 0.04%** |  |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 |  | **4580** | **4071** |
| **Total municipals** |  |  | **165594** |
| **Bonds & notes of governments & government agencies outside the U.S. 1.29%** |  |  |  |
| Chile (Republic of) 3.50% 1/31/2034 |  | 600 | 513 |
| Chile (Republic of) 3.10% 5/7/2041 |  | 2340 | 1689 |
| Chile (Republic of) 4.34% 3/7/2042 |  | 1320 | 1120 |
| Chile (Republic of) 4.00% 1/31/2052 |  | 580 | 450 |
| Colombia (Republic of) 4.125% 5/15/2051 |  | 3120 | 1878 |
| Colombia (Republic of), Series B, 5.75% 11/3/2027 | COP | 24813800 | 3883 |
| Dominican Republic 5.95% 1/25/2027<sup>2</sup> | USD | 8100 | 7954 |
| Indonesia (Republic of) 4.65% 9/20/2032 |  | 2690 | 2638 |
| Indonesia (Republic of) 3.35% 3/12/2071 |  | 1660 | 1109 |
| Indonesia (Republic of), Series 91, 6.375% 4/15/2032 | IDR | 31265000 | 1936 |
| Israel (State of) 1.00% 3/31/2030 | ILS | 11800 | 2799 |
| Israel (State of) 3.375% 1/15/2050 | USD | 4750 | 3670 |
| Israel (State of) 3.875% 7/3/2050 |  | 4775 | 4036 |
| Malaysia (Federation of), Series 0219, 3.885% 8/15/2029 | MYR | 5290 | 1193 |
| Panama (Republic of) 3.362% 6/30/2031 | USD | 15625 | 12695 |
| Panama (Republic of) 3.87% 7/23/2060 |  | 7500 | 4863 |
| Panama (Republic of) 4.50% 1/19/2063 |  | 395 | 280 |
| Paraguay (Republic of) 5.00% 4/15/2026 |  | 1250 | 1248 |
| Peru (Republic of) 6.35% 8/12/2028 | PEN | 5840 | 1463 |
| Peru (Republic of) 5.94% 2/12/2029 |  | 6005 | 1450 |
| Peru (Republic of) 2.783% 1/23/2031 | USD | 2155 | 1788 |
| Peru (Republic of) 6.15% 8/12/2032 | PEN | 12950 | 2998 |
| Peru (Republic of) 3.60% 1/15/2072 | USD | 7640 | 4999 |
| Philippines (Republic of) 3.229% 3/29/2027 |  | 475 | 457 |
| Philippines (Republic of) 3.20% 7/6/2046 |  | 4900 | 3598 |
| Philippines (Republic of) 4.20% 3/29/2047 |  | 272 | 234 |
| Poland (Republic of) 5.75% 11/16/2032 |  | 555 | 593 |
| Portuguese Republic 5.125% 10/15/2024 |  | 24775 | 24868 |
| PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/2023<sup>2</sup> |  | 1020 | 1023 |
| PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/2025<sup>2</sup> |  | 1270 | 1251 |
| PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/2030<sup>2</sup> |  | 340 | 324 |
| PT Indonesia Asahan Aluminium Tbk 5.80% 5/15/2050<sup>2</sup> |  | 1150 | 966 |
| Qatar (State of) 4.50% 4/23/2028<sup>2</sup> |  | 5100 | 5141 |
| Qatar (State of) 5.103% 4/23/2048<sup>2</sup> |  | 3400 | 3425 |
| Romania 3.75% 2/7/2034 | EUR | 5625 | 4515 |
| Saudi Arabia (Kingdom of) 3.628% 4/20/2027<sup>2</sup> | USD | 5000 | 4846 |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028<sup>2</sup> |  | 11435 | 10939 |
| United Mexican States 4.875% 5/19/2033 |  | 2175 | 2001 |
| United Mexican States 3.50% 2/12/2034 |  | 1030 | 827 |
| United Mexican States 4.40% 2/12/2052 |  | 440 | 325 |
|  |  |  | **131985** |

---

202 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Federal agency bonds & notes 0.11%** |  |  |  |
| Fannie Mae 2.125% 4/24/2026 | **USD** | **11910** | $**11160** |
| **Total bonds, notes & other debt instruments** (cost: $10,540,248,000) |  |  | **9747773** |
| **Short-term securities 13.95%** |  | Shares |  |
| **Money market investments 13.95%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>12,13</sup> |  | **14258627** | **1425720** |
| **Total short-term securities** (cost: $1,425,522,000) |  |  | **1425720** |
| **Total investment securities 109.32%** (cost: $11,965,770,000) |  |  | **11173493** |
| Other assets less liabilities (9.32)% |  |  | (952411) |
| **Net assets 100.00%** |  |  | $**10221082** |

---

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br>at 12/31/2022<br>(000)** |
| 3 Month SOFR Futures | Short | 658 | June 2023 | USD(156415) | $2698 |
| 2 Year U.S. Treasury Note Futures | Short | 2055 | March 2023 | (421436) | 1029 |
| 5 Year Euro-Bobl Futures | Long | 1 | March 2023 | 124 | (4) |
| 5 Year U.S. Treasury Note Futures | Long | 16226 | March 2023 | 1751267 | (2467) |
| 10 Year U.S. Treasury Note Futures | Long | 2294 | March 2023 | 257609 | (1391) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 1388 | March 2023 | (164174) | 2514 |
| 20 Year U.S. Treasury Bond Futures | Long | 999 | March 2023 | 125218 | (2035) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 1708 | March 2023 | 229406 | (7297) |
|  |  |  |  |  | $(6953) |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)**<br>**at 12/31/2022<br> (000)** |
| USD | 1965 | IDR | 30407000 | Citibank | 1/9/2023 | $11 |
| USD | 3158 | ILS | 10725 | HSBC Bank | 1/11/2023 | 106 |
| USD | 1173 | MYR | 5150 | HSBC Bank | 1/11/2023 | (4) |
| USD | 1248 | EUR | 1180 | Morgan Stanley | 1/11/2023 | (16) |
| USD | 4761 | COP | 22893650 | Citibank | 1/13/2023 | 52 |
| USD | 5947 | EUR | 5628 | JPMorgan Chase | 1/13/2023 | (84) |
| USD | 613 | EUR | 582 | JPMorgan Chase | 1/20/2023 | (11) |
| USD | 5952 | PEN | 22885 | Citibank | 1/23/2023 | (59) |
| JPY | 3460300 | USD | 24759 | Morgan Stanley | 2/17/2023 | 1783 |
| JPY | 3432900 | USD | 25173 | Morgan Stanley | 2/17/2023 | 1158 |
| JPY | 3448400 | USD | 25841 | Morgan Stanley | 3/17/2023 | 711 |
|  |  |  |  |  |  | $3647 |

---

American Funds Insurance Series 203

The Bond Fund of America (continued)

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | | | | |
| **Rate** | **Payment frequency** | **Rate** | **Payment frequency** | <br>**Expiration date** | **Notional**<br>**amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid (000)** | **Unrealized<br> appreciation<br> (depreciation)**<br>**at 12/31/2022<br> (000)** |
| SOFR | Annual | 0.471% | Annual | 10/26/2023 | USD87,775 | $3103 | $— | $3103 |
| 0.45801% | Annual | SOFR | Annual | 10/26/2023 | 85775 | (3041) |  | (3041) |
| 3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | 27000 | (479) |  | (479) |
| 3.52647% | Annual | U.S. EFFR | Annual | 6/16/2024 | 72532 | (1257) |  | (1257) |
| 3.5291% | Annual | U.S. EFFR | Annual | 6/16/2024 | 78378 | (1355) |  | (1355) |
| 3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | 4154 | (76) |  | (76) |
| 3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | 19800 | (369) |  | (369) |
| 4.5645% | Annual | U.S. EFFR | Annual | 10/19/2024 | 19200 | (5) |  | (5) |
| 4.533% | Annual | U.S. EFFR | Annual | 10/20/2024 | 23900 | (20) |  | (20) |
| 4.56% | Annual | U.S. EFFR | Annual | 10/27/2024 | 24000 | (4) |  | (4) |
| 4.5245% | Annual | U.S. EFFR | Annual | 10/27/2024 | 28800 | (23) |  | (23) |
| 3-month USD-LIBOR | Quarterly | 1.972% | Semi-annual | 4/26/2051 | 23200 | 6475 |  | 6475 |
| 3-month USD-LIBOR | Quarterly | 1.9855% | Semi-annual | 4/26/2051 | 8580 | 2374 |  | 2374 |
| 3-month USD-LIBOR | Quarterly | 1.9778% | Semi-annual | 4/28/2051 | 13500 | 3753 |  | 3753 |
|  |  |  |  |  |  | $9076 | $— | $9076 |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Value at 12/31/2022 (000)** | **Upfront<br> premium<br> (received)<br> paid<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| CDX.NA.IG.39 | 1.00% | Quarterly | 12/20/2027 | USD74,676 | $(597) | $(310) | $(287) |
| CDX.NA.HY.39 | 5.00% | Quarterly | 12/20/2027 | 153455 | (945) | 5777 | (6722) |
|  |  |  |  |  | $(1542) | $5467 | $(7009) |

---

**Investments in affiliates<sup>13</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliate at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 13.95%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 13.95%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>12</sup> | $1311257 | $4011285 | $3896680 | $(218) | $76 | $1425720 | $34880 |

---

204 American Funds Insurance Series

The Bond Fund of America (continued)

**Restricted securities<sup>11</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028<sup>7,10</sup> | 12/6/2022 | $1006 | $1006 | .01% |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028<sup>7,10</sup> | 12/6/2022 | 150 | 150 | .00 |
| **Total** |  | $1156 | $1156 | .01% |

---

<sup>1</sup> Step bond; coupon rate may change at a later date.

<sup>2</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,530,868,000, which represented 14.98% of the net assets of the fund.

<sup>3</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>4</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>5</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $58,239,000, which represented .57% of the net assets of the fund.

<sup>6</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>7</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>8</sup> Amount less than one thousand.

<sup>9</sup> Purchased on a TBA basis.

<sup>10</sup> Value determined using significant unobservable inputs.

<sup>11</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $1,156,000, which represented .01% of the net assets of the fund.

<sup>12</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>13</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviations**

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

COP = Colombian pesos

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

IDR = Indonesian rupiah

ILS = Israeli shekels

JPY = Japanese yen

LIBOR = London Interbank Offered Rate

MYR = Malaysian ringgits

PEN = Peruvian nuevos soles

PIK = Payment In Kind

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 205

Capital World Bond Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 90.28%** | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Euros 19.79%** |  |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)<sup>1</sup> | EUR | 2800 | $2333 |
| Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)<sup>1</sup> |  | 4200 | 4471 |
| Altria Group, Inc. 1.00% 2/15/2023 |  | 1020 | 1089 |
| Altria Group, Inc. 2.20% 6/15/2027 |  | 2900 | 2795 |
| Altria Group, Inc. 3.125% 6/15/2031 |  | 800 | 711 |
| American Honda Finance Corp. 1.95% 10/18/2024 |  | 560 | 584 |
| American Tower Corp. 0.45% 1/15/2027 |  | 2525 | 2321 |
| American Tower Corp. 0.875% 5/21/2029 |  | 1470 | 1257 |
| AT&T, Inc. 1.60% 5/19/2028 |  | 2350 | 2237 |
| Austria (Republic of) 0% 2/20/2031 |  | 6900 | 5785 |
| Banco de Sabadell, SA 2.625% 3/24/2026 (5-year EUR Mid-Swap + 2.20% on 3/24/2025)<sup>1</sup> |  | 500 | 504 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)<sup>1,2</sup> |  | 5000 | 5177 |
| CaixaBank, SA 2.25% 4/17/2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)<sup>1</sup> |  | 2400 | 2345 |
| Celanese US Holdings, LLC 4.777% 7/19/2026 |  | 235 | 240 |
| Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)<sup>1</sup> |  | 700 | 665 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033 |  | 200 | 273 |
| Dow Chemical Co. 0.50% 3/15/2027 |  | 1110 | 1035 |
| E.ON SE 1.625% 3/29/2031 |  | 810 | 731 |
| Egypt (Arab Republic of) 5.625% 4/16/2030 |  | 300 | 224 |
| Equinor ASA 1.375% 5/22/2032 |  | 2550 | 2267 |
| European Investment Bank 0.25% 1/20/2032 |  | 4900 | 4085 |
| European Investment Bank 1.50% 6/15/2032 |  | 1000 | 932 |
| European Union 0% 7/6/2026 |  | 1600 | 1545 |
| European Union 0.25% 10/22/2026 |  | 610 | 591 |
| European Union 0% 7/4/2031 |  | 705 | 584 |
| European Union 0% 7/4/2035 |  | 220 | 159 |
| European Union 0.20% 6/4/2036 |  | 1500 | 1080 |
| Finland (Republic of) 1.50% 9/15/2032 |  | 3380 | 3154 |
| French Republic O.A.T. 0.75% 2/25/2028 |  | 4500 | 4347 |
| French Republic O.A.T. 0% 11/25/2030 |  | 19550 | 16712 |
| French Republic O.A.T. 0% 5/25/2032 |  | 2120 | 1718 |
| French Republic O.A.T. 2.00% 11/25/2032 |  | 4260 | 4162 |
| French Republic O.A.T. 0.50% 5/25/2040 |  | 2080 | 1414 |
| French Republic O.A.T. 0.75% 5/25/2052 |  | 5930 | 3416 |
| Germany (Federal Republic of) 0% 4/11/2025 |  | 2100 | 2124 |
| Germany (Federal Republic of) 0% 10/9/2026 |  | 6060 | 5908 |
| Germany (Federal Republic of) 0% 4/16/2027 |  | 32700 | 31482 |
| Germany (Federal Republic of) 1.30% 10/15/2027 |  | 3580 | 3626 |
| Germany (Federal Republic of) 0% 2/15/2030 |  | 13340 | 12029 |
| Germany (Federal Republic of) 0% 8/15/2030 |  | 15050 | 13413 |
| Germany (Federal Republic of) 0% 8/15/2031 |  | 12600 | 10944 |
| Germany (Federal Republic of) 1.70% 8/15/2032 |  | 10906 | 10887 |
| Germany (Federal Republic of) 1.00% 5/15/2038 |  | 6040 | 5175 |
| Germany (Federal Republic of) 0% 8/15/2050 |  | 1200 | 673 |
| Germany (Federal Republic of) 0% 8/15/2052 |  | 2650 | 1421 |
| Goldman Sachs Group, Inc. 3.375% 3/27/2025<sup>2</sup> |  | 5000 | 5327 |
| Goldman Sachs Group, Inc. 1.00% 3/18/2033<sup>2</sup> |  | 2705 | 2091 |
| Greece (Hellenic Republic of) 3.375% 2/15/2025 |  | 5825 | 6236 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 |  | 5970 | 5047 |
| Groupe BPCE SA 4.625% 7/18/2023 |  | 1200 | 1296 |
| Groupe BPCE SA 1.00% 4/1/2025 |  | 2900 | 2925 |
| Intesa Sanpaolo SpA 6.625% 9/13/2023 |  | 510 | 557 |
| Israel (State of) 2.875% 1/29/2024 |  | 1180 | 1258 |
| Italy (Republic of) 1.85% 7/1/2025 |  | 17700 | 18218 |
| Italy (Republic of) 1.35% 4/1/2030 |  | 7 | 6 |
| Italy (Republic of) 2.50% 12/1/2032 |  | 9610 | 8613 |
| JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)<sup>1,2</sup> |  | 3208 | 2944 |

---

206 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Euros (continued)** |  |  |  |
| KfW 0.125% 6/30/2025 | EUR | 590 | $590 |
| Lloyds Banking Group PLC 1.75% 9/7/2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)<sup>1</sup> |  | 2400 | 2472 |
| Morgan Stanley 2.103% 5/8/2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)<sup>1</sup> |  | 580 | 592 |
| Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)<sup>1</sup> |  | 1535 | 1460 |
| Morocco (Kingdom of) 3.50% 6/19/2024 |  | 1400 | 1492 |
| Morocco (Kingdom of) 1.50% 11/27/2031 |  | 3300 | 2617 |
| Philippines (Republic of) 0.25% 4/28/2025 |  | 875 | 870 |
| Portuguese Republic 0.475% 10/18/2030 |  | 1610 | 1395 |
| Quebec (Province of) 0.25% 5/5/2031 |  | 920 | 764 |
| Quebec (Province of) 0.50% 1/25/2032 |  | 1155 | 957 |
| Romania 2.125% 3/7/2028 |  | 1440 | 1291 |
| Romania 1.75% 7/13/2030 |  | 2560 | 1913 |
| Romania 2.00% 1/28/2032 |  | 1605 | 1153 |
| Romania 3.75% 2/7/2034 |  | 530 | 425 |
| Russian Federation 2.875% 12/4/2025<sup>3</sup> |  | 3000 | 1349 |
| Russian Federation 2.875% 12/4/2025<sup>3</sup> |  | 1500 | 674 |
| Serbia (Republic of) 3.125% 5/15/2027 |  | 847 | 783 |
| Serbia (Republic of) 1.50% 6/26/2029 |  | 3353 | 2584 |
| Spain (Kingdom of) 0% 1/31/2027 |  | 2325 | 2198 |
| Spain (Kingdom of) 0.80% 7/30/2027 |  | 8970 | 8674 |
| Spain (Kingdom of) 1.45% 4/30/2029 |  | 1890 | 1824 |
| Spain (Kingdom of) 1.25% 10/31/2030 |  | 1295 | 1191 |
| Spain (Kingdom of) 0.50% 10/31/2031 |  | 4645 | 3873 |
| Spain (Kingdom of) 0.70% 4/30/2032 |  | 4785 | 3993 |
| Spain (Kingdom of) 1.90% 10/31/2052 |  | 1010 | 695 |
| State Grid Overseas Investment, Ltd. 1.375% 5/2/2025 |  | 441 | 442 |
| State Grid Overseas Investment, Ltd. 2.125% 5/2/2030 |  | 200 | 177 |
| Stryker Corp. 0.25% 12/3/2024 |  | 480 | 483 |
| Stryker Corp. 0.75% 3/1/2029 |  | 980 | 877 |
| Stryker Corp. 1.00% 12/3/2031 |  | 450 | 376 |
| TOTAL SA 1.75% junior subordinated perpetual bonds (5-year EUR-EURIBOR + 1.765% on 4/4/2024)<sup>1</sup> |  | 2000 | 2025 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027 |  | 1850 | 1684 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 5109 | 4612 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 1295 | 1169 |
| Ukraine 6.75% 6/20/2028 |  | 3119 | 619 |
| Ukraine 6.75% 6/20/2028 |  | 1225 | 243 |
| Ukraine 4.375% 1/27/2032 |  | 2705 | 476 |
| Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds (9-year EUR Mid-Swap + 3.36% on 3/28/2031)<sup>1</sup> |  | 1300 | 1140 |
|  |  |  | **293295** |
| **Japanese yen 7.50%** |  |  |  |
| Japan, Series 18, 0.10% 3/10/2024<sup>4</sup> | JPY | 1064481 | 8293 |
| Japan, Series 19, 0.10% 9/10/2024<sup>4</sup> |  | 463865 | 3628 |
| Japan, Series 346, 0.10% 3/20/2027 |  | 777900 | 5905 |
| Japan, Series 356, 0.10% 9/20/2029 |  | 1720800 | 12847 |
| Japan, Series 116, 2.20% 3/20/2030 |  | 576100 | 4933 |
| Japan, Series 26, 0.005% 3/10/2031<sup>4</sup> |  | 527493 | 4178 |
| Japan, Series 362, 0.10% 3/20/2031 |  | 737200 | 5435 |
| Japan, Series 365, 0.10% 12/20/2031 |  | 520150 | 3832 |
| Japan, Series 145, 1.70% 6/20/2033 |  | 742700 | 6290 |
| Japan, Series 152, 1.20% 3/20/2035 |  | 987100 | 7875 |
| Japan, Series 21, 2.30% 12/20/2035 |  | 720000 | 6451 |
| Japan, Series 162, 0.60% 9/20/2037 |  | 1617000 | 11642 |
| Japan, Series 179, 0.50% 12/20/2041 |  | 196950 | 1309 |
| Japan, Series 37, 0.60% 6/20/2050 |  | 694500 | 4183 |
| Japan, Series 70, 0.70% 3/20/2051 |  | 276100 | 1694 |
| Japan, Series 73, 0.70% 12/20/2051 |  | 1568700 | 9576 |

---

American Funds Insurance Series 207

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Japanese yen (continued)** |  |  |  |
| Japan, Series 74, 1.00% 3/20/2052 | JPY | 626900 | $4140 |
| Japan, Series 76, 1.40% 9/20/2052 |  | 296450 | 2162 |
| Philippines (Republic of) 0.001% 4/12/2024 |  | 900000 | 6778 |
|  |  |  | **111151** |
| **British pounds 4.17%** |  |  |  |
| American Honda Finance Corp. 0.75% 11/25/2026 | GBP | 1420 | 1470 |
| Asian Development Bank 1.125% 6/10/2025 |  | 1240 | 1393 |
| KfW 1.125% 7/4/2025 |  | 1165 | 1305 |
| Lloyds Banking Group PLC 7.625% 4/22/2025 |  | 655 | 835 |
| Quebec (Province of) 2.25% 9/15/2026 |  | 1870 | 2083 |
| United Kingdom 0.125% 1/30/2026 |  | 425 | 463 |
| United Kingdom 1.25% 7/22/2027 |  | 3060 | 3335 |
| United Kingdom 4.25% 12/7/2027 |  | 5910 | 7336 |
| United Kingdom 4.75% 12/7/2030 |  | 8230 | 10732 |
| United Kingdom 0.25% 7/31/2031 |  | 11850 | 10738 |
| United Kingdom 1.00% 1/31/2032 |  | 10970 | 10504 |
| United Kingdom 4.25% 6/7/2032 |  | 3010 | 3809 |
| United Kingdom 0.625% 7/31/2035 |  | 210 | 171 |
| United Kingdom 0.875% 1/31/2046 |  | 4916 | 3151 |
| United Kingdom 1.25% 7/31/2051 |  | 6635 | 4338 |
| United Kingdom 1.125% 10/22/2073 |  | 225 | 119 |
|  |  |  | **61782** |
| **Chinese yuan renminbi 2.84%** |  |  |  |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032 | CNY | 25660 | 3646 |
| China (People's Republic of), Series 1910, 3.86% 7/22/2049 |  | 103240 | 16440 |
| China (People's Republic of), Series INBK, 3.39% 3/16/2050 |  | 26230 | 3854 |
| China (People's Republic of), Series INBK, 3.81% 9/14/2050 |  | 51550 | 8146 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051 |  | 45510 | 6877 |
| China Development Bank Corp., Series 1814, 4.15% 10/26/2025 |  | 20900 | 3133 |
|  |  |  | **42096** |
| **Canadian dollars 2.31%** |  |  |  |
| Canada 0.75% 10/1/2024 | CAD | 14570 | 10169 |
| Canada 0.25% 3/1/2026 |  | 5800 | 3847 |
| Canada 3.50% 3/1/2028 |  | 24018 | 17831 |
| Canada 2.75% 12/1/2048 |  | 3500 | 2337 |
|  |  |  | **34184** |
| **Mexican pesos 2.13%** |  |  |  |
| Petróleos Mexicanos 7.19% 9/12/2024 | MXN | 42534 | 2024 |
| United Mexican States 4.50% 12/4/2025<sup>4</sup> |  | 16544 | 845 |
| United Mexican States, Series M, 5.75% 3/5/2026 |  | 44700 | 2078 |
| United Mexican States, Series M, 7.50% 6/3/2027 |  | 251720 | 12188 |
| United Mexican States, Series M20, 8.50% 5/31/2029 |  | 140400 | 7013 |
| United Mexican States, Series M30, 8.50% 11/18/2038 |  | 21100 | 1025 |
| United Mexican States, Series M, 8.00% 11/7/2047 |  | 7830 | 359 |
| United Mexican States, Series M, 8.00% 7/31/2053 |  | 133170 | 6095 |
|  |  |  | **31627** |
| **Australian dollars 1.63%** |  |  |  |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | AUD | 5789 | 3061 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 |  | 12355 | 7622 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 |  | 20520 | 13529 |
|  |  |  | **24212** |

---

208 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Danish kroner 1.62%** |  |  |  |
| Nordea Kredit 0.50% 10/1/2040<sup>5</sup> | DKK | 17477 | $1955 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2040<sup>5</sup> |  | 90967 | 10167 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043<sup>5</sup> |  | 106007 | 11555 |
| Realkredit Danmark AS 1.00% 10/1/2053<sup>5</sup> |  | 2712 | 285 |
|  |  |  | **23962** |
| **South Korean won 0.52%** |  |  |  |
| South Korea (Republic of), Series 2503, 1.50% 3/10/2025 | KRW | 5183670 | 3908 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027 |  | 5158930 | 3821 |
|  |  |  | **7729** |
| **Colombian pesos 0.48%** |  |  |  |
| Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP | 31310800 | 4575 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050 |  | 21884200 | 2569 |
|  |  |  | **7144** |
| **Chilean pesos 0.41%** |  |  |  |
| Chile (Republic of) 4.00% 3/1/2023 | CLP | 2300000 | 2681 |
| Chile (Republic of) 1.50% 3/1/2026<sup>4</sup> |  | 808331 | 933 |
| Chile (Republic of) 5.00% 10/1/2028 |  | 955000 | 1089 |
| Chile (Republic of) 4.70% 9/1/2030 |  | 1205000 | 1371 |
|  |  |  | **6074** |
| **Indonesian rupiah 0.37%** |  |  |  |
| Indonesia (Republic of), Series 84, 7.25% 2/15/2026 | IDR | 22733000 | 1495 |
| Indonesia (Republic of), Series 95, 6.375% 8/15/2028 |  | 3136000 | 200 |
| Indonesia (Republic of), Series 78, 8.25% 5/15/2029 |  | 23729000 | 1643 |
| Indonesia (Republic of), Series 82, 7.00% 9/15/2030 |  | 2930000 | 190 |
| Indonesia (Republic of), Series 68, 8.375% 3/15/2034 |  | 27353000 | 1926 |
|  |  |  | **5454** |
| **Russian rubles 0.23%** |  |  |  |
| Russian Federation 7.00% 8/16/2023<sup>3,6</sup> | RUB | 430300 | 1984 |
| Russian Federation 7.65% 4/10/2030<sup>3</sup> |  | 316110 | 1371 |
|  |  |  | **3355** |
| **Brazilian reais 0.21%** |  |  |  |
| Brazil (Federative Republic of) 6.00% 8/15/2024<sup>4</sup> | BRL | 13461 | 2531 |
| Brazil (Federative Republic of) 10.00% 1/1/2025 |  | 3300 | 598 |
|  |  |  | **3129** |
| **South African rand 0.20%** |  |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR | 30120 | 1581 |
| South Africa (Republic of), Series R-2048, 8.75% 2/28/2048 |  | 30850 | 1420 |
|  |  |  | **3001** |
| **Dominican pesos 0.15%** |  |  |  |
| Dominican Republic 8.90% 2/15/2023 | **DOP** | **128000** | **2271** |
| **Malaysian ringgits 0.15%** |  |  |  |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | **MYR** | **10588** | **2222** |
| **Ukrainian hryvnia 0.11%** |  |  |  |
| Ukraine 15.97% 4/19/2023<sup>6</sup> | **UAH** | **78370** | **1592** |
| **Indian rupees 0.08%** |  |  |  |
| India (Republic of) 5.15% 11/9/2025 | **INR** | **96010** | **1102** |

---

American Funds Insurance Series 209

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Romanian leu 0.07%** |  |  |  |
| Romania 4.75% 2/24/2025 | **RON** | **5000** | $**1038** |
| **Polish zloty 0.06%** |  |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | **PLN** | **4900** | **879** |
| **Norwegian kroner 0.04%** |  |  |  |
| Norway (Kingdom of) 2.125% 5/18/2032 | **NOK** | **6615** | **619** |
| **U.S. dollars 45.21%** |  |  |  |
| 1375209 BC, Ltd. 9.00% 1/30/2028<sup>7</sup> | USD | 60 | 59 |
| 7-Eleven, Inc. 0.95% 2/10/2026<sup>7</sup> |  | 520 | 456 |
| 7-Eleven, Inc. 1.30% 2/10/2028<sup>7</sup> |  | 2180 | 1810 |
| 7-Eleven, Inc. 1.80% 2/10/2031<sup>7</sup> |  | 2015 | 1544 |
| ACE INA Holdings, Inc. 3.35% 5/3/2026 |  | 195 | 187 |
| ACE INA Holdings, Inc. 4.35% 11/3/2045 |  | 425 | 370 |
| Advisor Group Holdings, LLC 6.25% 3/1/2028<sup>7</sup> |  | 295 | 272 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 2102 | 1841 |
| Aeropuerto International de Tocume SA 5.125% 8/11/2061<sup>7</sup> |  | 660 | 542 |
| Aetna, Inc. 2.80% 6/15/2023 |  | 340 | 336 |
| AG Merger Sub II, Inc. 10.75% 8/1/2027<sup>7</sup> |  | 256 | 260 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027<sup>7</sup> |  | 103 | 104 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>1,7</sup> |  | 1225 | 1249 |
| Alabama Power Co. 3.00% 3/15/2052 |  | 980 | 651 |
| Albertsons Companies, Inc. 4.625% 1/15/2027<sup>7</sup> |  | 125 | 116 |
| Albertsons Companies, Inc. 3.50% 3/15/2029<sup>7</sup> |  | 340 | 286 |
| Alcoa Nederland Holding BV 4.125% 3/31/2029<sup>7</sup> |  | 75 | 67 |
| Allegheny Technologies, Inc. 4.875% 10/1/2029 |  | 25 | 22 |
| Allegheny Technologies, Inc. 5.125% 10/1/2031 |  | 45 | 40 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027<sup>7</sup> |  | 280 | 252 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029<sup>7</sup> |  | 90 | 74 |
| Allied Universal Holdco, LLC 9.75% 7/15/2027<sup>7</sup> |  | 175 | 153 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029<sup>7</sup> |  | 300 | 218 |
| Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025<sup>8,9</sup> |  | 570 | 429 |
| Altera Infrastructure, LP 8.50% 7/15/2023<sup>3,6,7</sup> |  | 555 | 104 |
| Amazon.com, Inc. 1.50% 6/3/2030 |  | 2040 | 1644 |
| American Electric Power Company, Inc. 1.00% 11/1/2025 |  | 250 | 224 |
| American Express Co. 3.375% 5/3/2024 |  | 4202 | 4119 |
| Amgen, Inc. 2.20% 2/21/2027 |  | 445 | 400 |
| AmWINS Group, Inc. 4.875% 6/30/2029<sup>7</sup> |  | 220 | 187 |
| Anglo American Capital PLC 3.95% 9/10/2050<sup>7</sup> |  | 521 | 383 |
| Angola (Republic of) 9.50% 11/12/2025 |  | 3580 | 3693 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029<sup>7</sup> |  | 200 | 152 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030<sup>7</sup> |  | 130 | 95 |
| Apple, Inc. 3.35% 8/8/2032 |  | 1600 | 1457 |
| Ardagh Group SA 6.50% Cash 6/30/2027<sup>7,10</sup> |  | 210 | 146 |
| Aretec Escrow Issuer, Inc. 7.50% 4/1/2029<sup>7</sup> |  | 180 | 149 |
| Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)<sup>1</sup> |  | 1921 | 523 |
| Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)<sup>1</sup> |  | 3025 | 775 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032<sup>7</sup> |  | 55 | 45 |
| Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/2029<sup>8,9</sup> |  | 120 | 106 |
| Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028<sup>7</sup> |  | 160 | 157 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029<sup>7</sup> |  | 55 | 49 |
| AssuredPartners, Inc. 7.00% 8/15/2025<sup>7</sup> |  | 120 | 116 |
| AssuredPartners, Inc. 5.625% 1/15/2029<sup>7</sup> |  | 365 | 301 |
| AstraZeneca PLC 3.50% 8/17/2023 |  | 2700 | 2678 |
| AT&T, Inc. 3.50% 9/15/2053 |  | 2070 | 1406 |
| Atkore, Inc. 4.25% 6/1/2031<sup>7</sup> |  | 25 | 21 |
| Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 2.75%) 7.134% 9/22/2028<sup>8,9</sup> |  | 149 | 147 |

---

210 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.134% 9/21/2029<sup>8,9</sup> | USD | 213 | $207 |
| Avantor Funding, Inc. 4.625% 7/15/2028<sup>7</sup> |  | 160 | 146 |
| Avantor Funding, Inc. 3.875% 11/1/2029<sup>7</sup> |  | 90 | 76 |
| B&G Foods, Inc. 5.25% 4/1/2025 |  | 65 | 57 |
| B&G Foods, Inc. 5.25% 9/15/2027 |  | 220 | 169 |
| Ball Corp. 6.875% 3/15/2028 |  | 108 | 111 |
| Bank of America Corp. 2.456% 10/22/2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)<sup>1</sup> |  | 847 | 801 |
| Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)<sup>1</sup> |  | 6260 | 5778 |
| Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>1</sup> |  | 3745 | 3286 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)<sup>1</sup> |  | 4780 | 3693 |
| Bank of Nova Scotia 2.45% 2/2/2032 |  | 2100 | 1695 |
| Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)<sup>1</sup> |  | 2350 | 2335 |
| Barclays Bank PLC 5.501% 8/9/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 8/5/2027)<sup>1</sup> |  | 1290 | 1252 |
| Bath & Body Works, Inc. 6.625% 10/1/2030<sup>7</sup> |  | 120 | 113 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 |  | 75 | 67 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026<sup>7</sup> |  | 80 | 56 |
| Bausch Health Companies, Inc. 5.75% 8/15/2027<sup>7</sup> |  | 140 | 96 |
| Bausch Health Companies, Inc. 14.00% 10/15/2030<sup>7</sup> |  | 160 | 96 |
| Bausch Health Companies, Inc. 5.25% 2/15/2031<sup>7</sup> |  | 160 | 78 |
| Bayer AG 3.375% 10/8/2024<sup>7</sup> |  | 840 | 812 |
| Bayer US Finance II, LLC 4.25% 12/15/2025<sup>7</sup> |  | 203 | 197 |
| Bayerische Motoren Werke AG 3.90% 4/9/2025<sup>7</sup> |  | 900 | 881 |
| Bayerische Motoren Werke AG 4.15% 4/9/2030<sup>7</sup> |  | 900 | 857 |
| Beasley Mezzanine Holdings, LLC 8.625% 2/1/2026<sup>7</sup> |  | 30 | 18 |
| Becton, Dickinson and Company 4.298% 8/22/2032 |  | 320 | 300 |
| Berkshire Hathaway Energy Company 2.85% 5/15/2051 |  | 300 | 198 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031<sup>7</sup> |  | 400 | 350 |
| Blue Racer Midstream, LLC 7.625% 12/15/2025<sup>7</sup> |  | 65 | 65 |
| BMC Software, Inc. 9.125% 3/1/2026<sup>7</sup> |  | 160 | 151 |
| BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/2026<sup>8,9</sup> |  | 25 | 23 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>1,7</sup> |  | 700 | 572 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)<sup>1,7</sup> |  | 1275 | 1000 |
| Boeing Company 5.15% 5/1/2030 |  | 2855 | 2792 |
| Boeing Company 3.625% 2/1/2031 |  | 1127 | 990 |
| Bombardier, Inc. 7.125% 6/15/2026<sup>7</sup> |  | 60 | 58 |
| Bombardier, Inc. 6.00% 2/15/2028<sup>7</sup> |  | 65 | 60 |
| Bombardier, Inc. 7.45% 5/1/2034<sup>7</sup> |  | 125 | 126 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028<sup>7</sup> |  | 43 | 38 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029<sup>7</sup> |  | 132 | 116 |
| Boyd Gaming Corp. 4.75% 12/1/2027 |  | 120 | 112 |
| Boyd Gaming Corp. 4.75% 6/15/2031<sup>7</sup> |  | 45 | 39 |
| Boyne USA, Inc. 4.75% 5/15/2029<sup>7</sup> |  | 107 | 95 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030<sup>7</sup> |  | 745 | 635 |
| British American Tobacco PLC 2.789% 9/6/2024 |  | 1150 | 1101 |
| British American Tobacco PLC 3.215% 9/6/2026 |  | 955 | 882 |
| British American Tobacco PLC 3.557% 8/15/2027 |  | 1545 | 1414 |
| British American Tobacco PLC 3.462% 9/6/2029 |  | 1150 | 991 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>7</sup> |  | 250 | 228 |
| Broadcom, Inc. 3.419% 4/15/2033<sup>7</sup> |  | 698 | 562 |
| Broadcom, Inc. 3.469% 4/15/2034<sup>7</sup> |  | 48 | 38 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>7</sup> |  | 185 | 137 |
| Broadcom, Inc. 3.75% 2/15/2051<sup>7</sup> |  | 926 | 643 |
| BroadStreet Partners, Inc. 5.875% 4/15/2029<sup>7</sup> |  | 160 | 136 |
| BWX Technologies, Inc. 4.125% 4/15/2029<sup>7</sup> |  | 195 | 171 |
| Caesars Entertainment, Inc. 6.25% 7/1/2025<sup>7</sup> |  | 35 | 34 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029<sup>7</sup> |  | 15 | 12 |
| Caesars Resort Collection, LLC 5.75% 7/1/2025<sup>7</sup> |  | 165 | 162 |
| California Resources Corp. 7.125% 2/1/2026<sup>7</sup> |  | 100 | 96 |

---

American Funds Insurance Series 211

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Callon Petroleum Co. 7.50% 6/15/2030<sup>7</sup> | USD | 30 | $27 |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 |  | 798 | 663 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 1378 | 933 |
| CAN-PACK SA 3.875% 11/15/2029<sup>7</sup> |  | 90 | 71 |
| Carnival Corp. 6.00% 5/1/2029<sup>7</sup> |  | 100 | 67 |
| CCO Holdings, LLC 4.75% 3/1/2030<sup>7</sup> |  | 135 | 117 |
| CCO Holdings, LLC 4.50% 8/15/2030<sup>7</sup> |  | 255 | 211 |
| CCO Holdings, LLC 4.25% 2/1/2031<sup>7</sup> |  | 155 | 125 |
| CCO Holdings, LLC 4.50% 6/1/2033<sup>7</sup> |  | 162 | 125 |
| CCO Holdings, LLC 4.25% 1/15/2034<sup>7</sup> |  | 70 | 52 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/2027<sup>7</sup> |  | 125 | 117 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 3.75% 2/15/2028 |  | 2650 | 2394 |
| CDI Escrow Issuer, Inc. 5.75% 4/1/2030<sup>7</sup> |  | 70 | 63 |
| CDK Global, Inc. 7.25% 6/15/2029<sup>7</sup> |  | 55 | 54 |
| Cedar Fair, LP 5.50% 5/1/2025<sup>7</sup> |  | 120 | 119 |
| Centene Corp. 2.45% 7/15/2028 |  | 40 | 34 |
| Centene Corp. 4.625% 12/15/2029 |  | 325 | 298 |
| Centene Corp. 2.50% 3/1/2031 |  | 155 | 122 |
| Central Garden & Pet Co. 4.125% 10/15/2030 |  | 74 | 61 |
| Central Garden & Pet Co. 4.125% 4/30/2031<sup>7</sup> |  | 110 | 91 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028<sup>7</sup> |  | 35 | 32 |
| Charles River Laboratories International, Inc. 4.00% 3/15/2031<sup>7</sup> |  | 70 | 61 |
| Cheniere Energy Partners, LP 4.50% 10/1/2029 |  | 160 | 144 |
| Cheniere Energy Partners, LP 4.00% 3/1/2031 |  | 75 | 64 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032 |  | 56 | 45 |
| Chesapeake Energy Corp. 4.875% 4/15/2022<sup>3</sup> |  | 915 | 21 |
| Chesapeake Energy Corp. 5.875% 2/1/2029<sup>7</sup> |  | 130 | 123 |
| Chesapeake Energy Corp. 6.75% 4/15/2029<sup>7</sup> |  | 30 | 29 |
| Ciena Corp. 4.00% 1/31/2030<sup>7</sup> |  | 80 | 71 |
| Cigna Corp. 2.375% 3/15/2031 |  | 375 | 308 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028<sup>7</sup> |  | 45 | 39 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029<sup>7</sup> |  | 55 | 47 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031<sup>7</sup> |  | 130 | 115 |
| CMS Energy Corp. 3.875% 3/1/2024 |  | 100 | 98 |
| CMS Energy Corp. 3.00% 5/15/2026 |  | 1200 | 1118 |
| CNX Resources Corp. 7.25% 3/14/2027<sup>7</sup> |  | 240 | 239 |
| Coinbase Global, Inc. 3.375% 10/1/2028<sup>7</sup> |  | 55 | 29 |
| Coinbase Global, Inc. 3.625% 10/1/2031<sup>7</sup> |  | 85 | 41 |
| Colombia (Republic of) 3.875% 4/25/2027 |  | 350 | 311 |
| Commonwealth Bank of Australia 2.688% 3/11/2031<sup>7</sup> |  | 4650 | 3593 |
| Compass Diversified Holdings 5.25% 4/15/2029<sup>7</sup> |  | 307 | 263 |
| Compass Diversified Holdings 5.00% 1/15/2032<sup>7</sup> |  | 65 | 52 |
| Comstock Resources, Inc. 6.75% 3/1/2029<sup>7</sup> |  | 110 | 99 |
| Comstock Resources, Inc. 5.875% 1/15/2030<sup>7</sup> |  | 65 | 56 |
| Constellation Oil Services Holding SA 4.00% PIK 12/31/2026<sup>10</sup> |  | 1097 | 649 |
| Constellium SE 3.75% 4/15/2029<sup>7</sup> |  | 125 | 102 |
| Consumers Energy Co. 3.375% 8/15/2023 |  | 345 | 342 |
| Consumers Energy Co. 3.60% 8/15/2032 |  | 1600 | 1462 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>7</sup> |  | 748 | 655 |
| CoreLogic, Inc. 4.50% 5/1/2028<sup>7</sup> |  | 364 | 280 |
| CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/2029<sup>8,9</sup> |  | 65 | 47 |
| Corporate Office Properties, LP 2.75% 4/15/2031 |  | 1212 | 910 |
| Covanta Holding Corp. 4.875% 12/1/2029<sup>7</sup> |  | 25 | 21 |
| Crédit Agricole SA 4.375% 3/17/2025<sup>7</sup> |  | 1100 | 1064 |
| Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)<sup>1,7</sup> |  | 2675 | 2441 |
| Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)<sup>1,7</sup> |  | 1000 | 693 |
| Crestwood Midstream Partners, LP 6.00% 2/1/2029<sup>7</sup> |  | 85 | 78 |
| Crestwood Midstream Partners, LP 8.00% 4/1/2029<sup>7</sup> |  | 100 | 100 |
| Crown Castle International Corp. 2.50% 7/15/2031 |  | 767 | 620 |
| CSX Corp. 3.80% 4/15/2050 |  | 75 | 59 |
| CVR Partners, LP 6.125% 6/15/2028<sup>7</sup> |  | 100 | 90 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>7</sup> |  | 725 | 679 |

---

212 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Danske Bank AS 3.875% 9/12/2023<sup>7</sup> | USD | 1675 | $1654 |
| Darling Ingredients, Inc. 6.00% 6/15/2030<sup>7</sup> |  | 245 | 240 |
| DaVita, Inc. 4.625% 6/1/2030<sup>7</sup> |  | 65 | 52 |
| Deluxe Corp. 8.00% 6/1/2029<sup>7</sup> |  | 20 | 16 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>1</sup> |  | 850 | 751 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>1</sup> |  | 1160 | 985 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 |  | 930 | 1166 |
| Development Bank of Mongolia, LLC 7.25% 10/23/2023 |  | 1980 | 1777 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>7,9,10</sup> |  | 25 | 24 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>10</sup> |  | 22 | 21 |
| Diamond Sports Group, LLC 6.625% 8/15/2027<sup>7</sup> |  | 310 | 3 |
| Diebold Nixdorf, Inc. 9.375% 7/15/2025<sup>7</sup> |  | 309 | 221 |
| Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025<sup>6,8,9</sup> |  | 93 | 63 |
| Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026<sup>6,8,9</sup> |  | 17 | 15 |
| Digital Currency Group, Inc., Term Loan, 8.75% 11/30/2026<sup>6,8</sup> |  | 22 | 18 |
| DIRECTV Financing, LLC 5.875% 8/15/2027<sup>7</sup> |  | 110 | 99 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.384% 8/2/2027<sup>8,9</sup> |  | 102 | 99 |
| Discovery Communications, Inc. 3.625% 5/15/2030 |  | 468 | 387 |
| DISH DBS Corp. 5.25% 12/1/2026<sup>7</sup> |  | 15 | 13 |
| DISH Network Corp. 11.75% 11/15/2027<sup>7</sup> |  | 260 | 268 |
| Dominican Republic 5.50% 1/27/2025<sup>7</sup> |  | 1375 | 1366 |
| Dominican Republic 8.625% 4/20/2027<sup>7</sup> |  | 225 | 235 |
| Dominican Republic 5.50% 2/22/2029<sup>7</sup> |  | 350 | 323 |
| Dominican Republic 6.40% 6/5/2049<sup>7</sup> |  | 813 | 660 |
| Duke Energy Progress, LLC 2.00% 8/15/2031 |  | 2360 | 1871 |
| Dun & Bradstreet Corp. 5.00% 12/15/2029<sup>7</sup> |  | 197 | 169 |
| Edison International 4.125% 3/15/2028 |  | 2390 | 2222 |
| Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2049)<sup>1</sup> |  | 100 | 84 |
| Electricité de France SA 4.875% 9/21/2038<sup>7</sup> |  | 795 | 649 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029<sup>7</sup> |  | 1030 | 819 |
| Enbridge, Inc. 4.00% 10/1/2023 |  | 600 | 595 |
| Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/2029<sup>7</sup> |  | 205 | 156 |
| Enel Finance International SA 1.375% 7/12/2026<sup>7</sup> |  | 1248 | 1077 |
| Enel Finance International SA 1.875% 7/12/2028<sup>7</sup> |  | 1227 | 977 |
| Entegris Escrow Corp. 4.75% 4/15/2029<sup>7</sup> |  | 45 | 41 |
| Entergy Corp. 0.90% 9/15/2025 |  | 750 | 669 |
| Entergy Louisiana, LLC 4.75% 9/15/2052 |  | 1275 | 1151 |
| EQM Midstream Partners, LP 6.50% 7/1/2027<sup>7</sup> |  | 225 | 215 |
| EQM Midstream Partners, LP 7.50% 6/1/2030<sup>7</sup> |  | 45 | 43 |
| EQM Midstream Partners, LP 6.50% 7/15/2048 |  | 40 | 30 |
| EQT Corp. 7.25% 2/1/2030<sup>1</sup> |  | 40 | 42 |
| Equinix, Inc. 1.80% 7/15/2027 |  | 1145 | 982 |
| Equinix, Inc. 2.15% 7/15/2030 |  | 3216 | 2566 |
| Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024 |  | 3910 | 2457 |
| Fair Isaac Corp. 4.00% 6/15/2028<sup>7</sup> |  | 120 | 109 |
| Fannie Mae Pool #MA2754 3.00% 9/1/2026<sup>5</sup> |  | 59 | 57 |
| Fannie Mae Pool #AO4151 3.50% 6/1/2042<sup>5</sup> |  | 108 | 101 |
| Fannie Mae Pool #AP7888 3.50% 10/1/2042<sup>5</sup> |  | 338 | 316 |
| Fannie Mae Pool #AQ0770 3.50% 11/1/2042<sup>5</sup> |  | 131 | 123 |
| Fannie Mae Pool #FM8399 2.50% 8/1/2051<sup>5</sup> |  | 889 | 759 |
| Fannie Mae Pool #BT9589 2.50% 8/1/2051<sup>5</sup> |  | 34 | 29 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051<sup>5</sup> |  | 998 | 848 |
| Fannie Mae Pool #BQ7435 2.50% 9/1/2051<sup>5</sup> |  | 97 | 83 |
| Fannie Mae Pool #MA4414 2.50% 9/1/2051<sup>5</sup> |  | 33 | 28 |
| Fannie Mae Pool #FS0031 2.50% 10/1/2051<sup>5</sup> |  | 336 | 284 |
| Fannie Mae Pool #BT3056 2.50% 11/1/2051<sup>5</sup> |  | 721 | 613 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>5</sup> |  | 3207 | 2718 |
| Fannie Mae Pool #BU3413 2.50% 12/1/2051<sup>5</sup> |  | 807 | 685 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>5</sup> |  | 268 | 227 |

---

American Funds Insurance Series 213

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Fannie Mae Pool #BV2930 2.50% 1/1/2052<sup>5</sup> | USD | 998 | $846 |
| Fannie Mae Pool #BU8226 2.50% 2/1/2052<sup>5</sup> |  | 1260 | 1070 |
| Fannie Mae Pool #BU1339 2.50% 2/1/2052<sup>5</sup> |  | 275 | 234 |
| Fannie Mae Pool #BV0307 2.50% 2/1/2052<sup>5</sup> |  | 273 | 232 |
| Fannie Mae Pool #BQ7473 2.50% 2/1/2052<sup>5</sup> |  | 158 | 134 |
| Fannie Mae Pool #CB2866 2.50% 2/1/2052<sup>5</sup> |  | 95 | 81 |
| Fannie Mae Pool #BV2189 2.50% 2/1/2052<sup>5</sup> |  | 62 | 53 |
| Fannie Mae Pool #CB2876 2.50% 2/1/2052<sup>5</sup> |  | 31 | 27 |
| Fannie Mae Pool #CB2809 2.50% 2/1/2052<sup>5</sup> |  | 32 | 27 |
| Fannie Mae Pool #BV3694 2.50% 2/1/2052<sup>5</sup> |  | 32 | 27 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>5</sup> |  | 2865 | 2557 |
| Fannie Mae Pool #BV4040 2.50% 3/1/2052<sup>5</sup> |  | 1645 | 1398 |
| Fannie Mae Pool #BV7520 2.50% 3/1/2052<sup>5</sup> |  | 864 | 734 |
| Fannie Mae Pool #BV8086 2.50% 3/1/2052<sup>5</sup> |  | 809 | 690 |
| Fannie Mae Pool #BU6885 2.50% 3/1/2052<sup>5</sup> |  | 808 | 686 |
| Fannie Mae Pool #BV5642 2.50% 3/1/2052<sup>5</sup> |  | 94 | 80 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>5</sup> |  | 4881 | 4140 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052<sup>5</sup> |  | 1929 | 1638 |
| Fannie Mae Pool #BQ7478 2.50% 4/1/2052<sup>5</sup> |  | 1222 | 1038 |
| Fannie Mae Pool #CB3350 2.50% 4/1/2052<sup>5</sup> |  | 1011 | 859 |
| Fannie Mae Pool #BU8802 2.50% 4/1/2052<sup>5</sup> |  | 998 | 848 |
| Fannie Mae Pool #BU8916 2.50% 4/1/2052<sup>5</sup> |  | 785 | 666 |
| Fannie Mae Pool #BU6901 2.50% 4/1/2052<sup>5</sup> |  | 91 | 77 |
| Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>5</sup> |  | 2782 | 2531 |
| Fannie Mae Pool #BV8959 2.50% 6/1/2052<sup>5</sup> |  | 127 | 108 |
| Fannie Mae Pool #FS2239 2.50% 7/1/2052<sup>5</sup> |  | 6973 | 5920 |
| Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>5</sup> |  | 1105 | 1065 |
| Fannie Mae Pool #BW6395 4.50% 8/1/2052<sup>5</sup> |  | 999 | 963 |
| Fannie Mae Pool #BW5789 4.50% 8/1/2052<sup>5</sup> |  | 371 | 357 |
| Fannie Mae Pool #BW1201 5.00% 9/1/2052<sup>5</sup> |  | 2820 | 2783 |
| Fannie Mae Pool #MA4761 5.00% 9/1/2052<sup>5</sup> |  | 524 | 517 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>5</sup> |  | 2209 | 2128 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052<sup>5</sup> |  | 1300 | 1283 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>5</sup> |  | 854 | 802 |
| Fannie Mae Pool #MA4839 4.00% 12/1/2052<sup>5</sup> |  | 442 | 415 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>5</sup> |  | 3000 | 2961 |
| Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>5</sup> |  | 238 | 223 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>5</sup> |  | 1000 | 987 |
| Fertitta Entertainment, Inc. 4.625% 1/15/2029<sup>7</sup> |  | 25 | 21 |
| Fertitta Entertainment, Inc. 6.75% 1/15/2030<sup>7</sup> |  | 25 | 20 |
| First Quantum Minerals, Ltd. 6.875% 3/1/2026<sup>7</sup> |  | 325 | 308 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027<sup>7</sup> |  | 240 | 226 |
| First Student Bidco, Inc. 4.00% 7/31/2029<sup>7</sup> |  | 85 | 70 |
| FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)<sup>1</sup> |  | 1800 | 1678 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>7</sup> |  | 2325 | 2033 |
| Florida Power & Light Company 2.875% 12/4/2051 |  | 1465 | 990 |
| Ford Motor Co. 3.25% 2/12/2032 |  | 20 | 15 |
| Ford Motor Credit Company, LLC 3.81% 1/9/2024 |  | 290 | 282 |
| Ford Motor Credit Company, LLC 2.90% 2/16/2028 |  | 200 | 165 |
| Ford Motor Credit Company, LLC 4.00% 11/13/2030 |  | 125 | 103 |
| Freddie Mac Pool #ZS8588 3.00% 11/1/2030<sup>5</sup> |  | 47 | 45 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033<sup>5</sup> |  | 3975 | 3742 |
| Freddie Mac Pool #QC7173 2.50% 9/1/2051<sup>5</sup> |  | 132 | 112 |
| Freddie Mac Pool #QC9156 2.50% 10/1/2051<sup>5</sup> |  | 866 | 736 |
| Freddie Mac Pool #QD1523 2.50% 11/1/2051<sup>5</sup> |  | 757 | 643 |
| Freddie Mac Pool #QD2521 2.50% 12/1/2051<sup>5</sup> |  | 67 | 57 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052<sup>5</sup> |  | 885 | 750 |
| Freddie Mac Pool #QD9066 2.50% 2/1/2052<sup>5</sup> |  | 210 | 179 |
| Freddie Mac Pool #QD7063 2.50% 2/1/2052<sup>5</sup> |  | 95 | 81 |
| Freddie Mac Pool #QD9879 2.50% 3/1/2052<sup>5</sup> |  | 730 | 619 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052<sup>5</sup> |  | 663 | 562 |
| Freddie Mac Pool #RA6959 2.50% 3/1/2052<sup>5</sup> |  | 27 | 23 |

---

214 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Freddie Mac Pool #QD9200 2.50% 4/1/2052<sup>5</sup> | USD | 919 | $780 |
| Freddie Mac Pool #QE0323 2.50% 4/1/2052<sup>5</sup> |  | 900 | 765 |
| Freddie Mac Pool #QE2310 2.50% 4/1/2052<sup>5</sup> |  | 840 | 713 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>5</sup> |  | 3563 | 3345 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052<sup>5</sup> |  | 1276 | 1260 |
| Freddie Mac Pool #QE8063 4.00% 8/1/2052<sup>5</sup> |  | 300 | 282 |
| Freddie Mac Pool #QE8065 4.50% 8/1/2052<sup>5</sup> |  | 3700 | 3565 |
| Freddie Mac Pool #QF0152 4.50% 9/1/2052<sup>5</sup> |  | 500 | 482 |
| Freddie Mac Pool #QF1489 4.00% 10/1/2052<sup>5</sup> |  | 1000 | 939 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>5</sup> |  | 400 | 376 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>5</sup> |  | 8419 | 8111 |
| Freddie Mac Pool #QF0866 4.50% 10/1/2052<sup>5</sup> |  | 2226 | 2151 |
| Freddie Mac Pool #QF1486 4.50% 10/1/2052<sup>5</sup> |  | 400 | 385 |
| Freddie Mac Pool #QF3304 5.00% 10/1/2052<sup>5</sup> |  | 800 | 790 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>5</sup> |  | 4668 | 4246 |
| Freddie Mac Pool #QF3985 4.00% 11/1/2052<sup>5</sup> |  | 308 | 290 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>5</sup> |  | 598 | 576 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>5</sup> |  | 4753 | 4692 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>5</sup> |  | 507 | 501 |
| Frontier Communications Corp. 5.875% 10/15/2027<sup>7</sup> |  | 100 | 93 |
| Frontier Communications Corp. 5.00% 5/1/2028<sup>7</sup> |  | 65 | 57 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 |  | 250 | 194 |
| FS Energy and Power Fund 7.50% 8/15/2023<sup>7</sup> |  | 150 | 150 |
| FXI Holdings, Inc. 12.25% 11/15/2026<sup>7</sup> |  | 497 | 412 |
| Gartner, Inc. 3.75% 10/1/2030<sup>7</sup> |  | 70 | 60 |
| General Motors Financial Co. 1.05% 3/8/2024 |  | 725 | 689 |
| Genesis Energy, LP 8.00% 1/15/2027 |  | 125 | 118 |
| Georgia (Republic of) 2.75% 4/22/2026<sup>7</sup> |  | 400 | 363 |
| GoDaddy Operating Co. 3.50% 3/1/2029<sup>7</sup> |  | 80 | 67 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)<sup>1</sup> |  | 1080 | 933 |
| Goldman Sachs Group, Inc. 2.383% 7/21/2032 (USD-SOFR + 1.248% on 7/21/2031)<sup>1</sup> |  | 726 | 565 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>5,11</sup> |  | 7440 | 6837 |
| Gray Escrow II, Inc. 5.375% 11/15/2031<sup>7</sup> |  | 30 | 22 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028<sup>7</sup> |  | 145 | 123 |
| Groupe BPCE SA 5.15% 7/21/2024<sup>7</sup> |  | 1800 | 1763 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030<sup>7</sup> |  | 660 | 593 |
| Hanesbrands, Inc. 4.625% 5/15/2024<sup>7</sup> |  | 120 | 116 |
| Hanesbrands, Inc. 4.875% 5/15/2026<sup>7</sup> |  | 100 | 90 |
| Harsco Corp. 5.75% 7/31/2027<sup>7</sup> |  | 200 | 158 |
| Harvest Midstream I, LP 7.50% 9/1/2028<sup>7</sup> |  | 25 | 24 |
| HCA, Inc. 5.625% 9/1/2028 |  | 120 | 120 |
| HealthEquity, Inc. 4.50% 10/1/2029<sup>7</sup> |  | 30 | 26 |
| Hess Midstream Operations, LP 5.50% 10/15/2030<sup>7</sup> |  | 34 | 31 |
| Hightower Holding, LLC 6.75% 4/15/2029<sup>7</sup> |  | 235 | 198 |
| Hilcorp Energy I, LP 6.00% 4/15/2030<sup>7</sup> |  | 105 | 94 |
| Hilcorp Energy I, LP 6.00% 2/1/2031<sup>7</sup> |  | 115 | 100 |
| Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030 |  | 25 | 23 |
| Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031<sup>7</sup> |  | 155 | 130 |
| Honduras (Republic of) 6.25% 1/19/2027 |  | 2083 | 1843 |
| Honduras (Republic of) 5.625% 6/24/2030 |  | 958 | 773 |
| Howard Hughes Corp. 5.375% 8/1/2028<sup>7</sup> |  | 275 | 248 |
| Howard Hughes Corp. 4.125% 2/1/2029<sup>7</sup> |  | 195 | 164 |
| Howard Hughes Corp. 4.375% 2/1/2031<sup>7</sup> |  | 120 | 97 |
| Howard Midstream Energy Partners, LLC 6.75% 1/15/2027<sup>7</sup> |  | 60 | 58 |
| HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)<sup>1</sup> |  | 305 | 287 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)<sup>1</sup> |  | 4172 | 3995 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)<sup>1</sup> |  | 921 | 706 |
| Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/2023<sup>9</sup> |  | 3326 | 3316 |
| Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/2025<sup>9</sup> |  | 363 | 342 |
| Huarong Finance II Co., Ltd. 5.50% 1/16/2025 |  | 880 | 835 |

---

American Funds Insurance Series 215

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Huarong Finance II Co., Ltd. 5.00% 11/19/2025 | USD | 1007 | $931 |
| HUB International, Ltd. 7.00% 5/1/2026<sup>7</sup> |  | 315 | 309 |
| Hyundai Capital America 0.875% 6/14/2024<sup>7</sup> |  | 1200 | 1120 |
| Hyundai Capital America 1.50% 6/15/2026<sup>7</sup> |  | 2375 | 2061 |
| Hyundai Capital America 1.65% 9/17/2026<sup>7</sup> |  | 269 | 237 |
| Hyundai Capital America 2.00% 6/15/2028<sup>7</sup> |  | 600 | 490 |
| Hyundai Capital Services, Inc. 3.75% 3/5/2023<sup>7</sup> |  | 2450 | 2442 |
| iHeartCommunications, Inc. 5.25% 8/15/2027<sup>7</sup> |  | 80 | 68 |
| Ingles Markets, Inc. 4.00% 6/15/2031<sup>7</sup> |  | 140 | 118 |
| Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>7</sup> |  | 3270 | 3145 |
| Intesa Sanpaolo SpA 7.00% 11/21/2025<sup>7</sup> |  | 225 | 230 |
| Iraq (Republic of) 6.752% 3/9/2023<sup>7</sup> |  | 545 | 539 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032<sup>7</sup> |  | 55 | 46 |
| Iron Mountain, Inc. 5.25% 7/15/2030<sup>7</sup> |  | 235 | 205 |
| Israel (State of) 3.375% 1/15/2050 |  | 1470 | 1136 |
| Israel (State of) 3.875% 7/3/2050 |  | 795 | 672 |
| Jacobs Entertainment, Inc. 6.75% 2/15/2029<sup>7</sup> |  | 25 | 23 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>1</sup> |  | 45 | 43 |
| Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/2026<sup>8,9</sup> |  | 64 | 60 |
| KB Home 6.875% 6/15/2027 |  | 50 | 50 |
| Keb Hana Bank 3.25% 3/30/2027<sup>7</sup> |  | 1370 | 1278 |
| Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 |  | 110 | 87 |
| Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 |  | 245 | 187 |
| Kinetik Holdings, LP 5.875% 6/15/2030<sup>7</sup> |  | 50 | 47 |
| Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026<sup>7</sup> |  | 85 | 74 |
| Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027<sup>7</sup> |  | 140 | 115 |
| LABL Escrow Issuer, LLC 10.50% 7/15/2027<sup>7</sup> |  | 45 | 42 |
| Lamar Media Corp. 3.75% 2/15/2028 |  | 135 | 121 |
| Lamar Media Corp. 3.625% 1/15/2031 |  | 160 | 132 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030<sup>7</sup> |  | 200 | 177 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032<sup>7</sup> |  | 60 | 53 |
| Las Vegas Sands Corp. 3.20% 8/8/2024 |  | 25 | 24 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029<sup>7</sup> |  | 110 | 88 |
| Level 3 Financing, Inc. 3.75% 7/15/2029<sup>7</sup> |  | 210 | 151 |
| Levi Strauss & Co. 3.50% 3/1/2031<sup>7</sup> |  | 115 | 91 |
| Ligado Networks, LLC 15.50% PIK 11/1/2023<sup>7,10</sup> |  | 124 | 40 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027<sup>7</sup> |  | 5 | 5 |
| Lithia Motors, Inc. 4.625% 12/15/2027<sup>7</sup> |  | 120 | 108 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027<sup>7</sup> |  | 130 | 116 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)<sup>1</sup> |  | 7000 | 6067 |
| LPL Holdings, Inc. 4.625% 11/15/2027<sup>7</sup> |  | 485 | 454 |
| LPL Holdings, Inc. 4.00% 3/15/2029<sup>7</sup> |  | 25 | 22 |
| LSB Industries, Inc. 6.25% 10/15/2028<sup>7</sup> |  | 126 | 115 |
| LSC Communications, Inc. 8.75% 10/15/2023<sup>3,6,7</sup> |  | 431 | 1 |
| Mallinckrodt PLC 10.00% 4/15/2025<sup>7</sup> |  | 440 | 379 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 5 | 4 |
| Mastercard, Inc. 2.00% 11/18/2031 |  | 600 | 483 |
| Match Group, Inc. 5.625% 2/15/2029<sup>7</sup> |  | 130 | 121 |
| Meituan Dianping 2.125% 10/28/2025 |  | 1730 | 1532 |
| Meituan Dianping 3.05% 10/28/2030<sup>7</sup> |  | 3095 | 2390 |
| Methanex Corp. 5.125% 10/15/2027 |  | 55 | 51 |
| Methanex Corp. 5.25% 12/15/2029 |  | 170 | 151 |
| Mexico City Airport Trust 5.50% 7/31/2047 |  | 432 | 334 |
| MGM Resorts International 5.50% 4/15/2027 |  | 90 | 84 |
| Midas OpCo Holdings, LLC 5.625% 8/15/2029<sup>7</sup> |  | 145 | 120 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027<sup>7</sup> |  | 63 | 63 |
| Mineral Resources, Ltd. 8.00% 11/1/2027<sup>7</sup> |  | 155 | 159 |
| Mineral Resources, Ltd. 8.50% 5/1/2030<sup>7</sup> |  | 25 | 25 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027<sup>7</sup> |  | 3236 | 2937 |
| Mohegan Gaming & Entertainment 8.00% 2/1/2026<sup>7</sup> |  | 105 | 98 |

---

216 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Molina Healthcare, Inc. 4.375% 6/15/2028<sup>7</sup> | USD | 80 | $73 |
| Molina Healthcare, Inc. 3.875% 11/15/2030<sup>7</sup> |  | 75 | 64 |
| MoneyGram International, Inc. 5.375% 8/1/2026<sup>7</sup> |  | 50 | 51 |
| Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)<sup>1</sup> |  | 2164 | 1901 |
| Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)<sup>1</sup> |  | 1396 | 1057 |
| Mozart Debt Merger Sub, Inc. 5.25% 10/1/2029<sup>7</sup> |  | 155 | 123 |
| MSCI, Inc. 3.875% 2/15/2031<sup>7</sup> |  | 215 | 179 |
| MSCI, Inc. 3.625% 11/1/2031<sup>7</sup> |  | 350 | 290 |
| Murphy Oil Corp. 5.625% 5/1/2027 |  | 15 | 15 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029 |  | 48 | 44 |
| Nabors Industries, Inc. 7.375% 5/15/2027<sup>7</sup> |  | 55 | 53 |
| National Financial Partners Corp. 6.875% 8/15/2028<sup>7</sup> |  | 105 | 87 |
| Nationstar Mortgage Holdings, Inc. 5.125% 12/15/2030<sup>7</sup> |  | 135 | 104 |
| Navient Corp. 5.00% 3/15/2027 |  | 45 | 39 |
| Navient Corp. 4.875% 3/15/2028 |  | 145 | 119 |
| NCL Corp., Ltd. 5.875% 2/15/2027<sup>7</sup> |  | 80 | 69 |
| NCR Corp. 5.25% 10/1/2030<sup>7</sup> |  | 15 | 12 |
| Neiman Marcus Group, LLC 7.125% 4/1/2026<sup>7</sup> |  | 85 | 80 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 45 | 44 |
| Netflix, Inc. 4.875% 6/15/2030<sup>7</sup> |  | 225 | 210 |
| New Fortress Energy, Inc. 6.75% 9/15/2025<sup>7</sup> |  | 50 | 47 |
| New Fortress Energy, Inc. 6.50% 9/30/2026<sup>7</sup> |  | 255 | 237 |
| New York Life Global Funding 1.20% 8/7/2030<sup>7</sup> |  | 2725 | 2094 |
| Newell Rubbermaid, Inc. 4.70% 4/1/2026 |  | 80 | 75 |
| Nexstar Broadcasting, Inc. 4.75% 11/1/2028<sup>7</sup> |  | 255 | 221 |
| Nexstar Escrow Corp. 5.625% 7/15/2027<sup>7</sup> |  | 115 | 106 |
| NGL Energy Operating, LLC 7.50% 2/1/2026<sup>7</sup> |  | 215 | 192 |
| NGL Energy Partners, LP 7.50% 11/1/2023 |  | 200 | 195 |
| Niagara Mohawk Power Corp. 3.508% 10/1/2024<sup>7</sup> |  | 180 | 173 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028<sup>7</sup> |  | 335 | 322 |
| NorthRiver Midstream Finance, LP 5.625% 2/15/2026<sup>7</sup> |  | 105 | 100 |
| NortonLifeLock, Inc. 7.125% 9/30/2030<sup>7</sup> |  | 160 | 157 |
| Nova Chemicals Corp. 5.25% 6/1/2027<sup>7</sup> |  | 20 | 18 |
| Novelis Corp. 4.75% 1/30/2030<sup>7</sup> |  | 80 | 71 |
| Novelis Corp. 3.875% 8/15/2031<sup>7</sup> |  | 20 | 16 |
| NuStar Logistics, LP 5.625% 4/28/2027 |  | 80 | 75 |
| Oasis Petroleum, Inc. 6.375% 6/1/2026<sup>7</sup> |  | 35 | 34 |
| Occidental Petroleum Corp. 6.375% 9/1/2028 |  | 194 | 196 |
| Occidental Petroleum Corp. 8.875% 7/15/2030 |  | 25 | 28 |
| Occidental Petroleum Corp. 6.625% 9/1/2030 |  | 125 | 129 |
| Occidental Petroleum Corp. 6.125% 1/1/2031 |  | 65 | 66 |
| Occidental Petroleum Corp. 6.45% 9/15/2036 |  | 18 | 18 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 |  | 15 | 15 |
| State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 |  | 1410 | 1008 |
| Oleoducto Central SA 4.00% 7/14/2027<sup>7</sup> |  | 2535 | 2241 |
| Oleoducto Central SA 4.00% 7/14/2027 |  | 630 | 557 |
| Open Text Corp. 3.875% 2/15/2028<sup>7</sup> |  | 25 | 22 |
| Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/2029<sup>8,9</sup> |  | 155 | 151 |
| Option Care Health, Inc. 4.375% 10/31/2029<sup>7</sup> |  | 25 | 22 |
| Oracle Corp. 2.65% 7/15/2026 |  | 2327 | 2142 |
| Oracle Corp. 3.25% 11/15/2027 |  | 1880 | 1730 |
| Oracle Corp. 3.60% 4/1/2050 |  | 980 | 664 |
| Oracle Corp. 3.95% 3/25/2051 |  | 22 | 16 |
| Orange SA 9.00% 3/1/2031<sup>1</sup> |  | 2434 | 2985 |
| Oxford Finance, LLC 6.375% 2/1/2027<sup>7</sup> |  | 30 | 28 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 542 | 499 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 6850 | 4661 |
| Panama (Republic of) 3.75% 4/17/2026<sup>7</sup> |  | 465 | 439 |
| Panther BF Aggregator 2, LP 6.25% 5/15/2026<sup>7</sup> |  | 44 | 43 |
| Panther BF Aggregator 2, LP 8.50% 5/15/2027<sup>7</sup> |  | 85 | 83 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029<sup>7</sup> |  | 65 | 55 |

---

American Funds Insurance Series 217

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Party City Holdings, Inc. 8.75% 2/15/2026<sup>7</sup> | USD | 5 | $1 |
| Performance Food Group, Inc. 5.50% 10/15/2027<sup>7</sup> |  | 11 | 10 |
| Peru (Republic of) 2.392% 1/23/2026 |  | 500 | 461 |
| Petrobras Global Finance Co. 6.75% 6/3/2050 |  | 29 | 25 |
| Petrobras Global Finance Co. 5.50% 6/10/2051 |  | 21 | 16 |
| Petróleos Mexicanos 4.625% 9/21/2023 |  | 714 | 704 |
| Petróleos Mexicanos 6.875% 10/16/2025 |  | 660 | 647 |
| Petróleos Mexicanos 6.875% 8/4/2026 |  | 865 | 819 |
| Petróleos Mexicanos 6.49% 1/23/2027 |  | 406 | 371 |
| Petróleos Mexicanos 6.50% 3/13/2027 |  | 1493 | 1365 |
| Petróleos Mexicanos 6.84% 1/23/2030 |  | 681 | 564 |
| Petróleos Mexicanos 6.70% 2/16/2032 |  | 779 | 613 |
| Petróleos Mexicanos 6.75% 9/21/2047 |  | 346 | 222 |
| Petróleos Mexicanos 7.69% 1/23/2050 |  | 55 | 38 |
| Petróleos Mexicanos 6.95% 1/28/2060 |  | 201 | 128 |
| PG&E Corp. 5.00% 7/1/2028 |  | 145 | 133 |
| PG&E Corp. 5.25% 7/1/2030 |  | 175 | 160 |
| PGT Innovations, Inc. 4.375% 10/1/2029<sup>7</sup> |  | 5 | 4 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 315 | 318 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 420 | 427 |
| Philip Morris International, Inc. 2.10% 5/1/2030 |  | 634 | 514 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 1554 | 1589 |
| Picard Midco, Inc. 6.50% 3/31/2029<sup>7</sup> |  | 235 | 198 |
| Post Holdings, Inc. 5.625% 1/15/2028<sup>7</sup> |  | 85 | 80 |
| Post Holdings, Inc. 5.50% 12/15/2029<sup>7</sup> |  | 80 | 73 |
| Post Holdings, Inc. 4.625% 4/15/2030<sup>7</sup> |  | 444 | 384 |
| Procter & Gamble Company 3.00% 3/25/2030 |  | 338 | 310 |
| PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/2023 |  | 960 | 963 |
| PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/2030<sup>7</sup> |  | 500 | 477 |
| Qatar Petroleum 3.125% 7/12/2041<sup>7</sup> |  | 2895 | 2235 |
| Radiology Partners, Inc. 9.25% 2/1/2028<sup>7</sup> |  | 245 | 138 |
| Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.639% 7/9/2025<sup>8,9</sup> |  | 10 | 8 |
| Range Resources Corp. 4.75% 2/15/2030<sup>7</sup> |  | 145 | 128 |
| Raptor Acquisition Corp. 4.875% 11/1/2026<sup>7</sup> |  | 180 | 160 |
| Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029<sup>7</sup> |  | 25 | 17 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029<sup>7</sup> |  | 25 | 20 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029<sup>7</sup> |  | 20 | 17 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>7</sup> |  | 57 | 61 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027<sup>7</sup> |  | 40 | 32 |
| Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>7</sup> |  | 160 | 165 |
| RP Escrow Issuer, LLC 5.25% 12/15/2025<sup>7</sup> |  | 190 | 145 |
| Russian Federation 4.25% 6/23/2027<sup>3</sup> |  | 1400 | 602 |
| Ryan Specialty Group, LLC 4.375% 2/1/2030<sup>7</sup> |  | 45 | 39 |
| Sabre GLBL, Inc. 11.25% 12/15/2027<sup>7</sup> |  | 75 | 77 |
| Sally Holdings, LLC 5.625% 12/1/2025 |  | 48 | 46 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026 |  | 3750 | 3485 |
| Scentre Group 3.50% 2/12/2025<sup>7</sup> |  | 210 | 201 |
| Scentre Group 3.75% 3/23/2027<sup>7</sup> |  | 110 | 101 |
| Scientific Games Corp. 7.00% 5/15/2028<sup>7</sup> |  | 20 | 19 |
| Scientific Games Holdings, LP 6.625% 3/1/2030<sup>7</sup> |  | 46 | 39 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028<sup>7</sup> |  | 115 | 99 |
| Scotts Miracle-Gro Co. 4.50% 10/15/2029 |  | 140 | 114 |
| Scotts Miracle-Gro Co. 4.375% 2/1/2032 |  | 55 | 42 |
| Sealed Air Corp. 5.00% 4/15/2029<sup>7</sup> |  | 40 | 38 |
| ServiceNow, Inc. 1.40% 9/1/2030 |  | 1830 | 1404 |
| Silgan Holdings, Inc. 4.125% 2/1/2028 |  | 80 | 74 |
| Simmons Foods, Inc. 4.625% 3/1/2029<sup>7</sup> |  | 160 | 130 |
| Singapore Airlines, Ltd. 3.375% 1/19/2029 |  | 3710 | 3353 |
| Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>7</sup> |  | 195 | 170 |
| Sirius XM Radio, Inc. 3.875% 9/1/2031<sup>7</sup> |  | 170 | 133 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028<sup>7</sup> |  | 25 | 24 |

---

218 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| SM Energy Co. 5.625% 6/1/2025 | USD | 55 | $53 |
| SM Energy Co. 6.50% 7/15/2028 |  | 45 | 43 |
| Sonic Automotive, Inc. 4.625% 11/15/2029<sup>7</sup> |  | 45 | 36 |
| Sonic Automotive, Inc. 4.875% 11/15/2031<sup>7</sup> |  | 20 | 16 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 200 | 174 |
| Southwestern Energy Co. 5.95% 1/23/2025<sup>1</sup> |  | 110 | 108 |
| Southwestern Energy Co. 7.75% 10/1/2027 |  | 20 | 20 |
| Southwestern Energy Co. 8.375% 9/15/2028 |  | 30 | 31 |
| Southwestern Energy Co. 5.375% 3/15/2030 |  | 135 | 123 |
| Southwestern Energy Co. 4.75% 2/1/2032 |  | 105 | 90 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>7</sup> |  | 17 | 18 |
| Sprint Corp. 7.625% 3/1/2026 |  | 130 | 137 |
| Sri Lanka (Democratic Socialist Republic of) 5.75% 4/18/2023<sup>3</sup> |  | 2890 | 917 |
| Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>7</sup> |  | 1500 | 1289 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>7</sup> |  | 2560 | 2539 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>7</sup> |  | 453 | 347 |
| Stericycle, Inc. 3.875% 1/15/2029<sup>7</sup> |  | 110 | 96 |
| Studio City Finance, Ltd. 6.00% 7/15/2025<sup>7</sup> |  | 200 | 174 |
| Sunoco, LP 4.50% 5/15/2029 |  | 290 | 254 |
| Sunoco, LP 4.50% 4/30/2030 |  | 35 | 30 |
| Surgery Center Holdings 10.00% 4/15/2027<sup>7</sup> |  | 103 | 105 |
| SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)<sup>1</sup> |  | 12 | 8 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)<sup>1,7</sup> |  | 800 | 740 |
| Talen Energy Corp. 7.25% 5/15/2027<sup>7</sup> |  | 205 | 213 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050<sup>7</sup> |  | 3450 | 2188 |
| Tenet Healthcare Corp. 4.875% 1/1/2026<sup>7</sup> |  | 245 | 232 |
| Tenet Healthcare Corp. 6.125% 10/1/2028<sup>7</sup> |  | 25 | 22 |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  | 4600 | 4518 |
| Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 |  | 3710 | 3695 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 110 | 96 |
| State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | 1780 | 1266 |
| Thermo Fisher Scientific, Inc. 4.80% 11/21/2027 |  | 630 | 633 |
| Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/2028<sup>8,9</sup> |  | 245 | 218 |
| T-Mobile US, Inc. 2.40% 3/15/2029 |  | 1079 | 913 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030 |  | 453 | 412 |
| TransDigm, Inc. 6.25% 3/15/2026<sup>7</sup> |  | 65 | 64 |
| TransDigm, Inc. 5.50% 11/15/2027 |  | 35 | 33 |
| TransDigm, Inc. 4.875% 5/1/2029 |  | 80 | 70 |
| Transocean Guardian, Ltd. 5.875% 1/15/2024<sup>7</sup> |  | 10 | 10 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027<sup>7</sup> |  | 66 | 64 |
| Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>6,7</sup> |  | 100 | 88 |
| Triumph Group, Inc. 6.25% 9/15/2024<sup>7</sup> |  | 35 | 33 |
| U.S. Treasury 0.125% 1/31/2023 |  | 12320 | 12282 |
| U.S. Treasury 2.625% 2/28/2023 |  | 6900 | 6882 |
| U.S. Treasury 1.875% 8/31/2024 |  | 4515 | 4320 |
| U.S. Treasury 3.25% 8/31/2024 |  | 1065 | 1043 |
| U.S. Treasury 0.25% 8/31/2025 |  | 20534 | 18475 |
| U.S. Treasury 2.875% 11/30/2025 |  | 5400 | 5198 |
| U.S. Treasury 4.00% 12/15/2025 |  | 1992 | 1980 |
| U.S. Treasury 0.375% 1/31/2026 |  | 14610 | 13004 |
| U.S. Treasury 0.75% 8/31/2026 |  | 4361 | 3862 |
| U.S. Treasury 0.875% 9/30/2026 |  | 11098 | 9858 |
| U.S. Treasury 1.125% 10/31/2026 |  | 1698 | 1519 |
| U.S. Treasury 2.50% 3/31/2027 |  | 9560 | 8975 |
| U.S. Treasury 3.875% 11/30/2027 |  | 105639 | 105067 |
| U.S. Treasury 1.625% 8/15/2029 |  | 10760 | 9336 |
| U.S. Treasury 1.375% 11/15/2031<sup>12</sup> |  | 25783 | 20999 |

---

American Funds Insurance Series 219

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| U.S. Treasury 1.875% 2/15/2032 | USD | 2000 | $1696 |
| U.S. Treasury 4.125% 11/15/2032 |  | 1169 | 1192 |
| U.S. Treasury 1.125% 5/15/2040 |  | 9170 | 5754 |
| U.S. Treasury 1.875% 2/15/2041<sup>12</sup> |  | 18740 | 13274 |
| U.S. Treasury 1.75% 8/15/2041 |  | 6050 | 4151 |
| U.S. Treasury 2.375% 2/15/2042 |  | 2872 | 2195 |
| U.S. Treasury 3.00% 8/15/2048 |  | 5045 | 4164 |
| U.S. Treasury 2.00% 8/15/2051 |  | 5755 | 3788 |
| U.S. Treasury 3.00% 8/15/2052<sup>12</sup> |  | 29749 | 24666 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>4</sup> |  | 3239 | 2089 |
| UBS Group AG 1.008% 7/30/2024 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 7/30/2023)<sup>1,7</sup> |  | 1950 | 1897 |
| UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)<sup>1,7</sup> |  | 2265 | 2228 |
| UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/2027<sup>8,9</sup> |  | 75 | 69 |
| Ukraine 7.75% 9/1/2024<sup>3</sup> |  | 6210 | 1544 |
| Ukraine 7.75% 9/1/2026<sup>3</sup> |  | 1570 | 338 |
| Ukraine 6.876% 5/21/2031<sup>3</sup> |  | 1269 | 244 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>5,11</sup> |  | 2100 | 2070 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>5,11</sup> |  | 10300 | 10329 |
| Unisys Corp. 6.875% 11/1/2027<sup>7</sup> |  | 35 | 27 |
| United Natural Foods, Inc. 6.75% 10/15/2028<sup>7</sup> |  | 235 | 226 |
| United Rentals, Inc. 4.875% 1/15/2028 |  | 30 | 29 |
| United Rentals, Inc. 6.00% 12/15/2029<sup>7</sup> |  | 315 | 314 |
| Univision Communications, Inc. 4.50% 5/1/2029<sup>7</sup> |  | 240 | 201 |
| Univision Communications, Inc. 7.375% 6/30/2030<sup>7</sup> |  | 145 | 139 |
| US Foods, Inc. 4.625% 6/1/2030<sup>7</sup> |  | 35 | 31 |
| Vail Resorts, Inc. 6.25% 5/15/2025<sup>7</sup> |  | 120 | 120 |
| Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025<sup>7</sup> |  | 75 | 64 |
| Valvoline, Inc. 3.625% 6/15/2031<sup>7</sup> |  | 85 | 70 |
| Venator Finance SARL 9.50% 7/1/2025<sup>7</sup> |  | 185 | 134 |
| Venator Finance SARL 5.75% 7/15/2025<sup>7</sup> |  | 140 | 48 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029<sup>7</sup> |  | 35 | 31 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031<sup>7</sup> |  | 125 | 107 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033<sup>7</sup> |  | 65 | 53 |
| Verizon Communications, Inc. 3.15% 3/22/2030 |  | 575 | 508 |
| Verizon Communications, Inc. 2.55% 3/21/2031 |  | 2100 | 1732 |
| VICI Properties, LP 4.375% 5/15/2025 |  | 1563 | 1520 |
| VICI Properties, LP 4.625% 12/1/2029<sup>7</sup> |  | 15 | 14 |
| VICI Properties, LP 4.125% 8/15/2030<sup>7</sup> |  | 420 | 368 |
| VZ Secured Financing BV 5.00% 1/15/2032<sup>7</sup> |  | 200 | 163 |
| W. R. Grace Holdings, LLC 5.625% 8/15/2029<sup>7</sup> |  | 20 | 16 |
| Warner Music Group 3.75% 12/1/2029<sup>7</sup> |  | 125 | 108 |
| Warner Music Group 3.875% 7/15/2030<sup>7</sup> |  | 135 | 117 |
| Warner Music Group 3.00% 2/15/2031<sup>7</sup> |  | 80 | 64 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>7</sup> |  | 917 | 758 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>7</sup> |  | 1928 | 1482 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028<sup>7</sup> |  | 140 | 138 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026<sup>7</sup> |  | 320 | 302 |
| WEA Finance, LLC 3.75% 9/17/2024<sup>7</sup> |  | 535 | 506 |
| Weatherford International, Ltd. 11.00% 12/1/2024<sup>7</sup> |  | 5 | 5 |
| Weatherford International, Ltd. 6.50% 9/15/2028<sup>7</sup> |  | 65 | 64 |
| Weatherford International, Ltd. 8.625% 4/30/2030<sup>7</sup> |  | 65 | 63 |
| Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>1</sup> |  | 5788 | 5370 |
| Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>1</sup> |  | 1600 | 1363 |
| WESCO Distribution, Inc. 7.125% 6/15/2025<sup>7</sup> |  | 180 | 183 |
| WESCO Distribution, Inc. 7.25% 6/15/2028<sup>7</sup> |  | 245 | 249 |
| Western Global Airlines, LLC 10.375% 8/15/2025<sup>7</sup> |  | 15 | 11 |
| Western Midstream Operating, LP 3.35% 2/1/2025<sup>1</sup> |  | 85 | 81 |
| Western Midstream Operating, LP 4.75% 8/15/2028 |  | 65 | 59 |
| Western Midstream Operating, LP 5.50% 2/1/2050<sup>1</sup> |  | 25 | 21 |

---

220 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)<sup>1</sup> | USD | 1250 | $1147 |
| WeWork Companies, LLC 5.00% 7/10/2025<sup>7</sup> |  | 50 | 17 |
| Wyndham Destinations, Inc. 6.625% 7/31/2026<sup>7</sup> |  | 65 | 64 |
| Wynn Las Vegas, LLC 4.25% 5/30/2023<sup>7</sup> |  | 38 | 38 |
| Wynn Resorts Finance, LLC 7.75% 4/15/2025<sup>7</sup> |  | 180 | 179 |
| Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 9.884% 9/1/2027<sup>8,9</sup> |  | 110 | 100 |
| Ziggo Bond Co. BV 5.125% 2/28/2030<sup>7</sup> |  | 200 | 162 |
| Ziggo Bond Finance BV 4.875% 1/15/2030<sup>7</sup> |  | 300 | 252 |
|  |  |  | **669959** |
| **Total bonds, notes & other debt instruments** (cost: $1,515,444,000) |  |  | **1337877** |

---

---

| | | |
|:---|:---|:---|
| **Investment funds 3.29%** | Shares |  |
| **U.S. dollars 3.29%** |  |  |
| Capital Group Central Corporate Bond Fund<sup>13</sup> | **5972524** | **48676** |
| **Total investment funds** (cost: $47,079,000) |  | **48676** |
| **Preferred securities 0.00%** |  |  |
| **U.S. dollars 0.00%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares<sup>6,7,14</sup> | **48** | **20** |
| **Total preferred securities** (cost: $49,000) |  | **20** |
| **Common stocks 0.01%** |  |  |
| **U.S. dollars 0.01%** |  |  |
| Constellation Oil Services Holding SA, Class B-1<sup>6,14</sup> | 1214969 | 134 |
| Bighorn Permian Resources, LLC<sup>6</sup> | 531 | —<sup>15</sup> |
| **Total common stocks** (cost: $0) |  | **134** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-term securities 6.79%** | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Commercial paper 6.78%** |  |  |  |  |
| DNB Bank ASA 3/2/2023<sup>7</sup> | 4.273% | USD | 35000 | 34740 |
| NRW.Bank 2/6/2023<sup>7</sup> | 4.192 |  | 31100 | 30957 |
| Oesterreich Kontrollbank 2/21/2023 | 4.245 |  | 35000 | 34773 |
|  |  |  |  | **100470** |
|  |  |  | Shares |  |
| **Money market investments 0.01%** |  |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>13,16</sup> |  |  | **1674** | **167** |
| **Total short-term securities** (cost: $100,664,000) |  |  |  | **100637** |
| **Total investment securities 100.37%** (cost: $1,663,236,000) |  |  |  | **1487344** |
| Other assets less liabilities (0.37)% |  |  |  | (5450) |
| **Net assets 100.00%** |  |  |  | $1481894 |

---

American Funds Insurance Series 221

Capital World Bond Fund (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 2 Year Euro-Schatz Futures | Long | 60 | March 2023 | USD | 6771 | $(87) |
| 2 Year U.S. Treasury Note Futures | Long | 130 | March 2023 |  | 26660 | 31 |
| 5 Year Euro-Bobl Futures | Long | 236 | March 2023 |  | 29242 | (987) |
| 5 Year U.S. Treasury Note Futures | Long | 1196 | March 2023 |  | 129084 | (139) |
| 10 Year Euro-Bund Futures | Long | 95 | March 2023 |  | 13518 | (880) |
| 10 Year Italy Government Bond Futures | Long | 71 | March 2023 |  | 8278 | (663) |
| 10 Year Japanese Government Bond Futures | Long | 9 | March 2023 |  | 9975 | (41) |
| 10 Year U.S. Treasury Note Futures | Long | 328 | March 2023 |  | 36833 | (201) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 175 | March 2023 |  | (20699) | 123 |
| 10 Year UK Gilt Futures | Short | 44 | March 2023 |  | (5314) | 335 |
| 20 Year U.S. Treasury Bond Futures | Long | 65 | March 2023 |  | 8147 | (131) |
| 30 Year Euro-Buxl Futures | Long | 57 | March 2023 |  | 8252 | (1530) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 170 | March 2023 |  | (22833) | 183 |
|  |  |  |  |  |  | $(3987) |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)**<br> **at 12/31/2022<br> (000)** |
| KRW | 8431290 | USD | 6478 | Bank of America | 1/9/2023 | $219 |
| HUF | 1284310 | EUR | 3067 | UBS AG | 1/10/2023 | 145 |
| PLN | 20540 | EUR | 4330 | HSBC Bank | 1/10/2023 | 45 |
| DKK | 17400 | USD | 2465 | UBS AG | 1/10/2023 | 42 |
| PLN | 3330 | USD | 739 | UBS AG | 1/10/2023 | 20 |
| SEK | 23400 | USD | 2256 | UBS AG | 1/10/2023 | (12) |
| USD | 6519 | AUD | 9680 | HSBC Bank | 1/10/2023 | (75) |
| USD | 2058 | HUF | 818090 | UBS AG | 1/10/2023 | (127) |
| EUR | 6800 | USD | 7143 | Bank of America | 1/11/2023 | 142 |
| CNH | 154697 | USD | 22271 | Citibank | 1/11/2023 | 105 |
| USD | 1405 | EUR | 1320 | Bank of America | 1/11/2023 | (9) |
| USD | 2019 | EUR | 1900 | Bank of America | 1/11/2023 | (17) |
| SEK | 22100 | USD | 2141 | Bank of America | 1/11/2023 | (22) |
| NZD | 1070 | USD | 682 | Morgan Stanley | 1/12/2023 | (2) |
| JPY | 2083770 | USD | 15470 | Bank of America | 1/13/2023 | 438 |
| CNH | 146490 | USD | 21104 | JPMorgan Chase | 1/13/2023 | 89 |
| USD | 4476 | GBP | 3660 | Morgan Stanley | 1/13/2023 | 50 |
| PLN | 18110 | EUR | 3807 | UBS AG | 1/13/2023 | 50 |
| CHF | 2790 | USD | 2985 | UBS AG | 1/13/2023 | 37 |
| USD | 3682 | CAD | 4970 | Standard Chartered Bank | 1/13/2023 | 11 |
| EUR | 9477 | DKK | 70470 | BNP Paribas | 1/13/2023 | (1) |
| USD | 807 | NOK | 7930 | UBS AG | 1/13/2023 | (3) |
| USD | 19831 | MXN | 394043 | UBS AG | 1/13/2023 | (336) |
| EUR | 6752 | PLN | 31970 | HSBC Bank | 1/17/2023 | (48) |
| JPY | 6231228 | USD | 45941 | Standard Chartered Bank | 1/20/2023 | 1678 |
| JPY | 3696640 | USD | 27194 | Standard Chartered Bank | 1/20/2023 | 1056 |
| USD | 5044 | HUF | 1807090 | Bank of America | 1/20/2023 | 232 |
| JPY | 573812 | AUD | 6280 | HSBC Bank | 1/20/2023 | 105 |
| CAD | 16753 | USD | 12310 | Bank of America | 1/20/2023 | 64 |
| CZK | 124020 | USD | 5572 | Goldman Sachs | 1/20/2023 | (92) |
| USD | 14203 | DKK | 100190 | Bank of America | 1/20/2023 | (244) |

---

222 American Funds Insurance Series

Capital World Bond Fund (continued)

**Forward currency contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation**<br>**(depreciation)<br> at 12/31/2022<br> (000)** |
| USD | 5215 | CZK | 124020 | Morgan Stanley | 1/20/2023 | $(266) |
| HUF | 1807090 | USD | 5519 | Bank of America | 1/20/2023 | (706) |
| EUR | 23500 | USD | 24897 | Bank of America | 1/23/2023 | 303 |
| USD | 2087 | COP | 10038860 | Morgan Stanley | 1/23/2023 | 26 |
| CZK | 47290 | EUR | 1935 | UBS AG | 1/23/2023 | 14 |
| COP | 3594590 | USD | 753 | Bank of America | 1/23/2023 | (15) |
| USD | 10027 | EUR | 9480 | BNP Paribas | 1/23/2023 | (139) |
| THB | 84660 | USD | 2468 | Standard Chartered Bank | 1/26/2023 | (8) |
| JPY | 833790 | USD | 5779 | Standard Chartered Bank | 1/27/2023 | 599 |
| JPY | 1210240 | USD | 8936 | BNP Paribas | 1/27/2023 | 322 |
| JPY | 419350 | USD | 2897 | UBS AG | 1/27/2023 | 310 |
| JPY | 559100 | USD | 4149 | Goldman Sachs | 1/27/2023 | 128 |
| PLN | 24520 | USD | 5913 | BNP Paribas | 2/2/2023 | (333) |
| KRW | 2855970 | USD | 2161 | Standard Chartered Bank | 2/28/2023 | 110 |
| EUR | 14020 | USD | 14746 | Bank of America | 3/6/2023 | 330 |
| CNH | 64940 | USD | 9270 | Standard Chartered Bank | 3/6/2023 | 162 |
| JPY | 417300 | USD | 3097 | BNP Paribas | 3/6/2023 | 111 |
| KRW | 2388130 | USD | 1834 | HSBC Bank | 3/6/2023 | 65 |
|  |  |  |  |  |  | $4553 |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | **Notional** | **Notional** | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **amount<br> (000)** | **amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid<br> (000)** | **Unrealized<br> depreciation**<br>**at 12/31/2022<br> (000)** |
| 1.2475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | NZD | 4428 | $(70) | $— | $(70) |
| 1.234974% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 |  | 37736 | (600) |  | (600) |
| 1.2375% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/26/2023 |  | 13908 | (231) |  | (231) |
| 1.264% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/27/2023 |  | 34764 | (572) |  | (572) |
| 1.26% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/30/2023 |  | 5734 | (95) |  | (95) |
| 1.28% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/31/2023 |  | 5734 | (95) |  | (95) |
| 1.30% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/3/2023 |  | 6295 | (106) |  | (106) |
| 1.4975% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/21/2023 |  | 11830 | (206) |  | (206) |
| 1.445% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/28/2023 |  | 11817 | (215) |  | (215) |
| 1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/29/2023 |  | 12043 | (220) |  | (220) |
| 1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/30/2023 |  | 12093 | (221) |  | (221) |
| 1.5125% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 |  | 10675 | (203) |  | (203) |
| 1.53% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 |  | 12176 | (230) |  | (230) |
| 1.5625% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/15/2023 |  | 12163 | (228) |  | (228) |
| 1.59% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/18/2023 |  | 12163 | (228) |  | (228) |
| 1.62% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/19/2023 |  | 13521 | (252) |  | (252) |
| 2.2525% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 |  | 17111 | (283) |  | (283) |
| 2.24% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 |  | 17111 | (284) |  | (284) |
| 2.20% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/9/2023 |  | 1440 | (24) |  | (24) |
| 2.495% | Annual | SONIA | Annual | 5/5/2024 | GBP | 7210 | (183) |  | (183) |
| 2.42% | Annual | SONIA | Annual | 5/5/2024 |  | 42400 | (1114) |  | (1114) |
| 2.363% | Annual | SONIA | Annual | 5/11/2024 |  | 40870 | (1101) |  | (1101) |
| 2.628% | Annual | SONIA | Annual | 7/28/2024 |  | 40530 | (1386) |  | (1386) |
| SONIA | Annual | 5.6325% | Annual | 9/25/2024 |  | 41140 | (468) |  | (468) |
| 6.255% | 28-day | 28-day MXN-TIIE | 28-day | 5/22/2026 | MXN | 47800 | (198) |  | (198) |

---

American Funds Insurance Series 223

Capital World Bond Fund (continued)

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | **Notional** | **Notional** | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **amount<br> (000)** | **amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid<br> (000)** | **Unrealized<br> depreciation**<br>**at 12/31/2022<br> (000)** |
| 6.19% | 28-day | 28-day MXN-TIIE | 28-day | 5/22/2026 | MXN | 48400 | $(205) | $— | $(205) |
| 6.16% | 28-day | 28-day MXN-TIIE | 28-day | 6/9/2026 |  | 58800 | (253) | —<sup>15</sup> | (253) |
| 6.5375% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 |  | 14000 | (52) |  | (52) |
| 6.50% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 |  | 13900 | (53) |  | (53) |
| 6.47% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 |  | 14200 | (55) |  | (55) |
| 6.55% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 |  | 43000 | (160) | —<sup>15</sup> | (160) |
| 6.55% | 28-day | 28-day MXN-TIIE | 28-day | 6/18/2026 |  | 14100 | (53) |  | (53) |
| 6.50% | 28-day | 28-day MXN-TIIE | 28-day | 6/18/2026 |  | 27800 | (106) |  | (106) |
| 6.64% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 62600 | (226) |  | (226) |
| 6.633% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 172500 | (623) |  | (623) |
| 7.59% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 28900 | (64) |  | (64) |
| 7.62% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 43375 | (94) |  | (94) |
| 7.52% | 28-day | 28-day MXN-TIIE | 28-day | 10/30/2026 |  | 89445 | (209) |  | (209) |
|  |  |  |  |  |  |  | $(10966) | $—<sup>15</sup> | $(10966) |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value at<br> 12/31/2022<br> (000)** | **Value at<br> 12/31/2022<br> (000)** | **Upfront<br> premium<br> paid<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| CDX.EM.38 | 1.00% | Quarterly | 12/20/2027 |  | USD5,650 |  | $331 | $350 | $(19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** |
| **Financing<br> rate received** | **Payment<br> frequency** | **Reference<br> index** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** **<sup>17</sup>**  | **Value at<br> 12/31/2022<br> (000)** | **Value at<br> 12/31/2022<br> (000)** **<sup>18</sup>**  | **Upfront<br> premium<br> (received)<br> paid<br> (000)** | **Unrealized<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5.00% | Quarterly | CDX.NA.HY.39 | 12/20/2027 |  | USD19,138 |  | $118 | $(134) | $252 |
| 1.00% | Quarterly | CDX.NA.IG.39 | 12/20/2027 |  | 97747 |  | 781 | 547 | 234 |
|  |  |  |  |  |  |  | $899 | $413 | $486 |

---

**Investments in affiliates<sup>13</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized gain<br> (000)** | **Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Investment funds 3.29%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $— | $47078 | $— | $— | $1598 | $48676 | $306 |
| **Short-term securities 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>16</sup> | 144080 | 923691 | 1067610 | 17 | (11) | 167 | 2751 |
| &nbsp;&nbsp;&nbsp;**Total 3.30%** |  |  |  | $17 | $1587 | $48843 | $3057 |

---

224 American Funds Insurance Series

Capital World Bond Fund (continued)

**Restricted securities<sup>2</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition<br> date** | **Cost<br> (000)** | **Value<br> (000)** | **Percent<br> of net<br> assets** |
| Goldman Sachs Group, Inc. 3.375% 3/27/2025 | 5/19/2020 | $5689 | $5327 | .36% |
| Goldman Sachs Group, Inc. 1.00% 3/18/2033 | 5/19/2021 | 3239 | 2091 | .14 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)<sup>1</sup> | 5/19/2020 | 6045 | 5177 | .35 |
| JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)<sup>1</sup> | 5/19/2020 | 3381 | 2944 | .20 |
| **Total** |  | $18354 | $15539 | 1.05% |

---

<sup>1</sup> Step bond; coupon rate may change at a later date.

<sup>2</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $15,539,000, which represented 1.05% of the net assets of the fund.

<sup>3</sup> Scheduled interest and/or principal payment was not received.

<sup>4</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>5</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>6</sup> Value determined using significant unobservable inputs.

<sup>7</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,829,000, which represented 11.26% of the net assets of the fund.

<sup>8</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,760,000, which represented .12% of the net assets of the fund.

<sup>9</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>10</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>11</sup> Purchased on a TBA basis.

<sup>12</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $12,515,000, which represented .84% of the net assets of the fund.

<sup>13</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>14</sup> Security did not produce income during the last 12 months.

<sup>15</sup> Amount less than one thousand.

<sup>16</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>17</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>18</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

**Key to abbreviations**

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DAC = Designated Activity Company

DKK = Danish kroner

DOP = Dominican pesos

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

NZD = New Zealand dollars

PIK = Payment In Kind

PLN = Polish zloty

Ref. = Refunding

Rev. = Revenue

RON = Romanian leu

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

UAH = Ukrainian hryvnia

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series 225

American High-Income Trust

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 88.59%** | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans 88.51%** |  |  |  |
| **Energy 14.19%** |  |  |  |
| Aethon United BR, LP / Aethon United Finance Corp. 8.25% 2/15/2026<sup>1</sup> | USD | 295 | $293 |
| Altera Infrastructure, LP 8.50% 7/15/2023<sup>1,2,3</sup> |  | 2009 | 375 |
| Antero Midstream Partners, LP 5.375% 6/15/2029<sup>1</sup> |  | 570 | 522 |
| Antero Resources Corp. 7.625% 2/1/2029<sup>1</sup> |  | 244 | 246 |
| Antero Resources Corp. 5.375% 3/1/2030<sup>1</sup> |  | 230 | 214 |
| Apache Corp. 6.00% 1/15/2037 |  | 165 | 153 |
| Apache Corp. 5.10% 9/1/2040 |  | 695 | 578 |
| Apache Corp. 4.75% 4/15/2043 |  | 265 | 200 |
| Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 11/1/2025<sup>1,4,5</sup> |  | 228 | 242 |
| Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026<sup>1</sup> |  | 2040 | 1982 |
| Ascent Resources Utica Holdings, LLC 9.00% 11/1/2027<sup>1</sup> |  | 170 | 210 |
| Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028<sup>1</sup> |  | 271 | 266 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029<sup>1</sup> |  | 1245 | 1112 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031<sup>1</sup> |  | 1610 | 1409 |
| Blue Racer Midstream, LLC 7.625% 12/15/2025<sup>1</sup> |  | 496 | 493 |
| Bonanza Creek Energy, Inc. 5.00% 10/15/2026<sup>1</sup> |  | 905 | 829 |
| California Resources Corp. 7.125% 2/1/2026<sup>1</sup> |  | 390 | 375 |
| Callon Petroleum Co. 7.50% 6/15/2030<sup>1</sup> |  | 515 | 472 |
| Centennial Resource Production, LLC 6.875% 4/1/2027<sup>1</sup> |  | 440 | 416 |
| Cheniere Energy Partners, LP 4.50% 10/1/2029 |  | 938 | 846 |
| Cheniere Energy Partners, LP 4.00% 3/1/2031 |  | 413 | 352 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032 |  | 615 | 490 |
| Cheniere Energy, Inc. 4.625% 10/15/2028 |  | 3831 | 3470 |
| Chesapeake Energy Corp. 4.875% 4/15/2022<sup>2</sup> |  | 4300 | 97 |
| Chesapeake Energy Corp. 5.50% 2/1/2026<sup>1</sup> |  | 1000 | 966 |
| Chesapeake Energy Corp. 5.875% 2/1/2029<sup>1</sup> |  | 1670 | 1585 |
| Chesapeake Energy Corp. 6.75% 4/15/2029<sup>1</sup> |  | 380 | 371 |
| CNX Midstream Partners, LP 4.75% 4/15/2030<sup>1</sup> |  | 280 | 230 |
| CNX Resources Corp. 7.25% 3/14/2027<sup>1</sup> |  | 1168 | 1161 |
| CNX Resources Corp. 6.00% 1/15/2029<sup>1</sup> |  | 1669 | 1538 |
| CNX Resources Corp. 7.375% 1/15/2031<sup>1</sup> |  | 856 | 822 |
| Comstock Resources, Inc. 6.75% 3/1/2029<sup>1</sup> |  | 910 | 823 |
| Comstock Resources, Inc. 5.875% 1/15/2030<sup>1</sup> |  | 770 | 663 |
| Constellation Oil Services Holding SA 4.00% PIK 12/31/2026<sup>6</sup> |  | 3114 | 1843 |
| Continental Resources, Inc. 5.75% 1/15/2031<sup>1</sup> |  | 365 | 341 |
| Crestwood Midstream Partners, LP 5.75% 4/1/2025 |  | 250 | 244 |
| Crestwood Midstream Partners, LP 5.625% 5/1/2027<sup>1</sup> |  | 290 | 270 |
| Crestwood Midstream Partners, LP 6.00% 2/1/2029<sup>1</sup> |  | 575 | 528 |
| Crestwood Midstream Partners, LP 8.00% 4/1/2029<sup>1</sup> |  | 1675 | 1669 |
| Devon Energy Corp. 5.875% 6/15/2028 |  | 202 | 205 |
| Devon Energy Corp. 4.50% 1/15/2030 |  | 493 | 460 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>1,5,6</sup> |  | 68 | 65 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>6</sup> |  | 62 | 58 |
| DT Midstream, Inc. 4.125% 6/15/2029<sup>1</sup> |  | 1503 | 1294 |
| DT Midstream, Inc. 4.375% 6/15/2031<sup>1</sup> |  | 832 | 699 |
| Energean Israel Finance, Ltd. 4.50% 3/30/2024<sup>1</sup> |  | 945 | 914 |
| Energean Israel Finance, Ltd. 4.875% 3/30/2026<sup>1</sup> |  | 1080 | 1002 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031<sup>1</sup> |  | 80 | 70 |
| Energean PLC 6.50% 4/30/2027<sup>1</sup> |  | 380 | 354 |
| EnLink Midstream Partners, LLC 5.625% 1/15/2028<sup>1</sup> |  | 445 | 425 |
| EQM Midstream Partners, LP 4.125% 12/1/2026 |  | 127 | 113 |
| EQM Midstream Partners, LP 7.50% 6/1/2027<sup>1</sup> |  | 405 | 397 |
| EQM Midstream Partners, LP 6.50% 7/1/2027<sup>1</sup> |  | 2345 | 2245 |
| EQM Midstream Partners, LP 5.50% 7/15/2028 |  | 881 | 789 |
| EQM Midstream Partners, LP 4.50% 1/15/2029<sup>1</sup> |  | 835 | 703 |
| EQM Midstream Partners, LP 7.50% 6/1/2030<sup>1</sup> |  | 1078 | 1040 |
| EQM Midstream Partners, LP 4.75% 1/15/2031<sup>1</sup> |  | 1645 | 1348 |
| EQM Midstream Partners, LP 6.50% 7/15/2048 |  | 910 | 684 |
| EQT Corp. 6.125% 2/1/2025<sup>7</sup> |  | 250 | 251 |
| EQT Corp. 5.00% 1/15/2029 |  | 290 | 273 |

---

226 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| EQT Corp. 7.25% 2/1/2030<sup>7</sup> | USD | 300 | $312 |
| EQT Corp. 3.625% 5/15/2031<sup>1</sup> |  | 500 | 424 |
| Genesis Energy, LP 5.625% 6/15/2024 |  | 120 | 116 |
| Genesis Energy, LP 6.50% 10/1/2025 |  | 1886 | 1805 |
| Genesis Energy, LP 6.25% 5/15/2026 |  | 320 | 293 |
| Genesis Energy, LP 8.00% 1/15/2027 |  | 2825 | 2672 |
| Genesis Energy, LP 7.75% 2/1/2028 |  | 87 | 80 |
| Harbour Energy PLC 5.50% 10/15/2026<sup>1</sup> |  | 1545 | 1387 |
| Harvest Midstream I, LP 7.50% 9/1/2028<sup>1</sup> |  | 1947 | 1863 |
| Hess Midstream Operations, LP 4.25% 2/15/2030<sup>1</sup> |  | 1300 | 1113 |
| Hess Midstream Operations, LP 5.50% 10/15/2030<sup>1</sup> |  | 630 | 577 |
| Hess Midstream Partners, LP 5.125% 6/15/2028<sup>1</sup> |  | 851 | 788 |
| Hilcorp Energy I, LP 6.25% 11/1/2028<sup>1</sup> |  | 145 | 132 |
| Hilcorp Energy I, LP 5.75% 2/1/2029<sup>1</sup> |  | 985 | 878 |
| Hilcorp Energy I, LP 6.00% 4/15/2030<sup>1</sup> |  | 922 | 821 |
| Hilcorp Energy I, LP 6.00% 2/1/2031<sup>1</sup> |  | 728 | 631 |
| Hilcorp Energy I, LP 6.25% 4/15/2032<sup>1</sup> |  | 835 | 722 |
| Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/2027<sup>1</sup> |  | 220 | 216 |
| Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00% 2/1/2028<sup>1</sup> |  | 260 | 237 |
| Howard Midstream Energy Partners, LLC 6.75% 1/15/2027<sup>1</sup> |  | 460 | 442 |
| Independence Energy Finance, LLC 7.25% 5/1/2026<sup>1</sup> |  | 500 | 472 |
| Kinetik Holdings, LP 5.875% 6/15/2030<sup>1</sup> |  | 500 | 470 |
| Murphy Oil Corp. 5.75% 8/15/2025 |  | 139 | 137 |
| Murphy Oil Corp. 5.625% 5/1/2027 |  | 135 | 131 |
| Murphy Oil Corp. 6.375% 7/15/2028 |  | 415 | 400 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029 |  | 820 | 752 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031<sup>1</sup> |  | 1065 | 878 |
| Nabors Industries, Inc. 7.375% 5/15/2027<sup>1</sup> |  | 1540 | 1494 |
| Nabors Industries, Ltd. 7.25% 1/15/2026<sup>1</sup> |  | 320 | 302 |
| Neptune Energy Group Holdings, Ltd. 6.625% 5/15/2025<sup>1</sup> |  | 1250 | 1216 |
| New Fortress Energy, Inc. 6.75% 9/15/2025<sup>1</sup> |  | 1625 | 1541 |
| New Fortress Energy, Inc. 6.50% 9/30/2026<sup>1</sup> |  | 4175 | 3885 |
| NGL Energy Operating, LLC 7.50% 2/1/2026<sup>1</sup> |  | 8670 | 7735 |
| NGL Energy Partners, LP 6.125% 3/1/2025 |  | 2054 | 1677 |
| NGL Energy Partners, LP 7.50% 4/15/2026 |  | 650 | 498 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028<sup>1</sup> |  | 1805 | 1735 |
| NorthRiver Midstream Finance, LP 5.625% 2/15/2026<sup>1</sup> |  | 625 | 593 |
| NuStar Logistics, LP 6.00% 6/1/2026 |  | 286 | 276 |
| Oasis Petroleum, Inc. 6.375% 6/1/2026<sup>1</sup> |  | 995 | 970 |
| Occidental Petroleum Corp. 5.875% 9/1/2025 |  | 710 | 709 |
| Occidental Petroleum Corp. 6.375% 9/1/2028 |  | 225 | 227 |
| Occidental Petroleum Corp. 8.875% 7/15/2030 |  | 650 | 735 |
| Occidental Petroleum Corp. 6.625% 9/1/2030 |  | 990 | 1025 |
| Occidental Petroleum Corp. 6.125% 1/1/2031 |  | 640 | 647 |
| Occidental Petroleum Corp. 6.45% 9/15/2036 |  | 125 | 128 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 |  | 605 | 624 |
| Occidental Petroleum Corp. 4.20% 3/15/2048 |  | 165 | 127 |
| Parkland Corp. 4.625% 5/1/2030<sup>1</sup> |  | 835 | 692 |
| Patterson-UTI Energy, Inc. 5.15% 11/15/2029 |  | 80 | 72 |
| PDC Energy, Inc. 5.75% 5/15/2026 |  | 600 | 574 |
| Petrobras Global Finance Co. 6.75% 6/3/2050 |  | 288 | 252 |
| Petrobras Global Finance Co. 5.50% 6/10/2051 |  | 202 | 155 |
| Petróleos Mexicanos 6.875% 10/16/2025 |  | 350 | 343 |
| Petróleos Mexicanos 8.75% 6/2/2029 |  | 732 | 687 |
| Petrorio Luxembourg SARL 6.125% 6/9/2026<sup>1</sup> |  | 320 | 305 |
| Range Resources Corp. 4.875% 5/15/2025 |  | 362 | 344 |
| Range Resources Corp. 8.25% 1/15/2029 |  | 900 | 929 |
| Range Resources Corp. 4.75% 2/15/2030<sup>1</sup> |  | 970 | 856 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029<sup>1</sup> |  | 550 | 495 |
| Sabine Pass Liquefaction, LLC 4.50% 5/15/2030 |  | 371 | 345 |
| Sanchez Energy Corp. 7.25% 2/15/2023<sup>1,2</sup> |  | 739 | 12 |

---

American Funds Insurance Series 227

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| SM Energy Co. 5.625% 6/1/2025 | USD | 430 | $413 |
| Southwestern Energy Co. 5.95% 1/23/2025<sup>7</sup> |  | 215 | 212 |
| Southwestern Energy Co. 7.75% 10/1/2027 |  | 272 | 278 |
| Southwestern Energy Co. 8.375% 9/15/2028 |  | 565 | 584 |
| Southwestern Energy Co. 5.375% 2/1/2029 |  | 340 | 316 |
| Southwestern Energy Co. 5.375% 3/15/2030 |  | 2470 | 2257 |
| Southwestern Energy Co. 4.75% 2/1/2032 |  | 1225 | 1049 |
| Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 6/1/2031<sup>1</sup> |  | 335 | 285 |
| Sunoco, LP 6.00% 4/15/2027 |  | 547 | 540 |
| Sunoco, LP 5.875% 3/15/2028 |  | 290 | 275 |
| Sunoco, LP 4.50% 5/15/2029 |  | 1735 | 1520 |
| Sunoco, LP 4.50% 4/30/2030 |  | 1680 | 1461 |
| Tallgrass Energy Partners, LP 7.50% 10/1/2025<sup>1</sup> |  | 85 | 86 |
| Targa Resources Partners, LP 6.50% 7/15/2027 |  | 133 | 134 |
| Targa Resources Partners, LP 6.875% 1/15/2029 |  | 915 | 924 |
| Targa Resources Partners, LP 5.50% 3/1/2030 |  | 802 | 756 |
| Targa Resources Partners, LP 4.875% 2/1/2031 |  | 695 | 629 |
| Transocean Guardian, Ltd. 5.875% 1/15/2024<sup>1</sup> |  | 92 | 90 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027<sup>1</sup> |  | 337 | 328 |
| Transocean, Inc. 6.125% 8/1/2025<sup>1</sup> |  | 178 | 174 |
| Transocean, Inc. 7.25% 11/1/2025<sup>1</sup> |  | 500 | 443 |
| Transocean, Inc. 11.50% 1/30/2027<sup>1</sup> |  | 95 | 95 |
| Transocean, Inc. 6.80% 3/15/2038 |  | 300 | 190 |
| USA Compression Partners, LP 6.875% 4/1/2026 |  | 669 | 643 |
| USA Compression Partners, LP 6.875% 9/1/2027 |  | 247 | 231 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031<sup>1</sup> |  | 2795 | 2386 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033<sup>1</sup> |  | 650 | 532 |
| Weatherford International, Ltd. 11.00% 12/1/2024<sup>1</sup> |  | 185 | 189 |
| Weatherford International, Ltd. 6.50% 9/15/2028<sup>1</sup> |  | 2130 | 2091 |
| Weatherford International, Ltd. 8.625% 4/30/2030<sup>1</sup> |  | 3485 | 3353 |
| Western Gas Partners, LP 4.50% 3/1/2028 |  | 979 | 904 |
| Western Midstream Operating, LP 3.35% 2/1/2025<sup>7</sup> |  | 369 | 350 |
| Western Midstream Operating, LP 4.75% 8/15/2028 |  | 160 | 146 |
| Western Midstream Operating, LP 4.30% 2/1/2030<sup>7</sup> |  | 480 | 420 |
| Western Midstream Operating, LP 5.50% 2/1/2050<sup>7</sup> |  | 770 | 636 |
|  |  |  | **117959** |
| **Consumer discretionary 12.43%** |  |  |  |
| Adient Global Holdings, Ltd. 4.875% 8/15/2026<sup>1</sup> |  | 525 | 490 |
| Affinity Gaming 6.875% 12/15/2027<sup>1</sup> |  | 1040 | 883 |
| Allied Universal Holdco, LLC 6.625% 7/15/2026<sup>1</sup> |  | 508 | 466 |
| Allied Universal Holdco, LLC 9.75% 7/15/2027<sup>1</sup> |  | 716 | 624 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028<sup>1</sup> |  | 490 | 406 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029<sup>1</sup> |  | 2790 | 2029 |
| Asbury Automotive Group, Inc. 4.50% 3/1/2028 |  | 250 | 220 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029<sup>1</sup> |  | 1545 | 1304 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032<sup>1</sup> |  | 1070 | 882 |
| Atlas LuxCo 4 SARL 4.625% 6/1/2028<sup>1</sup> |  | 280 | 227 |
| AutoNation, Inc. 2.40% 8/1/2031 |  | 610 | 440 |
| Bath & Body Works, Inc. 6.625% 10/1/2030<sup>1</sup> |  | 540 | 508 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 |  | 1316 | 1172 |
| Bath & Body Works, Inc. 6.75% 7/1/2036 |  | 655 | 577 |
| Beazer Homes USA, Inc. 5.875% 10/15/2027 |  | 540 | 473 |
| Boyd Gaming Corp. 4.75% 12/1/2027 |  | 441 | 411 |
| Boyd Gaming Corp. 4.75% 6/15/2031<sup>1</sup> |  | 345 | 301 |
| Boyne USA, Inc. 4.75% 5/15/2029<sup>1</sup> |  | 570 | 505 |
| Caesars Entertainment, Inc. 6.25% 7/1/2025<sup>1</sup> |  | 1085 | 1056 |
| Caesars Entertainment, Inc. 8.125% 7/1/2027<sup>1</sup> |  | 665 | 655 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029<sup>1</sup> |  | 560 | 457 |
| Caesars Resort Collection, LLC 5.75% 7/1/2025<sup>1</sup> |  | 345 | 338 |

---

228 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Carnival Corp. 10.50% 2/1/2026<sup>1</sup> | USD | 1405 | $1414 |
| Carnival Corp. 4.00% 8/1/2028<sup>1</sup> |  | 3000 | 2452 |
| Carnival Corp. 6.00% 5/1/2029<sup>1</sup> |  | 655 | 438 |
| Carnival Corp. 10.50% 6/1/2030<sup>1</sup> |  | 100 | 81 |
| CDI Escrow Issuer, Inc. 5.75% 4/1/2030<sup>1</sup> |  | 615 | 552 |
| CEC Entertainment, Inc. 6.75% 5/1/2026<sup>1</sup> |  | 320 | 298 |
| Dana, Inc. 4.25% 9/1/2030 |  | 200 | 161 |
| Dana, Inc. 4.50% 2/15/2032 |  | 375 | 300 |
| Empire Communities Corp. 7.00% 12/15/2025<sup>1</sup> |  | 475 | 430 |
| Empire Resorts, Inc. 7.75% 11/1/2026<sup>1</sup> |  | 470 | 378 |
| Everi Holdings, Inc. 5.00% 7/15/2029<sup>1</sup> |  | 95 | 82 |
| Fertitta Entertainment, Inc. 4.625% 1/15/2029<sup>1</sup> |  | 1260 | 1068 |
| Fertitta Entertainment, Inc. 6.75% 1/15/2030<sup>1</sup> |  | 4090 | 3307 |
| First Student Bidco, Inc. 4.00% 7/31/2029<sup>1</sup> |  | 2135 | 1769 |
| Ford Motor Co. 5.291% 12/8/2046 |  | 70 | 54 |
| Ford Motor Credit Company, LLC 5.125% 6/16/2025 |  | 2215 | 2134 |
| Ford Motor Credit Company, LLC 3.375% 11/13/2025 |  | 465 | 421 |
| Ford Motor Credit Company, LLC 4.542% 8/1/2026 |  | 1460 | 1348 |
| Ford Motor Credit Company, LLC 2.70% 8/10/2026 |  | 350 | 304 |
| Ford Motor Credit Company, LLC 4.271% 1/9/2027 |  | 525 | 476 |
| Ford Motor Credit Company, LLC 4.95% 5/28/2027 |  | 370 | 346 |
| Ford Motor Credit Company, LLC 4.125% 8/17/2027 |  | 835 | 749 |
| Ford Motor Credit Company, LLC 3.815% 11/2/2027 |  | 880 | 775 |
| Ford Motor Credit Company, LLC 2.90% 2/16/2028 |  | 300 | 248 |
| Ford Motor Credit Company, LLC 5.113% 5/3/2029 |  | 200 | 182 |
| Ford Motor Credit Company, LLC 4.00% 11/13/2030 |  | 570 | 469 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028<sup>1</sup> |  | 615 | 522 |
| Hanesbrands, Inc. 4.625% 5/15/2024<sup>1</sup> |  | 1945 | 1887 |
| Hanesbrands, Inc. 4.875% 5/15/2026<sup>1</sup> |  | 1624 | 1454 |
| Hilton Grand Vacations Borrower 5.00% 6/1/2029<sup>1</sup> |  | 591 | 509 |
| Hilton Worldwide Holdings, Inc. 3.75% 5/1/2029<sup>1</sup> |  | 200 | 173 |
| Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030 |  | 408 | 370 |
| Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031<sup>1</sup> |  | 1520 | 1275 |
| International Game Technology PLC 6.50% 2/15/2025<sup>1</sup> |  | 911 | 918 |
| International Game Technology PLC 4.125% 4/15/2026<sup>1</sup> |  | 915 | 855 |
| International Game Technology PLC 5.25% 1/15/2029<sup>1</sup> |  | 4120 | 3846 |
| Jacobs Entertainment, Inc. 6.75% 2/15/2029<sup>1</sup> |  | 505 | 456 |
| KB Home 6.875% 6/15/2027 |  | 330 | 333 |
| KB Home 7.25% 7/15/2030 |  | 330 | 321 |
| Kontoor Brands, Inc. 4.125% 11/15/2029<sup>1</sup> |  | 370 | 303 |
| Las Vegas Sands Corp. 3.20% 8/8/2024 |  | 400 | 378 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029<sup>1</sup> |  | 2565 | 2057 |
| Levi Strauss & Co. 3.50% 3/1/2031<sup>1</sup> |  | 430 | 342 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027<sup>1</sup> |  | 205 | 186 |
| Lithia Motors, Inc. 4.625% 12/15/2027<sup>1</sup> |  | 270 | 244 |
| Lithia Motors, Inc. 3.875% 6/1/2029<sup>1</sup> |  | 1165 | 959 |
| Lithia Motors, Inc. 4.375% 1/15/2031<sup>1</sup> |  | 830 | 677 |
| LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 2/15/2026<sup>1</sup> |  | 335 | 297 |
| M.D.C. Holdings, Inc. 6.00% 1/15/2043 |  | 573 | 468 |
| Marriott International, Inc. 3.50% 10/15/2032 |  | 470 | 392 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 430 | 329 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029<sup>1</sup> |  | 370 | 307 |
| Mattel, Inc. 3.75% 4/1/2029<sup>1</sup> |  | 490 | 431 |
| Melco International Development, Ltd. 4.875% 6/6/2025<sup>1</sup> |  | 440 | 405 |
| Melco International Development, Ltd. 5.75% 7/21/2028<sup>1</sup> |  | 595 | 498 |
| Melco International Development, Ltd. 5.375% 12/4/2029<sup>1</sup> |  | 1221 | 982 |
| Melco Resorts Finance, Ltd. 5.25% 4/26/2026<sup>1</sup> |  | 300 | 264 |
| Merlin Entertainment 5.75% 6/15/2026<sup>1</sup> |  | 492 | 461 |
| MGM Resorts International 6.00% 3/15/2023 |  | 281 | 281 |
| MGM Resorts International 5.50% 4/15/2027 |  | 401 | 374 |
| Mohegan Gaming & Entertainment 8.00% 2/1/2026<sup>1</sup> |  | 370 | 347 |

---

American Funds Insurance Series 229

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Motel 6 Operating, LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 9.318% 9/9/2026<sup>4,5</sup> | USD | 512 | $506 |
| NCL Corp., Ltd. 3.625% 12/15/2024<sup>1</sup> |  | 300 | 257 |
| NCL Corp., Ltd. 5.875% 3/15/2026<sup>1</sup> |  | 405 | 319 |
| NCL Corp., Ltd. 5.875% 2/15/2027<sup>1</sup> |  | 1510 | 1310 |
| NCL Corp., Ltd. 7.75% 2/15/2029<sup>1</sup> |  | 360 | 271 |
| Neiman Marcus Group, LLC 7.125% 4/1/2026<sup>1</sup> |  | 1650 | 1549 |
| Panther BF Aggregator 2, LP 6.25% 5/15/2026<sup>1</sup> |  | 140 | 137 |
| Panther BF Aggregator 2, LP 8.50% 5/15/2027<sup>1</sup> |  | 455 | 445 |
| Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/2025<sup>1,5</sup> |  | 240 | 65 |
| Party City Holdings, Inc. 8.75% 2/15/2026<sup>1</sup> |  | 7577 | 2197 |
| Party City Holdings, Inc. 6.625% 8/1/2026<sup>1</sup> |  | 500 | 13 |
| Penske Automotive Group, Inc. 3.75% 6/15/2029 |  | 670 | 545 |
| PetSmart, Inc. 4.75% 2/15/2028<sup>1</sup> |  | 710 | 644 |
| PetSmart, Inc. 7.75% 2/15/2029<sup>1</sup> |  | 1190 | 1120 |
| Premier Entertainment Sub, LLC 5.625% 9/1/2029<sup>1</sup> |  | 1065 | 787 |
| Premier Entertainment Sub, LLC 5.875% 9/1/2031<sup>1</sup> |  | 375 | 266 |
| QVC, Inc. 4.85% 4/1/2024 |  | 75 | 70 |
| QVC, Inc. 4.375% 9/1/2028 |  | 121 | 73 |
| Raptor Acquisition Corp. 4.875% 11/1/2026<sup>1</sup> |  | 550 | 489 |
| Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029<sup>1</sup> |  | 480 | 330 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>1</sup> |  | 2371 | 2548 |
| Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026<sup>1</sup> |  | 1820 | 1473 |
| Royal Caribbean Cruises, Ltd. 5.50% 8/31/2026<sup>1</sup> |  | 715 | 602 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027<sup>1</sup> |  | 1365 | 1107 |
| Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028 |  | 1370 | 1009 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>1</sup> |  | 710 | 568 |
| Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>1</sup> |  | 1775 | 1786 |
| Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>1</sup> |  | 1010 | 1039 |
| Sally Holdings, LLC 5.625% 12/1/2025 |  | 1030 | 994 |
| Sands China, Ltd. 5.625% 8/8/2025 |  | 275 | 263 |
| Sands China, Ltd. 5.90% 8/8/2028 |  | 200 | 188 |
| Sands China, Ltd. 4.875% 6/18/2030 |  | 550 | 484 |
| Sands China, Ltd. 3.75% 8/8/2031<sup>7</sup> |  | 560 | 441 |
| Scientific Games Corp. 8.625% 7/1/2025<sup>1</sup> |  | 1215 | 1242 |
| Scientific Games Corp. 7.00% 5/15/2028<sup>1</sup> |  | 985 | 941 |
| Scientific Games Corp. 7.25% 11/15/2029<sup>1</sup> |  | 960 | 923 |
| Scientific Games Holdings, LP 6.625% 3/1/2030<sup>1</sup> |  | 845 | 715 |
| Sonic Automotive, Inc. 4.625% 11/15/2029<sup>1</sup> |  | 1565 | 1255 |
| Sonic Automotive, Inc. 4.875% 11/15/2031<sup>1</sup> |  | 2180 | 1717 |
| Studio City Finance, Ltd. 6.00% 7/15/2025<sup>1</sup> |  | 690 | 599 |
| Studio City Finance, Ltd. 5.00% 1/15/2029<sup>1</sup> |  | 550 | 407 |
| Tempur Sealy International, Inc. 4.00% 4/15/2029<sup>1</sup> |  | 435 | 366 |
| The Gap, Inc. 3.625% 10/1/2029<sup>1</sup> |  | 170 | 120 |
| The Gap, Inc. 3.875% 10/1/2031<sup>1</sup> |  | 108 | 76 |
| The Home Co., Inc. 7.25% 10/15/2025<sup>1</sup> |  | 660 | 568 |
| Travel + Leisure Co. 6.00% 4/1/2027 |  | 205 | 195 |
| Travel + Leisure Co. 4.50% 12/1/2029<sup>1</sup> |  | 1155 | 943 |
| Universal Entertainment Corp. 8.50% 12/11/2024<sup>1</sup> |  | 2945 | 2751 |
| Vail Resorts, Inc. 6.25% 5/15/2025<sup>1</sup> |  | 315 | 316 |
| VICI Properties, LP 4.25% 12/1/2026<sup>1</sup> |  | 462 | 432 |
| VICI Properties, LP / VICI Note Co., Inc. 5.625% 5/1/2024<sup>1</sup> |  | 447 | 443 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026<sup>1</sup> |  | 1245 | 1175 |
| Wheel Pros, Inc. 6.50% 5/15/2029<sup>1</sup> |  | 1280 | 454 |
| Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 8.825% 5/11/2028<sup>4,5</sup> |  | 948 | 647 |
| Wyndham Destinations, Inc. 6.625% 7/31/2026<sup>1</sup> |  | 695 | 681 |
| Wyndham Destinations, Inc. 4.625% 3/1/2030<sup>1</sup> |  | 400 | 332 |
| Wyndham Worldwide Corp. 4.375% 8/15/2028<sup>1</sup> |  | 765 | 688 |
| Wynn Las Vegas, LLC 4.25% 5/30/2023<sup>1</sup> |  | 861 | 850 |
| Wynn Macau, Ltd. 5.625% 8/26/2028<sup>1</sup> |  | 900 | 771 |

---

230 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Wynn Resorts Finance, LLC 7.75% 4/15/2025<sup>1</sup> | USD | 494 | $492 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029<sup>1</sup> |  | 482 | 414 |
| Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 9.884% 9/1/2027<sup>4,5</sup> |  | 465 | 421 |
|  |  |  | **103390** |
| **Communication services 10.50%** |  |  |  |
| Altice France Holding SA 10.50% 5/15/2027<sup>1</sup> |  | 1650 | 1262 |
| Altice France SA 5.125% 7/15/2029<sup>1</sup> |  | 1677 | 1260 |
| Brightstar Escrow Corp. 9.75% 10/15/2025<sup>1</sup> |  | 140 | 129 |
| Cablevision Systems Corp. 5.375% 2/1/2028<sup>1</sup> |  | 457 | 369 |
| CCO Holdings, LLC 5.00% 2/1/2028<sup>1</sup> |  | 586 | 533 |
| CCO Holdings, LLC 6.375% 9/1/2029<sup>1</sup> |  | 300 | 283 |
| CCO Holdings, LLC 4.75% 3/1/2030<sup>1</sup> |  | 3437 | 2972 |
| CCO Holdings, LLC 4.50% 8/15/2030<sup>1</sup> |  | 3029 | 2509 |
| CCO Holdings, LLC 4.25% 2/1/2031<sup>1</sup> |  | 3065 | 2465 |
| CCO Holdings, LLC 4.75% 2/1/2032<sup>1</sup> |  | 1225 | 996 |
| CCO Holdings, LLC 4.50% 5/1/2032 |  | 1024 | 817 |
| CCO Holdings, LLC 4.50% 6/1/2033<sup>1</sup> |  | 1330 | 1023 |
| CCO Holdings, LLC 4.25% 1/15/2034<sup>1</sup> |  | 2040 | 1510 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 5/1/2026<sup>1</sup> |  | 102 | 99 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 6/1/2029<sup>1</sup> |  | 360 | 326 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031 |  | 140 | 109 |
| Centerfield Media Parent, Inc. 6.625% 8/1/2026<sup>1</sup> |  | 960 | 616 |
| Cinemark USA, Inc. 5.875% 3/15/2026<sup>1</sup> |  | 278 | 232 |
| Clear Channel Worldwide Holdings, Inc. 7.75% 4/15/2028<sup>1</sup> |  | 570 | 417 |
| Clear Channel Worldwide Holdings, Inc. 7.50% 6/1/2029<sup>1</sup> |  | 315 | 232 |
| Cogent Communications Group, Inc. 3.50% 5/1/2026<sup>1</sup> |  | 450 | 409 |
| Connect Finco SARL 6.75% 10/1/2026<sup>1</sup> |  | 725 | 673 |
| Consolidated Communications, Inc. 5.00% 10/1/2028<sup>1</sup> |  | 225 | 166 |
| CSC Holdings, LLC 6.50% 2/1/2029<sup>1</sup> |  | 600 | 492 |
| CSC Holdings, LLC 3.375% 2/15/2031<sup>1</sup> |  | 700 | 458 |
| Diamond Sports Group, LLC 5.375% 8/15/2026<sup>1</sup> |  | 503 | 60 |
| Diamond Sports Group, LLC 6.625% 8/15/2027<sup>1</sup> |  | 1056 | 12 |
| DIRECTV Financing, LLC 5.875% 8/15/2027<sup>1</sup> |  | 3010 | 2699 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.384% 8/2/2027<sup>4,5</sup> |  | 1655 | 1613 |
| DISH Network Corp. 11.75% 11/15/2027<sup>1</sup> |  | 3950 | 4073 |
| Embarq Corp. 7.995% 6/1/2036 |  | 2867 | 1339 |
| Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 12.134% 7/31/2028<sup>4,5</sup> |  | 365 | 361 |
| Frontier Communications Corp. 5.875% 10/15/2027<sup>1</sup> |  | 1455 | 1354 |
| Frontier Communications Corp. 5.00% 5/1/2028<sup>1</sup> |  | 3780 | 3304 |
| Frontier Communications Corp. 6.75% 5/1/2029<sup>1</sup> |  | 1990 | 1649 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 |  | 1390 | 1077 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030<sup>1</sup> |  | 750 | 590 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030<sup>1</sup> |  | 970 | 988 |
| Gray Escrow II, Inc. 5.375% 11/15/2031<sup>1</sup> |  | 925 | 668 |
| Gray Television, Inc. 5.875% 7/15/2026<sup>1</sup> |  | 203 | 181 |
| Gray Television, Inc. 7.00% 5/15/2027<sup>1</sup> |  | 1018 | 904 |
| Gray Television, Inc. 4.75% 10/15/2030<sup>1</sup> |  | 397 | 288 |
| iHeartCommunications, Inc. 5.25% 8/15/2027<sup>1</sup> |  | 1995 | 1693 |
| iHeartCommunications, Inc. 4.75% 1/15/2028<sup>1</sup> |  | 250 | 204 |
| Iliad Holding SAS 6.50% 10/15/2026<sup>1</sup> |  | 630 | 585 |
| Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/2026<sup>4,5</sup> |  | 385 | 357 |
| Lamar Media Corp. 3.75% 2/15/2028 |  | 61 | 55 |
| Lamar Media Corp. 4.875% 1/15/2029 |  | 300 | 277 |
| Lamar Media Corp. 4.00% 2/15/2030 |  | 260 | 228 |
| Level 3 Financing, Inc. 3.75% 7/15/2029<sup>1</sup> |  | 855 | 616 |

---

American Funds Insurance Series 231

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| Ligado Networks, LLC 15.50% PIK 11/1/2023<sup>1,6</sup> | USD | 2149 | $701 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027<sup>1</sup> |  | 250 | 223 |
| Live Nation Entertainment, Inc. 3.75% 1/15/2028<sup>1</sup> |  | 425 | 363 |
| Match Group, Inc. 4.625% 6/1/2028<sup>1</sup> |  | 308 | 275 |
| Match Group, Inc. 5.625% 2/15/2029<sup>1</sup> |  | 300 | 280 |
| McGraw-Hill Education, Inc. 5.75% 8/1/2028<sup>1</sup> |  | 520 | 438 |
| Midas OpCo Holdings, LLC 5.625% 8/15/2029<sup>1</sup> |  | 3110 | 2570 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 310 | 300 |
| News Corp. 3.875% 5/15/2029<sup>1</sup> |  | 1620 | 1408 |
| News Corp. 5.125% 2/15/2032<sup>1</sup> |  | 1760 | 1604 |
| Nexstar Broadcasting, Inc. 4.75% 11/1/2028<sup>1</sup> |  | 2910 | 2522 |
| Nexstar Escrow Corp. 5.625% 7/15/2027<sup>1</sup> |  | 324 | 298 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029<sup>1</sup> |  | 750 | 603 |
| Sinclair Television Group, Inc. 4.125% 12/1/2030<sup>1</sup> |  | 710 | 533 |
| Sirius XM Radio, Inc. 3.125% 9/1/2026<sup>1</sup> |  | 1600 | 1423 |
| Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>1</sup> |  | 2385 | 2080 |
| Sirius XM Radio, Inc. 4.125% 7/1/2030<sup>1</sup> |  | 445 | 368 |
| Sirius XM Radio, Inc. 3.875% 9/1/2031<sup>1</sup> |  | 2590 | 2026 |
| Sprint Corp. 7.625% 3/1/2026 |  | 480 | 506 |
| Sprint Corp. 6.875% 11/15/2028 |  | 1656 | 1723 |
| Sprint Corp. 8.75% 3/15/2032 |  | 1751 | 2088 |
| TEGNA, Inc. 5.00% 9/15/2029 |  | 366 | 348 |
| T-Mobile US, Inc. 3.375% 4/15/2029 |  | 860 | 759 |
| Univision Communications, Inc. 5.125% 2/15/2025<sup>1</sup> |  | 3195 | 3049 |
| Univision Communications, Inc. 6.625% 6/1/2027<sup>1</sup> |  | 3050 | 2949 |
| Univision Communications, Inc. 4.50% 5/1/2029<sup>1</sup> |  | 4500 | 3772 |
| Univision Communications, Inc. 7.375% 6/30/2030<sup>1</sup> |  | 935 | 895 |
| Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 8.83% 6/24/2029<sup>4,5</sup> |  | 69 | 69 |
| UPC Broadband Finco BV 4.875% 7/15/2031<sup>1</sup> |  | 430 | 359 |
| Virgin Media O2 4.25% 1/31/2031<sup>1</sup> |  | 1975 | 1603 |
| Virgin Media Secured Finance PLC 4.50% 8/15/2030<sup>1</sup> |  | 990 | 829 |
| VZ Secured Financing BV 5.00% 1/15/2032<sup>1</sup> |  | 1060 | 863 |
| Warner Music Group 3.75% 12/1/2029<sup>1</sup> |  | 1645 | 1417 |
| Warner Music Group 3.875% 7/15/2030<sup>1</sup> |  | 780 | 673 |
| Warner Music Group 3.00% 2/15/2031<sup>1</sup> |  | 225 | 180 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>1</sup> |  | 298 | 246 |
| Ziggo Bond Co. BV 5.125% 2/28/2030<sup>1</sup> |  | 419 | 339 |
| Ziggo Bond Finance BV 4.875% 1/15/2030<sup>1</sup> |  | 1350 | 1132 |
|  |  |  | **87346** |
| **Materials 9.94%** |  |  |  |
| Alcoa Nederland Holding BV 5.50% 12/15/2027<sup>1</sup> |  | 510 | 492 |
| Alcoa Nederland Holding BV 4.125% 3/31/2029<sup>1</sup> |  | 430 | 382 |
| Allegheny Technologies, Inc. 5.875% 12/1/2027 |  | 180 | 172 |
| Allegheny Technologies, Inc. 4.875% 10/1/2029 |  | 1575 | 1394 |
| Allegheny Technologies, Inc. 5.125% 10/1/2031 |  | 1170 | 1036 |
| ArcelorMittal 7.00% 10/15/2039 |  | 488 | 497 |
| ArcelorMittal 6.75% 3/1/2041 |  | 755 | 731 |
| Arconic Corp. 6.00% 5/15/2025<sup>1</sup> |  | 360 | 355 |
| Arconic Rolled Products Corp. 6.125% 2/15/2028<sup>1</sup> |  | 200 | 188 |
| Ardagh Group SA 6.50% Cash 6/30/2027<sup>1,6</sup> |  | 422 | 294 |
| Ardagh Metal Packaging Finance USA, LLC 6.00% 6/15/2027<sup>1</sup> |  | 750 | 735 |
| Ardagh Metal Packaging Finance USA, LLC 3.25% 9/1/2028<sup>1</sup> |  | 500 | 425 |
| Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/2029<sup>1</sup> |  | 550 | 437 |
| Ardagh Packaging Finance 4.125% 8/15/2026<sup>1</sup> |  | 900 | 782 |
| Avient Corp. 7.125% 8/1/2030<sup>1</sup> |  | 335 | 328 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027<sup>1</sup> |  | 460 | 426 |
| Ball Corp. 6.875% 3/15/2028 |  | 1065 | 1095 |
| Ball Corp. 2.875% 8/15/2030 |  | 160 | 128 |

---

232 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments (continued)** | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| Ball Corp. 3.125% 9/15/2031 | USD | 1660 | $1335 |
| BWAY Parent Co., Inc. 5.50% 4/15/2024<sup>1</sup> |  | 1464 | 1427 |
| BWAY Parent Co., Inc. 7.25% 4/15/2025<sup>1</sup> |  | 625 | 579 |
| BWAY Parent Co., Inc., Term Loan, |  |  |  |
| (3-month USD-LIBOR + 3.25%) 7.37% 4/3/2024<sup>4,5</sup> |  | 255 | 250 |
| CAN-PACK SA 3.875% 11/15/2029<sup>1</sup> |  | 1300 | 1026 |
| Cleveland-Cliffs, Inc. 6.75% 3/15/2026<sup>1</sup> |  | 262 | 263 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2027 |  | 297 | 281 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027 |  | 3243 | 3104 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029<sup>1</sup> |  | 1981 | 1761 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031<sup>1</sup> |  | 2875 | 2543 |
| Crown Holdings, Inc. 5.25% 4/1/2030<sup>1</sup> |  | 240 | 227 |
| CVR Partners, LP 6.125% 6/15/2028<sup>1</sup> |  | 1125 | 1011 |
| Element Solutions, Inc. 3.875% 9/1/2028<sup>1</sup> |  | 410 | 349 |
| First Quantum Minerals, Ltd. 7.50% 4/1/2025<sup>1</sup> |  | 3893 | 3797 |
| First Quantum Minerals, Ltd. 6.875% 3/1/2026<sup>1</sup> |  | 2926 | 2775 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027<sup>1</sup> |  | 7610 | 7156 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030 |  | 437 | 398 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043 |  | 411 | 372 |
| FXI Holdings, Inc. 7.875% 11/1/2024<sup>1</sup> |  | 6248 | 5204 |
| FXI Holdings, Inc. 12.25% 11/15/2026<sup>1</sup> |  | 7432 | 6165 |
| GPC Merger Sub, Inc. 7.125% 8/15/2028<sup>1</sup> |  | 334 | 279 |
| Graphic Packaging International, LLC 3.75% 2/1/2030<sup>1</sup> |  | 790 | 673 |
| Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.934% 3/15/2029<sup>4,5</sup> |  | 454 | 391 |
| Kaiser Aluminum Corp. 4.625% 3/1/2028<sup>1</sup> |  | 638 | 558 |
| LABL, Inc. 5.875% 11/1/2028<sup>1</sup> |  | 730 | 637 |
| LABL, Inc. 8.25% 11/1/2029<sup>1</sup> |  | 490 | 391 |
| LSB Industries, Inc. 6.25% 10/15/2028<sup>1</sup> |  | 1620 | 1484 |
| Methanex Corp. 5.125% 10/15/2027 |  | 3870 | 3596 |
| Methanex Corp. 5.25% 12/15/2029 |  | 1217 | 1082 |
| Methanex Corp. 5.65% 12/1/2044 |  | 465 | 355 |
| Mineral Resources, Ltd. 8.00% 11/1/2027<sup>1</sup> |  | 1292 | 1323 |
| Mineral Resources, Ltd. 8.50% 5/1/2030<sup>1</sup> |  | 1270 | 1289 |
| Neon Holdings, Inc. 10.125% 4/1/2026<sup>1</sup> |  | 595 | 508 |
| Nova Chemicals Corp. 4.875% 6/1/2024<sup>1</sup> |  | 760 | 737 |
| Nova Chemicals Corp. 5.25% 6/1/2027<sup>1</sup> |  | 2036 | 1834 |
| Nova Chemicals Corp. 4.25% 5/15/2029<sup>1</sup> |  | 2330 | 1908 |
| Novelis Corp. 3.25% 11/15/2026<sup>1</sup> |  | 825 | 741 |
| Novelis Corp. 4.75% 1/30/2030<sup>1</sup> |  | 563 | 500 |
| Novelis Corp. 3.875% 8/15/2031<sup>1</sup> |  | 1122 | 918 |
| Olin Corp. 5.625% 8/1/2029 |  | 200 | 190 |
| Olin Corp. 5.00% 2/1/2030 |  | 180 | 165 |
| Owens-Illinois, Inc. 5.875% 8/15/2023<sup>1</sup> |  | 191 | 190 |
| Owens-Illinois, Inc. 6.375% 8/15/2025<sup>1</sup> |  | 265 | 260 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028<sup>1</sup> |  | 2185 | 1879 |
| SCIH Salt Holdings, Inc. 6.625% 5/1/2029<sup>1</sup> |  | 1225 | 988 |
| Scotts Miracle-Gro Co. 4.50% 10/15/2029 |  | 379 | 308 |
| Scotts Miracle-Gro Co. 4.375% 2/1/2032 |  | 455 | 344 |
| Sealed Air Corp. 4.00% 12/1/2027<sup>1</sup> |  | 316 | 287 |
| Sealed Air Corp. 5.00% 4/15/2029<sup>1</sup> |  | 690 | 650 |
| Silgan Holdings, Inc. 4.125% 2/1/2028 |  | 377 | 350 |
| SPCM SA 3.375% 3/15/2030<sup>1</sup> |  | 400 | 323 |
| Summit Materials, LLC 6.50% 3/15/2027<sup>1</sup> |  | 360 | 353 |
| Summit Materials, LLC 5.25% 1/15/2029<sup>1</sup> |  | 755 | 704 |
| Trivium Packaging BV 5.50% 8/15/2026<sup>1</sup> |  | 330 | 303 |
| Trivium Packaging BV 8.50% 8/15/2027<sup>1</sup> |  | 703 | 646 |
| Tronox, Ltd. 4.625% 3/15/2029<sup>1</sup> |  | 730 | 608 |
| Valvoline, Inc. 4.25% 2/15/2030<sup>1</sup> |  | 353 | 343 |
| Valvoline, Inc. 3.625% 6/15/2031<sup>1</sup> |  | 410 | 337 |
| Venator Finance SARL 9.50% 7/1/2025<sup>1</sup> |  | 1538 | 1115 |

---

American Funds Insurance Series 233

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| Venator Finance SARL 5.75% 7/15/2025<sup>1</sup> | USD | 3501 | $1201 |
| W. R. Grace Holdings, LLC 5.625% 8/15/2029<sup>1</sup> |  | 440 | 356 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028<sup>1</sup> |  | 1680 | 1658 |
|  |  |  | **82682** |
| **Health care 9.93%** |  |  |  |
| 1375209 BC, Ltd. 9.00% 1/30/2028<sup>1</sup> |  | 720 | 705 |
| AdaptHealth, LLC 5.125% 3/1/2030<sup>1</sup> |  | 625 | 533 |
| Avantor Funding, Inc. 4.625% 7/15/2028<sup>1</sup> |  | 2380 | 2167 |
| Avantor Funding, Inc. 3.875% 11/1/2029<sup>1</sup> |  | 500 | 420 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026<sup>1</sup> |  | 1789 | 1255 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027<sup>1</sup> |  | 252 | 132 |
| Bausch Health Companies, Inc. 9.00% 12/15/2025<sup>1</sup> |  | 1591 | 1258 |
| Bausch Health Companies, Inc. 6.125% 2/1/2027<sup>1</sup> |  | 245 | 169 |
| Bausch Health Companies, Inc. 5.75% 8/15/2027<sup>1</sup> |  | 865 | 590 |
| Bausch Health Companies, Inc. 7.00% 1/15/2028<sup>1</sup> |  | 413 | 200 |
| Bausch Health Companies, Inc. 5.00% 1/30/2028<sup>1</sup> |  | 1357 | 653 |
| Bausch Health Companies, Inc. 4.875% 6/1/2028<sup>1</sup> |  | 3390 | 2163 |
| Bausch Health Companies, Inc. 5.00% 2/15/2029<sup>1</sup> |  | 310 | 149 |
| Bausch Health Companies, Inc. 7.25% 5/30/2029<sup>1</sup> |  | 340 | 165 |
| Bausch Health Companies, Inc. 5.25% 1/30/2030<sup>1</sup> |  | 1712 | 824 |
| Bausch Health Companies, Inc. 14.00% 10/15/2030<sup>1</sup> |  | 550 | 329 |
| Bausch Health Companies, Inc. 5.25% 2/15/2031<sup>1</sup> |  | 3762 | 1828 |
| Catalent Pharma Solutions, Inc. 5.00% 7/15/2027<sup>1</sup> |  | 290 | 270 |
| Catalent Pharma Solutions, Inc. 3.125% 2/15/2029<sup>1</sup> |  | 285 | 227 |
| Catalent Pharma Solutions, Inc. 3.50% 4/1/2030<sup>1</sup> |  | 1310 | 1036 |
| Centene Corp. 4.25% 12/15/2027 |  | 344 | 323 |
| Centene Corp. 2.45% 7/15/2028 |  | 2255 | 1908 |
| Centene Corp. 4.625% 12/15/2029 |  | 2035 | 1864 |
| Centene Corp. 3.375% 2/15/2030 |  | 422 | 358 |
| Centene Corp. 3.00% 10/15/2030 |  | 720 | 592 |
| Centene Corp. 2.50% 3/1/2031 |  | 1245 | 977 |
| Centene Corp. 2.625% 8/1/2031 |  | 400 | 315 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028<sup>1</sup> |  | 561 | 518 |
| Charles River Laboratories International, Inc. 3.75% 3/15/2029<sup>1</sup> |  | 680 | 602 |
| Charles River Laboratories International, Inc. 4.00% 3/15/2031<sup>1</sup> |  | 400 | 347 |
| Community Health Systems, Inc. 8.00% 3/15/2026<sup>1</sup> |  | 580 | 529 |
| Community Health Systems, Inc. 5.625% 3/15/2027<sup>1</sup> |  | 1645 | 1414 |
| Community Health Systems, Inc. 6.00% 1/15/2029<sup>1</sup> |  | 348 | 292 |
| Community Health Systems, Inc. 6.875% 4/15/2029<sup>1</sup> |  | 240 | 124 |
| Community Health Systems, Inc. 5.25% 5/15/2030<sup>1</sup> |  | 1370 | 1035 |
| Community Health Systems, Inc. 4.75% 2/15/2031<sup>1</sup> |  | 100 | 73 |
| DaVita, Inc. 4.625% 6/1/2030<sup>1</sup> |  | 850 | 686 |
| Encompass Health Corp. 4.50% 2/1/2028 |  | 496 | 451 |
| Encompass Health Corp. 4.75% 2/1/2030 |  | 285 | 251 |
| Endo DAC 6.00% 6/30/2028<sup>1,2</sup> |  | 2313 | 127 |
| Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 7/31/2027<sup>1,2</sup> |  | 311 | 44 |
| Endo International PLC 5.875% 10/15/2024<sup>1</sup> |  | 520 | 413 |
| Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/2029<sup>1</sup> |  | 660 | 502 |
| Grifols Escrow Issuer SA 4.75% 10/15/2028<sup>1</sup> |  | 630 | 545 |
| HCA, Inc. 5.625% 9/1/2028 |  | 1300 | 1295 |
| HCA, Inc. 5.875% 2/1/2029 |  | 255 | 255 |
| HCA, Inc. 3.50% 9/1/2030 |  | 1215 | 1051 |
| HCA, Inc. 4.625% 3/15/2052<sup>1</sup> |  | 233 | 182 |
| HCA, Inc. 7.50% 11/15/2095 |  | 250 | 269 |
| HealthEquity, Inc. 4.50% 10/1/2029<sup>1</sup> |  | 600 | 525 |
| IMS Health Holdings, Inc. 5.00% 10/15/2026<sup>1</sup> |  | 823 | 788 |
| Jazz Securities DAC 4.375% 1/15/2029<sup>1</sup> |  | 461 | 412 |
| Mallinckrodt PLC 10.00% 4/15/2025<sup>1</sup> |  | 939 | 808 |
| Minerva Merger Sub, Inc. 6.50% 2/15/2030<sup>1</sup> |  | 640 | 473 |

---

234 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| Molina Healthcare, Inc. 4.375% 6/15/2028<sup>1</sup> | USD | 1055 | $965 |
| Molina Healthcare, Inc. 3.875% 11/15/2030<sup>1</sup> |  | 2309 | 1960 |
| Molina Healthcare, Inc. 3.875% 5/15/2032<sup>1</sup> |  | 2275 | 1893 |
| Mozart Debt Merger Sub, Inc. 3.875% 4/1/2029<sup>1</sup> |  | 220 | 178 |
| Mozart Debt Merger Sub, Inc. 5.25% 10/1/2029<sup>1</sup> |  | 1425 | 1134 |
| Option Care Health, Inc. 4.375% 10/31/2029<sup>1</sup> |  | 290 | 254 |
| Organon Finance 1, LLC 4.125% 4/30/2028<sup>1</sup> |  | 535 | 475 |
| Owens & Minor, Inc. 4.375% 12/15/2024 |  | 1185 | 1147 |
| Owens & Minor, Inc. 4.50% 3/31/2029<sup>1</sup> |  | 1145 | 914 |
| Owens & Minor, Inc. 6.625% 4/1/2030<sup>1</sup> |  | 675 | 581 |
| Par Pharmaceutical, Inc. 7.50% 4/1/2027<sup>1</sup> |  | 4665 | 3555 |
| Radiology Partners, Inc. 9.25% 2/1/2028<sup>1</sup> |  | 1873 | 1054 |
| Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.639% 7/9/2025<sup>4,5</sup> |  | 95 | 80 |
| RP Escrow Issuer, LLC 5.25% 12/15/2025<sup>1</sup> |  | 1175 | 899 |
| Select Medical Holdings Corp. 6.25% 8/15/2026<sup>1</sup> |  | 554 | 528 |
| Surgery Center Holdings 10.00% 4/15/2027<sup>1</sup> |  | 244 | 249 |
| Syneos Health, Inc. 3.625% 1/15/2029<sup>1</sup> |  | 530 | 423 |
| Team Health Holdings, Inc. 6.375% 2/1/2025<sup>1</sup> |  | 704 | 407 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.573% 3/2/2027<sup>4,5</sup> |  | 276 | 209 |
| Tenet Healthcare Corp. 4.625% 7/15/2024 |  | 130 | 127 |
| Tenet Healthcare Corp. 4.875% 1/1/2026<sup>1</sup> |  | 5600 | 5307 |
| Tenet Healthcare Corp. 6.25% 2/1/2027<sup>1</sup> |  | 500 | 481 |
| Tenet Healthcare Corp. 5.125% 11/1/2027<sup>1</sup> |  | 265 | 247 |
| Tenet Healthcare Corp. 4.625% 6/15/2028<sup>1</sup> |  | 890 | 798 |
| Tenet Healthcare Corp. 6.125% 10/1/2028<sup>1</sup> |  | 740 | 664 |
| Tenet Healthcare Corp. 4.25% 6/1/2029<sup>1</sup> |  | 990 | 859 |
| Tenet Healthcare Corp. 4.375% 1/15/2030<sup>1</sup> |  | 1340 | 1162 |
| Tenet Healthcare Corp. 6.875% 11/15/2031 |  | 100 | 90 |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  | 3379 | 3319 |
| Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 |  | 1984 | 1976 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 3314 | 2905 |
| Teva Pharmaceutical Finance Co. BV 4.75% 5/9/2027 |  | 570 | 516 |
| Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028 |  | 1888 | 1845 |
| Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029 |  | 6865 | 6123 |
| Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 |  | 412 | 253 |
| Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025<sup>1</sup> |  | 4190 | 3568 |
|  |  |  | **82566** |
| **Industrials 8.97%** |  |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026<sup>1</sup> |  | 990 | 954 |
| ADT Security Corp. 4.125% 8/1/2029<sup>1</sup> |  | 200 | 170 |
| Allison Transmission Holdings, Inc. 3.75% 1/30/2031<sup>1</sup> |  | 1235 | 1017 |
| Ashtead Capital, Inc. 5.50% 8/11/2032<sup>1</sup> |  | 600 | 576 |
| Atkore, Inc. 4.25% 6/1/2031<sup>1</sup> |  | 385 | 331 |
| Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.134% 9/21/2029<sup>4,5</sup> |  | 2899 | 2813 |
| ATS Automation Tooling Systems, Inc. 4.125% 12/15/2028<sup>1</sup> |  | 275 | 238 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027<sup>1</sup> |  | 885 | 802 |
| Avis Budget Group, Inc. 5.375% 3/1/2029<sup>1</sup> |  | 1215 | 1041 |
| Avolon Holdings Funding, Ltd. 5.25% 5/15/2024<sup>1</sup> |  | 660 | 647 |
| Avolon Holdings Funding, Ltd. 2.528% 11/18/2027<sup>1</sup> |  | 2098 | 1680 |
| BlueLinx Holdings, Inc. 6.00% 11/15/2029<sup>1</sup> |  | 500 | 416 |
| Bohai Financial Investment Holding Co., Ltd. 4.50% 3/15/2023<sup>1</sup> |  | 132 | 132 |
| Bombardier, Inc. 7.50% 3/15/2025<sup>1</sup> |  | 593 | 588 |
| Bombardier, Inc. 7.125% 6/15/2026<sup>1</sup> |  | 3395 | 3300 |
| Bombardier, Inc. 7.875% 4/15/2027<sup>1</sup> |  | 3978 | 3867 |
| Bombardier, Inc. 6.00% 2/15/2028<sup>1</sup> |  | 1335 | 1236 |
| Bombardier, Inc. 7.45% 5/1/2034<sup>1</sup> |  | 450 | 452 |

---

American Funds Insurance Series 235

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Builders FirstSource, Inc. 4.25% 2/1/2032<sup>1</sup> | USD | 735 | $597 |
| BWX Technologies, Inc. 4.125% 6/30/2028<sup>1</sup> |  | 515 | 464 |
| BWX Technologies, Inc. 4.125% 4/15/2029<sup>1</sup> |  | 1005 | 881 |
| Chart Industries, Inc. 7.50% 1/1/2030<sup>1</sup> |  | 523 | 526 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028<sup>1</sup> |  | 1595 | 1384 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029<sup>1</sup> |  | 1265 | 1077 |
| Clean Harbors, Inc. 4.875% 7/15/2027<sup>1</sup> |  | 766 | 727 |
| CoreLogic, Inc. 4.50% 5/1/2028<sup>1</sup> |  | 4279 | 3288 |
| CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/2029<sup>4,5</sup> |  | 660 | 480 |
| Covanta Holding Corp. 4.875% 12/1/2029<sup>1</sup> |  | 1295 | 1063 |
| Covanta Holding Corp. 5.00% 9/1/2030 |  | 1590 | 1287 |
| Dun & Bradstreet Corp. 5.00% 12/15/2029<sup>1</sup> |  | 1585 | 1358 |
| Garda World Security Corp. 6.00% 6/1/2029<sup>1</sup> |  | 150 | 122 |
| GFL Environmental, Inc. 3.50% 9/1/2028<sup>1</sup> |  | 765 | 673 |
| Harsco Corp. 5.75% 7/31/2027<sup>1</sup> |  | 700 | 554 |
| Herc Holdings, Inc. 5.50% 7/15/2027<sup>1</sup> |  | 200 | 187 |
| Howmet Aerospace, Inc. 5.95% 2/1/2037 |  | 150 | 146 |
| Icahn Enterprises Finance Corp. 4.75% 9/15/2024 |  | 1080 | 1038 |
| Icahn Enterprises, LP 5.25% 5/15/2027 |  | 277 | 254 |
| Icahn Enterprises, LP 4.375% 2/1/2029 |  | 675 | 572 |
| JELD-WEN Holding, Inc. 4.875% 12/15/2027<sup>1</sup> |  | 543 | 410 |
| LABL Escrow Issuer, LLC 6.75% 7/15/2026<sup>1</sup> |  | 450 | 425 |
| LABL Escrow Issuer, LLC 10.50% 7/15/2027<sup>1</sup> |  | 1310 | 1221 |
| LSC Communications, Inc. 8.75% 10/15/2023<sup>1,2,3</sup> |  | 8933 | 27 |
| LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 7.75% 9/30/2022<sup>2,3,4,5</sup> |  | 301 | 1 |
| Masonite International Corp. 3.50% 2/15/2030<sup>1</sup> |  | 530 | 429 |
| MasTec, Inc. 4.50% 8/15/2028<sup>1</sup> |  | 460 | 413 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027<sup>1</sup> |  | 3543 | 3530 |
| Mueller Water Products, Inc. 4.00% 6/15/2029<sup>1</sup> |  | 275 | 242 |
| Park River Holdings, Inc. 5.625% 2/1/2029<sup>1</sup> |  | 775 | 517 |
| PGT Innovations, Inc. 4.375% 10/1/2029<sup>1</sup> |  | 1125 | 943 |
| Pitney Bowes, Inc. 6.875% 3/15/2027<sup>1</sup> |  | 600 | 514 |
| PM General Purchaser, LLC 9.50% 10/1/2028<sup>1</sup> |  | 2428 | 1855 |
| Prime Security Services Borrower, LLC 3.375% 8/31/2027<sup>1</sup> |  | 475 | 411 |
| Prime Security Services Borrower, LLC 6.25% 1/15/2028<sup>1</sup> |  | 627 | 572 |
| R.R. Donnelley & Sons Co. 6.125% 11/1/2026<sup>1</sup> |  | 375 | 351 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029<sup>1</sup> |  | 170 | 147 |
| Rolls-Royce PLC 5.75% 10/15/2027<sup>1</sup> |  | 720 | 687 |
| Sensata Technologies, Inc. 3.75% 2/15/2031<sup>1</sup> |  | 500 | 412 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028<sup>1</sup> |  | 1975 | 1859 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028 |  | 1410 | 1141 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>1</sup> |  | 980 | 1033 |
| SRS Distribution, Inc. 4.625% 7/1/2028<sup>1</sup> |  | 480 | 426 |
| Stericycle, Inc. 5.375% 7/15/2024<sup>1</sup> |  | 1135 | 1120 |
| Stericycle, Inc. 3.875% 1/15/2029<sup>1</sup> |  | 940 | 821 |
| The Brink's Co. 4.625% 10/15/2027<sup>1</sup> |  | 719 | 659 |
| The Hertz Corp. 5.00% 12/1/2029<sup>1</sup> |  | 380 | 289 |
| Titan International, Inc. 7.00% 4/30/2028 |  | 750 | 709 |
| TransDigm, Inc. 6.25% 3/15/2026<sup>1</sup> |  | 1638 | 1619 |
| TransDigm, Inc. 6.875% 5/15/2026 |  | 460 | 450 |
| TransDigm, Inc. 6.375% 6/15/2026 |  | 240 | 234 |
| TransDigm, Inc. 5.50% 11/15/2027 |  | 855 | 805 |
| TransDigm, Inc. 4.625% 1/15/2029 |  | 155 | 137 |
| TransDigm, Inc. 4.875% 5/1/2029 |  | 220 | 192 |
| Triumph Group, Inc. 8.875% 6/1/2024<sup>1</sup> |  | 633 | 645 |
| Triumph Group, Inc. 6.25% 9/15/2024<sup>1</sup> |  | 4812 | 4569 |
| Triumph Group, Inc. 7.75% 8/15/2025 |  | 1260 | 1074 |
| Uber Technologies, Inc. 8.00% 11/1/2026<sup>1</sup> |  | 498 | 501 |
| United Airlines, Inc. 4.375% 4/15/2026<sup>1</sup> |  | 285 | 265 |
| United Airlines, Inc. 4.625% 4/15/2029<sup>1</sup> |  | 505 | 441 |

---

236 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| United Rentals, Inc. 4.875% 1/15/2028 | USD | 680 | $646 |
| United Rentals, Inc. 6.00% 12/15/2029<sup>1</sup> |  | 910 | 906 |
| United Rentals, Inc. 3.875% 2/15/2031 |  | 525 | 441 |
| United Rentals, Inc. 3.75% 1/15/2032 |  | 450 | 368 |
| Vertical U.S. Newco, Inc. 5.25% 7/15/2027<sup>1</sup> |  | 1495 | 1330 |
| WESCO Distribution, Inc. 7.125% 6/15/2025<sup>1</sup> |  | 675 | 685 |
| WESCO Distribution, Inc. 7.25% 6/15/2028<sup>1</sup> |  | 825 | 837 |
| Western Global Airlines, LLC 10.375% 8/15/2025<sup>1</sup> |  | 475 | 357 |
|  |  |  | **74604** |
| **Financials 7.26%** |  |  |  |
| Advisor Group Holdings, LLC 6.25% 3/1/2028<sup>1</sup> |  | 2191 | 2017 |
| AG Merger Sub II, Inc. 10.75% 8/1/2027<sup>1</sup> |  | 3800 | 3852 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027<sup>1</sup> |  | 1058 | 1069 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027<sup>1</sup> |  | 890 | 798 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027<sup>1</sup> |  | 1741 | 1569 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029<sup>1</sup> |  | 1560 | 1285 |
| AmWINS Group, Inc. 4.875% 6/30/2029<sup>1</sup> |  | 1260 | 1070 |
| Aretec Escrow Issuer, Inc. 7.50% 4/1/2029<sup>1</sup> |  | 2875 | 2379 |
| Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/2029<sup>4,5</sup> |  | 1245 | 1096 |
| AssuredPartners, Inc. 8.00% 5/15/2027<sup>1</sup> |  | 437 | 419 |
| AssuredPartners, Inc. 5.625% 1/15/2029<sup>1</sup> |  | 365 | 301 |
| Blackstone Private Credit Fund 7.05% 9/29/2025<sup>1</sup> |  | 640 | 636 |
| BroadStreet Partners, Inc. 5.875% 4/15/2029<sup>1</sup> |  | 575 | 490 |
| Castlelake Aviation Finance DAC 5.00% 4/15/2027<sup>1</sup> |  | 1115 | 972 |
| Coinbase Global, Inc. 3.375% 10/1/2028<sup>1</sup> |  | 1320 | 699 |
| Coinbase Global, Inc. 3.625% 10/1/2031<sup>1</sup> |  | 1090 | 526 |
| Compass Diversified Holdings 5.25% 4/15/2029<sup>1</sup> |  | 4150 | 3557 |
| Compass Diversified Holdings 5.00% 1/15/2032<sup>1</sup> |  | 1230 | 979 |
| Credit Acceptance Corp. 5.125% 12/31/2024<sup>1</sup> |  | 275 | 259 |
| Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026<sup>3,4,5</sup> |  | 823 | 715 |
| Digital Currency Group, Inc., Term Loan, 8.75% 11/30/2026<sup>3,4</sup> |  | 1097 | 879 |
| FS Energy and Power Fund 7.50% 8/15/2023<sup>1</sup> |  | 2784 | 2793 |
| Hightower Holding, LLC 6.75% 4/15/2029<sup>1</sup> |  | 905 | 761 |
| HUB International, Ltd. 7.00% 5/1/2026<sup>1</sup> |  | 2080 | 2040 |
| HUB International, Ltd. 5.625% 12/1/2029<sup>1</sup> |  | 240 | 210 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032<sup>1</sup> |  | 725 | 603 |
| JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)<sup>7</sup> |  | 160 | 132 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>7</sup> |  | 490 | 468 |
| LPL Holdings, Inc. 4.625% 11/15/2027<sup>1</sup> |  | 1592 | 1490 |
| LPL Holdings, Inc. 4.00% 3/15/2029<sup>1</sup> |  | 1900 | 1656 |
| LPL Holdings, Inc. 4.375% 5/15/2031<sup>1</sup> |  | 1135 | 967 |
| MGIC Investment Corp. 5.25% 8/15/2028 |  | 525 | 485 |
| MSCI, Inc. 4.00% 11/15/2029<sup>1</sup> |  | 900 | 785 |
| MSCI, Inc. 3.625% 9/1/2030<sup>1</sup> |  | 66 | 55 |
| MSCI, Inc. 3.875% 2/15/2031<sup>1</sup> |  | 1450 | 1208 |
| MSCI, Inc. 3.625% 11/1/2031<sup>1</sup> |  | 2055 | 1702 |
| MSCI, Inc. 3.25% 8/15/2033<sup>1</sup> |  | 945 | 731 |
| National Financial Partners Corp. 6.875% 8/15/2028<sup>1</sup> |  | 739 | 611 |
| Navient Corp. 5.50% 1/25/2023 |  | 684 | 684 |
| Navient Corp. 6.125% 3/25/2024 |  | 1047 | 1027 |
| Navient Corp. 5.875% 10/25/2024 |  | 1405 | 1362 |
| Navient Corp. 6.75% 6/25/2025 |  | 550 | 529 |
| Navient Corp. 6.75% 6/15/2026 |  | 640 | 608 |
| Navient Corp. 5.00% 3/15/2027 |  | 2883 | 2529 |
| Navient Corp. 4.875% 3/15/2028 |  | 320 | 264 |
| Navient Corp. 5.50% 3/15/2029 |  | 2280 | 1864 |
| Navient Corp. 5.625% 8/1/2033 |  | 1478 | 1056 |
| OneMain Finance Corp. 3.875% 9/15/2028 |  | 206 | 164 |

---

American Funds Insurance Series 237

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| OneMain Holdings, Inc. 7.125% 3/15/2026 | USD | 1335 | $1272 |
| Owl Rock Capital Corp. 3.75% 7/22/2025 |  | 600 | 555 |
| Owl Rock Capital Corp. 3.40% 7/15/2026 |  | 290 | 254 |
| Owl Rock Capital Corp. II 4.625% 11/26/2024<sup>1</sup> |  | 450 | 428 |
| Owl Rock Capital Corp. III 3.125% 4/13/2027 |  | 600 | 495 |
| Owl Rock Core Income Corp. 4.70% 2/8/2027 |  | 800 | 722 |
| Oxford Finance, LLC 6.375% 2/1/2027<sup>1</sup> |  | 1893 | 1764 |
| Quicken Loans, LLC 3.625% 3/1/2029<sup>1</sup> |  | 455 | 361 |
| Rocket Mortgage, LLC 2.875% 10/15/2026<sup>1</sup> |  | 520 | 447 |
| Ryan Specialty Group, LLC 4.375% 2/1/2030<sup>1</sup> |  | 615 | 533 |
| Springleaf Finance Corp. 6.125% 3/15/2024 |  | 367 | 356 |
| Springleaf Finance Corp. 6.625% 1/15/2028 |  | 340 | 314 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027<sup>1</sup> |  | 570 | 500 |
|  |  |  | **60352** |
| **Information technology 4.50%** |  |  |  |
| Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/2024<sup>4,5</sup> |  | 270 | 239 |
| Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025<sup>4,5</sup> |  | 3899 | 2932 |
| Black Knight, Inc. 3.625% 9/1/2028<sup>1</sup> |  | 410 | 357 |
| Block, Inc. 2.75% 6/1/2026 |  | 1455 | 1302 |
| Block, Inc. 3.50% 6/1/2031 |  | 1570 | 1255 |
| BMC Software, Inc. 7.125% 10/2/2025<sup>1</sup> |  | 180 | 175 |
| BMC Software, Inc. 9.125% 3/1/2026<sup>1</sup> |  | 240 | 227 |
| BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/2026<sup>4,5</sup> |  | 1170 | 1080 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028<sup>1</sup> |  | 450 | 399 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029<sup>1</sup> |  | 580 | 511 |
| CDK Global, Inc. 7.25% 6/15/2029<sup>1</sup> |  | 1460 | 1430 |
| Ciena Corp. 4.00% 1/31/2030<sup>1</sup> |  | 440 | 388 |
| CommScope Finance, LLC 6.00% 3/1/2026<sup>1</sup> |  | 430 | 398 |
| CommScope Finance, LLC 8.25% 3/1/2027<sup>1</sup> |  | 360 | 280 |
| CommScope Technologies, LLC 6.00% 6/15/2025<sup>1</sup> |  | 380 | 347 |
| CommScope Technologies, LLC 5.00% 3/15/2027<sup>1</sup> |  | 220 | 150 |
| Condor Merger Sub, Inc. 7.375% 2/15/2030<sup>1</sup> |  | 400 | 322 |
| Diebold Nixdorf, Inc. 9.375% 7/15/2025<sup>1</sup> |  | 7523 | 5380 |
| Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/2026<sup>1,3,6</sup> |  | 1324 | 797 |
| Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025<sup>3,4,5</sup> |  | 2084 | 1404 |
| Elastic NV 4.125% 7/15/2029<sup>1</sup> |  | 350 | 283 |
| Entegris Escrow Corp. 4.75% 4/15/2029<sup>1</sup> |  | 790 | 722 |
| Fair Isaac Corp. 4.00% 6/15/2028<sup>1</sup> |  | 1195 | 1087 |
| Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/2024<sup>4,5</sup> | EUR | 846 | 783 |
| Gartner, Inc. 4.50% 7/1/2028<sup>1</sup> | USD | 2098 | 1960 |
| Gartner, Inc. 3.625% 6/15/2029<sup>1</sup> |  | 154 | 135 |
| Gartner, Inc. 3.75% 10/1/2030<sup>1</sup> |  | 1001 | 864 |
| GoDaddy Operating Co. 5.25% 12/1/2027<sup>1</sup> |  | 390 | 370 |
| GoDaddy Operating Co. 3.50% 3/1/2029<sup>1</sup> |  | 210 | 176 |
| Imola Merger Corp. 4.75% 5/15/2029<sup>1</sup> |  | 300 | 261 |
| MicroStrategy, Inc. 6.125% 6/15/2028<sup>1</sup> |  | 325 | 233 |
| MoneyGram International, Inc. 5.375% 8/1/2026<sup>1</sup> |  | 875 | 888 |
| NCR Corp. 5.125% 4/15/2029<sup>1</sup> |  | 1759 | 1474 |
| NortonLifeLock, Inc. 7.125% 9/30/2030<sup>1</sup> |  | 255 | 251 |
| Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/2029<sup>4,5</sup> |  | 355 | 347 |
| Rocket Software, Inc. 6.50% 2/15/2029<sup>1</sup> |  | 455 | 359 |
| Sabre GLBL, Inc. 7.375% 9/1/2025<sup>1</sup> |  | 133 | 128 |
| Sabre GLBL, Inc. 11.25% 12/15/2027<sup>1</sup> |  | 877 | 904 |
| Sabre Holdings Corp. 9.25% 4/15/2025<sup>1</sup> |  | 1152 | 1149 |
| Synaptics, Inc. 4.00% 6/15/2029<sup>1</sup> |  | 375 | 316 |
| Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/2028<sup>4,5</sup> |  | 1255 | 1117 |
| UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 6.998% 5/4/2026<sup>4,5</sup> |  | 465 | 443 |
| UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/2027<sup>4,5</sup> |  | 1970 | 1820 |

---

238 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Information technology (continued)** |  |  |  |
| Unisys Corp. 6.875% 11/1/2027<sup>1</sup> | USD | 1385 | $1065 |
| VeriSign, Inc. 5.25% 4/1/2025 |  | 132 | 132 |
| Veritas US, Inc. 7.50% 9/1/2025<sup>1</sup> |  | 285 | 197 |
| Viavi Solutions, Inc. 3.75% 10/1/2029<sup>1</sup> |  | 230 | 194 |
| Xerox Corp. 5.50% 8/15/2028<sup>1</sup> |  | 435 | 349 |
|  |  |  | **37380** |
| **Consumer staples 4.14%** |  |  |  |
| Albertsons Companies, Inc. 4.625% 1/15/2027<sup>1</sup> |  | 1060 | 987 |
| Albertsons Companies, Inc. 5.875% 2/15/2028<sup>1</sup> |  | 190 | 181 |
| Albertsons Companies, Inc. 3.50% 3/15/2029<sup>1</sup> |  | 3468 | 2917 |
| Albertsons Companies, Inc. 4.875% 2/15/2030<sup>1</sup> |  | 615 | 550 |
| B&G Foods, Inc. 5.25% 4/1/2025 |  | 1377 | 1210 |
| B&G Foods, Inc. 5.25% 9/15/2027 |  | 2093 | 1608 |
| Central Garden & Pet Co. 4.125% 10/15/2030 |  | 600 | 494 |
| Central Garden & Pet Co. 4.125% 4/30/2031<sup>1</sup> |  | 1005 | 833 |
| Coty, Inc. 5.00% 4/15/2026<sup>1</sup> |  | 700 | 665 |
| Coty, Inc. 6.50% 4/15/2026<sup>1</sup> |  | 460 | 442 |
| Coty, Inc. 4.75% 1/15/2029<sup>1</sup> |  | 1260 | 1142 |
| Darling Ingredients, Inc. 5.25% 4/15/2027<sup>1</sup> |  | 329 | 317 |
| Darling Ingredients, Inc. 6.00% 6/15/2030<sup>1</sup> |  | 1205 | 1180 |
| Edgewell Personal Care Co. 5.50% 6/1/2028<sup>1</sup> |  | 275 | 258 |
| Energizer Holdings, Inc. 4.375% 3/31/2029<sup>1</sup> |  | 545 | 463 |
| Ingles Markets, Inc. 4.00% 6/15/2031<sup>1</sup> |  | 345 | 291 |
| Kraft Heinz Company 3.875% 5/15/2027 |  | 275 | 263 |
| Kraft Heinz Company 4.375% 6/1/2046 |  | 306 | 250 |
| Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026<sup>1</sup> |  | 1953 | 1692 |
| Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027<sup>1</sup> |  | 3040 | 2504 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030<sup>1</sup> |  | 2615 | 2313 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032<sup>1</sup> |  | 715 | 626 |
| Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 8.48% 10/1/2026<sup>4,5</sup> |  | 784 | 753 |
| Performance Food Group, Inc. 5.50% 10/15/2027<sup>1</sup> |  | 705 | 666 |
| Performance Food Group, Inc. 4.25% 8/1/2029<sup>1</sup> |  | 483 | 419 |
| Post Holdings, Inc. 5.625% 1/15/2028<sup>1</sup> |  | 1199 | 1130 |
| Post Holdings, Inc. 5.50% 12/15/2029<sup>1</sup> |  | 811 | 736 |
| Post Holdings, Inc. 4.625% 4/15/2030<sup>1</sup> |  | 3355 | 2901 |
| Post Holdings, Inc. 4.50% 9/15/2031<sup>1</sup> |  | 1350 | 1137 |
| Prestige Brands International, Inc. 5.125% 1/15/2028<sup>1</sup> |  | 103 | 97 |
| Prestige Brands International, Inc. 3.75% 4/1/2031<sup>1</sup> |  | 1275 | 1053 |
| Simmons Foods, Inc. 4.625% 3/1/2029<sup>1</sup> |  | 993 | 810 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028 |  | 1415 | 1205 |
| United Natural Foods, Inc. 6.75% 10/15/2028<sup>1</sup> |  | 2030 | 1954 |
| US Foods, Inc. 4.625% 6/1/2030<sup>1</sup> |  | 460 | 406 |
|  |  |  | **34453** |
| **Real estate 3.45%** |  |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029<sup>1</sup> |  | 2213 | 1677 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030<sup>1</sup> |  | 957 | 699 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026<sup>1</sup> |  | 1304 | 1193 |
| Brookfield Property REIT, Inc. 4.50% 4/1/2027<sup>1</sup> |  | 194 | 162 |
| Forestar Group, Inc. 3.85% 5/15/2026<sup>1</sup> |  | 465 | 408 |
| Forestar Group, Inc. 5.00% 3/1/2028<sup>1</sup> |  | 92 | 79 |
| Hospitality Properties Trust 4.35% 10/1/2024 |  | 145 | 132 |
| Howard Hughes Corp. 5.375% 8/1/2028<sup>1</sup> |  | 1447 | 1306 |
| Howard Hughes Corp. 4.125% 2/1/2029<sup>1</sup> |  | 2043 | 1714 |
| Howard Hughes Corp. 4.375% 2/1/2031<sup>1</sup> |  | 2258 | 1830 |
| Iron Mountain, Inc. 4.875% 9/15/2027<sup>1</sup> |  | 1616 | 1489 |
| Iron Mountain, Inc. 5.25% 3/15/2028<sup>1</sup> |  | 1214 | 1119 |
| Iron Mountain, Inc. 5.00% 7/15/2028<sup>1</sup> |  | 367 | 330 |

---

American Funds Insurance Series 239

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Real estate (continued)** |  |  |  |
| Iron Mountain, Inc. 5.25% 7/15/2030<sup>1</sup> | USD | 2880 | $2509 |
| Iron Mountain, Inc. 4.50% 2/15/2031<sup>1</sup> |  | 950 | 783 |
| Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 |  | 2505 | 1989 |
| Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 |  | 2545 | 1944 |
| Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031 |  | 2050 | 1546 |
| Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025<sup>1</sup> |  | 740 | 697 |
| Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027<sup>1</sup> |  | 1429 | 1203 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029<sup>1</sup> |  | 100 | 81 |
| Medical Properties Trust, Inc. 5.00% 10/15/2027 |  | 638 | 538 |
| Medical Properties Trust, Inc. 3.50% 3/15/2031 |  | 239 | 164 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029<sup>1</sup> |  | 820 | 695 |
| RHP Hotel Properties, LP 4.50% 2/15/2029<sup>1</sup> |  | 535 | 462 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029<sup>1</sup> |  | 800 | 650 |
| VICI Properties, LP 3.50% 2/15/2025<sup>1</sup> |  | 261 | 247 |
| VICI Properties, LP 4.625% 6/15/2025<sup>1</sup> |  | 620 | 595 |
| VICI Properties, LP 3.875% 2/15/2029<sup>1</sup> |  | 1111 | 975 |
| VICI Properties, LP 4.625% 12/1/2029<sup>1</sup> |  | 184 | 168 |
| VICI Properties, LP 4.125% 8/15/2030<sup>1</sup> |  | 330 | 289 |
| WeWork Companies, LLC 5.00% 7/10/2025<sup>1</sup> |  | 2985 | 992 |
|  |  |  | **28665** |
| **Utilities 3.20%** |  |  |  |
| AmeriGas Partners, LP 5.875% 8/20/2026 |  | 80 | 76 |
| AmeriGas Partners, LP 5.75% 5/20/2027 |  | 324 | 302 |
| Calpine Corp. 4.50% 2/15/2028<sup>1</sup> |  | 150 | 134 |
| Calpine Corp. 5.125% 3/15/2028<sup>1</sup> |  | 518 | 463 |
| Calpine Corp. 3.75% 3/1/2031<sup>1</sup> |  | 500 | 403 |
| DPL, Inc. 4.125% 7/1/2025 |  | 555 | 522 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)<sup>7</sup> |  | 1155 | 1113 |
| FirstEnergy Corp. 2.65% 3/1/2030 |  | 624 | 510 |
| FirstEnergy Corp. 2.25% 9/1/2030 |  | 980 | 780 |
| FirstEnergy Corp. 7.375% 11/15/2031 |  | 337 | 380 |
| FirstEnergy Corp. 3.40% 3/1/2050 |  | 510 | 337 |
| FirstEnergy Corp., Series C, 5.35% 7/15/2047<sup>7</sup> |  | 475 | 425 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>1</sup> |  | 265 | 232 |
| FirstEnergy Transmission, LLC 4.55% 4/1/2049<sup>1</sup> |  | 100 | 81 |
| NextEra Energy Partners, LP 4.25% 7/15/2024<sup>1</sup> |  | 122 | 118 |
| NRG Energy, Inc. 3.625% 2/15/2031<sup>1</sup> |  | 845 | 644 |
| Pacific Gas and Electric Co. 5.45% 6/15/2027 |  | 335 | 331 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 |  | 116 | 99 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 |  | 124 | 110 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 |  | 10 | 9 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 |  | 213 | 194 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 393 | 306 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031 |  | 107 | 87 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 280 | 190 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 1000 | 625 |
| PG&E Corp. 5.00% 7/1/2028 |  | 3150 | 2881 |
| PG&E Corp. 5.25% 7/1/2030 |  | 3040 | 2771 |
| Talen Energy Corp. 10.50% 1/15/2026<sup>1,2</sup> |  | 2987 | 1434 |
| Talen Energy Corp. 7.25% 5/15/2027<sup>1</sup> |  | 5189 | 5395 |
| Talen Energy Corp. 6.625% 1/15/2028<sup>1</sup> |  | 130 | 133 |
| Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.008% 11/13/2023<sup>4,5</sup> |  | 3085 | 3116 |
| Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/2026<sup>4,5</sup> |  | 500 | 508 |
| Talen Energy Supply, LLC 7.625% 6/1/2028<sup>1</sup> |  | 489 | 511 |

---

240 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Targa Resources Partners, LP 4.00% 1/15/2032 | USD | 190 | $160 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029<sup>1</sup> |  | 1190 | 1043 |
| Vistra Operations Co., LLC 3.55% 7/15/2024<sup>1</sup> |  | 231 | 222 |
|  |  |  | **26645** |
| **Total corporate bonds, notes & loans** |  |  | **736042** |
| **Mortgage-backed obligations 0.08%** |  |  |  |
| **Collateralized mortgage-backed obligations 0.08%** |  |  |  |
| Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>1,3</sup> |  | **712** | **630** |
| **Total bonds, notes & other debt instruments** (cost: $842,910,000) |  |  | **736672** |
| **Convertible bonds & notes 0.06%** |  |  |  |
| **Communication services 0.05%** |  |  |  |
| DISH DBS Corp., convertible notes, 3.375% 8/15/2026 |  | **635** | **399** |
| **Energy 0.01%** |  |  |  |
| Mesquite Energy, Inc., convertible notes, 13.14% Cash 7/15/2023<sup>1,3,6</sup> |  | **79** | **79** |
| **Total convertible bonds & notes** (cost: $720,000) |  |  | **478** |
| **Convertible stocks 0.11%** |  | Shares |  |
| **Utilities 0.06%** |  |  |  |
| PG&E Corp., convertible preferred units, 5.50% 8/16/2023 |  | **3350** | **483** |
| **Financials 0.05%** |  |  |  |
| 2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 6/1/2023<sup>1</sup> |  | **411** | **472** |
| **Total convertible stocks** (cost: $657,000) |  |  | **955** |
| **Common stocks 4.45%** |  |  |  |
| **Health care 2.60%** |  |  |  |
| Rotech Healthcare, Inc.<sup>3,8,9</sup> |  | **201793** | **21591** |
| **Energy 1.15%** |  |  |  |
| Chesapeake Energy Corp. |  | 29829 | 2815 |
| Weatherford International<sup>8</sup> |  | 33659 | 1714 |
| Ascent Resources - Utica, LLC, Class A<sup>3,8,9</sup> |  | 6297894 | 1260 |
| Denbury, Inc.<sup>8</sup> |  | 13380 | 1164 |
| Diamond Offshore Drilling, Inc.<sup>8</sup> |  | 110972 | 1154 |
| California Resources Corp. |  | 17202 | 748 |
| Constellation Oil Services Holding SA, Class B-1<sup>3,8</sup> |  | 3449949 | 380 |
| Altera Infrastructure, LP<sup>3,8</sup> |  | 3550 | 282 |
| McDermott International, Ltd.<sup>8</sup> |  | 82509 | 26 |
| Mesquite Energy, Inc.<sup>3,8</sup> |  | 3558 | 21 |
| Bighorn Permian Resources, LLC<sup>3</sup> |  | 2894 | —<sup>10</sup> |
|  |  |  | **9564** |
| **Financials 0.32%** |  |  |  |
| Jonah Energy Parent, LLC<sup>3</sup> |  | 38716 | 2289 |
| Navient Corp. |  | 20000 | 329 |
|  |  |  | **2618** |

---

American Funds Insurance Series 241

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Consumer discretionary 0.29%** |  |  |
| NMG Parent, LLC<sup>8</sup> | 9965 | $1520 |
| MYT Holding Co., Class B<sup>3,8</sup> | 608846 | 913 |
|  |  | **2433** |
| **Information technology 0.05%** |  |  |
| MoneyGram International, Inc.<sup>8</sup> | **41400** | **451** |
| **Communication services 0.04%** |  |  |
| Intelsat SA<sup>3,8</sup> | 8164 | 196 |
| iHeartMedia, Inc., Class A<sup>8</sup> | 22639 | 139 |
|  |  | **335** |
| **Total common stocks** (cost: $13,251,000) |  | **36992** |
| **Preferred securities 0.32%** |  |  |
| **Consumer discretionary 0.27%** |  |  |
| MYT Holdings, LLC, Series A, 10.00% preferred shares<sup>3,8</sup> | **2095904** | **2201** |
| **Industrials 0.05%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares<sup>1,3,8</sup> | **1022** | **428** |
| **Total preferred securities** (cost: $2,933,000) |  | **2629** |
| **Rights & warrants 0.10%** |  |  |
| **Consumer discretionary 0.10%** |  |  |
| NMG Parent, LLC, warrants, expire 9/24/2027<sup>8</sup> | **27111** | **826** |
| **Communication services 0.00%** |  |  |
| Intelsat Jackson Holdings SA (CVR), Series A<sup>3,8</sup> | 855 | 6 |
| Intelsat Jackson Holdings SA (CVR), Series B<sup>3,8</sup> | 855 | 6 |
|  |  | **12** |
| **Total rights & warrants** (cost: $173,000) |  | **838** |
| **Short-term securities 4.64%** |  |  |
| **Money market investments 4.64%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>11,12</sup> | **385690** | **38565** |
| **Total short-term securities** (cost: $38,557,000) |  | **38565** |
| **Total investment securities 98.27%** (cost: $899,201,000) |  | **817129** |
| Other assets less liabilities 1.73% |  | 14425 |
| **Net assets 100.00%** |  | $**831554** |

---

242 American Funds Insurance Series

American High-Income Trust (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 63 | March 2023 | USD | 6799 | $(98) |
| 10 Year U.S. Treasury Note Futures | Short | 14 | March 2023 |  | (1572) | 10 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | March 2023 |  | (134) | —<sup>10</sup> |
|  |  |  |  |  |  | $(88) |

---

**Swap contracts**

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value at<br> 12/31/2022<br> (000)** | **Upfront<br> premium<br> paid<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| CDX.NA.HY.39 | 5.00% | Quarterly | 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 8050 | $(50) | $104 | $(154) |

---

**Investments in affiliates<sup>12</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliate at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 4.64%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 4.64%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>11</sup> | $17238 | $219950 | $198620 | $(7) | $4 | $38565 | $610 |

---

**Restricted securities<sup>9</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Rotech Healthcare, Inc.<sup>3,8</sup> | 9/26/2013 | $4331 | $21591 | 2.60% |
| Ascent Resources - Utica, LLC, Class A<sup>3,8</sup> | 11/15/2016 | 302 | 1260 | .15 |
| **Total** |  | $4633 | $22851 | 2.75% |

---

American Funds Insurance Series 243

American High-Income Trust (continued)

<sup>1</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $544,764,000, which represented 65.51% of the net assets of the fund.

<sup>2</sup> Scheduled interest and/or principal payment was not received.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $25,672,000, which represented 3.09% of the net assets of the fund.

<sup>5</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>6</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>7</sup> Step bond; coupon rate may change at a later date.

<sup>8</sup> Security did not produce income during the last 12 months.

<sup>9</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $22,851,000, which represented 2.75% of the net assets of the fund.

<sup>10</sup> Amount less than one thousand.

<sup>11</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>12</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviations**

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

Refer to the notes to financial statements.

244 American Funds Insurance Series

American Funds Mortgage Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 94.91%** | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations 80.19%** |  |  |  |
| **Federal agency mortgage-backed obligations 77.35%** |  |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033<sup>1</sup> | USD | —<sup>2</sup> | $—<sup>2</sup> |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #256583 5.00% 12/1/2036<sup>1</sup> |  | 32 | 32 |
| Fannie Mae Pool #931768 5.00% 8/1/2039<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041<sup>1</sup> |  | 8 | 8 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041<sup>1</sup> |  | 19 | 16 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041<sup>1</sup> |  | 7 | 6 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041<sup>1</sup> |  | 7 | 7 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>1</sup> |  | 370 | 312 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA4540 2.00% 2/1/2042<sup>1</sup> |  | 530 | 447 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042<sup>1</sup> |  | 4 | 4 |
| Fannie Mae Pool #MA4570 2.00% 3/1/2042<sup>1</sup> |  | 120 | 102 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>1</sup> |  | 374 | 346 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047<sup>1</sup> |  | 39 | 37 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048<sup>1</sup> |  | 20 | 19 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048<sup>1</sup> |  | 27 | 25 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048<sup>1</sup> |  | 8 | 8 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>1</sup> |  | 98 | 91 |
| Fannie Mae Pool #CA5496 3.00% 4/1/2050<sup>1,3</sup> |  | 1215 | 1089 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>1</sup> |  | 54 | 46 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>1</sup> |  | 560 | 482 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050<sup>1</sup> |  | 126 | 109 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050<sup>1</sup> |  | 82 | 70 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>1</sup> |  | 13 | 10 |
| Fannie Mae Pool #CA8955 2.50% 2/1/2051<sup>1</sup> |  | 66 | 57 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>1</sup> |  | 116 | 95 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051<sup>1</sup> |  | 211 | 188 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051<sup>1</sup> |  | 278 | 247 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051<sup>1</sup> |  | 28 | 24 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051<sup>1</sup> |  | 450 | 382 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>1</sup> |  | 3 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051<sup>1</sup> |  | 464 | 397 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051<sup>1</sup> |  | 230 | 197 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>1</sup> |  | 764 | 653 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>1</sup> |  | 295 | 251 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051<sup>1</sup> |  | 247 | 212 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051<sup>1</sup> |  | 100 | 89 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052<sup>1</sup> |  | 280 | 248 |
| Fannie Mae Pool #BV3870 2.50% 2/1/2052<sup>1</sup> |  | 405 | 344 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052<sup>1</sup> |  | 380 | 325 |
| Fannie Mae Pool #BV8569 2.50% 4/1/2052<sup>1</sup> |  | 1274 | 1081 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>1</sup> |  | 204 | 173 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052<sup>1</sup> |  | 179 | 152 |
| Fannie Mae Pool #BW0004 3.50% 7/1/2052<sup>1</sup> |  | 300 | 273 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>1</sup> |  | 22 | 20 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>1</sup> |  | 1967 | 1847 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>1</sup> |  | 28 | 26 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>1</sup> |  | 24 | 22 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>1</sup> |  | 21 | 20 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>1</sup> |  | 20 | 18 |
| Fannie Mae Pool #BW9823 4.50% 9/1/2052<sup>1</sup> |  | 45 | 44 |

---

American Funds Insurance Series 245

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB5208 5.00% 9/1/2052<sup>1</sup> | USD | 599 | $591 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>1</sup> |  | 77 | 72 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>1</sup> |  | 58 | 54 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>1</sup> |  | 48 | 45 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>1</sup> |  | 21 | 20 |
| Fannie Mae Pool #BW7795 4.50% 10/1/2052<sup>1</sup> |  | 477 | 460 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>1</sup> |  | 4 | 4 |
| Fannie Mae Pool #BW7121 5.00% 10/1/2052<sup>1</sup> |  | 577 | 570 |
| Fannie Mae Pool #CB5380 5.00% 10/1/2052<sup>1</sup> |  | 203 | 200 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>1</sup> |  | 38 | 34 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>1</sup> |  | 575 | 540 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>1</sup> |  | 22 | 21 |
| Fannie Mae Pool #BX1516 4.50% 11/1/2052<sup>1</sup> |  | 469 | 452 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>1</sup> |  | 1000 | 987 |
| Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>1</sup> |  | 68 | 64 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>1</sup> |  | 495 | 489 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059<sup>1</sup> |  | 146 | 134 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060<sup>1</sup> |  | 173 | 159 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>1</sup> |  | 53 | 46 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>1</sup> |  | 56 | 54 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026<sup>1</sup> |  | 1 | 1 |
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029<sup>1</sup> |  | 2 | 2 |
| Freddie Mac Pool #A18781 5.00% 3/1/2034<sup>1</sup> |  | 623 | 637 |
| Freddie Mac Pool #RB5138 2.00% 12/1/2041<sup>1</sup> |  | 102 | 86 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042<sup>1</sup> |  | 94 | 79 |
| Freddie Mac Pool #RB5148 2.00% 3/1/2042<sup>1</sup> |  | 597 | 504 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043<sup>1</sup> |  | 1 | 1 |
| Freddie Mac Pool #760012 3.113% 4/1/2045<sup>1,4</sup> |  | 39 | 38 |
| Freddie Mac Pool #760013 3.208% 4/1/2045<sup>1,4</sup> |  | 23 | 22 |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>1,4</sup> |  | 335 | 324 |
| Freddie Mac Pool #760015 2.561% 1/1/2047<sup>1,4</sup> |  | 63 | 60 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047<sup>1</sup> |  | 18 | 17 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047<sup>1</sup> |  | 28 | 26 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048<sup>1</sup> |  | 20 | 19 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048<sup>1</sup> |  | 19 | 18 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048<sup>1</sup> |  | 10 | 9 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048<sup>1</sup> |  | 28 | 27 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048<sup>1</sup> |  | 51 | 51 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048<sup>1</sup> |  | 28 | 27 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048<sup>1</sup> |  | 20 | 20 |
| Freddie Mac Pool #RA1339 3.00% 9/1/2049<sup>1,3</sup> |  | 1531 | 1360 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049<sup>1</sup> |  | 19 | 18 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050<sup>1</sup> |  | 160 | 143 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>1</sup> |  | 597 | 488 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>1</sup> |  | 2 | 2 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>1</sup> |  | 3 | 3 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>1</sup> |  | 327 | 268 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051<sup>1</sup> |  | 80 | 65 |
| Freddie Mac Pool #SD7548 2.50% 11/1/2051<sup>1</sup> |  | 1100 | 947 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051<sup>1</sup> |  | 68 | 58 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>1</sup> |  | 396 | 338 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052<sup>1</sup> |  | 196 | 179 |
| Freddie Mac Pool #SD7550 3.00% 2/1/2052<sup>1</sup> |  | 404 | 361 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052<sup>1,3</sup> |  | 1203 | 1113 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>1</sup> |  | 9 | 9 |
| Freddie Mac Pool #SD1450 2.50% 3/1/2052<sup>1</sup> |  | 3355 | 2879 |
| Freddie Mac Pool #SD7553 3.00% 3/1/2052<sup>1</sup> |  | 325 | 289 |
| Freddie Mac Pool #QE6097 2.50% 7/1/2052<sup>1</sup> |  | 197 | 168 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>1</sup> |  | 1523 | 1430 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>1</sup> |  | 18 | 17 |
| Freddie Mac Pool #SD8238 4.50% 8/1/2052<sup>1</sup> |  | 10 | 10 |

---

246 American Funds Insurance Series

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>1</sup> | USD | 651 | $612 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>1</sup> |  | 23 | 21 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>1</sup> |  | 715 | 706 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>1</sup> |  | 22 | 21 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>1</sup> |  | 14 | 13 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>1</sup> |  | 1232 | 1121 |
| Freddie Mac Pool #SD8273 3.50% 11/1/2052<sup>1</sup> |  | 124 | 112 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>1</sup> |  | 35 | 33 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052<sup>1</sup> |  | 407 | 400 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052<sup>1</sup> |  | 920 | 944 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>1</sup> |  | 1793 | 1728 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>1</sup> |  | 55 | 54 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>1</sup> |  | 210 | 197 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>1</sup> |  | 132 | 130 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>1</sup> |  | 200 | 205 |
| Freddie Mac, Series K152, Class A2, Multi Family, 3.80% 10/25/2032<sup>1,4</sup> |  | 207 | 196 |
| Freddie Mac, Series K152, Class A2, Multi Family, 3.78% 11/25/2032<sup>1</sup> |  | 1767 | 1671 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>1,4</sup> |  | 134 | 126 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056<sup>1</sup> |  | 101 | 91 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>1</sup> |  | 209 | 194 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>1,4</sup> |  | 155 | 145 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057<sup>1</sup> |  | 112 | 98 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>1</sup> |  | 147 | 140 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058<sup>1</sup> |  | 31 | 28 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058<sup>1</sup> |  | 18 | 17 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028<sup>1</sup> |  | 306 | 293 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>1</sup> |  | 14 | 13 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032<sup>1</sup> |  | 469 | 453 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>1,5</sup> |  | 174 | 146 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>1,5</sup> |  | 207 | 180 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>1,5</sup> |  | 388 | 346 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>1,5</sup> |  | 178 | 163 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>1,5</sup> |  | 7330 | 7264 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>1,5</sup> |  | 1198 | 1205 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034<sup>1</sup> |  | 693 | 678 |
| Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/2038<sup>1</sup> |  | 510 | 488 |
| Government National Mortgage Assn. Pool #004410 4.00% 4/20/2039<sup>1</sup> |  | 54 | 52 |
| Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/2039<sup>1</sup> |  | 526 | 502 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039<sup>1</sup> |  | 81 | 86 |
| Government National Mortgage Assn. Pool #004823 4.00% 10/20/2040<sup>1</sup> |  | 83 | 79 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041<sup>1</sup> |  | 169 | 170 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041<sup>1</sup> |  | 12 | 12 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041<sup>1</sup> |  | 83 | 84 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042<sup>1</sup> |  | 131 | 119 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042<sup>1</sup> |  | 198 | 182 |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043<sup>1</sup> |  | 90 | 84 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044<sup>1</sup> |  | 1034 | 997 |
| Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/2052<sup>1</sup> |  | 800 | 777 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>1</sup> |  | 140 | 133 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>1</sup> |  | 1852 | 1798 |

---

American Funds Insurance Series 247

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>1</sup> | USD | 100 | $97 |
| Government National Mortgage Assn. Pool #AN1825 4.619% 6/20/2065<sup>1</sup> |  | 195 | 192 |
| Government National Mortgage Assn. Pool #AO0461 4.628% 8/20/2065<sup>1</sup> |  | 65 | 64 |
| Government National Mortgage Assn. Pool #AO0409 4.617% 12/20/2065<sup>1</sup> |  | 128 | 126 |
| Government National Mortgage Assn. Pool #AO0385 4.498% 1/20/2066<sup>1</sup> |  | 519 | 510 |
| Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066<sup>1</sup> |  | 1 | 1 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2038<sup>1,5</sup> |  | 125 | 122 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>1,5</sup> |  | 1191 | 969 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>1,5</sup> |  | 1882 | 1812 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>1,5</sup> |  | 4837 | 4851 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>1,5</sup> |  | 1958 | 1988 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>1,5</sup> |  | 3690 | 3780 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>1,5</sup> |  | 130 | 122 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>1,5</sup> |  | 1132 | 1148 |
|  |  |  | **68880** |
| **Collateralized mortgage-backed obligations (privately originated) 1.79%** | **Collateralized mortgage-backed obligations (privately originated) 1.79%** | **Collateralized mortgage-backed obligations (privately originated) 1.79%** |  |
| Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030<sup>1,4,6</sup> |  | 74 | 72 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031<sup>1,4,6</sup> |  | 95 | 89 |
| Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036<sup>1,4,6</sup> |  | 306 | 291 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>1,4,6</sup> |  | 181 | 171 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066<sup>1,4,6</sup> |  | 87 | 74 |
| Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060<sup>1,4,6</sup> |  | 159 | 137 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066<sup>1,4,6</sup> |  | 28 | 24 |
| GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 10/25/2052<sup>1,4,6</sup> |  | 212 | 171 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>1,4,6</sup> |  | 175 | 169 |
| Mill City Mortgage Trust, Series 15-1, Class M2, 3.616% 6/25/2056<sup>1,4,6</sup> |  | 38 | 37 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052<sup>1,4,6</sup> |  | 138 | 111 |
| Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031<sup>1,4,6</sup> |  | 95 | 89 |
| Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/2055<sup>1,4,6</sup> |  | 100 | 97 |
| Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 4/25/2055<sup>1,4,6</sup> |  | 10 | 10 |
| Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/2056<sup>1,4,6</sup> |  | 41 | 41 |
| Towd Point Mortgage Trust, Series 2017-5, Class A1, 4.989% 2/25/2057<sup>1,4,6</sup> |  | 10 | 10 |
|  |  |  | **1593** |
| **Commercial mortgage-backed securities 1.05%** |  |  |  |
| BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>1,4,6</sup> |  | 100 | 98 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/2027<sup>1,4,6</sup> |  | 100 | 99 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>1,4,6</sup> |  | 606 | 578 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>1,4,6</sup> |  | 164 | 158 |
|  |  |  | **933** |
| **Total mortgage-backed obligations** |  |  | **71406** |
| **U.S. Treasury bonds & notes 12.04%** |  |  |  |
| **U.S. Treasury inflation-protected securities 10.83%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>7</sup> |  | 714 | 713 |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>7</sup> |  | 355 | 352 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>7</sup> |  | 522 | 516 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>3,7</sup> |  | 3621 | 3546 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>7</sup> |  | 2024 | 1970 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>7</sup> |  | 658 | 637 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>7</sup> |  | 107 | 104 |

---

248 American Funds Insurance Series

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>7</sup> | USD | 65 | $61 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>7</sup> |  | 1202 | 1067 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042<sup>7</sup> |  | 426 | 357 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>7</sup> |  | 385 | 322 |
|  |  |  | **9645** |
| **U.S. Treasury 1.21%** |  |  |  |
| U.S. Treasury 0.875% 1/31/2024 |  | 10 | 9 |
| U.S. Treasury 1.25% 8/15/2031 |  | 443 | 360 |
| U.S. Treasury 1.875% 2/15/2032 |  | 10 | 8 |
| U.S. Treasury 1.875% 2/15/2041<sup>3</sup> |  | 690 | 489 |
| U.S. Treasury 2.375% 2/15/2042 |  | 150 | 115 |
| U.S. Treasury 3.25% 5/15/2042 |  | 60 | 53 |
| U.S. Treasury 1.875% 11/15/2051 |  | 65 | 41 |
|  |  |  | **1075** |
| **Total U.S. Treasury bonds & notes** |  |  | **10720** |
| **Asset-backed obligations 2.68%** |  |  |  |
| Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>1,4,6</sup> |  | 250 | 247 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033<sup>1,6</sup> |  | 54 | 50 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/2034<sup>1,6</sup> |  | 54 | 51 |
| Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/2027<sup>1</sup> |  | 540 | 545 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>1,6</sup> |  | 286 | 256 |
| CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026<sup>1,6</sup> |  | 67 | 66 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>1,6</sup> |  | 86 | 79 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069<sup>1,6</sup> |  | 116 | 101 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>1,6</sup> |  | 215 | 183 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>1,6</sup> |  | 193 | 171 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/2062<sup>1,4,6</sup> |  | 160 | 155 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>1,6</sup> |  | 530 | 449 |
| Santander Drive Auto Receivables Trust, Series 2022-6, Class A2, 4.37% 5/15/2025<sup>1</sup> |  | 35 | 35 |
|  |  |  | **2388** |
| **Total bonds, notes & other debt instruments** (cost: $87,116,000) |  |  | **84514** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-term securities 25.67%** | Weighted<br> average yield<br> at acquisition |  |  |
| **Commercial paper 14.04%** |  |  |  |
| Chariot Funding, LLC 1/27/2023<sup>6</sup> | 4.150% | 2000 | 1993 |
| Citigroup Global Markets, Inc. 2/21/2023<sup>6</sup> | 4.580 | 2000 | 1987 |
| Henkel of America, Inc. 2/1/2023<sup>6</sup> | 4.300 | 2000 | 1992 |
| Honeywell International, Inc. 2/1/2023<sup>6</sup> | 4.100 | 2000 | 1992 |
| Johnson & Johnson 1/30/2023<sup>6</sup> | 4.190 | 1000 | 996 |
| Procter & Gamble Co. 2/9/2023<sup>6</sup> | 4.300 | 500 | 498 |
| Procter & Gamble Co. 2/10/2023<sup>6</sup> | 4.250 | 1500 | 1492 |
| Roche Holdings, Inc. 1/3/2023<sup>6</sup> | 4.230 | 1050 | 1050 |
| Starbird Funding Corp. 1/3/2023<sup>6</sup> | 4.300 | 500 | 500 |
|  |  |  | **12500** |

---

American Funds Insurance Series 249

American Funds Mortgage Fund (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-term securities** (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Federal agency bills & notes 11.63%** |  |  |  |  |
| Federal Farm Credit Banks 1/12/2023 | 3.880% | USD | 4500 | $4495 |
| Federal Home Loan Bank 1/11/2023 | 4.120 |  | 1500 | 1498 |
| Federal Home Loan Bank 2/28/2023 | 4.350 |  | 1500 | 1490 |
| Federal Home Loan Bank 3/3/2023 | 4.370 |  | 1000 | 993 |
| Federal Home Loan Bank 3/22/2023 | 4.440 |  | 1000 | 990 |
| Federal Home Loan Bank 3/24/2023 | 4.462 |  | 900 | 891 |
|  |  |  |  | **10357** |
| **Total short-term securities** (cost: $22,859,000) |  |  |  | **22857** |
| **Total investment securities 120.58%** (cost: $109,975,000) | **Total investment securities 120.58%** (cost: $109,975,000) | **Total investment securities 120.58%** (cost: $109,975,000) |  | **107371** |
| Other assets less liabilities (20.58)% |  |  |  | (18328) |
| **Net assets 100.00%** |  |  |  | $**89043** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000)** |
| 3 Month SOFR Futures | Short | 12 | June 2023 | USD | (2853) | $49 |
| 2 Year U.S. Treasury Note Futures | Short | 5 | March 2023 |  | (1025) | (1) |
| 5 Year U.S. Treasury Note Futures | Long | 144 | March 2023 |  | 15542 | (19) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 47 | March 2023 |  | 5559 | (60) |
| 10 Year U.S. Treasury Note Futures | Long | 5 | March 2023 |  | 562 | (3) |
| 20 Year U.S. Treasury Bond Futures | Long | 18 | March 2023 |  | 2256 | (28) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 12 | March 2023 |  | 1612 | (13) |
|  |  |  |  |  |  | $(75) |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | |  |  | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **Notional<br> amount<br> (000** | **Notional<br> amount<br> (000** |<br>**Value at<br> 12/31/2022<br> (000)** | **Upfront**<br>**premium<br> paid<br> (000)** | **Unrealized**<br>**appreciation<br> at 12/31/2022<br> (000)** |
| 3-month USD-LIBOR | Quarterly | 0.81% | Semi-annual | 7/28/2045 | USD | 1800 | $795 | $5 | $790 |

---

<sup>1</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $692,000, which represented .78% of the net assets of the fund.

<sup>4</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>5</sup> Purchased on a TBA basis.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $16,834,000, which represented 18.91% of the net assets of the fund.

<sup>7</sup> Index-linked bond whose principal amount moves with a government price index.

250 American Funds Insurance Series

American Funds Mortgage Fund (continued)

**Key to abbreviations**

Assn. = Association

CLO = Collateralized Loan Obligations

CME = CME Group

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 251

Ultra-Short Bond Fund

**Investment portfolio** December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-term securities 97.99%** | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Commercial paper 76.48%** |  |  |  |  |
| British Columbia (Province of) 3/6/2023 | 4.470% | USD | 7400 | $7339 |
| CAFCO, LLC 2/3/2023<sup>1</sup> | 4.300 |  | 1250 | 1245 |
| Caisse des Dépôts et Consignations 3/9/2023 | 4.490 |  | 12000 | 11899 |
| Canadian Imperial Holdings, Inc. 1/9/2023 | 4.080 |  | 10000 | 9988 |
| Chariot Funding, LLC 1/23/2023<sup>1</sup> | 4.400 |  | 5000 | 4985 |
| CHARTA, LLC 1/17/2023<sup>1</sup> | 4.330 |  | 10000 | 9978 |
| DBS Bank, Ltd. 3/14/2023<sup>1</sup> | 4.548 |  | 10000 | 9906 |
| DNB Bank ASA 3/13/2023<sup>1</sup> | 4.535 |  | 13000 | 12885 |
| Export Development Canada 2/6/2023 | 4.300 |  | 11810 | 11756 |
| Fairway Finance Company, LLC 1/18/2023<sup>1</sup> | 4.250 |  | 4000 | 3991 |
| Gotham Funding Corp. 1/10/2023<sup>1</sup> | 4.200 |  | 3000 | 2996 |
| Gotham Funding Corp. 3/28/2023<sup>1</sup> | 4.600 |  | 10000 | 9883 |
| Johnson & Johnson 2/27/2023<sup>1</sup> | 4.330 |  | 8700 | 8637 |
| Johnson & Johnson 3/6/2023<sup>1</sup> | 4.430 |  | 5000 | 4959 |
| KfW 2/15/2023<sup>1</sup> | 4.380 |  | 12000 | 11932 |
| Komatsu Finance America, Inc. 1/13/2023<sup>1</sup> | 4.330 |  | 5000 | 4992 |
| Komatsu Finance America, Inc. 1/18/2023<sup>1</sup> | 4.200 |  | 4000 | 3991 |
| Liberty Street Funding, LLC 1/18/2023<sup>1</sup> | 4.400 |  | 10850 | 10825 |
| Linde, Inc. 1/5/2023 | 4.010 |  | 13000 | 12991 |
| LMA-Americas, LLC 1/27/2023<sup>1</sup> | 4.300 |  | 10000 | 9966 |
| L'Oréal USA, Inc. 1/26/2023<sup>1</sup> | 4.240 |  | 10000 | 9967 |
| LVMH Moët Hennessy Louis Vuitton, Inc. 2/6/2023<sup>1</sup> | 4.400 |  | 10000 | 9953 |
| Manhattan Asset Funding Company, LLC 3/24/2023<sup>1</sup> | 4.650 |  | 9700 | 9596 |
| Mizuho Bank, Ltd. 1/31/2023<sup>1</sup> | 4.405 |  | 12000 | 11954 |
| Nestlé Finance International, Ltd. 1/19/2023<sup>1</sup> | 4.280 |  | 6000 | 5986 |
| NRW.Bank 3/8/2023<sup>1</sup> | 4.450 |  | 8250 | 8181 |
| Oesterreichische Kontrollbank 2/15/2023 | 4.390 |  | 13000 | 12926 |
| Procter & Gamble Co. 2/10/2023<sup>1</sup> | 4.250 |  | 13050 | 12984 |
| Québec (Province of) 2/1/2023<sup>1</sup> | 4.230 |  | 10000 | 9960 |
| Siemens Capital Co., LLC 1/18/2023<sup>1</sup> | 4.080 |  | 8000 | 7982 |
| Stadshypotek AB Handelsbanken, Inc. 1/18/2023<sup>1</sup> | 4.150 |  | 6500 | 6485 |
| Starbird Funding Corp. 1/3/2023<sup>1</sup> | 4.300 |  | 11000 | 10995 |
| Sumitomo Mitsui Trust Bank, Ltd. 2/3/2023<sup>1</sup> | 4.300 |  | 9000 | 8962 |
| Sumitomo Mitsui Trust Bank, Ltd. 2/7/2023<sup>1</sup> | 4.600 |  | 6000 | 5972 |
| Toronto-Dominion Bank 1/20/2023<sup>1</sup> | 4.300 |  | 10000 | 9975 |
| TotalEnergies Capital Canada, Ltd. 1/3/2023<sup>1</sup> | 4.280 |  | 13000 | 12994 |
| Toyota Credit de Puerto Rico Corp. 1/17/2023 | 4.340 |  | 3550 | 3542 |
| Toyota Industries Commercial Finance, Inc. 1/23/2023<sup>1</sup> | 4.120 |  | 1100 | 1097 |
| Toyota Industries Commercial Finance, Inc. 3/6/2023<sup>1</sup> | 4.450 |  | 6000 | 5951 |
|  |  |  |  | **330606** |
| **Federal agency bills & notes 21.51%** |  |  |  |  |
| Federal Home Loan Bank 2/1/2023 | 4.130 |  | 15000 | 14951 |
| Federal Home Loan Bank 2/15/2023 | 4.300 |  | 4800 | 4775 |
| Federal Home Loan Bank 2/17/2023 | 4.314 |  | 36317 | 36123 |
| Federal Home Loan Bank 2/22/2023 | 4.357 |  | 23290 | 23149 |
| Federal Home Loan Bank 3/3/2023 | 4.370 |  | 5300 | 5262 |
| Federal Home Loan Bank 3/22/2023 | 4.440 |  | 6000 | 5942 |
| Federal Home Loan Bank 3/24/2023 | 4.462 |  | 2800 | 2771 |
|  |  |  |  | **92973** |
| **Total short-term securities** (cost: $423,636,000) |  |  |  | **423579** |
| **Total investment securities 97.99%** (cost: $423,636,000) | **Total investment securities 97.99%** (cost: $423,636,000) | **Total investment securities 97.99%** (cost: $423,636,000) |  | **423579** |
| Other assets less liabilities 2.01% |  |  |  | 8682 |
| **Net assets 100.00%** |  |  |  | $**432261** |

---

252 American Funds Insurance Series

Ultra-Short Bond Fund (continued)

<sup>1</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $260,165,000, which represented 60.19% of the net assets of the fund.

**Key to abbreviations**

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 253

U.S. Government Securities Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 93.28%** | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations 48.21%** |  |  |  |
| **Federal agency mortgage-backed obligations 48.21%** |  |  |  |
| Fannie Mae Pool #406607 6.50% 8/1/2024<sup>1</sup> | USD | 10 | $11 |
| Fannie Mae Pool #735070 6.50% 10/1/2024<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #745316 6.50% 2/1/2026<sup>1</sup> |  | 56 | 58 |
| Fannie Mae Pool #AL9870 6.50% 2/1/2028<sup>1</sup> |  | 45 | 46 |
| Fannie Mae Pool #695412 5.00% 6/1/2033<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035<sup>1</sup> |  | 6 | 6 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036<sup>1</sup> |  | 666 | 642 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036<sup>1</sup> |  | 1376 | 1326 |
| Fannie Mae Pool #940890 6.50% 6/1/2037<sup>1</sup> |  | —<sup>2</sup> | —<sup>2</sup> |
| Fannie Mae Pool #256828 7.00% 7/1/2037<sup>1</sup> |  | 3 | 3 |
| Fannie Mae Pool #256860 6.50% 8/1/2037<sup>1</sup> |  | 11 | 11 |
| Fannie Mae Pool #888698 7.00% 10/1/2037<sup>1</sup> |  | 13 | 14 |
| Fannie Mae Pool #970343 6.00% 2/1/2038<sup>1</sup> |  | 14 | 14 |
| Fannie Mae Pool #931768 5.00% 8/1/2039<sup>1</sup> |  | 5 | 6 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039<sup>1</sup> |  | 20 | 20 |
| Fannie Mae Pool #932606 5.00% 2/1/2040<sup>1</sup> |  | 9 | 9 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041<sup>1</sup> |  | 372 | 376 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041<sup>1</sup> |  | 205 | 207 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041<sup>1</sup> |  | 33 | 33 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041<sup>1</sup> |  | 174 | 176 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041<sup>1</sup> |  | 26 | 25 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041<sup>1</sup> |  | 125 | 127 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041<sup>1</sup> |  | 18 | 18 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>1</sup> |  | 2961 | 2500 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041<sup>1</sup> |  | 10 | 10 |
| Fannie Mae Pool #MA4540 2.00% 2/1/2042<sup>1</sup> |  | 1366 | 1153 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042<sup>1</sup> |  | 18 | 18 |
| Fannie Mae Pool #MA4570 2.00% 3/1/2042<sup>1</sup> |  | 884 | 746 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043<sup>1</sup> |  | 8 | 7 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043<sup>1</sup> |  | 41 | 39 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044<sup>1</sup> |  | 8 | 7 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045<sup>1</sup> |  | 63 | 59 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>1</sup> |  | 4487 | 4155 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047<sup>1</sup> |  | 57 | 53 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047<sup>1</sup> |  | 17 | 15 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047<sup>1</sup> |  | 8 | 7 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047<sup>1</sup> |  | 7 | 6 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047<sup>1</sup> |  | 154 | 148 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048<sup>1</sup> |  | 3243 | 3018 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048<sup>1</sup> |  | 43 | 40 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048<sup>1</sup> |  | 79 | 75 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048<sup>1</sup> |  | 106 | 102 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048<sup>1</sup> |  | 31 | 30 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048<sup>1</sup> |  | 20 | 20 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>1</sup> |  | 1170 | 1084 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049<sup>1</sup> |  | 436 | 408 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049<sup>1</sup> |  | 113 | 105 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049<sup>1</sup> |  | 582 | 545 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049<sup>1</sup> |  | 326 | 304 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050<sup>1</sup> |  | 3675 | 3277 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>1</sup> |  | 926 | 798 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050<sup>1</sup> |  | 604 | 514 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050<sup>1</sup> |  | 195 | 168 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>1</sup> |  | 228 | 187 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>1</sup> |  | 926 | 757 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>1</sup> |  | 11 | 9 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051<sup>1</sup> |  | 6 | 5 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051<sup>1</sup> |  | 5752 | 5108 |

---

<br> 254 American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051<sup>1</sup> | USD | 195 | $167 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051<sup>1</sup> |  | 702 | 596 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>1</sup> |  | 51 | 41 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>1</sup> |  | 1512 | 1284 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>1</sup> |  | 1266 | 1082 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051<sup>1</sup> |  | 845 | 755 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052<sup>1</sup> |  | 2361 | 2088 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052<sup>1</sup> |  | 199 | 171 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>1</sup> |  | 3881 | 3465 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>1</sup> |  | 5807 | 5103 |
| Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>1</sup> |  | 17861 | 16244 |
| Fannie Mae Pool #CB3897 3.50% 6/1/2052<sup>1</sup> |  | 17000 | 15465 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052<sup>1</sup> |  | 3250 | 3052 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052<sup>1</sup> |  | 64 | 63 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052<sup>1</sup> |  | 62 | 61 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>1</sup> |  | 234 | 220 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>1</sup> |  | 6346 | 5959 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>1</sup> |  | 296 | 278 |
| Fannie Mae Pool #BW9411 5.00% 8/1/2052<sup>1</sup> |  | 926 | 914 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052<sup>1</sup> |  | 60 | 59 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>1</sup> |  | 2012 | 1890 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>1</sup> |  | 254 | 238 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>1</sup> |  | 219 | 206 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>1</sup> |  | 208 | 195 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052<sup>1</sup> |  | 1848 | 1780 |
| Fannie Mae Pool #BW6231 4.50% 9/1/2052<sup>1</sup> |  | 223 | 215 |
| Fannie Mae Pool #BW1201 5.00% 9/1/2052<sup>1</sup> |  | 4200 | 4146 |
| Fannie Mae Pool #BV0954 5.00% 9/1/2052<sup>1</sup> |  | 1797 | 1774 |
| Fannie Mae Pool #BW8088 5.00% 9/1/2052<sup>1</sup> |  | 327 | 323 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>1</sup> |  | 821 | 771 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>1</sup> |  | 620 | 582 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>1</sup> |  | 516 | 484 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>1</sup> |  | 222 | 209 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>1</sup> |  | 5035 | 4851 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052<sup>1</sup> |  | 999 | 965 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052<sup>1</sup> |  | 998 | 962 |
| Fannie Mae Pool #BW8981 4.50% 10/1/2052<sup>1</sup> |  | 995 | 958 |
| Fannie Mae Pool #BW8996 4.50% 10/1/2052<sup>1</sup> |  | 994 | 958 |
| Fannie Mae Pool #CB4959 4.50% 10/1/2052<sup>1</sup> |  | 993 | 956 |
| Fannie Mae Pool #BX0902 5.00% 10/1/2052<sup>1</sup> |  | 916 | 904 |
| Fannie Mae Pool #CB5380 5.00% 10/1/2052<sup>1</sup> |  | 478 | 472 |
| Fannie Mae Pool #BX0892 5.00% 10/1/2052<sup>1</sup> |  | 102 | 101 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052<sup>1</sup> |  | 300 | 308 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>1</sup> |  | 612 | 557 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>1</sup> |  | 2492 | 2340 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>1</sup> |  | 232 | 218 |
| Fannie Mae Pool #BX1766 5.00% 11/1/2052<sup>1</sup> |  | 1900 | 1875 |
| Fannie Mae Pool #MA4806 5.00% 11/1/2052<sup>1</sup> |  | 1313 | 1296 |
| Fannie Mae Pool #BX1761 5.00% 11/1/2052<sup>1</sup> |  | 921 | 909 |
| Fannie Mae Pool #BX1274 5.50% 11/1/2052<sup>1</sup> |  | 165 | 166 |
| Fannie Mae Pool #MA4852 6.50% 11/1/2052<sup>1</sup> |  | 244 | 251 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052<sup>1</sup> |  | 995 | 959 |
| Fannie Mae Pool #BX1072 5.00% 12/1/2052<sup>1</sup> |  | 1943 | 1918 |
| Fannie Mae Pool #BX4020 5.00% 12/1/2052<sup>1</sup> |  | 29 | 29 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>1</sup> |  | 39345 | 40362 |
| Fannie Mae Pool #BX1071 6.50% 12/1/2052<sup>1</sup> |  | 82 | 85 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>1</sup> |  | 1457 | 1438 |
| Fannie Mae Pool #MA4894 6.00% 1/1/2053<sup>1</sup> |  | 2000 | 2032 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>1</sup> |  | 8828 | 9056 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>1</sup> |  | 1429 | 1252 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>1</sup> |  | 459 | 448 |

---

<br> American Funds Insurance Series 255

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/2025<sup>1,3</sup> | USD | —<sup>2</sup> | $—<sup>2</sup> |
| Fannie Mae, Series 2001-4, Class NA, 9.00% 10/25/2025<sup>1,3</sup> |  | —<sup>2</sup> | —<sup>2</sup> |
| Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/2023<sup>1,3</sup> |  | 186 | 185 |
| Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024<sup>1,3</sup> |  | 368 | 361 |
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027<sup>1</sup> |  | 2 | 2 |
| Freddie Mac Pool #1H1354 4.336% 11/1/2036<sup>1,3</sup> |  | 53 | 54 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040<sup>1</sup> |  | 279 | 283 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041<sup>1</sup> |  | 660 | 669 |
| Freddie Mac Pool #RB5138 2.00% 12/1/2041<sup>1</sup> |  | 794 | 670 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042<sup>1</sup> |  | 772 | 651 |
| Freddie Mac Pool #RB5148 2.00% 3/1/2042<sup>1</sup> |  | 1823 | 1538 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043<sup>1</sup> |  | 3 | 3 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043<sup>1</sup> |  | 30 | 28 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043<sup>1</sup> |  | 31 | 29 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043<sup>1</sup> |  | 145 | 140 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044<sup>1</sup> |  | 208 | 194 |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>1,3</sup> |  | 268 | 259 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047<sup>1</sup> |  | 50 | 46 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047<sup>1</sup> |  | 78 | 72 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048<sup>1</sup> |  | 57 | 53 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048<sup>1</sup> |  | 56 | 52 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048<sup>1</sup> |  | 40 | 38 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048<sup>1</sup> |  | 35 | 33 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048<sup>1</sup> |  | 34 | 32 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048<sup>1</sup> |  | 22 | 20 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048<sup>1</sup> |  | 17 | 16 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048<sup>1</sup> |  | 14 | 14 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048<sup>1</sup> |  | 1407 | 1351 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048<sup>1</sup> |  | 78 | 75 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048<sup>1</sup> |  | 74 | 71 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048<sup>1</sup> |  | 27 | 25 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048<sup>1</sup> |  | 17 | 16 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048<sup>1</sup> |  | 114 | 109 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048<sup>1</sup> |  | 204 | 202 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048<sup>1</sup> |  | 110 | 109 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048<sup>1</sup> |  | 80 | 79 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048<sup>1</sup> |  | 21 | 21 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049<sup>1</sup> |  | 194 | 180 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049<sup>1</sup> |  | 51 | 48 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049<sup>1</sup> |  | 393 | 368 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049<sup>1</sup> |  | 204 | 191 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>1</sup> |  | 2906 | 2379 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>1</sup> |  | 37 | 30 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>1</sup> |  | 62 | 51 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>1</sup> |  | 2959 | 2422 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051<sup>1</sup> |  | 14344 | 12316 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051<sup>1</sup> |  | 488 | 400 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051<sup>1</sup> |  | 531 | 456 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>1</sup> |  | 333 | 285 |
| Freddie Mac Pool #SD7550 3.00% 2/1/2052<sup>1</sup> |  | 3397 | 3035 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052<sup>1</sup> |  | 14059 | 13011 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>1</sup> |  | 216 | 197 |
| Freddie Mac Pool #SD7553 3.00% 3/1/2052<sup>1</sup> |  | 308 | 274 |
| Freddie Mac Pool #8D0226 2.521% 5/1/2052<sup>1,3</sup> |  | 513 | 462 |
| Freddie Mac Pool #QE6097 2.50% 7/1/2052<sup>1</sup> |  | 635 | 539 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>1</sup> |  | 4913 | 4613 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>1</sup> |  | 189 | 178 |
| Freddie Mac Pool #QE6926 5.00% 8/1/2052<sup>1</sup> |  | 862 | 851 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052<sup>1</sup> |  | 817 | 806 |
| Freddie Mac Pool #QE8695 5.00% 8/1/2052<sup>1</sup> |  | 59 | 58 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052<sup>1</sup> |  | 58 | 57 |

---

<br> 256 American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052<sup>1</sup> | USD | 54 | $54 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>1</sup> |  | 3275 | 3076 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>1</sup> |  | 244 | 229 |
| Freddie Mac Pool #QF0671 4.50% 9/1/2052<sup>1</sup> |  | 503 | 485 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>1</sup> |  | 11870 | 11717 |
| Freddie Mac Pool #QF0311 5.00% 9/1/2052<sup>1</sup> |  | 1324 | 1307 |
| Freddie Mac Pool #QF0151 5.00% 9/1/2052<sup>1</sup> |  | 799 | 789 |
| Freddie Mac Pool #SD8246 5.00% 9/1/2052<sup>1</sup> |  | 225 | 222 |
| Freddie Mac Pool #QF0706 5.00% 9/1/2052<sup>1</sup> |  | 64 | 64 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>1</sup> |  | 234 | 220 |
| Freddie Mac Pool #QF2136 4.50% 10/1/2052<sup>1</sup> |  | 999 | 962 |
| Freddie Mac Pool #QF1431 4.50% 10/1/2052<sup>1</sup> |  | 999 | 962 |
| Freddie Mac Pool #QF1765 4.50% 10/1/2052<sup>1</sup> |  | 995 | 958 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>1</sup> |  | 743 | 716 |
| Freddie Mac Pool #QF1305 5.00% 10/1/2052<sup>1</sup> |  | 74 | 73 |
| Freddie Mac Pool #SD1710 5.00% 10/1/2052<sup>1</sup> |  | 26 | 26 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>1</sup> |  | 381 | 358 |
| Freddie Mac Pool #QF2445 4.50% 11/1/2052<sup>1</sup> |  | 4769 | 4595 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052<sup>1</sup> |  | 1272 | 1249 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052<sup>1</sup> |  | 999 | 965 |
| Freddie Mac Pool #QF2846 4.50% 11/1/2052<sup>1</sup> |  | 998 | 961 |
| Freddie Mac Pool #QF2936 4.50% 11/1/2052<sup>1</sup> |  | 969 | 934 |
| Freddie Mac Pool #QF2976 5.00% 11/1/2052<sup>1</sup> |  | 81 | 80 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>1</sup> |  | 36151 | 34831 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>1</sup> |  | 1866 | 1842 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>1</sup> |  | 2000 | 2052 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>1</sup> |  | 346 | 314 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>1</sup> |  | 199 | 187 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>1</sup> |  | 7348 | 7253 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>1</sup> |  | 10431 | 10701 |
| Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 2.547% 8/15/2023<sup>1,3</sup> |  | 1 | 1 |
| Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 2/25/2023<sup>1</sup> |  | 134 | 133 |
| Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 8/25/2023<sup>1,3</sup> |  | 2526 | 2502 |
| Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 9/25/2024<sup>1</sup> |  | 1363 | 1328 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>1,3</sup> |  | 4525 | 4234 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056<sup>1</sup> |  | 822 | 724 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056<sup>1</sup> |  | 333 | 300 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>1</sup> |  | 4525 | 4204 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>1,3</sup> |  | 4135 | 3866 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057<sup>1</sup> |  | 910 | 800 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057<sup>1,3</sup> |  | 1311 | 1197 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>1</sup> |  | 509 | 484 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057<sup>1</sup> |  | 4148 | 3753 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 11/26/2057<sup>1</sup> |  | 252 | 239 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058<sup>1</sup> |  | 763 | 689 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058<sup>1</sup> |  | 587 | 556 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058<sup>1</sup> |  | 2148 | 2027 |

---

<br> American Funds Insurance Series 257

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058<sup>1</sup> | USD | 731 | $661 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058<sup>1</sup> |  | 396 | 358 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059<sup>1</sup> |  | 1819 | 1687 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028<sup>1</sup> |  | 4262 | 4070 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>1</sup> |  | 18482 | 17646 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029<sup>1</sup> |  | 4786 | 4398 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030<sup>1</sup> |  | 1377 | 1231 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030<sup>1</sup> |  | 435 | 356 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032<sup>1</sup> |  | 4668 | 4503 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>1,4</sup> |  | 1395 | 1169 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>1,4</sup> |  | 2486 | 2155 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>1,4</sup> |  | 1755 | 1563 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>1,4</sup> |  | 2260 | 2077 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>1,4</sup> |  | 6848 | 6787 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>1,4</sup> |  | 14351 | 14436 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038<sup>1</sup> |  | 84 | 89 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038<sup>1</sup> |  | 21 | 21 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038<sup>1</sup> |  | 164 | 176 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038<sup>1</sup> |  | 28 | 29 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039<sup>1</sup> |  | 186 | 190 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039<sup>1</sup> |  | 81 | 86 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040<sup>1</sup> |  | 2598 | 2758 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041<sup>1</sup> |  | 870 | 894 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041<sup>1</sup> |  | 570 | 562 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042<sup>1</sup> |  | 19 | 17 |
| Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/2052<sup>1</sup> |  | 675 | 656 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>1</sup> |  | 28092 | 26611 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>1</sup> |  | 32820 | 31874 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>1</sup> |  | 3100 | 2936 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>1</sup> |  | 13100 | 12722 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2038<sup>1,4</sup> |  | 1115 | 992 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>1,4</sup> |  | 2275 | 2082 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2038<sup>1,4</sup> |  | 920 | 897 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>1,4</sup> |  | 14849 | 12086 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>1,4</sup> |  | 4574 | 4402 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>1,4</sup> |  | 53779 | 53928 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>1,4</sup> |  | 29742 | 30190 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>1,4</sup> |  | 81263 | 83237 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>1,4</sup> |  | 1392 | 1306 |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>1,4</sup> |  | 31200 | 31271 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>1,4</sup> |  | 19158 | 19430 |
|  |  |  | **723593** |
| **U.S. Treasury bonds & notes 39.79%** |  |  |  |
| **U.S. Treasury inflation-protected securities 26.16%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>5</sup> |  | 21974 | 21933 |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>5</sup> |  | 31116 | 30816 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>5</sup> |  | 21857 | 21606 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>5</sup> |  | 55898 | 54749 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>5</sup> |  | 14570 | 14179 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>5</sup> |  | 56967 | 55181 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>5</sup> |  | 26585 | 25622 |

---

<br> 258 American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>5</sup> | USD | 8421 | $8026 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>5</sup> |  | 57803 | 55543 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>5</sup> |  | 7805 | 7419 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2026<sup>5</sup> |  | 3380 | 3245 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>5</sup> |  | 5750 | 5406 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>5</sup> |  | 34217 | 32092 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027<sup>5</sup> |  | 7315 | 6817 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>5</sup> |  | 12137 | 12122 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2030<sup>5</sup> |  | 7293 | 6528 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>5</sup> |  | 6877 | 6102 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031<sup>5</sup> |  | 1001 | 883 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032<sup>5</sup> |  | 4412 | 3860 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041<sup>5</sup> |  | 422 | 446 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042<sup>5</sup> |  | 8558 | 7171 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043<sup>5</sup> |  | 4523 | 3648 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>5</sup> |  | 4914 | 4114 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050<sup>5</sup> |  | 337 | 227 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>5</sup> |  | 6032 | 3891 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2052<sup>5</sup> |  | 1459 | 943 |
|  |  |  | **392569** |
| **U.S. Treasury 13.63%** |  |  |  |
| U.S. Treasury 0.50% 11/30/2023 |  | 12069 | 11611 |
| U.S. Treasury 2.125% 11/30/2023 |  | —<sup>2</sup> | —<sup>2</sup> |
| U.S. Treasury 0.125% 12/15/2023 |  | 1934 | 1853 |
| U.S. Treasury 2.25% 12/31/2023 |  | 1332 | 1300 |
| U.S. Treasury 2.50% 1/31/2024 |  | 26000 | 25395 |
| U.S. Treasury 1.50% 2/29/2024 |  | 369 | 356 |
| U.S. Treasury 3.00% 7/31/2024 |  | 3685 | 3594 |
| U.S. Treasury 2.75% 5/15/2025 |  | 7459 | 7193 |
| U.S. Treasury 3.125% 8/15/2025 |  | 390 | 379 |
| U.S. Treasury 3.50% 9/15/2025 |  | 28000 | 27447 |
| U.S. Treasury 4.00% 12/15/2025 |  | 5694 | 5659 |
| U.S. Treasury 2.625% 7/31/2029 |  | 19809 | 18245 |
| U.S. Treasury 3.125% 8/31/2029 |  | 22521 | 21382 |
| U.S. Treasury 3.875% 12/31/2029 |  | 2905 | 2885 |
| U.S. Treasury 2.75% 8/15/2032 |  | 7500 | 6828 |
| U.S. Treasury 1.125% 5/15/2040 |  | 7000 | 4393 |
| U.S. Treasury 2.50% 2/15/2045 |  | 4850 | 3668 |
| U.S. Treasury 2.50% 2/15/2046 |  | 3900 | 2931 |
| U.S. Treasury 2.50% 5/15/2046 |  | 5400 | 4049 |
| U.S. Treasury 2.875% 11/15/2046 |  | 2700 | 2174 |
| U.S. Treasury 2.875% 5/15/2049 |  | 6300 | 5095 |
| U.S. Treasury 2.25% 8/15/2049 |  | 1635 | 1157 |
| U.S. Treasury 1.25% 5/15/2050<sup>6</sup> |  | 19460 | 10527 |
| U.S. Treasury 1.375% 8/15/2050 |  | 4330 | 2423 |
| U.S. Treasury 1.625% 11/15/2050<sup>6</sup> |  | 26165 | 15671 |
| U.S. Treasury 1.875% 2/15/2051<sup>6</sup> |  | 6672 | 4264 |
| U.S. Treasury 2.00% 8/15/2051 |  | 5546 | 3650 |
| U.S. Treasury 1.875% 11/15/2051 |  | 3164 | 2015 |
| U.S. Treasury 2.875% 5/15/2052 |  | 350 | 282 |
| U.S. Treasury 3.00% 8/15/2052 |  | 7025 | 5825 |
| U.S. Treasury 4.00% 11/15/2052 |  | 2290 | 2302 |
|  |  |  | **204553** |
| **Total U.S. Treasury bonds & notes** |  |  | **597122** |

---

<br> American Funds Insurance Series 259

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Federal agency bonds & notes 5.28%** |  |  |  |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC<br> 2.646% 5/12/2026 | USD | 308 | $296 |
| Fannie Mae 7.125% 1/15/2030 |  | 2000 | 2353 |
| Federal Home Loan Bank 3.25% 11/16/2028 |  | 6500 | 6250 |
| Federal Home Loan Bank 5.50% 7/15/2036 |  | 300 | 328 |
| Private Export Funding Corp. 3.55% 1/15/2024 |  | 3190 | 3143 |
| Private Export Funding Corp. 1.40% 7/15/2028 |  | 3000 | 2536 |
| Tennessee Valley Authority 0.75% 5/15/2025 |  | 3700 | 3390 |
| Tennessee Valley Authority 2.875% 2/1/2027 |  | 5000 | 4742 |
| Tennessee Valley Authority 4.65% 6/15/2035 |  | 1780 | 1764 |
| Tennessee Valley Authority 5.88% 4/1/2036 |  | 875 | 971 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060 |  | 250 | 232 |
| TVA Southaven 3.846% 8/15/2033 |  | 887 | 820 |
| U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 9/18/2023 |  | 1250 | 1255 |
| U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 6/30/2025 |  | 14779 | 14231 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026 |  | 1909 | 2000 |
| U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 8/1/2023 |  | 1500 | 1481 |
| U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 8/1/2024 |  | 2250 | 2190 |
| U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025 |  | 2640 | 2532 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026 |  | 2625 | 2497 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027 |  | 11482 | 10812 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028 |  | 3856 | 3598 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029 |  | 2650 | 2450 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030 |  | 2482 | 2361 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031 |  | 2475 | 2350 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032 |  | 2377 | 2159 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033 |  | 2059 | 1866 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034 |  | 651 | 589 |
|  |  |  | **79196** |
| **Total bonds, notes & other debt instruments** (cost: $1,480,306,000) |  |  | **1399911** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-term securities 21.20%** | Weighted<br> average yield<br> at acquisition |  |  |
| **Commercial paper 13.42%** |  |  |  |
| CAFCO, LLC 2/3/2023<sup>7</sup> | 4.300% | 8750 | 8713 |
| Chariot Funding, LLC 1/3/2023<sup>7</sup> | 3.880 | 10000 | 9995 |
| Chariot Funding, LLC 1/27/2023<sup>7</sup> | 4.150 | 8000 | 7973 |
| Chariot Funding, LLC 2/10/2023<sup>7</sup> | 4.657 | 15000 | 14923 |
| CHARTA, LLC 1/11/2023<sup>7</sup> | 3.900 | 5680 | 5672 |
| Citigroup Global Markets, Inc. 2/21/2023<sup>7</sup> | 4.580 | 6000 | 5959 |
| Coca-Cola Co. 2/21/2023<sup>7</sup> | 4.200 | 15000 | 14903 |
| Honeywell International, Inc. 2/1/2023<sup>7</sup> | 4.100 | 3000 | 2988 |
| Honeywell International, Inc. 2/21/2023<sup>7</sup> | 4.310 | 15300 | 15201 |
| Honeywell International, Inc. 2/27/2023<sup>7</sup> | 4.300 | 6050 | 6006 |

---

<br> 260 American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Short-term securities** (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Value<br> (000) |
| **Commercial paper (continued)** |  |  |  |
| Johnson & Johnson 1/30/2023<sup>7</sup> | 4.190% | USD9,000 | $8967 |
| Johnson & Johnson 2/13/2023<sup>7</sup> | 4.220 | 10000 | 9946 |
| Linde, Inc. 2/6/2023 | 4.340 | 15000 | 14932 |
| Paccar Financial Corp. 1/6/2023 | 4.110 | 20000 | 19983 |
| Procter & Gamble Co. 2/9/2023<sup>7</sup> | 4.300 | 14500 | 14428 |
| Procter & Gamble Co. 2/10/2023<sup>7</sup> | 4.250 | 18500 | 18406 |
| Roche Holdings, Inc. 1/3/2023<sup>7</sup> | 4.230 | 13950 | 13944 |
| Starbird Funding Corp. 1/3/2023<sup>7</sup> | 4.300 | 8500 | 8496 |
|  |  |  | **201435** |
| **Federal agency bills & notes 6.19%** |  |  |  |
| Federal Farm Credit Banks 1/12/2023 | 3.880 | 5500 | 5494 |
| Federal Home Loan Bank 1/3/2023 | 3.900 | 850 | 850 |
| Federal Home Loan Bank 1/11/2023 | 4.005 | 20700 | 20680 |
| Federal Home Loan Bank 2/8/2023 | 4.161 | 25000 | 24896 |
| Federal Home Loan Bank 2/10/2023 | 4.215 | 6750 | 6720 |
| Federal Home Loan Bank 2/22/2023 | 4.320 | 4400 | 4373 |
| Federal Home Loan Bank 2/24/2023 | 4.297 | 10000 | 9936 |
| Federal Home Loan Bank 3/3/2023 | 4.370 | 20000 | 19856 |
|  |  |  | **92805** |
| **U.S. Treasury bills 1.59%** |  |  |  |
| U.S. Treasury 11/2/2023 | 4.527 | 24780 | **23854** |
| **Total short-term securities** (cost: $318,108,000) |  |  | **318094** |
| **Total investment securities 114.48%** (cost: $1,798,414,000) |  |  | **1718005** |
| Other assets less liabilities (14.48)% |  |  | (217283) |
| **Net assets 100.00%** |  |  | $**1500722** |

---

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Type** | <br>**Number of**<br>**contracts** | <br>**Expiration** |<br><br>**Notional**<br>**amount**<br>**(000)** | **Value and**<br>**unrealized**<br>**appreciation**<br>**(depreciation)**<br>**at 12/31/2022**<br>**(000)** |
| 3 Month SOFR Futures | Short | 270 | June 2023 | USD (64183) | $920 |
| 90 Day Eurodollar Futures | Long | 1495 | September 2023 | 354782 | (15731) |
| 90 Day Eurodollar Futures | Short | 923 | December 2023 | (219697) | 8805 |
| 90 Day Eurodollar Futures | Short | 885 | December 2024 | (213285) | 4539 |
| 2 Year U.S. Treasury Note Futures | Short | 298 | March 2023 | (61113) | 148 |
| 5 Year U.S. Treasury Note Futures | Long | 3872 | March 2023 | 417904 | (536) |
| 10 Year U.S. Treasury Note Futures | Long | 603 | March 2023 | 67715 | (373) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 164 | March 2023 | 19398 | (294) |
| 20 Year U.S. Treasury Bond Futures | Long | 447 | March 2023 | 56029 | (765) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 35 | March 2023 | (4701) | 111 |
|  |  |  |  |  | $(3176) |

---

<br> American Funds Insurance Series 261

U.S. Government Securities Fund (continued)

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | | | | |
| <br>**Rate** | **Payment**<br>**frequency** | <br>**Rate** | **Payment**<br>**frequency** | <br>**Expiration**<br>**date** |<br>**Notional**<br>**amount**<br>**(000)** |<br>**Value at**<br>**12/31/2022**<br>**(000)** |<br>**Upfront**<br>**premium**<br>**paid**<br>**(000)** | **Unrealized**<br>**appreciation**<br>**(depreciation)**<br>**at 12/31/2022**<br>**(000)** |
| SOFR | Annual | 0.471% | Annual | 10/26/2023 | USD 30,500 | $1078 | $— | $1078 |
| 0.45801% | Annual | SOFR | Annual | 10/26/2023 | 30500 | (1081) |  | (1081) |
| 0.241% | Annual | U.S. EFFR | Annual | 3/1/2024 | 119400 | (6219) |  | (6219) |
| U.S. EFFR | Annual | 0.11% | Annual | 5/18/2024 | 97600 | 4372 |  | 4372 |
| 3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | 24000 | (426) |  | (426) |
| 3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | 3697 | (68) |  | (68) |
| 3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | 17700 | (330) |  | (330) |
| 4.345% | Annual | U.S. EFFR | Annual | 9/29/2024 | 19000 | (85) |  | (85) |
| 4.197% | Annual | U.S. EFFR | Annual | 9/30/2024 | 19000 | (131) |  | (131) |
| 4.1735% | Annual | U.S. EFFR | Annual | 9/30/2024 | 19400 | (142) |  | (142) |
| 4.15% | Annual | U.S. EFFR | Annual | 10/6/2024 | 19300 | (146) |  | (146) |
| 4.5645% | Annual | U.S. EFFR | Annual | 10/19/2024 | 7100 | (2) |  | (2) |
| 4.533% | Annual | U.S. EFFR | Annual | 10/20/2024 | 8800 | (7) |  | (7) |
| 4.56% | Annual | U.S. EFFR | Annual | 10/27/2024 | 8900 | (2) |  | (2) |
| 4.5245% | Annual | U.S. EFFR | Annual | 10/27/2024 | 10600 | (8) |  | (8) |
| U.S. EFFR | Annual | 0.1275% | Annual | 6/25/2025 | 20100 | 1938 |  | 1938 |
| U.S. EFFR | Annual | 0.126% | Annual | 6/25/2025 | 20100 | 1938 |  | 1938 |
| U.S. EFFR | Annual | 0.106% | Annual | 6/30/2025 | 22492 | 2187 |  | 2187 |
| 3-month USD-LIBOR | Quarterly | 1.867% | Semi-annual | 7/11/2025 | 49400 | 3060 |  | 3060 |
| 2.925% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/1/2028 | 12800 | (616) |  | (616) |
| 2.92% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/2/2028 | 12200 | (590) |  | (590) |
| U.S. EFFR | Annual | 0.5385% | Annual | 3/26/2030 | 49000 | 9477 |  | 9477 |
| 0.913% | Semi-annual | 3-month USD-LIBOR | Quarterly | 6/9/2030 | 31000 | (5918) |  | (5918) |
| U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | 15500 | 3075 |  | 3075 |
| 3-month USD-LIBOR | Quarterly | 2.963% | Semi-annual | 2/1/2038 | 9800 | 486 |  | 486 |
| 3-month USD-LIBOR | Quarterly | 2.986% | Semi-annual | 2/1/2038 | 7800 | 375 |  | 375 |
| 0.833% | Semi-annual | 3-month USD-LIBOR | Quarterly | 4/3/2040 | 15800 | (5952) |  | (5952) |
| 3-month USD-LIBOR | Quarterly | 0.811% | Semi-annual | 7/27/2050 | 5110 | 2464 |  | 2464 |
| SOFR | Annual | 2.85282% | Annual | 12/6/2052 | 540 | 38 |  | 38 |
| SOFR | Annual | 2.93542% | Annual | 12/6/2052 | 550 | 31 |  | 31 |
|  |  |  |  |  |  | $8796 | $— | $8796 |

---

<sup>1</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

<sup>4</sup> Purchased on a TBA basis.

<sup>5</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>6</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $10,807,000, which represented .72% of the net assets of the fund.

<sup>7</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,520,000, which represented 11.10% of the net assets of the fund.

**Key to abbreviations**

Assn. = Association

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

262 American Funds Insurance Series

Managed Risk Growth Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 85.30%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | **5078871** | $**387467** |
| **Total growth funds** (cost: $439,303,000) |  | **387467** |
| **Fixed income funds 7.53%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **3634107** | **34197** |
| **Total fixed income funds (cost: $35,683,000)** |  | **34197** |
| **Short-term securities 2.48%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **11266894** | **11267** |
| **Total short-term securities** (cost: $11,267,000) |  | **11267** |
| **Options purchased 0.04%** |  |  |
| Options purchased\* |  | **205** |
| **Total options purchased** (cost: $1,216,000) |  | **205** |
| **Total investment securities 95.35%** (cost: $487,469,000) |  | **433136** |
| Other assets less liabilities 4.65% |  | 21106 |
| **Net assets 100.00%** |  | $**454242** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration <br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 35 | USD | 13438 | USD | 2600.00 | 3/17/2023 | $13 |
| S&P 500 Index | 70 |  | 26877 |  | 2700.00 | 3/17/2023 | 29 |
| S&P 500 Index | 175 |  | 67191 |  | 2800.00 | 3/17/2023 | 87 |
| S&P 500 Index | 5 |  | 1920 |  | 2850.00 | 3/17/2023 | 2 |
| S&P 500 Index | 110 |  | 42234 |  | 2900.00 | 3/17/2023 | 74 |
|  |  |  |  |  |  |  | $205 |

---

American Funds Insurance Series 263

Managed Risk Growth Fund (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 283 | March 2023 | USD | 30544 | $(47) |
| Nikkei 225 Index Contracts | Short | 3 | March 2023 |  | (590) | 45 |
| Japanese Yen Currency Contracts | Short | 7 | March 2023 |  | (674) | (31) |
| FTSE 100 Index Contracts | Short | 19 | March 2023 |  | (1716) | (1) |
| British Pound Currency Contracts | Short | 24 | March 2023 |  | (1812) | 47 |
| Mini MSCI Emerging Market Index Contracts | Short | 57 | March 2023 |  | (2734) | 42 |
| Russell 2000 Mini Index Contracts | Short | 66 | March 2023 |  | (5844) | 156 |
| Euro Stoxx 50 Index Contracts | Short | 314 | March 2023 |  | (12714) | 544 |
| Euro Currency Contracts | Short | 101 | March 2023 |  | (13577) | (30) |
| S&P Mid 400 E-mini Index Contracts | Short | 92 | March 2023 |  | (22472) | 455 |
| S&P 500 E-mini Index Contracts | Short | 1194 | March 2023 |  | (230502) | 6305 |
|  |  |  |  |  |  | $7485 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> (depreciation)<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 85.30%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – Growth Fund, Class 1 | $504914 | $458729 | $366785 | $(17443) | $(191948) | $387467 | $2476 | $60090 |
| **Fixed income funds 7.53%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – The Bond Fund of America, Class 1 | 59236 | 70113 | 86469 | (9458) | 775 | 34197 | 1344 | 443 |
| &nbsp;&nbsp;&nbsp;**Total 92.83%** |  |  |  | $(26901) | $(191173) | $421664 | $3820 | $60533 |

---

<sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

264 American Funds Insurance Series

Managed Risk International Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 84.51%** | Shares | Value<br> (000) |
| American Funds Insurance Series – International Fund, Class 1 | **6952007** | $**106435** |
| **Total growth funds** (cost: $119,403,000) |  | **106435** |
| **Fixed income funds 9.95%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **1331210** | **12527** |
| **Total fixed income funds** (cost: $13,253,000) |  | **12527** |
| **Short-term securities 2.09%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **2635506** | **2636** |
| **Total short-term securities** (cost: $2,636,000) |  | **2636** |
| **Options purchased 0.14%** |  |  |
| Options purchased\* |  | **169** |
| **Total options purchased** (cost: $399,000) |  | **169** |
| **Total investment securities 96.69%** (cost: $135,691,000) |  | **121767** |
| Other assets less liabilities 3.31% |  | 4167 |
| **Net assets 100.00%** |  | $**125934** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| iShares MSCI EAFE ETF | 50 | USD | 328 | USD | 47.00 | 3/17/2023 | $—<sup>2</sup> |
| iShares MSCI EAFE ETF | 1700 |  | 11159 |  | 48.00 | 3/17/2023 | 13 |
| iShares MSCI EAFE ETF | 450 |  | 2954 |  | 55.00 | 3/17/2023 | 11 |
| iShares MSCI EAFE ETF | 1375 |  | 9025 |  | 43.00 | 6/16/2023 | 34 |
| iShares MSCI EAFE ETF | 350 |  | 2297 |  | 45.00 | 6/16/2023 | 15 |
| iShares MSCI EAFE ETF | 200 |  | 1313 |  | 46.00 | 6/16/2023 | 9 |
| iShares MSCI EAFE ETF | 1700 |  | 11159 |  | 50.00 | 6/16/2023 | 87 |
|  |  |  |  |  |  |  | $169 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 75 | March 2023 | USD | 8095 | $(13) |
| S&P 500 E-mini Index Contracts | Short | 66 | March 2023 |  | (12742) | 351 |
| Mini MSCI Emerging Market Index Contracts | Short | 394 | March 2023 |  | (18900) | 245 |
| MSCI EAFE Index Contracts | Short | 279 | March 2023 |  | (27194) | 428 |
|  |  |  |  |  |  | $1011 |

---

American Funds Insurance Series 265

Managed Risk International Fund (continued)

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 84.51%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – International Fund, Class 1 | $136987 | $107662 | $92768 | $(7315) | $(38131) | $106435 | $2273 | $16110 |
| **Fixed income funds 9.95%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – The Bond Fund of America, Class 1 | 16071 | 14150 | 15224 | (2409) | (61) | 12527 | 427 | 160 |
| &nbsp;&nbsp;&nbsp;**Total 94.46%** |  |  |  | $(9724) | $(38192) | $118962 | $2700 | $16270 |

---

<sup>1</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

266 American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth-and-income funds 84.89%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | **21639334** | $**274603** |
| **Total growth-and-income funds** (cost: $299,529,000) |  | **274603** |
| **Fixed income funds 9.99%** |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | **3235124** | **32319** |
| **Total fixed income funds** (cost: $34,728,000) |  | **32319** |
| **Short-term securities 2.32%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **7500680** | **7501** |
| **Total short-term securities** (cost: $7,501,000) |  | **7501** |
| **Options purchased 0.09%** |  |  |
| Options purchased\* |  | **274** |
| **Total options purchased** (cost: $1,254,000) |  | **274** |
| **Total investment securities 97.29%** (cost: $343,012,000) |  | **314697** |
| Other assets less liabilities 2.71% |  | 8775 |
| **Net assets 100.00%** |  | $**323472** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 15 | USD | 5759 | USD | 2500.00 | 3/17/2023 | $4 |
| S&P 500 Index | 15 |  | 5759 |  | 2600.00 | 3/17/2023 | 6 |
| S&P 500 Index | 80 |  | 30716 |  | 2700.00 | 3/17/2023 | 33 |
| S&P 500 Index | 130 |  | 49913 |  | 2800.00 | 3/17/2023 | 65 |
| S&P 500 Index | 45 |  | 17278 |  | 2850.00 | 3/17/2023 | 24 |
| S&P 500 Index | 105 |  | 40315 |  | 2900.00 | 3/17/2023 | 70 |
| S&P 500 Index | 30 |  | 11519 |  | 2825.00 | 6/16/2023 | 72 |
|  |  |  |  |  |  |  | $274 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 146 | March 2023 | USD | 15758 | $(81) |
| Russell 2000 Mini Index Contracts | Short | 1 | March 2023 |  | (89) | 3 |
| S&P Mid 400 E-mini Index Contracts | Short | 7 | March 2023 |  | (1710) | 31 |
| Euro Stoxx 50 Index Contracts | Short | 47 | March 2023 |  | (1903) | 70 |
| Euro Currency Contracts | Short | 15 | March 2023 |  | (2016) | (5) |
| FTSE 100 Index Contracts | Short | 31 | March 2023 |  | (2799) | (5) |

---

American Funds Insurance Series 267

Managed Risk Washington Mutual Investors Fund (continued)

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| British Pound Currency Contracts | Short | 38 | March 2023 | USD | (2870) | $68 |
| S&P 500 E-mini Index Contracts | Short | 563 | March 2023 |  | (108687) | 2521 |
|  |  |  |  |  |  | $2602 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions <br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> gain (loss)<br> (000)** | **Net<br> unrealized<br> (depreciation)<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth-and-income funds 84.89%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | $315947 | $235449 | $186345 | $38519 | $(128967) | $274603 | $5946 | $61850 |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 37066 | 33763 | 33365 | (5847) | 702 | 32319 | 1347 |  |
| &nbsp;&nbsp;&nbsp;**Total 94.88%** |  |  |  | $32672 | $(128265) | $306922 | $7293 | $61850 |

---

<br> <sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

268 American Funds Insurance Series

Managed Risk Growth-Income Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth-and-income funds 79.84%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | **33417153** | $**1677875** |
| **Total growth-and-income funds** (cost: $1,757,211,000) |  | **1677875** |
| **Fixed income funds 14.97%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **33434013** | **314614** |
| **Total fixed income funds** (cost: $348,317,000) |  | **314614** |
| **Short-term securities 2.25%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **47304896** | **47305** |
| **Total short-term securities** (cost: $47,305,000) |  | **47305** |
| **Options purchased 0.12%** |  |  |
| Options purchased\* |  | **2485** |
| **Total options purchased** (cost: $13,461,000) |  | **2485** |
| **Total investment securities 97.18%** (cost: $2,166,294,000) |  | **2042279** |
| Other assets less liabilities 2.82% |  | 59165 |
| **Net assets 100.00%** |  | $**2101444** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 420 | USD | 161259 | USD | 2700.00 | 3/17/2023 | $172 |
| S&P 500 Index | 1500 |  | 575925 |  | 2800.00 | 3/17/2023 | 750 |
| S&P 500 Index | 1575 |  | 604721 |  | 2850.00 | 3/17/2023 | 838 |
| S&P 500 Index | 1080 |  | 414666 |  | 2900.00 | 3/17/2023 | 725 |
|  |  |  |  |  |  |  | $2485 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 1001 | March 2023 | USD | 108038 | $(177) |
| Nikkei 225 Index Contracts | Short | 1 | March 2023 |  | (197) | 3 |
| Japanese Yen Currency Contracts | Short | 3 | March 2023 |  | (289) | (4) |
| Russell 2000 Mini Index Contracts | Short | 52 | March 2023 |  | (4604) | 100 |
| Mini MSCI Emerging Market Index Contracts | Short | 230 | March 2023 |  | (11033) | 137 |
| FTSE 100 Index Contracts | Short | 189 | March 2023 |  | (17066) | (33) |
| British Pound Currency Contracts | Short | 235 | March 2023 |  | (17748) | 433 |
| Euro Stoxx 50 Index Contracts | Short | 579 | March 2023 |  | (23445) | 892 |
| Euro Currency Contracts | Short | 187 | March 2023 |  | (25138) | (70) |

---

American Funds Insurance Series 269

Managed Risk Growth-Income Fund (continued)

**Futures contracts** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| S&P Mid 400 E-mini Index Contracts | Short | 210 | March 2023 | USD(51295) | $773 |
| S&P 500 E-mini Index Contracts | Short | 3266 | March 2023 | (630501) | 14597 |
|  |  |  |  |  | $16651 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> gain (loss)<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth-and-income funds 79.84%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series –Growth-Income Fund, Class 1 | $2125192 | $1251540 | $1173057 | $198223 | $(724023) | $1677875 | $26763 | $175737 |
| **Fixed income funds 14.97%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series –The Bond Fund of America, Class 1 | 398789 | 234510 | 257964 | (41426) | (19295) | 314614 | 10505 | 3897 |
| &nbsp;&nbsp;&nbsp;**Total 94.81%** |  |  |  | $156797 | $(743318) | $1992489 | $37268 | $179634 |

---

<br> <sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

270 American Funds Insurance Series

Managed Risk Asset Allocation Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Asset allocation funds 95.19%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | **93886027** | $**2084270** |
| **Total asset allocation funds** (cost: $2,174,894,000) |  | **2084270** |
| **Short-term securities 3.19%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **69776962** | **69777** |
| **Total short-term securities** (cost: $69,777,000) |  | **69777** |
| **Options purchased 0.02%** |  |  |
| Options purchased\* |  | **383** |
| **Total options purchased** (cost: $1,887,000) |  | **383** |
| **Total investment securities 98.40%** (cost: $2,246,558,000) |  | **2154430** |
| Other assets less liabilities 1.60% |  | 35042 |
| **Net assets 100.00%** |  | $**2189472** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 410 | USD | 157419 | USD | 2850.00 | 3/17/2023 | $218 |
| S&P 500 Index | 245 |  | 94068 |  | 2900.00 | 3/17/2023 | 165 |
|  |  |  |  |  |  |  | $383 |

---

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 1028 | March 2023 | USD110,952 | $(162) |
| Mini MSCI Emerging Market Index Contracts | Short | 166 | March 2023 | (7963) | 100 |
| FTSE 100 Index Contracts | Short | 89 | March 2023 | (8036) | (18) |
| Russell 2000 Mini Index Contracts | Short | 93 | March 2023 | (8235) | 157 |
| British Pound Currency Contracts | Short | 110 | March 2023 | (8308) | 196 |
| Euro Stoxx 50 Index Contracts | Short | 399 | March 2023 | (16156) | 623 |
| Euro Currency Contracts | Short | 124 | March 2023 | (16669) | (47) |
| S&P Mid 400 E-mini Index Contracts | Short | 183 | March 2023 | (44700) | 548 |
| S&P 500 E-mini Index Contracts | Short | 2599 | March 2023 | (501737) | 12185 |
|  |  |  |  |  | $13582 |

---

American Funds Insurance Series 271

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> gain<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliate at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Asset allocation funds 95.19%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series –Asset Allocation Fund, Class 1 | $2678055 | $1104342 | $1086607 | $55156 | $(666676) | $2084270 | $46591 | $231217 |

---

<br> <sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

272 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements |  |
| **Statements of assets and liabilities** <br> **at December 31, 2022** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $6783505 | $2874530 | $29811816 | $6445629 | $2920136 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 164535 | 134983 | 1166965 | 306445 | 167414 |
| Cash | 695 | 32 | 1221 | 1055 | 671 |
| Cash collateral received for securities on loan |  | 5872 | 5587 | 161 | 32 |
| Cash collateral pledged for futures contracts |  |  |  |  | 161 |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 6010 | 86 | 1197 | 1640 | 929 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  | — \* |
| Unrealized appreciation on unfunded commitments |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 9427 | 47 | 4581 | 1634 | 4534 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 1203 | 347 | 53171 | 1486 | 1478 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 5076 | 2430 | 18226 | 14915 | 5113 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 27 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  | — \* |
| &nbsp;&nbsp;&nbsp;Securities lending income | 7 | 270 | 48 | 17 | 42 |
| &nbsp;&nbsp;&nbsp;Currency translations | 961 |  |  | 47 | 90 |
| &nbsp;&nbsp;&nbsp;Other |  | — \* | — \* |  |  |
|  | 6971419 | 3018597 | 31062812 | 6773029 | 3100627 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  | 58725 | 55867 | 1607 | 327 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  | 50 |
| Unrealized depreciation on unfunded commitments |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 3893 | 1234 | 69568 | 2056 | 2377 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 23378 | 5067 | 24857 | 18617 | 2624 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 2202 | 1519 | 8498 | 2792 | 1351 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 361 | 162 | 1629 | 235 | 448 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 1005 | 515 | 4478 | 946 | 393 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 85 | 56 | 478 | 174 | 41 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  | — \* |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes | 4611 | 8270 | 886 | 26641 | 8988 |
| &nbsp;&nbsp;&nbsp;Other | 230 | 146 | 203 | 380 | 203 |
|  | 35765 | 75694 | 166464 | 53448 | 16843 |
| **Net assets at December 31, 2022** | $6935654 | $2942903 | $30896348 | $6719581 | $3083784 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $4528931 | $2581405 | $20120055 | $6463732 | $2578375 |
| Total distributable earnings (accumulated loss) | 2406723 | 361498 | 10776293 | 255849 | 505409 |
| **Net assets at December 31, 2022** | $6935654 | $2942903 | $30896348 | $6719581 | $3083784 |
| Investment securities on loan, at value | $— | $59781 | $54504 | $1530 | $311 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 4940295 | 2530368 | 20939019 | 5790481 | 2388619 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 164509 | 133831 | 1166747 | 306396 | 167393 |
| Cash denominated in currencies other than U.S. dollars, at cost | 6096 | 85 | 1195 | 1614 | 939 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 273

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington<br> Mutual<br> Investors<br> Fund** | **Capital<br> World Growth<br> and Income<br> Fund** | **Growth-<br> Income<br> Fund** | **International<br> Growth<br> and Income<br> Fund** | **Capital<br> Income<br> Builder** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $9042759 | $1728292 | $30635898 | $293962 | $1065349 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 391007 | 804 | 2605421 | 5492 | 107723 |
| Cash | 2877 | 739 | 2141 | 75 | 826 |
| Cash collateral received for securities on loan | 1290 | 648 | 24869 | 96 | 655 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  | 1728 | 844 | 556 | 753 |
| Unrealized appreciation on open forward currency contracts |  |  |  | 5 |  |
| Unrealized appreciation on unfunded commitments |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 19678 | 4368 | 3486 | 1304 | 17973 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 1698 | 332 | 11206 | 54 | 475 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 11258 | 1617 | 53240 | 1606 | 3711 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  | 22 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 7 | 5 | 71 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;Currency translations | 3 | 252 |  | 75 | 101 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |
|  | 9470577 | 1738785 | 33337176 | 303228 | 1197594 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 12908 | 6480 | 248693 | 962 | 6553 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Unrealized depreciation on unfunded commitments |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 2823 | 1089 | 28952 | 197 | 49380 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 7197 | 4367 | 62689 | 744 | 1446 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 1903 | 544 | 7284 | 121 | 211 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 706 | 118 | 1021 | 74 | 328 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 1072 | 299 | 3696 | 69 | 143 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 99 | 25 | 530 | 14 | 7 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 95 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  | 25 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes | 159 | 410 | 1143 | 35 | 320 |
| &nbsp;&nbsp;&nbsp;Other | 10 | 55 | 201 | 15 | 20 |
|  | 26877 | 13387 | 354209 | 2231 | 58528 |
| **Net assets at December 31, 2022** | $9443700 | $1725398 | $32982967 | $300997 | $1139066 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $7625116 | $1532409 | $20816349 | $322284 | $1032534 |
| Total distributable earnings (accumulated loss) | 1818584 | 192989 | 12166618 | (21287) | 106532 |
| **Net assets at December 31, 2022** | $9443700 | $1725398 | $32982967 | $300997 | $1139066 |
| Investment securities on loan, at value | $12432 | $6155 | $240456 | $1435 | $6251 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 7334340 | 1456490 | 20399086 | 290864 | 933032 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 390957 | 804 | 2605095 | 5489 | 113396 |
| Cash denominated in currencies other than U.S. dollars, at cost |  | 1754 | 847 | 564 | 763 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

274 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset<br> Allocation<br> Fund** | **American<br> Funds<br> Global<br> Balanced<br> Fund<sup>†</sup>** | **The Bond<br> Fund<br> of America** | **Capital<br> World Bond<br> Fund** | **American<br> High-Income<br> Trust** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $22298926 | $355901 | $9747773 | $1438501 | $778564 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 3019460 | 9460 | 1425720 | 48843 | 38565 |
| Cash | 4463 | 142 | 3761 | 431 | 1024 |
| Cash collateral received for securities on loan | 5690 |  |  |  |  |
| Cash collateral pledged for futures contracts |  |  |  |  | 99 |
| Cash collateral pledged for swap contracts |  |  |  |  | 517 |
| Cash denominated in currencies other than U.S. dollars | 592 | 86 | — \* | 732 | 5 |
| Unrealized appreciation on open forward currency contracts |  | 686 | 3821 | 7008 |  |
| Unrealized appreciation on unfunded commitments |  |  |  | 12 | 572 |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 139321 | 2041 | 780689 | 21 | 1605 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 1899 | 327 | 10460 | 165 | 585 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 74681 | 1624 | 71420 | 10334 | 13187 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 194 | 29 | 494 | 326 | 2 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 11 | 16 | 345 | 149 | 3 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 88 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations | 79 | 18 | 70 | 429 |  |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  | 3 |
|  | 25545404 | 370330 | 12044553 | 1506951 | 834731 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 56897 |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  | 150 | 174 | 2455 |  |
| Unrealized depreciation on unfunded commitments | 9 |  |  | 1 | 3 |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 647278 | 1470 | 1812910 | 19999 | 2546 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 24374 | 477 | 4453 | 677 | 164 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 5696 | 137 | 1428 | 550 | 190 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 3321 | 69 | 614 | 33 | 49 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 2697 | 66 | 1048 | 217 | 153 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 304 | 4 | 124 | 26 | 32 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 630 | 55 | 2321 | 722 | 6 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 13 | 23 | 394 | 222 | 2 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes | 3511 | 100 | 5 | 51 |  |
| &nbsp;&nbsp;&nbsp;Other | 100 | 19 | — \* | 104 | 32 |
|  | 744830 | 2570 | 1823471 | 25057 | 3177 |
| **Net assets at December 31, 2022** | $24800574 | $367760 | $10221082 | $1481894 | $831554 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $19598942 | $316997 | $11855514 | $1808688 | $1203258 |
| Total distributable earnings (accumulated loss) | 5201632 | 50763 | (1634432) | (326794) | (371704) |
| **Net assets at December 31, 2022** | $24800574 | $367760 | $10221082 | $1481894 | $831554 |
| Investment securities on loan, at value | $67688 | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 17788591 | 350438 | 10540249 | 1615990 | 860644 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 3328159 | 9409 | 1425521 | 47246 | 38557 |
| Cash denominated in currencies other than U.S. dollars, at cost | 594 | 86 | — \* | 728 | 5 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 275

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br> Bond Fund** | **U.S.<br> Government<br> Securities<br> Fund** | **Managed<br> Risk<br> Growth<br> Fund** | **Managed<br> Risk<br> International<br> Fund** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $107371 | $423579 | $1718005 | $11472 | $2805 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | 421664 | 118962 |
| Cash | 2692 | 9083 | 40936 |  |  |
| Cash collateral received for securities on loan |  |  |  |  |  |
| Cash collateral pledged for futures contracts |  |  |  | 15705 | 2698 |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 9780 |  | 134003 | 6691 | 1022 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 42 | 322 | 2930 | 237 | 18 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 261 | 29 | 5528 | 57 | 13 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2 |  | 185 | 1011 | 602 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 5 |  | 385 |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | 1 |  |  |  |  |
|  | 120154 | 433013 | 1901972 | 456837 | 126120 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Unrealized depreciation on unfunded commitments |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 31002 |  | 398190 | 2108 | 19 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 22 | 504 | 1200 | 4 | 43 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 13 | 95 | 226 | 39 | 11 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 25 | 50 | 119 | 287 | 80 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 21 | 92 | 310 | 93 | 26 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 3 | 11 | 44 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 25 |  | 744 | 61 | 6 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | — \* |  | 415 |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | — \* |  | 2 |  |  |
|  | 31111 | 752 | 401250 | 2595 | 186 |
| **Net assets at December 31, 2022** | $89043 | $432261 | $1500722 | $454242 | $125934 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $99881 | $429623 | $1743160 | $471757 | $148875 |
| Total distributable earnings (accumulated loss) | (10838) | 2638 | (242438) | (17515) | (22941) |
| **Net assets at December 31, 2022** | $89043 | $432261 | $1500722 | $454242 | $125934 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 109975 | 423636 | 1798414 | 12483 | 3035 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | 474986 | 132656 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

276 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Managed Risk<br> Washington<br> Mutual<br> Investors<br> Fund** | **Managed<br> Risk<br> Growth-<br> Income<br> Fund** | **Managed<br> Risk<br> Asset<br> Allocation<br> Fund** |
| **Assets:** |  |  |  |
| Investment securities, at value: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $7775 | $49790 | $70160 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 306922 | 1992489 | 2084270 |
| Cash |  |  |  |
| Cash collateral received for securities on loan |  |  |  |
| Cash collateral pledged for futures contracts | 6746 | 43741 | 34859 |
| Cash collateral pledged for swap contracts |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |
| Unrealized appreciation on unfunded commitments |  |  |  |
| Receivables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 2029 | 13902 | 1056 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 72 | 11603 | 104 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 36 | 229 | 280 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 363 | 2759 | 2144 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |
|  | 323943 | 2114513 | 2192873 |
| **Liabilities:** |  |  |  |
| Collateral for securities on loan |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |
| Unrealized depreciation on unfunded commitments |  |  |  |
| Payables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 63 | 10953 |  |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 92 | 420 | 1215 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 28 | 179 | 188 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 201 | 1304 | 1381 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 67 | 56 | 465 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 3 | 14 | 29 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 17 | 143 | 123 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |
|  | 471 | 13069 | 3401 |
| **Net assets at December 31, 2022** | $323472 | $2101444 | $2189472 |
| **Net assets consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | $321451 | $1965919 | $2033928 |
| Total distributable earnings (accumulated loss) | 2021 | 135525 | 155544 |
| **Net assets at December 31, 2022** | $323472 | $2101444 | $2189472 |
| Investment securities on loan, at value | $— | $— | $— |
| Investment securities, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 8755 | 60766 | 71664 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 334257 | 2105528 | 2174894 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 277

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $3104085 | $915430 | $13660417 | $3157234 | $1610310 |
|  | Shares outstanding | 102854 | 56436 | 179057 | 206282 | 72225 |
|  | Net asset value per share | $30.18 | $16.22 | $76.29 | $15.31 | $22.30 |
| **Class 1A:** | Net assets | $14317 | $4256 | $187432 | $10423 | $8868 |
|  | Shares outstanding | 477 | 266 | 2479 | 685 | 399 |
|  | Net asset value per share | $30.04 | $16.00 | $75.61 | $15.23 | $22.19 |
| **Class 2:** | Net assets | $3233725 | $1762209 | $14451475 | $3163979 | $763546 |
|  | Shares outstanding | 108539 | 115167 | 191651 | 207745 | 34672 |
|  | Net asset value per share | $29.79 | $15.30 | $75.41 | $15.23 | $22.02 |
| **Class 3:** | Net assets |  |  | $187905 | $15480 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2438 | 1008 | Not applicable |
|  | Net asset value per share |  |  | $77.09 | $15.35 |  |
| **Class 4:** | Net assets | $583527 | $261008 | $2409119 | $372465 | $701060 |
|  | Shares outstanding | 19774 | 17087 | 32713 | 24843 | 32104 |
|  | Net asset value per share | $29.51 | $15.28 | $73.64 | $14.99 | $21.84 |
|  |  | **Washington<br> Mutual<br> Investors<br> Fund** | **Capital<br> World Growth<br> and Income<br> Fund** | **<br>Growth-<br> Income<br> Fund** | **International<br> Growth<br> and Income<br> Fund** | **Capital<br> Income<br> Builder** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $5506834 | $548491 | $19692010 | $13396 | $586560 |
|  | Shares outstanding | 433800 | 46994 | 392155 | 1499 | 53377 |
|  | Net asset value per share | $12.69 | $11.67 | $50.21 | $8.94 | $10.99 |
| **Class 1A:** | Net assets | $64036 | $5749 | $28316 | $4894 | $9764 |
|  | Shares outstanding | 5079 | 496 | 567 | 562 | 890 |
|  | Net asset value per share | $12.61 | $11.61 | $49.93 | $8.70 | $10.98 |
| **Class 2:** | Net assets | $2775107 | $982987 | $11507731 | $162036 | $13016 |
|  | Shares outstanding | 222723 | 84464 | 232660 | 18628 | 1185 |
|  | Net asset value per share | $12.46 | $11.64 | $49.46 | $8.70 | $10.98 |
| **Class 3:** | Net assets |  |  | $124729 |  |  |
|  | Shares outstanding | Not applicable | Not applicable | 2478 | Not applicable | Not applicable |
|  | Net asset value per share |  |  | $50.33 |  |  |
| **Class 4:** | Net assets | $1097723 | $188171 | $1630181 | $120671 | $529726 |
|  | Shares outstanding | 88991 | 16576 | 33460 | 14090 | 48314 |
|  | Net asset value per share | $12.34 | $11.35 | $48.72 | $8.56 | $10.96 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

278 American Funds Insurance Series

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Asset<br> Allocation<br> Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund<sup>†</sup>** | **The Bond<br> Fund<br> of America** | **Capital<br> World Bond<br> Fund** | **American<br> High-Income<br> Trust** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $15137832 | $96407 | $6369876 | $663191 | $223824 |
|  | Shares outstanding | 681900 | 7682 | 676909 | 69436 | 26230 |
|  | Net asset value per share | $22.20 | $12.55 | $9.41 | $9.55 | $8.53 |
| **Class 1A:** | Net assets | $26595 | $2555 | $220548 | $1344 | $1263 |
|  | Shares outstanding | 1203 | 204 | 23592 | 141 | 148 |
|  | Net asset value per share | $22.10 | $12.49 | $9.35 | $9.50 | $8.51 |
| **Class 2:** | Net assets | $4227802 | $157808 | $2843749 | $764813 | $521241 |
|  | Shares outstanding | 192995 | 12632 | 306636 | 80914 | 62452 |
|  | Net asset value per share | $21.91 | $12.49 | $9.27 | $9.45 | $8.35 |
| **Class 3:** | Net assets | $28209 |  |  |  | $8471 |
|  | Shares outstanding | 1269 | Not applicable | Not applicable | Not applicable | 987 |
|  | Net asset value per share | $22.23 |  |  |  | $8.58 |
| **Class 4:** | Net assets | $5380136 | $110990 | $786909 | $52546 | $76755 |
|  | Shares outstanding | 247415 | 9009 | 85213 | 5633 | 8291 |
|  | Net asset value per share | $21.75 | $12.32 | $9.23 | $9.33 | $9.26 |
|  |  | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br> Bond Fund** | **U.S.<br> Government<br> Securities<br> Fund** | **Managed<br> Risk<br> Growth<br> Fund** | **Managed<br> Risk<br> International<br> Fund** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $993 | $50347 | $241681 |  |  |
|  | Shares outstanding | 105 | 4436 | 24189 | Not applicable | Not applicable |
|  | Net asset value per share | $9.45 | $11.35 | $9.99 |  |  |
| **Class 1A:** | Net assets | $1656 | $10 | $3952 |  |  |
|  | Shares outstanding | 177 | 1 | 397 | Not applicable | Not applicable |
|  | Net asset value per share | $9.34 | $11.35 | $9.96 |  |  |
| **Class 2:** | Net assets | $46324 | $297253 | $1058577 |  |  |
|  | Shares outstanding | 4951 | 27031 | 107285 | Not applicable | Not applicable |
|  | Net asset value per share | $9.36 | $11.00 | $9.87 |  |  |
| **Class 3:** | Net assets |  | $4328 | $6507 |  |  |
|  | Shares outstanding | Not applicable | 389 | 649 | Not applicable | Not applicable |
|  | Net asset value per share |  | $11.14 | $10.02 |  |  |
| **Class 4:** | Net assets | $40070 | $80323 | $190005 |  |  |
|  | Shares outstanding | 4334 | 7267 | 19274 | Not applicable | Not applicable |
|  | Net asset value per share | $9.25 | $11.05 | $9.86 |  |  |
| **Class P1:** | Net assets |  |  |  | $9249 | $1762 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 813 | 205 |
|  | Net asset value per share |  |  |  | $11.37 | $8.61 |
| **Class P2:** | Net assets |  |  |  | $444993 | $124172 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 39434 | 14470 |
|  | Net asset value per share |  |  |  | $11.28 | $8.58 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 279

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Managed Risk<br> Washington<br> Mutual<br> Investors<br> Fund** | **Managed<br> Risk<br> Growth-<br> Income<br> Fund** | **Managed<br> Risk<br> Asset<br> Allocation<br> Fund** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |
| **Class P1:** | Net assets | $2748 | $1833437 | $7152 |
|  | Shares outstanding | 244 | 146536 | 575 |
|  | Net asset value per share | $11.24 | $12.51 | $12.43 |
| **Class P2:** | Net assets | $320724 | $268007 | $2182320 |
|  | Shares outstanding | 28686 | 21540 | 180515 |
|  | Net asset value per share | $11.18 | $12.44 | $12.09 |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Formerly Global Balanced Fund. |

---

Refer to the notes to financial statements.

280 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations <br> for the year ended December 31, 2022** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $99453 | $23688 | $315299 | $164844 | $57252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 9353 | 3871 | 22361 | 9392 | 4331 |
|  | 108806 | 27559 | 337660 | 174236 | 61583 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 53 | 25 | 1956 | 2 | 7384 |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims | 782 | 264 | 818 | 5544 | 358 |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims | 71 | 3 | 22 | 920 | 14 |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 178 | 2281 | 1158 | 1331 | 338 |
|  | 109890 | 30132 | 341614 | 182033 | 69677 |
| **Fees and expenses<sup>1</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 36131 | 21657 | 109146 | 35444 | 21012 |
| &nbsp;&nbsp;&nbsp;Distribution services | 10254 | 5525 | 48823 | 9585 | 3999 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 1537 | 699 | 6939 | 1008 | 1923 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | 1 | —<sup>2</sup> | 6 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Administrative services | 2236 | 973 | 10468 | 2191 | 1018 |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 77 | 41 | 299 | 90 | 34 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 27 | 14 | 136 | 54 | 14 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 10 | 5 | 45 | 10 | 5 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 79 | 92 | 105 | 90 | 109 |
| &nbsp;&nbsp;&nbsp;Custodian | 868 | 430 | 384 | 1246 | 758 |
| &nbsp;&nbsp;&nbsp;Other | 8 | 51 | 24 | 8 | 51 |
| Total fees and expenses before waivers/reimbursement | 51228 | 29487 | 176375 | 49727 | 28924 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 5162 | 1011 | 1 |  | 3759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses | 5162 | 1011 | 1 |  | 3759 |
| Total fees and expenses after waivers/reimbursement | 46066 | 28476 | 176374 | 49727 | 25165 |
| Net investment income | 63824 | 1656 | 165240 | 132306 | 44512 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 555056 | 25932 | 1853746 | (374601) | (3895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (71) | (30) | (325) | (112) | (44) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | 100 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | 379 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;Currency transactions | (1864) | 50 | 654 | (3241) | 72 |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 553121 | 25952 | 1854075 | (377954) | (3390) |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (2977320) | (1267074) | (15238570) | (1582438) | (968542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (19) | (25285) | 22 | (57) | 5 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | 129 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (30) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Currency translations | 395 | (145) | (48) | (351) | (1943) |
|  | (2976944) | (1292504) | (15238596) | (1582846) | (970379) |
| Net realized gain (loss) and unrealized depreciation | (2423823) | (1266552) | (13384521) | (1960800) | (973769) |
| **Net (decrease) increase in net assets resulting from operations** | $(2359999) | $(1264896) | $(13219281) | $(1828494) | $(929257) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 281

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations <br> for the year ended December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington<br> Mutual<br> Investors<br> Fund** | **Capital<br> World Growth<br> and Income<br> Fund** | **Growth-<br> Income<br> Fund** | **International<br> Growth<br> and Income<br> Fund** | **Capital<br> Income<br> Builder** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $229615 | $49442 | $601261 | $11087 | $32630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 6762 | 1469 | 40278 | 302 | 2614 |
|  | 236377 | 50911 | 641539 | 11389 | 35244 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 1 | 480 | 1322 |  | 4766 |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims |  |  | 3119 | 995 | 103 |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims |  |  | 292 | 35 |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 293 | 147 | 836 | 29 | 65 |
|  | 236671 | 51538 | 647108 | 12448 | 40178 |
| **Fees and expenses<sup>1</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 37368 | 9637 | 89899 | 1720 | 4443 |
| &nbsp;&nbsp;&nbsp;Distribution services | 10015 | 3172 | 35861 | 726 | 1368 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 2882 | 499 | 4286 | 306 | 1362 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | 2 | —<sup>2</sup> | 6 | —<sup>2</sup> | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Administrative services | 2969 | 558 | 10612 | 93 | 337 |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 65 | 23 | 285 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 29 | 5 | 109 | 5 | 3 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 11 | 2 | 42 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 52 | 69 | 102 | 82 | 70 |
| &nbsp;&nbsp;&nbsp;Custodian | 275 | 259 | 469 | 20 | 101 |
| &nbsp;&nbsp;&nbsp;Other | 5 | 6 | 23 | 22 | 1 |
| Total fees and expenses before waivers/reimbursement | 53673 | 14230 | 141694 | 2984 | 7696 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 14561 | 2866 |  | 295 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses | 14561 | 2866 |  | 295 | 1989 |
| Total fees and expenses after waivers/reimbursement | 39112 | 11364 | 141694 | 2689 | 5707 |
| Net investment income | 197559 | 40174 | 505414 | 9759 | 34471 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 73904 | (82354) | 1822012 | (25009) | (1384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (71) | 8 | (316) | (4) | (691) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | (7468) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  | (54) | 7 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 1909 |
| &nbsp;&nbsp;&nbsp;Currency transactions | (22) | (382) | (871) | (231) | (125) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 73811 | (82728) | 1820825 | (25298) | (7752) |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (1207072) | (336626) | (9143460) | (40723) | (104188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 10 | (1) | 130 | (2) | (5193) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | (311) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  | 5 | (2) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 36 |
| &nbsp;&nbsp;&nbsp;Currency translations | (3) | (154) | (173) | 1 | 64 |
|  | (1207065) | (336781) | (9143503) | (40719) | (109594) |
| Net realized gain (loss) and unrealized depreciation | (1133254) | (419509) | (7322678) | (66017) | (117346) |
| **Net (decrease) increase in net assets resulting from operations** | $(935695) | $(379335) | $(6817264) | $(56258) | $(82875) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

282 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations <br> for the year ended December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset<br> Allocation<br> Fund** | **American<br> Funds<br> Global<br> Balanced<br> Fund<sup>3</sup>** | **The Bond<br> Fund<br> of America** | **Capital<br> World Bond<br> Fund** | **American<br> High-Income<br> Trust** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $388405 | $6485 | $1 | $65 | $3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 80475 | 393 | 34880 | 3057 | 610 |
|  | 468880 | 6878 | 34881 | 3122 | 3835 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 178663 | 3237 | 331418 | 44637 | 52726 |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims | 23 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims | 9 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 631 | 7 |  |  |  |
|  | 648206 | 10122 | 366299 | 47759 | 56561 |
| Fees and expenses<sup>1</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 70034 | 2063 | 39380 | 7727 | 3914 |
| &nbsp;&nbsp;&nbsp;Distribution services | 25560 | 721 | 9930 | 2251 | 1656 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 14064 | 300 | 2381 | 146 | 203 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | 4 | —<sup>2</sup> | 2 | —<sup>2</sup> | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Administrative services | 7927 | 118 | 3334 | 492 | 271 |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 164 | 6 | 91 | 22 | 17 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 51 | 2 | 216 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 30 | —<sup>2</sup> | 12 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 83 | 54 | 59 | 51 | 49 |
| &nbsp;&nbsp;&nbsp;Custodian | 616 | 69 | 95 | 143 | 18 |
| &nbsp;&nbsp;&nbsp;Other | 17 | 4 | 11 | 6 | 18 |
| Total fees and expenses before waivers/reimbursement | 118550 | 3337 | 55511 | 10845 | 6152 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers |  | 25 | 21118 | 611 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses |  | 25 | 21118 | 611 | 1428 |
| Total fees and expenses after waivers/reimbursement | 118550 | 3312 | 34393 | 10234 | 4724 |
| Net investment income | 529656 | 6810 | 331906 | 37525 | 51837 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 867100 | 41092 | (720113) | (161648) | (27908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (24724) | 3 | (218) | 17 | (7) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 65437 | 539 | (136499) | (7447) | 1533 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | (1292) | 1795 | (18216) |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | (73) | 142 | 28243 | (796) | (82) |
| &nbsp;&nbsp;&nbsp;Currency transactions | 4210 | (235) | (118) | (3040) | 21 |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 911950 | 40249 | (826910) | (191130) | (26443) |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (5229896) | (113353) | (1058517) | (184433) | (118628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (273363) | 51 | 76 | 1587 | 4 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 13070 | (454) | (6976) | (3811) | 123 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | 725 | 4002 | 4071 |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | (1575) | (763) | 12978 | (6561) | (161) |
| &nbsp;&nbsp;&nbsp;Currency translations | 6 | 14 | 48 | 566 | (31) |
|  | (5491758) | (113780) | (1048389) | (188581) | (118693) |
| Net realized gain (loss) and unrealized depreciation | (4579808) | (73531) | (1875299) | (379711) | (145136) |
| **Net (decrease) increase in net assets resulting from operations** | $(4050152) | $(66721) | $(1543393) | $(342186) | $(93299) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 283

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations<br> for the year ended December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br>Bond Fund** | **U.S.<br> Government<br> Securities<br> Fund** | **Managed<br> Risk<br> Growth<br> Fund** | **Managed<br> Risk<br> International<br> Fund** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $— | $— | $— | $265 | $55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | 3820 | 2700 |
|  |  |  |  | 4085 | 2755 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 2336 | 7293 | 52923 |  |  |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |  |  |
|  | 2336 | 7293 | 52923 | 4085 | 2755 |
| Fees and expenses<sup>1</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 350 | 1110 | 5345 | 746 | 208 |
| &nbsp;&nbsp;&nbsp;Distribution services | 228 | 889 | 3494 | 1219 | 342 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 105 | 173 | 522 | 1244 | 346 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Administrative services | 31 | 121 | 503 |  |  |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  | 58 | 49 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 5 | 7 | 21 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 2 | 3 | 7 | 4 | 2 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | —<sup>2</sup> | —<sup>2</sup> | 2 | 1 | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 44 | 43 | 46 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;Custodian | 17 | 1 | 29 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;Other | —<sup>2</sup> | —<sup>2</sup> | 1 | —<sup>2</sup> | —<sup>2</sup> |
| Total fees and expenses before waivers/reimbursement | 782 | 2347 | 9970 | 3296 | 971 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 158 |  | 2256 | 249 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  | 32 |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses | 158 |  | 2256 | 249 | 101 |
| Total fees and expenses after waivers/reimbursement | 624 | 2347 | 7714 | 3047 | 870 |
| Net investment income | 1712 | 4946 | 45209 | 1038 | 1885 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (9212) | —<sup>2</sup> | (104839) | (3857) | (1108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | (26901) | (9724) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (2688) |  | (52928) | 1884 | 4007 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | 3147 |  | 20919 |  |  |
| &nbsp;&nbsp;&nbsp;Currency transactions |  |  |  | 127 | 29 |
| Capital gain distributions received from affiliated issuers |  |  |  | 60533 | 16270 |
|  | (8753) | —<sup>2</sup> | (136848) | 31786 | 9474 |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (3365) | (59) | (99107) | 399 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | (191173) | (38192) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (79) |  | (3785) | 8824 | 1394 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | (1585) |  | (7297) |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |  |  |
|  | (5029) | (59) | (110189) | (181950) | (36471) |
| Net realized gain (loss) and unrealized depreciation | (13782) | (59) | (247037) | (150164) | (26997) |
| **Net (decrease) increase in net assets resulting from operations** | $(12070) | $4887 | $(201828) | $(149126) | $(25112) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

284 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations<br> for the year ended December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Managed Risk<br> Washington<br> Mutual<br> Investors<br> Fund** | **Managed<br> Risk<br> Growth-<br> Income<br> Fund** | **Managed<br> Risk<br> Asset<br> Allocation<br> Fund** |
| **Investment income:** |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $158 | $1054 | $1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 7293 | 37268 | 46591 |
|  | 7451 | 38322 | 47821 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |
|  | 7451 | 38322 | 47821 |
| Fees and expenses<sup>1</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 499 | 3399 | 3572 |
| &nbsp;&nbsp;&nbsp;Distribution services | 824 | 720 | 5935 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 830 | 5665 | 5953 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Administrative services |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services | 53 | 96 | 98 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 2 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 3 | 10 | 13 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | —<sup>2</sup> | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 16 | 18 | 19 |
| &nbsp;&nbsp;&nbsp;Custodian | 7 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;Other | —<sup>2</sup> | 1 | 1 |
| Total fees and expenses before waivers/reimbursement | 2234 | 9923 | 15606 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 166 | 1135 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses | 166 | 1135 | 1192 |
| Total fees and expenses after waivers/reimbursement | 2068 | 8788 | 14414 |
| Net investment income | 5383 | 29534 | 33407 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (3288) | (38643) | (5894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 32672 | 156797 | 55156 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (4543) | (51822) | (47767) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency transactions | 43 | 322 | 259 |
| Capital gain distributions received from affiliated issuers | 61850 | 179634 | 231217 |
|  | 86734 | 246288 | 232971 |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 51 | 7712 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (128265) | (743318) | (666676) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 2705 | 17339 | 13823 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |
|  | (125509) | (718267) | (652457) |
| Net realized gain (loss) and unrealized depreciation | (38775) | (471979) | (419486) |
| **Net (decrease) increase in net assets resulting from operations** | $(33392) | $(442445) | $(386079) |

---

<sup>1</sup> Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Formerly Global Balanced Fund.

Refer to the notes to financial statements.

American Funds Insurance Series 285

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of changes in net assets** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth Fund** | **Global Growth Fund** | **Global Small <br> Capitalization Fund** | **Global Small <br> Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $63824 | $36408 | $1656 | $(11335) | $165240 | $87664 |
| Net realized gain (loss) | 553121 | 846935 | 25952 | 1098836 | 1854075 | 5061178 |
| Net unrealized (depreciation) appreciation | (2976944) | 485952 | (1292504) | (710657) | (15238596) | 3147345 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (2359999) | 1369295 | (1264896) | 376844 | (13219281) | 8296187 |
| **Distributions paid to shareholders** | (892563) | (486343) | (1091116) | (123155) | (5140514) | (5437958) |
| **Net capital share transactions** | 597636 | 466658 | 721994 | (989509) | 3850397 | 3623473 |
| **Total (decrease) increase in net assets** | (2654926) | 1349610 | (1634018) | (735820) | (14509398) | 6481702 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 9590580 | 8240970 | 4576921 | 5312741 | 45405746 | 38924044 |
| End of year | $6935654 | $9590580 | $2942903 | $4576921 | $30896348 | $45405746 |
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual <br> Investors Fund** | **Washington Mutual <br> Investors Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $132306 | $147317 | $44512 | $32010 | $197559 | $173016 |
| Net realized gain (loss) | (377954) | 1273483 | (3390) | 318018 | 73811 | 2286033 |
| Net unrealized (depreciation) appreciation | (1582846) | (1501184) | (970379) | (136128) | (1207065) | 81431 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (1828494) | (80384) | (929257) | 213900 | (935695) | 2540480 |
| **Distributions paid to shareholders** | (1146487) | (249096) | (357382) | (185700) | (2416808) | (166149) |
| **Net capital share transactions** | 265209 | (832025) | (77021) | 176091 | 1331066 | (488260) |
| **Total (decrease) increase in net assets** | (2709772) | (1161505) | (1363660) | 204291 | (2021437) | 1886071 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 9429353 | 10590858 | 4447444 | 4243153 | 11465137 | 9579066 |
| End of year | $6719581 | $9429353 | $3083784 | $4447444 | $9443700 | $11465137 |

---

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

286 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of changes in net assets (continued)** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital<br> World Growth <br> and Income Fund** | **Capital<br> World Growth <br> and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **International Growth <br> and Income Fund** | **International Growth <br> and Income Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $40174 | $44268 | $505414 | $480125 | $9759 | $34510 |
| Net realized gain (loss) | (82728) | 410057 | 1820825 | 3512628 | (25298) | 357845 |
| Net unrealized (depreciation) appreciation | (336781) | (139980) | (9143503) | 4888658 | (40719) | (342815) |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (379335) | 314345 | (6817264) | 8881411 | (56258) | 49540 |
| **Distributions paid to shareholders** | (454298) | (90172) | (3956410) | (915114) | (154047) | (14532) |
| **Net capital share transactions** | 175376 | (14968) | 804156 | (3505347) | 132760 | (1112349) |
| **Total (decrease) increase in net assets** | (658257) | 209205 | (9969518) | 4460950 | (77545) | (1077341) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 2383655 | 2174450 | 42952485 | 38491535 | 378542 | 1455883 |
| End of year | $1725398 | $2383655 | $32982967 | $42952485 | $300997 | $378542 |
|  | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** | **American Funds<br> Global Balanced Fund\*** | **American Funds<br> Global Balanced Fund\*** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $34471 | $32730 | $529656 | $496078 | $6810 | $4583 |
| Net realized gain (loss) | (7752) | 44998 | 911950 | 2982523 | 40249 | 24122 |
| Net unrealized (depreciation) appreciation | (109594) | 81302 | (5491758) | 990457 | (113780) | 17602 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (82875) | 159030 | (4050152) | 4469058 | (66721) | 46307 |
| **Distributions paid to shareholders** | (31988) | (29764) | (3253724) | (1541316) | (2232) | (29247) |
| **Net capital share transactions** | 109402 | (81691) | 1398530 | (1879473) | (30663) | (4816) |
| **Total (decrease) increase in net assets** | (5461) | 47575 | (5905346) | 1048269 | (99616) | 12244 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 1144527 | 1096952 | 30705920 | 29657651 | 467376 | 455132 |
| End of year | $1139066 | $1144527 | $24800574 | $30705920 | $367760 | $467376 |

---

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 287

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of changes in net assets (continued)** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Bond Fund<br> of America** | **The Bond Fund<br> of America** | **Capital World Bond Fund** | **Capital World Bond Fund** | **American <br> High-Income Trust** | **American <br> High-Income Trust** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $331906 | $215953 | $37525 | $42586 | $51837 | $47176 |
| Net realized gain (loss) | (826910) | 129232 | (191130) | 16012 | (26443) | 7485 |
| Net unrealized (depreciation) appreciation | (1048389) | (353151) | (188581 | (168792 | (118693) | 21386 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (1543393) | (7966) | (342186 | (110194 | (93299) | 76047 |
| **Distributions paid to shareholders** | (462954) | (687442) | (30830) | (91748) | (67772) | (43416) |
| **Net capital share transactions** | (959150) | 2474568 | (230098 | (51795 | (59810) | 152225 |
| **Total (decrease) increase in net assets** | (2965497) | 1779160 | (603114) | (253737) | (220881) | 184856 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 13186579 | 11407419 | 2085008 | 2338745 | 1052435 | 867579 |
| End of year | $10221082 | $13186579 | $1481894 | $2085008 | $831554 | $1052435 |
|  | **American Funds <br> Mortgage Fund** | **American Funds <br> Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **U.S. Government <br> Securities Fund** | **U.S. Government <br> Securities Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $1712 | $1555 | $4946 | $(1883) | $45209 | $26482 |
| Net realized gain (loss) | (8753) | (90) |  |  | (136848) | (5219) |
| Net unrealized (depreciation) appreciation | (5029) | (2808) | (59 | (4 | (110189) | (36820) |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (12070) | (1343) | 4887 | (1887 | (201828) | (15557) |
| **Distributions paid to shareholders** | (1793) | (13157) | (2237) |  | (60476) | (209728) |
| **Net capital share transactions** | (231492) | 29279 | 96950 | (41201 | (402273) | 236927 |
| **Total (decrease) increase in net assets** | (245355) | 14779 | 99600 | (43088) | (664577) | 11642 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 334398 | 319619 | 332661 | 375749 | 2165299 | 2153657 |
| End of year | $89043 | $334398 | $432261 | $332661 | $1500722 | $2165299 |

---

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

288 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of changes in net assets (continued)** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk<br> Growth Fund** | **Managed Risk<br> Growth Fund** | **Managed Risk<br> International Fund** | **Managed Risk<br> International Fund** | **Managed Risk<br> Washington Mutual<br> Investors Fund** | **Managed Risk<br> Washington Mutual<br> Investors Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $1038 | $(392) | $1885 | $2984 | $5383 | $3320 |
| Net realized gain (loss) | 31786 | 93312 | 9474 | 654 | 86734 | 15848 |
| Net unrealized (depreciation) appreciation | (181950) | (21491) | (36471) | (10287) | (125509) | 38411 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (149126) | 71429 | (25112) | (6649) | (33392) | 57579 |
| **Distributions paid to shareholders** | (90246) | (27384) | (4275) | (931) | (14671) | (6019) |
| **Net capital share transactions** | 97021 | (11898) | (6014) | (654) | (1502) | (34883) |
| **Total (decrease) increase in net assets** | (142351) | 32147 | (35401) | (8234) | (49565) | 16677 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 596593 | 564446 | 161335 | 169569 | 373037 | 356360 |
| End of year | $454242 | $596593 | $125934 | $161335 | $323472 | $373037 |
|  | **Managed Risk<br> Growth-Income Fund** | **Managed Risk<br> Growth-Income Fund** | **Managed Risk<br> Asset Allocation Fund** | **Managed Risk<br> Asset Allocation Fund** |  |  |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |  |  |
|  | **2022** | **2021** | **2022** | **2021** |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $29534 | $23938 | $33407 | $29121 |  |  |
| Net realized gain (loss) | 246288 | 49377 | 232971 | 133738 |  |  |
| Net unrealized (depreciation) appreciation | (718267) | 292194 | (652457) | 169648 |  |  |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (442445) | 365509 | (386079) | 332507 |  |  |
| **Distributions paid to shareholders** | (99803) | (68168) | (138964) | (38227) |  |  |
| **Net capital share transactions** | (23880) | (64385) | (104505) | (254031) |  |  |
| **Total (decrease) increase in net assets** | (566128) | 232956 | (629548) | 40249 |  |  |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 2667572 | 2434616 | 2819020 | 2778771 |  |  |
| End of year | $2101444 | $2667572 | $2189472 | $2819020 |  |  |

---

---

| | |
|:---|:---|
| \* | Formerly Global Balanced Fund. |
| <sup>†</sup> | Amount less than one thousand. |

---

Refer to the notes to financial statements.

American Funds Insurance Series 289

Notes to financial statements

**1. Organization**

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company with 34 different funds ("the funds"), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

**Capital World Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Growth-Income Fund** — To achieve long-term growth of capital and income.

**International Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Capital Income Builder** — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund (formerly Global Balanced Fund)** — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** — To provide as high a level of current income as is consistent with the preservation of capital.

**Capital World Bond Fund** — To provide, over the long term, a high level of total return consistent with prudent investment management.

**American High-Income Trust** — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

290 American Funds Insurance Series

**American Funds Mortgage Fund** — To provide current income and preservation of capital.

**Ultra-Short Bond Fund** — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund** — To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** — To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Cash** — Cash may include amounts held in an interest bearing deposit facility.

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

American Funds Insurance Series 291

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends and capital gain distributions are recorded on each fund's ex-dividend date.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation**

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as "standard inputs") |
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
| Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |

---

292 American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Fair Valuation Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

The series' investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group.

**Classifications** — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following pages present the funds' valuation levels as of December 31, 2022 (dollars in thousands):

American Funds Insurance Series 293

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| | | | | |
|:---|:---|:---|:---|:---|
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $923708 | $643291 | $— | $1566999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 1027635 | 489438 |  | 1517073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 493333 | 473688 |  | 967021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 213109 | 405801 | — \* | 618910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 308045 | 286104 |  | 594149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 203723 | 319481 |  | 523204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 163263 | 172648 | — \* | 335911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 200063 | 25242 |  | 225305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 146303 | 39149 |  | 185452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  | 12072 |  | 12072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 7666 |  |  | 7666 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  | 115128 |  | 115128 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 164535 | 114615 |  | 279150 |
| **Total** | $**3851383** | $**3096657** | $**—** **\*** | $**6948040** |
| \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $145496 | $462740 | $— | $608236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 278192 | 271360 | 842 | 550394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 319599 | 207610 |  | 527209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 368441 | 133632 |  | 502073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 82339 | 175020 |  | 257359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 8263 | 96602 |  | 104865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 35375 | 39017 |  | 74392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 13782 | 16503 | 25418 | 55703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 25084 | 27091 |  | 52175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 10353 | 37278 |  | 47631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 18150 | 27079 |  | 45229 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 7126 |  | 18452 | 25578 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** |  | 10007 |  | 10007 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 148662 |  |  | 148662 |
| **Total** | $**1460862** | $**1503939** | $**44712** | $**3009513** |

---

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2022 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br> value at<br> 1/1/2022** | **Transfers<br> into<br> Level 3\*** | **Purchases** | **Sales** | **Net<br> realized<br> gain** | **Unrealized**<br> **depreciation<sup>†</sup>** | **Transfers<br> out of<br> Level 3\*** | **Ending<br> value at<br> 12/31/2022** |
| Investment securities | $44963 | $— | $— | $— | $— | $(251) | $— | $44712 |
| Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | $(251) |

---

---

| | |
|:---|:---|
| \* | Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities. |
| <sup>†</sup> | Net unrealized depreciation is included in the related amounts on investments in the fund's statement of operations. |

---

294 American Funds Insurance Series

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at**<br> **12/31/2022** | **Valuation**<br> **techniques** | **Unobservable**<br> **inputs** | **Range**<br> **(if applicable)** | **Weighted**<br> **average\*** | **Impact to**<br> **valuation from**<br> **an increase in**<br> **input<sup>†</sup>** |
| Common stocks | $26260 | Market comparable companies | Price/Cash flow multiple | 5.7x | 5.7x | Increase |
| Common stocks | $26260 | Market comparable companies | EV/Sales multiple | 6.2x | 6.2x | Increase |
| Common stocks | $26260 | Market comparable companies | DLOM | 16% | 16% | Decrease |
| Common stocks | $26260 | Market comparable companies | Discount for lack of certainty | 10% | 10% | Decrease |
| Common stocks | $26260 | Market comparable companies | Risk discount | 25% | 25% | Decrease |
| Preferred securities | 18452 | Transaction price | N/A | N/A | N/A | N/A |
| Preferred securities | 18452 | Market comparable companies | EV/Sales multiple | 6.2x - 12.9x | 11.0x | Increase |
| Preferred securities | 18452 | Market comparable companies | Risk discount | 25% | 25% | Decrease |
| Preferred securities | 18452 | Market comparable companies | Net adjustment (decrease) based on movement of market comparables | 44% | 44% | Decrease |
| Preferred securities | 18452 | Market comparable companies | DLOM | 10% | 10% | Decrease |
| **Total** | **$44712** |  |  |  |  |  |

---

---

| | |
|:---|:---|
| \* | Weighted average is by relative fair value. |
| <sup>†</sup> | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |

---

**Key to abbreviations**

DLOM = Discount for lack of marketability

EV = Enterprise value

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $5461425 | $723030 | $4704 | $6189159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 5188144 | 115484 | 45222 | 5348850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 4793527 | 439744 |  | 5233271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 3950043 | 25714 |  | 3975757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3112991 | 255410 |  | 3368401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1737621 | 91688 |  | 1829309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 1796618 |  |  | 1796618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 973571 |  |  | 973571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 596091 | 109850 |  | 705941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 243420 |  |  | 243420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 33920 |  |  | 33920 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  | 21366 | 36770 | 58136 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 7202 |  |  | 7202 |
| &nbsp;&nbsp;&nbsp;**Convertible bonds & notes** |  |  | 7146 | 7146 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments** |  | 15245 |  | 15245 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 1192835 |  |  | 1192835 |
| **Total** | $**29087408** | $**1797531** | $**93842** | $**30978781** |

---

American Funds Insurance Series 295

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $64860 | $1053264 | $— | $1118124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 296778 | 622282 | 4282 | 923342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 29009 | 812708 |  | 841717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 397065 | 317708 |  | 714773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 172457 | 531541 |  | 703998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 135708 | 472880 |  | 608588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 78042 | 530056 |  | 608098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 185096 | 231351 | — \* | 416447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples |  | 289938 |  | 289938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 119038 |  | 119038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  | 39066 |  | 39066 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 24464 | 28174 | 392 | 53030 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** |  | 8446 |  | 8446 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 307469 |  |  | 307469 |
| **Total** | $**1690948** | $**5056452** | $**4674** | $**6752074** |
| \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. |
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $263065 | $173417 | $342 | $436824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 67929 | 361956 | — \* | 429885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 188331 | 216848 |  | 405179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 108081 | 225883 |  | 333964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 105950 | 224085 | — \* | 330035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 162789 | 82689 | — \* | 245478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 60987 | 131035 | — \* | 192022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 81746 | 76207 | — \* | 157953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 47738 | 105152 | — \* | 152890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 14233 | 39215 |  | 53448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 12965 | 36156 |  | 49121 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 14795 | 8412 | 9132 | 32339 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** | 31 | 172 |  | 203 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments** |  | 100586 |  | 100586 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 167623 |  |  | 167623 |
| **Total** | $**1296263** | $**1781813** | $**9474** | $**3087550** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $159 | $— | $— | $159 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | — \* |  | — \* |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 2 |  | 2 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (66) |  |  | (66) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (50) |  | (50) |
| **Total** | $**93** | $**(48)** | $**—** | $**45** |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Futures contracts, forward currency contracts and credit default swaps are not included in the fund's investment portfolio. |

---

**Washington Mutual Investors Fund**

As of December 31, 2022, all of the fund's investment securities were classified as Level 1.

296 American Funds Insurance Series

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $164931 | $106647 | $— | $271578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 186991 | 74725 |  | 261716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 110259 | 113094 | — \* | 223353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 103918 | 113308 |  | 217226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 81430 | 73857 |  | 155287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 63755 | 66879 |  | 130634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 69657 | 51505 |  | 121162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 73762 | 34823 | — \* | 108585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 53364 | 32366 | — \* | 85730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 25266 | 24999 |  | 50265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 12033 | 5443 |  | 17476 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 263 | 2512 |  | 2775 |
| &nbsp;&nbsp;&nbsp;**Convertible bonds & notes** |  | 940 |  | 940 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments** |  | 6016 |  | 6016 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 6525 | 69828 |  | 76353 |
| **Total** | $**952154** | $**776942** | $**—** **\*** | $**1729096** |
| \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $6365641 | $293106 | $— | $6658747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4414100 | 259779 |  | 4673879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 3850991 | 534723 |  | 4385714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 2896787 |  |  | 2896787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 2446056 | 132438 |  | 2578494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 2480083 |  |  | 2480083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 1457094 | 454816 |  | 1911910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1578057 |  |  | 1578057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1262331 | 69549 |  | 1331880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1068166 |  |  | 1068166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 608248 |  |  | 608248 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 274424 |  |  | 274424 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments** |  | 5916 |  | 5916 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 2789014 |  |  | 2789014 |
| **Total** | $**31490992** | $**1750327** | $**—** | $**33241319** |

---

American Funds Insurance Series 297

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **International Growth and Income Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $6118 | $43633 | $— \* | $49751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4511 | 31485 |  | 35996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 2509 | 32958 |  | 35467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 7470 | 27016 |  | 34486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 1668 | 30886 |  | 32554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 1316 | 29812 |  | 31128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 8708 | 14672 | — \* | 23380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 9657 | 7677 | — \* | 17334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1895 | 15137 | — \* | 17032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1142 | 8106 |  | 9248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  | 4820 |  | 4820 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 1207 | 693 |  | 1900 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 6358 |  |  | 6358 |
| **Total** | $**52559** | $**246895** | $**—** \* | $**299454** |
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts | $— | $5 | $— | $5 |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Forward currency contracts are not included in the fund's investment portfolio. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **Capital Income Builder**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $85911 | $70932 | $— \* | $156843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 64498 | 50174 |  | 114672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 85845 | 22042 |  | 107887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 47860 | 35750 |  | 83610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 64487 | 14336 |  | 78823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 39280 | 31786 |  | 71066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 52011 | 16387 | — \* | 68398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 56684 | 11518 |  | 68202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 20977 | 12204 |  | 33181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 16058 | 16961 |  | 33019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 17155 | 15258 |  | 32413 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  | 545 |  | 545 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 5019 |  |  | 5019 |
| &nbsp;&nbsp;&nbsp;**Investment funds** | 28059 |  |  | 28059 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 107548 |  | 107548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 69718 | 89 | 69807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 19621 |  | 19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 9532 |  | 9532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 743 |  | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 228 |  | 228 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 83850 |  |  | 83850 |
| **Total** | $**667700** | $**505283** | $**89** | $**1173072** |

---

Refer to the end of the tables for footnotes.

298 American Funds Insurance Series

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $60 | $— | $— | $60 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 1900 |  | 1900 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (139) |  |  | (139) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (380) |  | (380) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (47) |  | (47) |
| **Total** | $**(79)** | $**1473** | $**—** | $**1394** |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. |

---

**Asset Allocation Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | $3207943 | $95928 | $19703 | $3323574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 2162881 | 216574 |  | 2379455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 2206657 | 75213 | 1899 | 2283769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 2171644 | 29717 |  | 2201361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 1318784 | 316097 |  | 1634881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1531415 | 12088 |  | 1543503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1171249 |  |  | 1171249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1020328 |  | 550 | 1020878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 856654 |  |  | 856654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 236814 |  |  | 236814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 158713 |  |  | 158713 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  |  | 189 | 189 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** |  |  | — \* | — \* |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** |  |  | 63388 | 63388 |
| &nbsp;&nbsp;&nbsp;**Investment funds** | 1367122 |  |  | 1367122 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 1878858 |  | 1878858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 1617110 |  | 1617110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 1385625 | 10517 | 1396142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 411624 | 5689 | 417313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 40766 |  | 40766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 35724 |  | 35724 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 1690923 |  |  | 1690923 |
| **Total** | $**19101127** | $**6115324** | $**101935** | $**25318386** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $2319 | $— | $— | $2319 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (3485) |  |  | (3485) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (1623) |  | (1623) |
| **Total** | $**(1166)** | $**(1623)** | $**—** | $**(2789)** |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Futures contracts and credit default swaps are not included in the fund's investment portfolio. |

---

American Funds Insurance Series 299

**American Funds Global Balanced Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $16259 | $22868 | $— | $39127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 19116 | 11649 |  | 30765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 18540 | 10087 |  | 28627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 21174 | 2609 |  | 23783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 4299 | 15340 |  | 19639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 9788 | 7879 |  | 17667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 6808 | 9121 |  | 15929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 10010 | 4766 |  | 14776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 8684 | 2866 |  | 11550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 4150 | 4214 |  | 8364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 2591 | 2616 |  | 5207 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 911 | 558 |  | 1469 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 1235 |  |  | 1235 |
| &nbsp;&nbsp;&nbsp;**Investment funds** | 5532 |  |  | 5532 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 48706 | 77 | 48783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 44273 |  | 44273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 20755 |  | 20755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 9498 |  | 9498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 2304 |  | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 129 |  | 129 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 3928 | 12021 |  | 15949 |
| **Total** | $**133025** | $**232259** | $**77** | $**365361** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| <br>&nbsp;&nbsp;&nbsp; | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $58 | $— | $— | $58 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 686 |  | 686 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 7 |  | 7 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (431) |  |  | (431) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (150) |  | (150) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (1017) |  | (1017) |
| **Total** | $**(373)** | $**(466)** | $**—** | $**(839)** |

---

\* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**The Bond Fund of America**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| <br>&nbsp;&nbsp;&nbsp; | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans | $— | $3535583 | $— | $3535583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 2803177 |  | 2803177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 2637080 | 1486 | 2638566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 452311 | 9397 | 461708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 165594 |  | 165594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outside the U.S. |  | 131985 |  | 131985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 11160 |  | 11160 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 1425720 |  |  | 1425720 |
| **Total** | $**1425720** | $**9736890** | $**10883** | $**11173493** |

---

300 American Funds Insurance Series

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $6241 | $— | $— | $6241 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 3821 |  | 3821 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 15705 |  | 15705 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (13194) |  |  | (13194) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (174) |  | (174) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (6629) |  | (6629) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (7009) |  | (7009) |
| **Total** | $**(6953)** | $**5714** | $**—** | $**(1239)** |

---

\* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Capital World Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euros | $— | $293295 | $— | $293295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japanese yen |  | 111151 |  | 111151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British pounds |  | 61782 |  | 61782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chinese yuan renminbi |  | 42096 |  | 42096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian dollars |  | 34184 |  | 34184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos |  | 31627 |  | 31627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian dollars |  | 24212 |  | 24212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danish kroner |  | 23962 |  | 23962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korean won |  | 7729 |  | 7729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombian pesos |  | 7144 |  | 7144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos |  | 6074 |  | 6074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesian rupiah |  | 5454 |  | 5454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian rubles |  | 1371 | 1984 | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian reais |  | 3129 |  | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South African rand |  | 3001 |  | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican pesos |  | 2271 |  | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysian ringgits |  | 2222 |  | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukrainian hryvnia |  |  | 1592 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian rupees |  | 1102 |  | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian leu |  | 1038 |  | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polish zloty |  | 879 |  | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian kroner |  | 619 |  | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. dollars |  | 669670 | 289 | 669959 |
| &nbsp;&nbsp;&nbsp;**Investment funds** | 48676 |  |  | 48676 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;**Common stocks** |  |  | 134 | 134 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 167 | 100470 |  | 100637 |
| **Total** | $**48843** | $**1434482** | $**4019** | $**1487344** |

---

American Funds Insurance Series 301

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| <br>&nbsp;&nbsp;&nbsp; | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $672 | $— | $— | $672 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 7008 |  | 7008 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 486 |  | 486 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (4659) |  |  | (4659) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (2455) |  | (2455) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (10966) |  | (10966) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (19) |  | (19) |
| **Total** | $**(3987)** | $**(5946)** | $**—** | $**(9933)** |

---

\* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**American High-Income Trust**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans | $— | $731844 | $4198 | $736042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  |  | 630 | 630 |
| &nbsp;&nbsp;&nbsp;**Convertible bonds & notes** |  | 399 | 79 | 478 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 483 | 472 |  | 955 |
| &nbsp;&nbsp;&nbsp;**Common stocks** | 8540 | 1520 | 26932 | 36992 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  |  | 2629 | 2629 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** |  | 826 | 12 | 838 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 38565 |  |  | 38565 |
| **Total** | $**47588** | $**735061** | $**34480** | $**817129** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $10 | $— | $— | $10 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (98) |  |  | (98) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (154) |  | (154) |
| **Total** | $**(88)** | $**(154)** | $**—** | $**(242)** |

---

<sup>1</sup> Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2022 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br> value at<br> 1/1/2022** | **Transfers**<br> **into**<br> **Level 3<sup>2</sup>** | **Purchases** | **Sales** | **Net**<br> **realized**<br> **gain<sup>3</sup>** | **Unrealized**<br> **depreciation<sup>3</sup>** | **Transfers**<br> **out of**<br> **Level 3<sup>2</sup>** | **Ending<br> value at<br> 12/31/2022** |
| Investment securities | $40411 | $3989 | $4058 | $(11715) | $883 | $(3084) | $(62) | $34480 |
| Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | $(1467) |

---

<sup>2</sup> Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup> Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund's statement of operations.

302 American Funds Insurance Series

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at**<br> **12/31/2022** | &nbsp;&nbsp;**Valuation**<br> **techniques** | &nbsp;&nbsp;**Unobservable**<br> **inputs** | **Range**<br> **(if applicable)** | **Weighted**<br> **average\*** | **Impact to**<br> **valuation from**<br> **an increase in**<br> **input<sup>†</sup>** |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Expected proceeds | N/A | N/A | N/A |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;EV/EBITDA multiple | 7.5x | 7.5x | Increase |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;DLOM | 15% | 15% | Decrease |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Vendor price | N/A | N/A | N/A |
| Bonds, notes & other debt instruments | $4828 |  |  |  |  |  |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Yield analysis | &nbsp;&nbsp;Yield | 15.7% - 16.0% | 15.8% | Decrease |
| Bonds, notes & other debt instruments | $4828 |  | &nbsp;&nbsp;Transaction price | N/A | N/A | N/A |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables |  |  |  |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables | 10% | 10% |  |
| Convertible bonds & notes | 79 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Transaction price | N/A | N/A | N/A |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Expected proceeds | N/A | N/A | N/A |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;EV/EBITDA multiple | 7.5x | 7.5x | Increase |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;DLOM | 15% | 15% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Vendor price | N/A | N/A | N/A |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Risk discount | 90% | 90% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables |  |  |  |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables | 20% | 20% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables |  |  |  |
| Common stocks | 26932 |  | &nbsp;&nbsp;EV/EBITDA multiple | 3.7x | 3.7x | Increase |
| Common stocks | 26932 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;EV/EBITDA less CapEx multiple | 10.2x | 10.2x | Increase |
| Common stocks | 26932 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;DLOM | 17% | 17% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Transaction price | N/A | N/A | N/A |
| Common stocks | 26932 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Discount for lack of certainty | 5% | 5% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Indicative market quotation | &nbsp;&nbsp;Broker quote | N/A | N/A | N/A |
| Preferred securities | 2629 | &nbsp;&nbsp;Indicative market quotation | &nbsp;&nbsp;Broker quote | N/A | N/A | N/A |
| Preferred securities | 2629 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;EV/EBITDA multiple | 3.5x | 3.5x | Increase |
| Preferred securities | 2629 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;DLOM | 30% | 30% | Decrease |
| Rights & warrants | 12 | &nbsp;&nbsp;Indicative market quotation | &nbsp;&nbsp;Broker quote | N/A | N/A | N/A |
| Total | $34480 |  |  |  |  |  |

---

---

| | |
|:---|:---|
| \* | Weighted average is by relative fair value. |
| <sup>†</sup> | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |

---

**Key to abbreviations and symbols**

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

American Funds Insurance Series 303

**American Funds Mortgage Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $71406 | $— | $71406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 10720 |  | 10720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 2388 |  | 2388 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** |  | 22857 |  | 22857 |
| **Total** | $**—** | $**107371** | $**—** | $**107371** |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $49 | $— | $— | $49 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 790 |  | 790 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (124) |  |  | (124) |
| **Total** | $**(75)** | $**790** | $**—** | $**715** |

---

<br> \* Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Ultra-Short Bond Fund**

As of December 31, 2022, all of the fund's investment securities were classified as Level 2.

**U.S. Government Securities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $723593 | $— | $723593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 597122 |  | 597122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 79196 |  | 79196 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** |  | 318094 |  | 318094 |
| **Total** | $**—** | $**1718005** | $**—** | $**1718005** |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $14523 | $— | $— | $14523 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 30519 |  | 30519 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (17699) |  |  | (17699) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (21723) |  | (21723) |
| **Total** | $**(3176)** | $**8796** | $**—** | $**5620** |

---

<br> \* Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Managed Risk Growth Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**Managed Risk International Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**Managed Risk Washington Mutual Investors Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

304 American Funds Insurance Series

**Managed Risk Growth-Income Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**Managed Risk Asset Allocation Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**4. Risk factors**

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

**Investing in income-oriented stocks** — The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small companies** — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

American Funds Insurance Series 305

**Investing in developing countries** — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

306 American Funds Insurance Series

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in future delivery contracts** — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund's market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

American Funds Insurance Series 307

**Investing in securities backed by the U.S. government** — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

**Investing in repurchase agreements** — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

**Interest rate risk** — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** — A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

**Management** — The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

308 American Funds Insurance Series

**Management** — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** — Because the managed risk funds' investments consist of investments in underlying funds, the managed risk funds' risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts** — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

**Nondiversification risk** — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. To the extent that a managed risk fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund's investment results.

American Funds Insurance Series 309

**5. Certain investment techniques**

**Securities lending** — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds** |<br>**Value of**<br>**investment**<br>**securities**<br>**on loan** |<br><br>**Cash** |<br>**U.S. government**<br>**securities** |<br>**Value of**<br>**investment**<br>**securities**<br>**purchased** |
| Global Small Capitalization Fund | $59781 | $58725 | $4519 | $52853 |
| Growth Fund | 54504 | 55867 |  | 50280 |
| International Fund | 1530 | 1607 |  | 1446 |
| New World Fund | 311 | 327 |  | 295 |
| Washington Mutual Investors Fund | 12432 | 12908 |  | 11618 |
| Capital World Growth and Income Fund | 6155 | 6480 |  | 5832 |
| Growth-Income Fund | 240456 | 248693 |  | 223824 |
| International Growth and Income Fund | 1435 | 962 | 585 | 866 |
| Capital Income Builder | 6251 | 6553 |  | 5898 |
| Asset Allocation Fund | 67688 | 56897 | 17890 | 51207 |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds' portfolio turnover rates.

310 American Funds Insurance Series

**Loan transactions** — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** — Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2022, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $5,000,000, $150,000 and $4,155,000, respectively, which would represent 0.02%, 0.01% and 0.50%, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments for Capital World Bond Fund and American High-Income Trust of $12,000 and $572,000, respectively, is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities, and unrealized depreciation on these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust of $9,000, $1,000 and $3,000, respectively, is disclosed as unrealized depreciation on unfunded commitments in each fund's statement of assets and liabilities. Both are included in net unrealized (depreciation) appreciation on investments in unaffiliated issuers in each fund's statement of operations.

**Options contracts** — The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the funds obtain the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the funds pay the current market price, or the option premium, for the option.

The funds may terminate their position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the funds will lose the entire premium. If the option is exercised, the funds complete the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The funds may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in each fund's statement of operations.

**Futures contracts** — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

American Funds Insurance Series 311

**Forward currency contracts** — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

312 American Funds Insurance Series

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Options**<br>**contracts**<br>**purchased** | <br>**Futures**<br>**contracts** | **Forward**<br>**currency**<br>**contracts** | **Interest**<br>**rate**<br>**swaps** | **Credit**<br>**default**<br>**swaps** |
| New World Fund | Not applicable | $25541 | $4534 | Not applicable | $2230 |
| International Growth and Income Fund | Not applicable | Not applicable | 785 | Not applicable | Not applicable |
| Capital Income Builder | Not applicable | 77835 | 97 \* | $24014 | 5645 |
| Asset Allocation Fund | Not applicable | 1604889 | Not applicable | Not applicable | 184454 |
| Global Balanced Fund | Not applicable | 14924 | 29040 | 35865 | 4634 |
| The Bond Fund of America | Not applicable | 3326801 | 90045 | 516484 | 199116 |
| Capital World Bond Fund | Not applicable | 297755 | 449743 | 384936 | 92966 |
| American High-Income Trust | Not applicable | 9021 | Not applicable | Not applicable | 10272 |
| American Funds Mortgage Fund | Not applicable | 31977 | Not applicable | 4025 | Not applicable |
| U.S. Government Securities Fund | Not applicable | 2339082 | Not applicable | 1287321 | Not applicable |
| Managed Risk Growth Fund | $269349 | 170792 | Not applicable | Not applicable | Not applicable |
| Managed Risk International Fund | 63717 | 11008 | Not applicable | Not applicable | Not applicable |
| Managed Risk Washington Mutual Investors Fund | 242721 | 39716 | Not applicable | Not applicable | Not applicable |
| Managed Risk Growth-Income Fund | 2353130 | 267681 | Not applicable | Not applicable | Not applicable |
| Managed Risk Asset Allocation Fund | 418987 | 290562 | Not applicable | Not applicable | Not applicable |

---

\* No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

<br> American Funds Insurance Series 313

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2022 (dollars in thousands):

**New World Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $159 | Unrealized depreciation<sup>1</sup> | $66 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | —<sup>2</sup> | Unrealized depreciation on open forward currency contracts | 50 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | 2 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $161 |  | $116 |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized gain on futures contracts | $100 | Net unrealized appreciation on futures contracts | $129 |
| Forward currency | Currency | Net realized gain on forward currency contracts | 379 | Net unrealized depreciation on forward currency contracts | (30) |
| Swap | Credit | Net realized loss on swap contracts | (2) | Net unrealized appreciation on swap contracts | 2 |
|  |  |  | $477 |  | $101 |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | $5 | Unrealized depreciation on open forward currency contracts | $— |
|  |  | **Net realized loss** | **Net realized loss** | **Net unrealized appreciation** | **Net unrealized appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Forward currency | Currency | Net realized loss on forward currency contracts | $(54) | Net unrealized appreciation on forward currency contracts | $5 |

---

Refer to the end of the tables for footnotes.

314 American Funds Insurance Series

**Capital Income Builder**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $60 | Unrealized depreciation<sup>1</sup> | $139 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 1900 | Unrealized depreciation<sup>1</sup> | 380 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 47 |
|  |  |  | $1960 |  | $566 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized (depreciation) appreciation** | **Net unrealized (depreciation) appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(7468) | Net unrealized depreciation on futures contracts | $(311) |
| Forward currency | Currency | Net realized gain on forward currency contracts | 7 | Net unrealized depreciation on forward currency contracts | (2) |
| Swap | Interest | Net realized gain on swap contracts | 1864 | Net unrealized appreciation on swap contracts | 69 |
| Swap | Credit | Net realized gain on swap contracts | 45 | Net unrealized depreciation on swap contracts | (33) |
|  |  |  | $(5552) |  | $(277) |
| **Asset Allocation Fund** | **Asset Allocation Fund** |  |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $2319 | Unrealized depreciation<sup>1</sup> | $3485 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 1623 |
|  |  |  | $2319 |  | $5108 |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized gain on futures contracts | $65437 | Net unrealized appreciation on futures contracts | $13070 |
| Swap | Credit | Net realized loss on swap contracts | (73) | Net unrealized depreciation on swap contracts | (1575) |
|  |  |  | $65364 |  | $11495 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 315

**American Funds Global Balanced Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $58 | Unrealized depreciation<sup>1</sup> | $431 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 686 | Unrealized depreciation on open forward currency contracts | 150 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 8 | Unrealized depreciation<sup>1</sup> | 1017 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | 7 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $759 |  | $1598 |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized (depreciation) appreciation** | **Net unrealized (depreciation) appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized gain on futures contracts | $539 | Net unrealized depreciation on futures contracts | $(454) |
| Forward currency | Currency | Net realized loss on forward currency contracts | (1292) | Net unrealized appreciation on forward currency contracts | 725 |
| Swap | Interest | Net realized gain on swap contracts | 94 | Net unrealized depreciation on swap contracts | (772) |
| Swap | Credit | Net realized gain on swap contracts | 48 | Net unrealized appreciation on swap contracts | 9 |
|  |  |  | $(611) |  | $(492) |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $6241 | Unrealized depreciation<sup>1</sup> | $13194 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 3821 | Unrealized depreciation on open forward currency contracts | 174 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 15705 | Unrealized depreciation<sup>1</sup> | 6629 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 7009 |
|  |  |  | $25767 |  | $27006 |

---

Refer to the end of the tables for footnotes.

316 American Funds Insurance Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized (depreciation) appreciation** | **Net unrealized (depreciation) appreciation** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(136499) | Net unrealized depreciation on futures contracts | $(6976) |
| Forward currency | Currency | Net realized gain on forward currency contracts | 1795 | Net unrealized appreciation on forward currency contracts | 4002 |
| Swap | Interest | Net realized gain on swap contracts | 26807 | Net unrealized appreciation on swap contracts | 20061 |
| Swap | Credit | Net realized gain on swap contracts | 1436 | Net unrealized depreciation on swap contracts | (7083) |
|  |  |  | $(106461) |  | $10004 |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $672 | Unrealized depreciation<sup>1</sup> | $4659 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 7008 | Unrealized depreciation on open forward currency contracts | 2455 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 10966 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | 486 | Unrealized depreciation<sup>1</sup> | 19 |
|  |  |  | $8166 |  | $18099 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized (depreciation) appreciation** | **Net unrealized (depreciation) appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(7447) | Net unrealized depreciation on futures contracts | $(3811) |
| Forward currency | Currency | Net realized loss on forward currency contracts | (18216) | Net unrealized appreciation on forward currency contracts | 4071 |
| Swap | Interest | Net realized loss on swap contracts | (2331) | Net unrealized depreciation on swap contracts | (7110) |
| Swap | Credit | Net realized gain on swap contracts | 1535 | Net unrealized appreciation on swap contracts | 549 |
|  |  |  | $(26459) |  | $(6301) |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $10 | Unrealized depreciation<sup>1</sup> | $98 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 154 |
|  |  |  | $10 |  | $252 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 317

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized gain on futures contracts | $1533 | Net unrealized appreciation on futures contracts | $123 |
| Swap | Credit | Net realized loss on swap contracts | (82) | Net unrealized depreciation on swap contracts | (161) |
|  |  |  | $1451 |  | $(38) |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $49 | Unrealized depreciation<sup>1</sup> | $124 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 790 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $839 |  | $124 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized depreciation** | **Net unrealized depreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(2688) | Net unrealized depreciation on futures contracts | $(79) |
| Swap | Interest | Net realized gain on swap contracts | 3147 | Net unrealized depreciation on swap contracts | (1585) |
|  |  |  | $459 |  | $(1664) |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $14523 | Unrealized depreciation<sup>1</sup> | $17699 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 30519 | Unrealized depreciation<sup>1</sup> | 21723 |
|  |  |  | $45042 |  | $39422 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized depreciation** | **Net unrealized depreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(52928) | Net unrealized depreciation on futures contracts | $(3785) |
| Swap | Interest | Net realized gain on swap contracts | 20919 | Net unrealized depreciation on swap contracts | (7297) |
|  |  |  | $(32009) |  | $(11082) |

---

Refer to the end of the tables for footnotes.

318 American Funds Insurance Series

**Managed Risk Growth Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $205 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> | 47 | Unrealized depreciation<sup>1</sup> | 61 |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 7547 | Unrealized depreciation<sup>1</sup> | 1 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 47 |
|  |  |  | $7799 |  | $109 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation** | **Net unrealized appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(3857) | Net unrealized appreciation on investments in unaffiliated issuers | $399 |
| Futures | Currency | Net realized gain on futures contracts | 463 | Net unrealized appreciation on futures contracts | 52 |
| Futures | Equity | Net realized gain on futures contracts | 12863 | Net unrealized appreciation on futures contracts | 8762 |
| Futures | Interest | Net realized loss on futures contracts | (11442) | Net unrealized appreciation on futures contracts | 10 |
|  |  |  | $(1973) |  | $9223 |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $169 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> |  |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 1024 | Unrealized depreciation<sup>1</sup> |  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 13 |
|  |  |  | $1193 |  | $13 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation** | **Net unrealized appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(1108) | Net unrealized appreciation on investments in unaffiliated issuers | $327 |
| Futures | Currency | Net realized gain on futures contracts |  | Net unrealized appreciation on futures contracts |  |
| Futures | Equity | Net realized gain on futures contracts | 6799 | Net unrealized appreciation on futures contracts | 57 |
| Futures | Interest | Net realized loss on futures contracts | (2792) | Net unrealized appreciation on futures contracts | 1337 |
|  |  |  | $2899 |  | $1721 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 319

**Managed Risk Washington Mutual Investors Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $274 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> | 68 | Unrealized depreciation<sup>1</sup> | 5 |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 2625 | Unrealized depreciation<sup>1</sup> | 5 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 81 |
|  |  |  | $2967 |  | $91 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(3288) | Net unrealized appreciation on investments in unaffiliated issuers | $51 |
| Futures | Currency | Net realized gain on futures contracts | 270 | Net unrealized appreciation on futures contracts | 68 |
| Futures | Equity | Net realized gain on futures contracts | 1194 | Net unrealized appreciation on futures contracts | 2690 |
| Futures | Interest | Net realized loss on futures contracts | (6007) | Net unrealized depreciation on futures contracts | (53) |
|  |  |  | $(7831) |  | $2756 |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $2485 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> | 433 | Unrealized depreciation<sup>1</sup> | 74 |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 16502 | Unrealized depreciation<sup>1</sup> | 33 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 177 |
|  |  |  | $19420 |  | $284 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(38643) | Net unrealized appreciation on investments in unaffiliated issuers | $7712 |
| Futures | Currency | Net realized gain on futures contracts | 1635 | Net unrealized appreciation on futures contracts | 368 |
| Futures | Equity | Net realized loss on futures contracts | (12730) | Net unrealized appreciation on futures contracts | 17087 |
| Futures | Interest | Net realized loss on futures contracts | (40727) | Net unrealized depreciation on futures contracts | (116) |
|  |  |  | $(90465) |  | $25051 |

---

Refer to the end of the tables for footnotes.

320 American Funds Insurance Series

**Managed Risk Asset Allocation Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $383 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> | 196 | Unrealized depreciation<sup>1</sup> | 47 |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 13613 | Unrealized depreciation<sup>1</sup> | 18 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 162 |
|  |  |  | $14192 |  | $227 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(5894) | Net unrealized appreciation on investments in unaffiliated issuers | $396 |
| Futures | Currency | Net realized gain on futures contracts | 1468 | Net unrealized appreciation on futures contracts | 158 |
| Futures | Equity | Net realized loss on futures contracts | (9987) | Net unrealized appreciation on futures contracts | 13720 |
| Futures | Interest | Net realized loss on futures contracts | (39248) | Net unrealized depreciation on futures contracts | (55) |
|  |  |  | $(53661) |  | $14219 |

---

<sup>1</sup> Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Includes options purchased as reported in each fund's investment portfolio.

**Collateral** — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**Rights of offset** — Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counter-party) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

American Funds Insurance Series 321

The following tables present each fund's forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of December 31, 2022, if close-out netting was exercised (dollars in thousands):

**New World Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | |  | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |  |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |  |
| Assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Barclays Bank PLC | $— | <sup>†</sup> | $— | $— | $— | $— | <sup>†</sup> |
| Liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | $26 |  | $— | $— | $— | $26 |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 24 |  |  |  |  | 24 |  |
| Total | $50 |  | $— | $— | $— | $50 |  |

---

**International Growth and Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;UBS AG | $5 | $— | $— | $— | $5 |

---

**American Funds Global Balanced Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $76 | $(29) | $— | $(47) | $— |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 66 | (47) |  |  | 19 |
| &nbsp;&nbsp;&nbsp;Citibank | 113 | (28) |  |  | 85 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 92 | (8) |  |  | 84 |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 33 | (8) |  |  | 25 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 272 | (1) |  |  | 271 |
| &nbsp;&nbsp;&nbsp;UBS AG | 33 | (23) |  |  | 10 |
| Total | $686 | $(145) | $— | $(47) | $494 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $29 | $(29) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 2 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 47 | (47) |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | 28 | (28) |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 8 | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 8 | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 3 |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;UBS AG | 23 | (23) |  |  |  |
| Total | $150 | $(145) | $— | $— | $5 |

---

Refer to the end of the tables for footnotes.

322 American Funds Insurance Series

**The Bond Fund of America**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | $63 | $(59) | $— | $— | $4 |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 106 | (4) |  |  | 102 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3652 | (16) |  | (2380) | 1256 |
| Total | $3821 | $(79) | $— | $(2380) | $1362 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | $59 | $(59) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 4 | (4) |  |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 95 |  |  |  | 95 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 16 | (16) |  |  |  |
| Total | $174 | $(79) | $— | $— | $95 |

---

**Capital World Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $1728 | $(1013) | $(59) | $— | $656 |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 433 | (433) |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | 105 |  |  |  | 105 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 128 | (92) |  |  | 36 |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 215 | (123) |  | (92) |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 89 |  |  |  | 89 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 76 | (76) |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 3616 | (8) |  | (2190) | 1418 |
| &nbsp;&nbsp;&nbsp;UBS AG | 618 | (478) |  |  | 140 |
| Total | $7008 | $(2223) | $(59) | $(2282) | $2444 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $1013 | $(1013) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 473 | (433) | (40) |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 92 | (92) |  |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 123 | (123) |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 268 | (76) |  |  | 192 |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 8 | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;UBS AG | 478 | (478) |  |  |  |
| Total | $2455 | $(2223) | $(40) | $— | $192 |

---

---

| | |
|:---|:---|
| \* | Collateral is shown on a settlement basis. |
| <sup>†</sup> | Amount less than one thousand. |

---

**6. Taxation and distributions**

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

American Funds Insurance Series 323

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2022, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| Global Growth Fund | $782 | $700 | $71 |
| Global Small Capitalization Fund | 264 | 1 | 3 |
| Growth Fund | 818 | 41 | 22 |
| International Fund | 5544 | 1191 | 920 |
| New World Fund | 358 | 110 | 14 |
| Growth-Income Fund | 3119 | 674 | 292 |
| International Growth and Income Fund | 995 | 133 | 35 |
| Capital Income Builder | 103 |  |  |
| Asset Allocation Fund | 23 | 115 | 9 |

---

The reclaims and interest are included in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; net operating losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** | **Washington<br> Mutual<br> Investors<br> Fund** |
| Undistributed ordinary income | $18515 | $1947 | $58974 | $15623 | $8333 | $45061 |
| Undistributed long-term capital gains | 549285 | 39017 | 1978732 |  |  | 89689 |
| Capital loss carryforward\* |  |  |  | (374845) |  |  |
| Gross unrealized appreciation on investments | 2375954 | 670857 | 11042046 | 1336912 | 734224 | 2118125 |
| Gross unrealized depreciation on investments | (532719) | (341080) | (2302474) | (696377) | (227842) | (434198) |
| Net unrealized appreciation (depreciation) on investments | 1843235 | 329777 | 8739572 | 640535 | 506382 | 1683927 |
| Cost of investments | 5104805 | 2679736 | 22239209 | 6111539 | 2581084 | 7749839 |
| Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | (2) | 1 | (1) |  | 2307 |  |

---

Refer to the end of the tables for footnote.

324 American Funds Insurance Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Capital World<br> Growth and<br> Income Fund** | **Growth-<br> Income<br> Fund** | **International<br> Growth<br> and Income<br> Fund** | **Capital<br> Income<br> Builder** | **Asset<br> Allocation<br> Fund** | **American<br> Funds<br> Global<br> Balanced<br> Fund** |
| Undistributed ordinary income | $6716 | $117578 | $1209 | $10957 | $120979 | $2667 |
| Undistributed long-term capital gains |  | 1825597 |  |  | 958605 | 44806 |
| Capital loss carryforward\* | (72176) |  | (23828) | (28240) |  |  |
| Gross unrealized appreciation on investments | 404604 | 11485057 | 40113 | 172719 | 5621631 | 32081 |
| Gross unrealized depreciation on investments | (145788) | (1261066) | (38777) | (48638) | (1495405) | (28506) |
| Net unrealized appreciation (depreciation) on investments | 258816 | 10223991 | 1336 | 124081 | 4126226 | 3575 |
| Cost of investments | 1470280 | 23017328 | 298123 | 1050210 | 21189651 | 360934 |
| Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest |  | 1 | (2) | 1 |  | (5) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **The Bond<br> Fund of<br> America** | **Capital<br> World<br> Bond<br> Fund** | **American<br> High-Income<br> Trust** | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br> Bond<br> Fund** | **U.S.<br> Government<br> Securities<br> Fund** |
| Undistributed ordinary income | $58751 | $— | $9376 | $529 | $2708 | $8185 |
| Capital loss carryforward\* | (907300) | (133685) | (298537) | (9549) | (1) | (177836) |
| Gross unrealized appreciation on investments | 59386 | 15710 | 31393 | 1496 | 27 | 52241 |
| Gross unrealized depreciation on investments | (845293) | (205368) | (114413) | (3313) | (84) | (124942) |
| Net unrealized appreciation (depreciation) on investments | (785907) | (189658) | (83020) | (1817) | (57) | (72701) |
| Cost of investments | 11952694 | 1666306 | 899803 | 109898 | 423636 | 1796326 |
| Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest |  | (18935) |  |  |  |  |
|  | **Managed<br> Risk<br> Growth<br> Fund** | **Managed<br> Risk<br> International<br> Fund** | **Managed<br> Risk<br> Washington<br> Mutual<br> Investors<br> Fund** | **Managed<br> Risk<br> Growth-<br> Income<br> Fund** | **Managed<br> Risk<br> Asset<br> Allocation<br> Fund** |  |
| Undistributed ordinary income | $5720 | $1966 | $5613 | $29224 | $35270 |  |
| Undistributed long-term capital gains | 105958 | 8883 | 41991 | 263419 | 248376 |  |
| Capital loss carryforward utilized |  | 12234 | 23718 |  |  |  |
| Gross unrealized appreciation on investments | 1057 | 229 | 981 | 10979 | 1506 |  |
| Gross unrealized depreciation on investments | (130250) | (34019) | (46563) | (168097) | (129608) |  |
| Net unrealized appreciation (depreciation) on investments | (129193) | (33790) | (45582) | (157118) | (128102) |  |
| Cost of investments | 569814 | 156568 | 362881 | 2216048 | 2296114 |  |

---

\* Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

American Funds Insurance Series 325

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $39498 | $361119 | $400617 | $23870 | $193074 | $216944 |
| Class 1A | 141 | 1617 | 1758 | 55 | 645 | 700 |
| Class 2 | 32689 | 386947 | 419636 | 15210 | 221402 | 236612 |
| Class 4 | 4312 | 66240 | 70552 | 1339 | 30748 | 32087 |
| **Total** | $**76640** | $**815923** | $**892563** | $**40474** | $**445869** | $**486343** |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $47544 | $285173 | $332717 | $— | $55655 | $55655 |
| Class 1A | 209 | 1252 | 1461 |  | 39 | 39 |
| Class 2 | 94748 | 568298 | 663046 |  | 60246 | 60246 |
| Class 4 | 13417 | 80475 | 93892 |  | 7215 | 7215 |
| **Total** | $**155918** | $**935198** | $**1091116** | $**—** | $**123155** | $**123155** |
| **Growth Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $319915 | $1912725 | $2232640 | $181380 | $2073422 | $2254802 |
| Class 1A | 3677 | 23411 | 27088 | 701 | 9031 | 9732 |
| Class 2 | 311929 | 2152577 | 2464506 | 167439 | 2610409 | 2777848 |
| Class 3 | 4207 | 28163 | 32370 | 2435 | 35107 | 37542 |
| Class 4 | 43665 | 340245 | 383910 | 17483 | 340551 | 358034 |
| **Total** | $**683393** | $**4457121** | $**5140514** | $**369438** | $**5068520** | $**5437958** |
| **International Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $94903 | $448918 | $543821 | $131730 | $— | $131730 |
| Class 1A | 281 | 1398 | 1679 | 281 |  | 281 |
| Class 2 | 86539 | 450228 | 536767 | 105815 |  | 105815 |
| Class 3 | 431 | 2195 | 2626 | 545 |  | 545 |
| Class 4 | 9244 | 52350 | 61594 | 10725 |  | 10725 |
| **Total** | $**191398** | $**955089** | $**1146487** | $**249096** | $**—** | $**249096** |

---

326 American Funds Insurance Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **New World Fund**<br>**Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $60201 | $129123 | $189324 | $26785 | $78257 | $105042 |
| Class 1A | 317 | 724 | 1041 | 77 | 273 | 350 |
| Class 2 | 26575 | 61661 | 88236 | 9450 | 36498 | 45948 |
| Class 4 | 22718 | 56063 | 78781 | 5794 | 28566 | 34360 |
| **Total** | $**109811** | $**247571** | $**357382** | $**42106** | $**143594** | $**185700** |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $351097 | $1068126 | $1419223 | $104666 | $— | $104666 |
| Class 1A | 3359 | 10665 | 14024 | 2211 |  | 2211 |
| Class 2 | 173751 | 551636 | 725387 | 46652 |  | 46652 |
| Class 4 | 61406 | 196768 | 258174 | 12620 |  | 12620 |
| **Total** | $**589613** | $**1827195** | $**2416808** | $**166149** | $**—** | $**166149** |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $32166 | $109599 | $141765 | $14543 | $16997 | $31540 |
| Class 1A | 337 | 1188 | 1525 | 99 | 67 | 166 |
| Class 2 | 57060 | 205827 | 262887 | 20948 | 29988 | 50936 |
| Class 4 | 10246 | 37875 | 48121 | 3094 | 4436 | 7530 |
| **Total** | $**99809** | $**354489** | $**454298** | $**38684** | $**51488** | $**90172** |
| **Growth-Income Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $597601 | $1754172 | $2351773 | $328564 | $239575 | $568139 |
| Class 1A | 784 | 2464 | 3248 | 308 | 185 | 493 |
| Class 2 | 328556 | 1071265 | 1399821 | 164258 | 145765 | 310023 |
| Class 3 | 3597 | 11428 | 15025 | 1864 | 1578 | 3442 |
| Class 4 | 41526 | 145017 | 186543 | 16599 | 16418 | 33017 |
| **Total** | $**972064** | $**2984346** | $**3956410** | $**511593** | $**403521** | $**915114** |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $397 | $6104 | $6501 | $4585 | $— | $4585 |
| Class 1A | 147 | 2108 | 2255 | 140 |  | 140 |
| Class 2 | 4951 | 81276 | 86227 | 6218 |  | 6218 |
| Class 4 | 3387 | 55677 | 59064 | 3589 |  | 3589 |
| **Total** | $**8882** | $**145165** | $**154047** | $**14532** | $**—** | $**14532** |

---

American Funds Insurance Series 327

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Capital Income Builder**<br>**Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $17636 | $— | $17636 | $16222 | $— | $16222 |
| Class 1A | 270 |  | 270 | 218 |  | 218 |
| Class 2 | 354 |  | 354 | 315 |  | 315 |
| Class 4 | 13728 |  | 13728 | 13009 |  | 13009 |
| **Total** | $**31988** | $**—** | $**31988** | $**29764** | $**—** | $**29764** |
| **Asset Allocation Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $476426 | $1525081 | $2001507 | $424814 | $579353 | $1004167 |
| Class 1A | 708 | 2098 | 2806 | 423 | 457 | 880 |
| Class 2 | 124332 | 440697 | 565029 | 108045 | 154751 | 262796 |
| Class 3 | 845 | 2914 | 3759 | 717 | 976 | 1693 |
| Class 4 | 142374 | 538249 | 680623 | 107752 | 164028 | 271780 |
| **Total** | $**744685** | $**2509039** | $**3253724** | $**641751** | $**899565** | $**1541316** |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $72 | $498 | $570 | $1680 | $6058 | $7738 |
| Class 1A | 2 | 13 | 15 | 45 | 189 | 234 |
| Class 2 | 123 | 850 | 973 | 2431 | 10638 | 13069 |
| Class 4 | 85 | 589 | 674 | 1305 | 6901 | 8206 |
| **Total** | $**282** | $**1950** | $**2232** | $**5461** | $**23786** | $**29247** |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $235158 | $60668 | $295826 | $301454 | $133858 | $435312 |
| Class 1A | 7470 | 1700 | 9170 | 408 | 193 | 601 |
| Class 2 | 98333 | 27763 | 126096 | 138464 | 69578 | 208042 |
| Class 4 | 24749 | 7113 | 31862 | 28710 | 14777 | 43487 |
| **Total** | $**365710** | $**97244** | $**462954** | $**469036** | $**218406** | $**687442** |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $2151 | $11752 | $13903 | $34401 | $10279 | $44680 |
| Class 1A | 3 | 20 | 23 | 34 | 7 | 41 |
| Class 2 | 2087 | 13752 | 15839 | 33715 | 10855 | 44570 |
| Class 4 | 120 | 945 | 1065 | 1845 | 612 | 2457 |
| **Total** | $**4361** | $**26469** | $**30830** | $**69995** | $**21753** | $**91748** |

---

328 American Funds Insurance Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $18444 |  | $— | $18444 |  | $11054 | $— | $11054 |
| Class 1A | 100 |  |  | 100 |  | 59 |  | 59 |
| Class 2 | 42707 |  |  | 42707 |  | 28636 |  | 28636 |
| Class 3 | 694 |  |  | 694 |  | 429 |  | 429 |
| Class 4 | 5827 |  |  | 5827 |  | 3238 |  | 3238 |
| **Total** | $**67772** |  | $**—** | $**67772** |  | $**43416** | $**—** | $**43416** |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** |  | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $15 |  | $— | $15 |  | $6294 | $3087 | $9381 |
| Class 1A | 37 |  |  | 37 |  | 39 | 18 | 57 |
| Class 2 | 995 |  |  | 995 |  | 1448 | 784 | 2232 |
| Class 4 | 746 |  |  | 746 |  | 936 | 551 | 1487 |
| **Total** | $**1793** |  | $**—** | $**1793** |  | $**8717** | $**4440** | $**13157** |
| **Ultra-Short Bond Fund** |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** |  | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $348 |  | $— | $348 |  | $— | $— | $— |
| Class 1A |  | <sup>†</sup> |  |  | <sup>†</sup> |  |  |  |
| Class 2 | 1570 |  |  | 1570 |  |  |  |  |
| Class 3 | 26 |  |  | 26 |  |  |  |  |
| Class 4 | 293 |  |  | 293 |  |  |  |  |
| **Total** | $**2237** |  | $**—** | $**2237** |  | $**—** | $**—** | $**—** |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** |  | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $10360 |  | $— | $10360 |  | $30987 | $9355 | $40342 |
| Class 1A | 153 |  |  | 153 |  | 389 | 129 | 518 |
| Class 2 | 42631 |  |  | 42631 |  | 108143 | 36124 | 144267 |
| Class 3 | 292 |  |  | 292 |  | 714 | 234 | 948 |
| Class 4 | 7040 |  |  | 7040 |  | 17596 | 6057 | 23653 |
| **Total** | $**60476** |  | $**—** | $**60476** |  | $**157829** | $**51899** | $**209728** |

---

Refer to the end of the tables for footnote.

American Funds Insurance Series 329

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | | | |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $162 | $1634 | $1796 | $106 | $409 | $515 |
| Class P2 | 6629 | 81821 | 88450 | 3159 | 23710 | 26869 |
| **Total** | $**6791** | $**83455** | $**90246** | $**3265** | $**24119** | $**27384** |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $69 | $— | $69 | $14 | $— | $14 |
| Class P2 | 4206 |  | 4206 | 917 |  | 917 |
| **Total** | $**4275** | $**—** | $**4275** | $**931** | $**—** | $**931** |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $127 | $— | $127 | $40 | $— | $40 |
| Class P2 | 14544 |  | 14544 | 5979 |  | 5979 |
| **Total** | $**14671** | $**—** | $**14671** | $**6019** | $**—** | $**6019** |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $43232 | $44484 | $87716 | $30716 | $29380 | $60096 |
| Class P2 | 5626 | 6461 | 12087 | 3713 | 4359 | 8072 |
| **Total** | $**48858** | $**50945** | $**99803** | $**34429** | $**33739** | $**68168** |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $176 | $254 | $430 | $114 | $— | $114 |
| Class P2 | 51616 | 86918 | 138534 | 38113 |  | 38113 |
| **Total** | $**51792** | $**87172** | $**138964** | $**38227** | $**—** | $**38227** |

---

 

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

**7. Fees and transactions**

CRMC, the series' investment adviser, is the parent company of American Funds Distributors<sup>®</sup>, Inc. ("AFD"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, AFD and AFS are considered related parties to the series.

330 American Funds Insurance Series

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

The series' board of trustees approved a revised investment advisory and services agreement effective May 1, 2022. The revised agreement provides investment advisory services fees based on revised annual rates and net asset levels for some of the funds. The following table discloses the annual rates and net asset levels before and after the revised contract became effective:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Prior to May 1, 2022** | **Prior to May 1, 2022** | **Prior to May 1, 2022** | **Prior to May 1, 2022** | **Effective May 1, 2022** | **Effective May 1, 2022** | **Effective May 1, 2022** | **Effective May 1, 2022** |
| | **Rates** | **Rates** | **Net asset levels<br> (in billions)** | **Net asset levels<br> (in billions)** | **Rates** | **Rates** | **Net asset levels<br> (in billions)** | **Net asset levels<br> (in billions)** |
| <br>**Fund** | **Beginning <br> with** | **Ending<br> with** | **Up to** | **In excess<br> of** | **Beginning <br> with** | **Ending<br> with** | **Up to** | **In excess<br> of** |
| Global Growth Fund | .690% | .445% | $.6 | $8 | .475% | .435% | $15 | $15 |
| Global Small Capitalization Fund | .800 | .635 | .6 | 5 | .647 | .615 | 15 | 15 |
| Growth Fund | .500 | .280 | .6 | 34 | .500 | .275 | .6 | 44 |
| International Fund | .690 | .430 | .5 | 21 | .478 | .430 | 15 | 21 |
| New World Fund | .850 | .580 | .5 | 4 | .577 | .510 | 15 | 15 |
| Washington Mutual Investors Fund | .500 | .350 | .6 | 10.5 | .374 | .350 | 15 | 15 |
| Capital World Growth and Income Fund | .690 | .480 | .6 | 3 | .475 | .435 | 15 | 15 |
| Growth-Income Fund | .500 | .219 | .6 | 34 | .500 | .217 | .6 | 44 |
| International Growth and Income Fund | .690 | .500 | .5 | 1.5 | .478 | .450 | 15 | 15 |
| Capital Income Builder | .500 | .410 | .6 | 1 | .357 | .330 | 15 | 15 |
| Asset Allocation Fund | .500 | .240 | .6 | 21 | .500 | .236 | .6 | 34 |
| American Funds Global Balanced Fund | .660 | .510 | .5 | 1 | .446 | .420 | 15 | 15 |
| The Bond Fund of America | .480 | .320 | .6 | 13 | .352 | .320 | 15 | 15 |
| Capital World Bond Fund | .570 | .450 | 1 | 3 | .431 | .360 | 15 | 15 |
| American High-Income Trust | .500 | .420 | .6 | 2 | .404 | .386 | 15 | 15 |
| American Funds Mortgage Fund | .420 | .290 | .6 | 3 | .295 | .280 | 15 | 15 |
| Ultra-Short Bond Fund | .320 | .270 | 1 | 2 | .257 | .242 | 15 | 15 |
| U.S. Government Securities Fund | .420 | .290 | .6 | 3 | .295 | .280 | 15 | 15 |

---

**Investment advisory services waivers** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the year ended December 31, 2022, CRMC waived $1,000 in fees for Growth Fund in advance of the revised investment advisory and service agreement effective May 1, 2022. CRMC also waived a portion of its investment advisory services fees for the following funds based on the rates listed:

---

| | | |
|:---|:---|:---|
| **Fund** | **Waiver rates prior to<br> May 1, 2022** | **Waiver rates effective<br> May 1, 2022** |
| Global Growth Fund | Not applicable | .11% |
| Global Small Capitalization Fund | Not applicable | .05 |
| New World Fund | .18% | .07 |
| Washington Mutual Investors Fund | .16 | .11 |
| Capital World Growth and Income Fund | .23 | .14 |
| International Growth and Income Fund | .14 | .01 |
| Capital Income Builder | .25 | .14 |
| American Funds Global Balanced Fund | Not applicable | .01 |
| The Bond Fund of America | .19 | .19 |
| Capital World Bond Fund | .10 | .10 |
| American High-Income Trust | .19 | .14 |
| American Funds Mortgage Fund | .21 | .12 |
| U.S. Government Securities Fund | .16 | .12 |
| Managed Risk Growth Fund | .05 | .05 |
| Managed Risk International Fund | .05 | .05 |
| Managed Risk Washington Mutual Investors Fund | .05 | .05 |
| Managed Risk Growth-Income Fund | .05 | .05 |
| Managed Risk Asset Allocation Fund | .05 | .05 |

---

American Funds Insurance Series 331

The waiver rates for each fund, except Growth Fund, will be in effect through at least May 1, 2023, and may only be modified or terminated with the approval of the series' board. For the year ended December 31, 2022, total investment advisory services fees waived by CRMC were $58,051,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rates** | **Rates** | **Net asset level<br> (in billions)** | **Net asset level<br> (in billions)** | | |
| <br>**Fund** | **Beginning<br> with** | **Ending<br> with** | **Up to** | **In excess<br> of** | **For the<br> year ended<br> December 31,**<br>**2022,<br> before waiver** | **For the<br> year ended<br> December 31,**<br>**2022,<br> after waiver** |
| Global Growth Fund | .475% | .435% | $15.0 | $15.0 | .485% | .415% |
| Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .668 | .637 |
| Growth Fund | .500 | .275 | .6 | 44.0 | .313 | .313 |
| International Fund | .478 | .430 | 15.0 | 21.0 | .485 | .485 |
| New World Fund | .577 | .510 | 15.0 | 15.0 | .619 | .509 |
| Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .378 | .230 |
| Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .518 | .364 |
| Growth-Income Fund | .500 | .217 | .6 | 44.0 | .254 | .254 |
| International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .555 | .460 |
| Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .395 | .218 |
| Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .265 | .265 |
| American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .523 | .517 |
| The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .354 | .164 |
| Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .471 | .433 |
| American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .433 | .275 |
| American Funds Mortgage Fund | .295 | .280 | 15.0 | 15.0 | .346 | .189 |
| Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .275 | .275 |
| U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .319 | .184 |
| Managed Risk Growth Fund | .150 |  | all |  | .150 | .100 |
| Managed Risk International Fund | .150 |  | all |  | .150 | .100 |
| Managed Risk Washington Mutual Investors Fund | .150 |  | all |  | .150 | .100 |
| Managed Risk Growth-Income Fund | .150 |  | all |  | .150 | .100 |
| Managed Risk Asset Allocation Fund | .150 |  | all |  | .150 | .100 |

---

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00% | 0.25% |
| Class 2 | 0.25 | 0.25 |
| Class 3 | 0.18 | 0.18 |
| Class 4 | 0.25 | 0.25 |
| Class P1 | 0.00 | 0.25 |
| Class P2 | 0.25 | 0.50 |

---

<br> 332 American Funds Insurance Series

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Global Growth Fund**<br>**Share class** |<br>**Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $1002 |
| Class 1A | $— | $37 | 4 |
| Class 2 | 8754 | Not applicable | 1050 |
| Class 4 | 1500 | 1500 | 180 |
| **Total class-specific expenses** | **$10254** | **$1537** | **$2236** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | | |
| **Share class** | **Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $308 |
| Class 1A | $— | $11 | 1 |
| Class 2 | 4837 | Not applicable | 581 |
| Class 4 | 688 | 688 | 83 |
| **Total class-specific expenses** | **$5525** | **$699** | $**973** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Growth Fund**<br>**Share class** |<br>**Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $4542 |
| Class 1A | $— | $407 | 49 |
| Class 2 | 41888 | Not applicable | 5026 |
| Class 3 | 403 | Not applicable | 67 |
| Class 4 | 6532 | 6532 | 784 |
| **Total class-specific expenses** | **$48823** | **$6939** | **$10468** |

---

---

| | | | |
|:---|:---|:---|:---|
| **International Fund**<br>**Share class** |<br>**Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $1036 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 8573 | Not applicable | 1029 |
| Class 3 | 30 | Not applicable | 5 |
| Class 4 | 982 | 982 | 118 |
| **Total class-specific expenses** | **$9585** | **$1008** | **$2191** |

---

<br> American Funds Insurance Series 333

---

| | | | |
|:---|:---|:---|:---|
| **New World Fund**<br>**Share class** |<br>**Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $535 |
| Class 1A | $— | $25 | 3 |
| Class 2 | 2101 | Not applicable | 252 |
| Class 4 | 1898 | 1898 | 228 |
| **Total class-specific expenses** | **$3999** | **$1923** | **$1018** |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $1738 |
| Class 1A | $— | $243 | 29 |
| Class 2 | 7376 | Not applicable | 885 |
| Class 4 | 2639 | 2639 | 317 |
| **Total class-specific expenses** | **$10015** | **$2882** | **$2969** |
| **Capital World Growth and Income Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $175 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 2689 | Not applicable | 323 |
| Class 4 | 483 | 484 | 58 |
| **Total class-specific expenses** | **$3172** | **$499** | **$558** |
| **Growth-Income Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $6289 |
| Class 1A | $— | $73 | 9 |
| Class 2 | 31403 | Not applicable | 3768 |
| Class 3 | 245 | Not applicable | 41 |
| Class 4 | 4213 | 4213 | 505 |
| **Total class-specific expenses** | **$35861** | **$4286** | **$10612** |
| **International Growth and Income Fund** |  |  |  |
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
| Class 1 | Not applicable | Not applicable | $4 |
| Class 1A | $— | $12 | 2 |
| Class 2 | 432 | Not applicable | 52 |
| Class 4 | 294 | 294 | 35 |
| **Total class-specific expenses** | **$726** | **$306** | **$93** |
| **Capital Income Builder** |  |  |  |
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
| Class 1 | Not applicable | Not applicable | $170 |
| Class 1A | $— | $24 | 3 |
| Class 2 | 31 | Not applicable | 4 |
| Class 4 | 1337 | 1338 | 160 |
| **Total class-specific expenses** | **$1368** | **$1362** | **$337** |
| **Asset Allocation Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $4850 |
| Class 1A | $— | $62 | 8 |
| Class 2 | 11503 | Not applicable | 1380 |
| Class 3 | 55 | Not applicable | 9 |
| Class 4 | 14002 | 14002 | 1680 |
| **Total class-specific expenses** | **$25560** | **$14064** | **$7927** |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $31 |
| Class 1A | $— | $7 | 1 |
| Class 2 | 428 | Not applicable | 51 |
| Class 4 | 293 | 293 | 35 |
| **Total class-specific expenses** | **$721** | **$300** | **$118** |
| **The Bond Fund of America** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $2100 |
| Class 1A | $— | $354 | 43 |
| Class 2 | 7903 | Not applicable | 948 |
| Class 4 | 2027 | 2027 | 243 |
| **Total class-specific expenses** | **$9930** | **$2381** | **$3334** |
| **Capital World Bond Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $222 |
| Class 1A | $— | $4 | — \* |
| Class 2 | 2109 | Not applicable | 253 |
| Class 4 | 142 | 142 | 17 |
| **Total class-specific expenses** | **$2251** | **$146** | **$492** |

---

Refer to the end of the tables for footnote.

334 American Funds Insurance Series

---

| | | | |
|:---|:---|:---|:---|
| **American High-Income Trust** | **American High-Income Trust** | | |
| **Share class** | **Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $71 |
| Class 1A | $— | $3 | — \* |
| Class 2 | 1440 | Not applicable | 173 |
| Class 3 | 16 | Not applicable | 3 |
| Class 4 | 200 | 200 | 24 |
| **Total class-specific expenses** | **$1656** | **$203** | **$271** |
| **American Funds Mortgage Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $3 |
| Class 1A | $— | $4 | 1 |
| Class 2 | 127 | Not applicable | 15 |
| Class 4 | 101 | 101 | 12 |
| **Total class-specific expenses** | **$228** | **$105** | **$31** |
| **Ultra-Short Bond Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $14 |
| Class 1A | $— | $— | — \* |
| Class 2 | 707 | Not applicable | 85 |
| Class 3 | 9 | Not applicable | 1 |
| Class 4 | 173 | 173 | 21 |
| **Total class-specific expenses** | **$889** | **$173** | **$121** |
| **U.S. Government Securities Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $81 |
| Class 1A | $— | $10 | 1 |
| Class 2 | 2967 | Not applicable | 356 |
| Class 3 | 15 | Not applicable | 3 |
| Class 4 | 512 | 512 | 62 |
| **Total class-specific expenses** | **$3494** | **$522** | **$503** |

---

---

| | | |
|:---|:---|:---|
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | |
| **Share class** | **Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $25 |
| Class P2 | $1219 | 1219 |
| **Total class-specific expenses** | **$1219** | **$1244** |
| **Managed Risk International Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $4 |
| Class P2 | $342 | 342 |
| **Total class-specific expenses** | **$342** | **$346** |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $6 |
| Class P2 | $824 | 824 |
| **Total class-specific expenses** | **$824** | **$830** |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $4945 |
| Class P2 | $720 | 720 |
| **Total class-specific expenses** | **$720** | **$5665** |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $18 |
| Class P2 | $5935 | 5935 |
| **Total class-specific expenses** | **$5935** | **$5953** |

---

\* Amount less than one thousand.

American Funds Insurance Series 335

**Miscellaneous fee reimbursements** — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended December 31, 2022, total fees and expenses reimbursed by CRMC were $32,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net decrease in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | **Decrease in value of<br> deferred amounts** | **Total trustees'<br> compensation** |
| Global Growth Fund | $21 | $(11) | $10 |
| Global Small Capitalization Fund | 10 | (5) | 5 |
| Growth Fund | 99 | (54) | 45 |
| International Fund | 21 | (11) | 10 |
| New World Fund | 10 | (5) | 5 |
| Washington Mutual Investors Fund | 27 | (16) | 11 |
| Capital World Growth and Income Fund | 5 | (3) | 2 |
| Growth-Income Fund | 98 | (56) | 42 |
| International Growth and Income Fund | 1 | — \* | 1 |
| Capital Income Builder | 3 | (2) | 1 |
| Asset Allocation Fund | 73 | (43) | 30 |
| American Funds Global Balanced Fund | 1 | (1) | — \* |
| The Bond Fund of America | 31 | (19) | 12 |
| Capital World Bond Fund | 5 | (3) | 2 |
| American High-Income Trust | 3 | (1) | 2 |
| American Funds Mortgage Fund | — \* | — \* | — \* |
| Ultra-Short Bond Fund | 1 | (1) | — \* |
| U.S. Government Securities Fund | 5 | (3) | 2 |
| Managed Risk Growth Fund | 2 | (1) | 1 |
| Managed Risk International Fund | — \* | — \* | — \* |
| Managed Risk Washington Mutual Investors Fund | 1 | (1) | — \* |
| Managed Risk Growth-Income Fund | 6 | (4) | 2 |
| Managed Risk Asset Allocation Fund | 7 | (4) | 3 |

---

\* Amount less than one thousand.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**Investments in CCBF and CCF** — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

336 American Funds Insurance Series

The following table presents purchase and sale transactions between each fund and related funds, and net realized loss or gain from such sales, if any, as of December 31, 2022 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net<br> realized<br> (loss) gain** |
| Global Growth Fund | $49680 | $71818 | $(20300) |
| Global Small Capitalization Fund | 57920 | 34601 | 1035 |
| Growth Fund | 261401 | 361390 | 36542 |
| International Fund | 104003 | 132023 | (15330) |
| New World Fund | 32986 | 51119 | 1384 |
| Washington Mutual Investors Fund | 78899 | 86050 | (13933) |
| Capital World Growth and Income Fund | 29485 | 42194 | (1316) |
| Growth-Income Fund | 260856 | 367634 | 60804 |
| International Growth and Income Fund | 3035 | 3711 | (301) |
| Capital Income Builder | 11219 | 9127 | 1159 |
| Asset Allocation Fund | 217739 | 147808 | (22154) |
| American Funds Global Balanced Fund | 2864 | 3686 | (19) |
| The Bond Fund of America | 1289 | 6983 | (541) |
| Capital World Bond Fund | 58 | 14120 | (947) |
| American High-Income Trust | 57 | 29194 | (1415) |

---

**8. Indemnifications**

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Committed line of credit**

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2022.

American Funds Insurance Series 337

**10. Capital share transactions**

Capital share transactions in each fund were as follows (dollars and shares in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | | | | | |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | | | | | |
| &nbsp;&nbsp;&nbsp;Class 1 | $434070 | 13042 | $400617 | 12733 | $(553744) | (16845) | $280943 | 8930 |
| &nbsp;&nbsp;&nbsp;Class 1A | 2997 | 91 | 1758 | 56 | (2085) | (65) | 2670 | 82 |
| &nbsp;&nbsp;&nbsp;Class 2 | 92048 | 2700 | 419636 | 13511 | (295933) | (9100) | 215751 | 7111 |
| &nbsp;&nbsp;&nbsp;Class 4 | 99092 | 2978 | 70552 | 2294 | (71372) | (2195) | 98272 | 3077 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**628207** | **18811** | $**892563** | **28594** | $**(923134)** | **(28205)** | $**597636** | **19200** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $683154 | 15421 | $216944 | 5062 | $(307264) | (6960) | $592834 | 13523 |
| &nbsp;&nbsp;&nbsp;Class 1A | 6731 | 151 | 700 | 17 | (2591) | (58) | 4840 | 110 |
| &nbsp;&nbsp;&nbsp;Class 2 | 69770 | 1607 | 236612 | 5601 | (588817) | (13514) | (282435) | (6306) |
| &nbsp;&nbsp;&nbsp;Class 4 | 167855 | 3876 | 32087 | 766 | (48523) | (1127) | 151419 | 3515 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**927510** | **21055** | $**486343** | **11446** | $**(947195)** | **(21659)** | $**466658** | **10842** |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $187481 | 9235 | $331498 | 19030 | $(570697) | (21774) | $(51718) | 6491 |
| &nbsp;&nbsp;&nbsp;Class 1A | 989 | 43 | 1461 | 85 | (276) | (15) | 2174 | 113 |
| &nbsp;&nbsp;&nbsp;Class 2 | 111019 | 5043 | 663046 | 40307 | (118512) | (6722) | 655553 | 38628 |
| &nbsp;&nbsp;&nbsp;Class 4 | 56480 | 2653 | 93892 | 5707 | (34387) | (1715) | 115985 | 6645 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**355969** | **16974** | $**1089897** | **65129** | $**(723872)** | **(30226)** | $**721994** | **51877** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $216763 | 6235 | $55510 | 1581 | $(1077292) | (31128) | $(805019) | (23312) |
| &nbsp;&nbsp;&nbsp;Class 1A | 4095 | 118 | 39 | 1 | (153) | (4) | 3981 | 115 |
| &nbsp;&nbsp;&nbsp;Class 2 | 59596 | 1785 | 60246 | 1778 | (374611) | (11071) | (254769) | (7508) |
| &nbsp;&nbsp;&nbsp;Class 4 | 89704 | 2662 | 7215 | 212 | (30621) | (901) | 66298 | 1973 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**370158** | **10800** | $**123010** | **3572** | $**(1482677)** | **(43104)** | $**(989509)** | **(28732)** |

---

Refer to the end of the tables for footnotes.

338 American Funds Insurance Series

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Growth Fund**<br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | | | | | |
| &nbsp;&nbsp;&nbsp;Class 1 | $2593666 | 29149 | $2228505 | 26120 | $(3051097) | (31275) | $1771074 | 23994 |
| &nbsp;&nbsp;&nbsp;Class 1A | 133124 | 1387 | 27088 | 320 | (15271) | (181) | 144941 | 1526 |
| &nbsp;&nbsp;&nbsp;Class 2 | 520092 | 5686 | 2464507 | 29214 | (1621163) | (17346) | 1363436 | 17554 |
| &nbsp;&nbsp;&nbsp;Class 3 | 1224 | 14 | 32371 | 376 | (28004) | (296) | 5591 | 94 |
| &nbsp;&nbsp;&nbsp;Class 4 | 409323 | 4647 | 383909 | 4657 | (227877) | (2558) | 565355 | 6746 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**3657429** | **40883** | $**5136380** | **60687** | $**(4943412)** | **(51656)** | $**3850397** | **49914** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $2916865 | 22963 | $2251516 | 19653 | $(2207142) | (17684) | $2961239 | 24932 |
| &nbsp;&nbsp;&nbsp;Class 1A | 68640 | 560 | 9733 | 86 | (25312) | (198) | 53061 | 448 |
| &nbsp;&nbsp;&nbsp;Class 2 | 432245 | 3495 | 2777848 | 24558 | (3289822) | (26755) | (79729) | 1298 |
| &nbsp;&nbsp;&nbsp;Class 3 | 1972 | 15 | 37541 | 326 | (37449) | (298) | 2064 | 43 |
| &nbsp;&nbsp;&nbsp;Class 4 | 553762 | 4582 | 358034 | 3232 | (224958) | (1864) | 686838 | 5950 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**3973484** | **31615** | $**5434672** | **47855** | $**(5784683)** | **(46799)** | $**3623473** | **32671** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $280536 | 15960 | $543821 | 32473 | $(1015741) | (51244) | $(191384) | (2811) |
| &nbsp;&nbsp;&nbsp;Class 1A | 2247 | 127 | 1679 | 101 | (1009) | (63) | 2917 | 165 |
| &nbsp;&nbsp;&nbsp;Class 2 | 189379 | 10637 | 536766 | 32189 | (347301) | (20471) | 378844 | 22355 |
| &nbsp;&nbsp;&nbsp;Class 3 | 87 | 5 | 2627 | 156 | (1366) | (79) | 1348 | 82 |
| &nbsp;&nbsp;&nbsp;Class 4 | 65571 | 3703 | 61594 | 3751 | (53681) | (3200) | 73484 | 4254 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**537820** | **30432** | $**1146487** | **68670** | $**(1419098)** | **(75057)** | $**265209** | **24045** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $366681 | 15339 | $131729 | 5782 | $(1253303) | (51135) | $(754893) | (30014) |
| &nbsp;&nbsp;&nbsp;Class 1A | 4570 | 192 | 281 | 13 | (2479) | (103) | 2372 | 102 |
| &nbsp;&nbsp;&nbsp;Class 2 | 264867 | 11161 | 105815 | 4673 | (502502) | (20818) | (131820) | (4984) |
| &nbsp;&nbsp;&nbsp;Class 3 | 125 | 5 | 546 | 24 | (3534) | (146) | (2863) | (117) |
| &nbsp;&nbsp;&nbsp;Class 4 | 95888 | 4069 | 10725 | 480 | (51434) | (2169) | 55179 | 2380 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**732131** | **30766** | $**249096** | **10972** | $**(1813252)** | **(74371)** | $**(832025)** | **(32633)** |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 339

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $91026 | 3688 | $189325 | 7939 | $(434293) | (16140) | $(153942) | (4513) |
| &nbsp;&nbsp;&nbsp;Class 1A | 1549 | 60 | 1040 | 44 | (1769) | (76) | 820 | 28 |
| &nbsp;&nbsp;&nbsp;Class 2 | 72626 | 2937 | 88236 | 3744 | (163288) | (6534) | (2426) | 147 |
| &nbsp;&nbsp;&nbsp;Class 4 | 133209 | 5310 | 78780 | 3371 | (133462) | (5583) | 78527 | 3098 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**298410** | **11995** | $**357381** | **15098** | $**(732812)** | **(28333)** | $**(77021)** | **(1240)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $180001 | 5517 | $104795 | 3183 | $(165865) | (5053) | $118931 | 3647 |
| &nbsp;&nbsp;&nbsp;Class 1A | 14137 | 436 | 350 | 11 | (21114) | (642) | (6627) | (195) |
| &nbsp;&nbsp;&nbsp;Class 2 | 82347 | 2547 | 45947 | 1410 | (159868) | (4915) | (31574) | (958) |
| &nbsp;&nbsp;&nbsp;Class 4 | 135084 | 4224 | 34360 | 1061 | (74083) | (2295) | 95361 | 2990 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**411569** | **12724** | $**185452** | **5665** | $**(420930)** | **(12905)** | $**176091** | **5484** |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $311628 | 22333 | $1412614 | 106476 | $(1024832) | (69053) | $699410 | 59756 |
| &nbsp;&nbsp;&nbsp;Class 1A | 33907 | 2321 | 14025 | 1066 | (125110) | (7699) | (77178) | (4312) |
| &nbsp;&nbsp;&nbsp;Class 2 | 48719 | 3523 | 725386 | 55707 | (414058) | (28659) | 360047 | 30571 |
| &nbsp;&nbsp;&nbsp;Class 4 | 238615 | 16711 | 258174 | 20025 | (148002) | (10093) | 348787 | 26643 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**632869** | **44888** | $**2410199** | **183274** | $**(1712002)** | **(115504)** | $**1331066** | **112658** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $740227 | 42419 | $104068 | 6017 | $(1150862) | (70448) | $(306567) | (22012) |
| &nbsp;&nbsp;&nbsp;Class 1A | 128020 | 7779 | 2211 | 129 | (4020) | (244) | 126211 | 7664 |
| &nbsp;&nbsp;&nbsp;Class 2 | 51950 | 3263 | 46652 | 2739 | (508810) | (31581) | (410208) | (25579) |
| &nbsp;&nbsp;&nbsp;Class 4 | 156222 | 9709 | 12620 | 746 | (66538) | (4145) | 102304 | 6310 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1076419** | **63170** | $**165551** | **9631** | $**(1730230)** | **(106418)** | $**(488260)** | **(33617)** |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $286528 | 22239 | $137343 | 10946 | $(434782) | (30278) | $(10911) | 2907 |
| &nbsp;&nbsp;&nbsp;Class 1A | 1618 | 116 | 1525 | 122 | (1079) | (91) | 2064 | 147 |
| &nbsp;&nbsp;&nbsp;Class 2 | 15274 | 1157 | 262887 | 21001 | (144703) | (10617) | 133458 | 11541 |
| &nbsp;&nbsp;&nbsp;Class 4 | 25643 | 1909 | 48121 | 3940 | (22999) | (1756) | 50765 | 4093 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**329063** | **25421** | $**449876** | **36009** | $**(603563)** | **(42742)** | $**175376** | **18688** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $171552 | 9531 | $30555 | 1698 | $(117328) | (6578) | $84779 | 4651 |
| &nbsp;&nbsp;&nbsp;Class 1A | 4092 | 231 | 166 | 9 | (605) | (34) | 3653 | 206 |
| &nbsp;&nbsp;&nbsp;Class 2 | 21440 | 1205 | 50935 | 2838 | (216241) | (12206) | (143866) | (8163) |
| &nbsp;&nbsp;&nbsp;Class 4 | 49326 | 2833 | 7530 | 427 | (16390) | (939) | 40466 | 2321 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**246410** | **13800** | $**89186** | **4972** | $**(350564)** | **(19757)** | $**(14968)** | **(985)** |

---

Refer to the end of the tables for footnotes.

340 American Funds Insurance Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $2026623 | 38323 | $2348918 | 43972 | $(3853406) | (68861) | $522135 | 13434 |
| &nbsp;&nbsp;&nbsp;Class 1A | 4813 | 89 | 3248 | 61 | (3333) | (64) | 4728 | 86 |
| &nbsp;&nbsp;&nbsp;Class 2 | 119436 | 2219 | 1399821 | 26589 | (1455432) | (26710) | 63825 | 2098 |
| &nbsp;&nbsp;&nbsp;Class 3 | 766 | 15 | 15025 | 280 | (15511) | (279) | 280 | 16 |
| &nbsp;&nbsp;&nbsp;Class 4 | 180173 | 3342 | 186543 | 3596 | (153528) | (2879) | 213188 | 4059 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**2331811** | **43988** | $**3953555** | **74498** | $**(5481210)** | **(98793)** | $**804156** | **19693** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $778306 | 12603 | $567351 | 8928 | $(3472494) | (56343) | $(2126837) | (34812) |
| &nbsp;&nbsp;&nbsp;Class 1A | 14065 | 224 | 493 | 8 | (2433) | (39) | 12125 | 193 |
| &nbsp;&nbsp;&nbsp;Class 2 | 143239 | 2361 | 310023 | 4964 | (2027406) | (33135) | (1574144) | (25810) |
| &nbsp;&nbsp;&nbsp;Class 3 | 1007 | 16 | 3442 | 54 | (23575) | (379) | (19126) | (309) |
| &nbsp;&nbsp;&nbsp;Class 4 | 302016 | 4995 | 33018 | 536 | (132399) | (2191) | 202635 | 3340 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1238633** | **20199** | $**914327** | **14490** | $**(5658307)** | **(92087)** | $**(3505347)** | **(57398)** |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $2793 | 220 | $6501 | 686 | $(16761) | (946) | $(7467) | (40) |
| &nbsp;&nbsp;&nbsp;Class 1A | 1041 | 92 | 2255 | 244 | (921) | (61) | 2375 | 275 |
| &nbsp;&nbsp;&nbsp;Class 2 | 7743 | 664 | 86227 | 9344 | (24550) | (2262) | 69420 | 7746 |
| &nbsp;&nbsp;&nbsp;Class 4 | 23335 | 2027 | 59065 | 6499 | (13968) | (1295) | 68432 | 7231 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**34912** | **3003** | $**154048** | **16773** | $**(56200)** | **(4564)** | $**132760** | **15212** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $48015 | 2368 | $4294 | 210 | $(1169382) | (59936) | $(1117073) | (57358) |
| &nbsp;&nbsp;&nbsp;Class 1A | 2986 | 152 | 141 | 7 | (561) | (28) | 2566 | 131 |
| &nbsp;&nbsp;&nbsp;Class 2 | 8004 | 401 | 6218 | 322 | (29755) | (1507) | (15533) | (784) |
| &nbsp;&nbsp;&nbsp;Class 4 | 27229 | 1381 | 3589 | 188 | (13127) | (671) | 17691 | 898 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**86234** | **4302** | $**14242** | **727** | $**(1212825)** | **(62142)** | $**(1112349)** | **(57113)** |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 341

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $177351 | 15800 | $17636 | 1573 | $(114944) | (10289) | $80043 | 7084 |
| &nbsp;&nbsp;&nbsp;Class 1A | 2218 | 196 | 270 | 24 | (1259) | (111) | 1229 | 109 |
| &nbsp;&nbsp;&nbsp;Class 2 | 2390 | 211 | 355 | 32 | (1006) | (88) | 1739 | 155 |
| &nbsp;&nbsp;&nbsp;Class 4 | 94517 | 8303 | 13728 | 1228 | (81854) | (7293) | 26391 | 2238 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**276476** | **24510** | $**31989** | **2857** | $**(199063)** | **(17781)** | $**109402** | **9586** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $107711 | 9192 | $16222 | 1379 | $(252397) | (21377) | $(128464) | (10806) |
| &nbsp;&nbsp;&nbsp;Class 1A | 2434 | 206 | 218 | 19 | (451) | (39) | 2201 | 186 |
| &nbsp;&nbsp;&nbsp;Class 2 | 5007 | 428 | 315 | 27 | (1572) | (134) | 3750 | 321 |
| &nbsp;&nbsp;&nbsp;Class 4 | 70040 | 6029 | 13009 | 1105 | (42227) | (3629) | 40822 | 3505 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**185192** | **15855** | $**29764** | **2530** | $**(296647)** | **(25179)** | $**(81691)** | **(6794)** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $1365105 | 57634 | $2001507 | 85450 | $(2607782) | (108817) | $758830 | 34267 |
| &nbsp;&nbsp;&nbsp;Class 1A | 8603 | 375 | 2806 | 121 | (2839) | (126) | 8570 | 370 |
| &nbsp;&nbsp;&nbsp;Class 2 | 58248 | 2413 | 565030 | 24435 | (581503) | (24252) | 41775 | 2596 |
| &nbsp;&nbsp;&nbsp;Class 3 | 126 | 5 | 3759 | 160 | (3377) | (141) | 508 | 24 |
| &nbsp;&nbsp;&nbsp;Class 4 | 332209 | 13862 | 680622 | 29650 | (423984) | (17975) | 588847 | 25537 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1764291** | **74289** | $**3253724** | **139816** | $**(3619485)** | **(151311)** | $**1398530** | **62794** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $1077099 | 38077 | $1004165 | 35557 | $(4395063) | (151941) | $(2313799) | (78307) |
| &nbsp;&nbsp;&nbsp;Class 1A | 8925 | 315 | 880 | 31 | (1749) | (63) | 8056 | 283 |
| &nbsp;&nbsp;&nbsp;Class 2 | 117974 | 4243 | 262797 | 9420 | (649009) | (23286) | (268238) | (9623) |
| &nbsp;&nbsp;&nbsp;Class 3 | 1030 | 36 | 1693 | 60 | (2340) | (83) | 383 | 13 |
| &nbsp;&nbsp;&nbsp;Class 4 | 687105 | 24820 | 271781 | 9809 | (264761) | (9619) | 694125 | 25010 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1892133** | **67491** | $**1541316** | **54877** | $**(5312922)** | **(184992)** | $**(1879473)** | **(62624)** |

---

Refer to the end of the tables for footnotes.

342 American Funds Insurance Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $37857 | 3046 | $570 | 44 | $(45473) | (3593) | $(7046) | (503) |
| &nbsp;&nbsp;&nbsp;Class 1A | 160 | 12 | 15 | 1 | (857) | (63) | (682) | (50) |
| &nbsp;&nbsp;&nbsp;Class 2 | 3979 | 308 | 974 | 74 | (24238) | (1876) | (19285) | (1494) |
| &nbsp;&nbsp;&nbsp;Class 4 | 9992 | 779 | 674 | 52 | (14316) | (1139) | (3650) | (308) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**51988** | **4145** | $**2233** | **171** | $**(84884)** | **(6671)** | $**(30663)** | **(2355)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $9259 | 623 | $7739 | 533 | $(40506) | (2798) | $(23508) | (1642) |
| &nbsp;&nbsp;&nbsp;Class 1A | 925 | 63 | 233 | 16 | (252) | (17) | 906 | 62 |
| &nbsp;&nbsp;&nbsp;Class 2 | 5621 | 383 | 13069 | 902 | (27137) | (1828) | (8447) | (543) |
| &nbsp;&nbsp;&nbsp;Class 4 | 28503 | 1957 | 8206 | 572 | (10476) | (713) | 26233 | 1816 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**44308** | **3026** | $**29247** | **2023** | $**(78371)** | **(5356)** | $**(4816)** | **(307)** |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $1045629 | 102870 | $293730 | 29996 | $(2254686) | (218872) | $(915327) | (86006) |
| &nbsp;&nbsp;&nbsp;Class 1A | 222556 | 22066 | 9170 | 944 | (5163) | (515) | 226563 | 22495 |
| &nbsp;&nbsp;&nbsp;Class 2 | 49800 | 5005 | 126095 | 13059 | (487579) | (48690) | (311684) | (30626) |
| &nbsp;&nbsp;&nbsp;Class 4 | 123107 | 12517 | 31861 | 3314 | (113670) | (11505) | 41298 | 4326 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1441092** | **142458** | $**460856** | **47313** | $**(2861098)** | **(279582)** | $**(959150)** | **(89811)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $2441954 | 212866 | $432376 | 38456 | $(737146) | (64100) | $2137184 | 187222 |
| &nbsp;&nbsp;&nbsp;Class 1A | 5329 | 464 | 601 | 54 | (2565) | (223) | 3365 | 295 |
| &nbsp;&nbsp;&nbsp;Class 2 | 204371 | 17879 | 208042 | 18765 | (302247) | (26735) | 110166 | 9909 |
| &nbsp;&nbsp;&nbsp;Class 4 | 240539 | 21228 | 43487 | 3939 | (60173) | (5327) | 223853 | 19840 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**2892193** | **252437** | $**684506** | **61214** | $**(1102131)** | **(96385)** | $**2474568** | **217266** |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $63069 | 6354 | $13903 | 1398 | $(234228) | (22105) | $(157256) | (14353) |
| &nbsp;&nbsp;&nbsp;Class 1A | 470 | 46 | 24 | 2 | (371) | (38) | 123 | 10 |
| &nbsp;&nbsp;&nbsp;Class 2 | 32696 | 3225 | 15838 | 1606 | (121387) | (11954) | (72853) | (7123) |
| &nbsp;&nbsp;&nbsp;Class 4 | 7078 | 688 | 1065 | 109 | (8255) | (838) | (112) | (41) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**103313** | **10313** | $**30830** | **3115** | $**(364241)** | **(34935)** | $**(230098)** | **(21507)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $129119 | 10361 | $44414 | 3661 | $(305638) | (24399) | $(132105) | (10377) |
| &nbsp;&nbsp;&nbsp;Class 1A | 1155 | 95 | 40 | 3 | (261) | (21) | 934 | 77 |
| &nbsp;&nbsp;&nbsp;Class 2 | 83201 | 6733 | 44570 | 3700 | (58585) | (4813) | 69186 | 5620 |
| &nbsp;&nbsp;&nbsp;Class 4 | 19357 | 1604 | 2457 | 206 | (11624) | (951) | 10190 | 859 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**232832** | **18793** | $**91481** | **7570** | $**(376108)** | **(30184)** | $**(51795)** | **(3821)** |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 343

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $29406 | 3042 | $17917 | 2062 | $(58971) | (6116) | $(11648) | (1012) |
| &nbsp;&nbsp;&nbsp;Class 1A | 362 | 39 | 100 | 11 | (426) | (45) | 36 | 5 |
| &nbsp;&nbsp;&nbsp;Class 2 | 7171 | 758 | 42707 | 5019 | (98679) | (10782) | (48801) | (5005) |
| &nbsp;&nbsp;&nbsp;Class 3 | 432 | 46 | 695 | 79 | (1385) | (149) | (258) | (24) |
| &nbsp;&nbsp;&nbsp;Class 4 | 65309 | 6490 | 5827 | 619 | (70275) | (6997) | 861 | 112 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**102680** | **10375** | $**67246** | **7790** | $**(229736)** | **(24089)** | $**(59810)** | **(5924)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $160559 | 15547 | $10757 | 1060 | $(19514) | (1906) | $151802 | 14701 |
| &nbsp;&nbsp;&nbsp;Class 1A | 915 | 89 | 59 | 5 | (548) | (53) | 426 | 41 |
| &nbsp;&nbsp;&nbsp;Class 2 | 20019 | 2003 | 28636 | 2874 | (66675) | (6630) | (18020) | (1753) |
| &nbsp;&nbsp;&nbsp;Class 3 | 908 | 88 | 429 | 42 | (1328) | (129) | 9 | 1 |
| &nbsp;&nbsp;&nbsp;Class 4 | 143656 | 13002 | 3238 | 295 | (128886) | (11648) | 18008 | 1649 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**326057** | **30729** | $**43119** | **4276** | $**(216951)** | **(20366)** | $**152225** | **14639** |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $784 | 78 | $15 | 2 | $(229165) | (21726) | $(228366) | (21646) |
| &nbsp;&nbsp;&nbsp;Class 1A | 662 | 67 | 37 | 4 | (1033) | (103) | (334) | (32) |
| &nbsp;&nbsp;&nbsp;Class 2 | 3214 | 326 | 995 | 103 | (9402) | (951) | (5193) | (522) |
| &nbsp;&nbsp;&nbsp;Class 4 | 10671 | 1091 | 746 | 78 | (9016) | (920) | 2401 | 249 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**15331** | **1562** | $**1793** | **187** | $**(248616)** | **(23700)** | $**(231492)** | **(21951)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $35679 | 3267 | $9382 | 880 | $(27270) | (2517) | $17791 | 1630 |
| &nbsp;&nbsp;&nbsp;Class 1A | 1498 | 139 | 57 | 5 | (436) | (40) | 1119 | 104 |
| &nbsp;&nbsp;&nbsp;Class 2 | 6415 | 588 | 2232 | 210 | (5928) | (547) | 2719 | 251 |
| &nbsp;&nbsp;&nbsp;Class 4 | 11056 | 1029 | 1486 | 142 | (4892) | (457) | 7650 | 714 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**54648** | **5023** | $**13157** | **1237** | $**(38526)** | **(3561)** | $**29279** | **2699** |

---

Refer to the end of the tables for footnotes.

344 American Funds Insurance Series

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | | |  | | |  | | | | |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | | **Shares** | **Shares** | | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $33573 | 2975 | $348 |  |  | 31 |  | $(20904) | (1853) | $13017 | 1153 |
| &nbsp;&nbsp;&nbsp;Class 1A |  |  |  | <sup>†</sup> |  |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 | 117586 | 10755 | 1569 |  |  | 143 |  | (68709) | (6275) | 50446 | 4623 |
| &nbsp;&nbsp;&nbsp;Class 3 | 735 | 67 | 26 |  |  | 2 |  | (1082) | (97) | (321) | (28) |
| &nbsp;&nbsp;&nbsp;Class 4 | 84873 | 7721 | 293 |  |  | 27 |  | (51358) | (4671) | 33808 | 3077 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**236767** | **21518** | $**2236** |  |  | **203** |  | $**(142053)** | **(12896)** | $**96950** | **8825** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $16242 | 1439 | $— |  |  |  |  | $(22707) | (2011) | $(6465) | (572) |
| &nbsp;&nbsp;&nbsp;Class 1A |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 | 86233 | 7864 |  |  |  |  |  | (127622) | (11640) | (41389) | (3776) |
| &nbsp;&nbsp;&nbsp;Class 3 | 1253 | 113 |  |  |  |  |  | (915) | (83) | 338 | 30 |
| &nbsp;&nbsp;&nbsp;Class 4 | 35704 | 3232 |  |  |  |  |  | (29389) | (2660) | 6315 | 572 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**139432** | **12648** | $**—** |  |  | **—** |  | $**(180633)** | **(16394)** | $**(41201** | **(3746** |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** |  | **Shares** | **Shares** |  | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $69422 | 6446 | $10134 |  |  | 987 |  | $(316401) | (27982) | $(236845) | (20549) |
| &nbsp;&nbsp;&nbsp;Class 1A | 2902 | 273 | 153 |  |  | 15 |  | (3237) | (300) | (182) | (12) |
| &nbsp;&nbsp;&nbsp;Class 2 | 43941 | 4115 | 42631 |  |  | 4200 |  | (233844) | (21667) | (147272) | (13352) |
| &nbsp;&nbsp;&nbsp;Class 3 | 308 | 28 | 292 |  |  | 28 |  | (2508) | (236) | (1908) | (180) |
| &nbsp;&nbsp;&nbsp;Class 4 | 67334 | 6331 | 7040 |  |  | 695 |  | (90440) | (8406) | (16066 | (1380 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**183907** | **17193** | $**60250** |  |  | **5925** |  | $**(646430)** | **(58591)** | $**(402273** | **(35473** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $213039 | 17786 | $38963 |  |  | 3337 |  | $(115497) | (9263) | $136505 | 11860 |
| &nbsp;&nbsp;&nbsp;Class 1A | 4388 | 354 | 518 |  |  | 44 |  | (3192) | (265) | 1714 | 133 |
| &nbsp;&nbsp;&nbsp;Class 2 | 91122 | 7303 | 144267 |  |  | 12514 |  | (129818) | (10810) | 105571 | 9007 |
| &nbsp;&nbsp;&nbsp;Class 3 | 1023 | 86 | 948 |  |  | 81 |  | (1549) | (126) | 422 | 41 |
| &nbsp;&nbsp;&nbsp;Class 4 | 87885 | 7227 | 23653 |  |  | 2055 |  | (118823) | (9719) | (7285 | (437 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**397457** | **32756** | $**208349** |  |  | **18031** |  | $**(368879)** | **(30183)** | $**236927** | **20604** |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |  |  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net increase <br> (decrease)** | **Net increase <br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** |  | **Shares** | **Shares** |  | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 | $1679 | 122 | $1796 |  |  | 147 |  | $(2034) | (134) | $1441 | 135 |
| &nbsp;&nbsp;&nbsp;Class P2 | 37760 | 2684 | 88450 |  |  | 7291 |  | (30630) | (2253) | 95580 | 7722 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**39439** | **2806** | $**90246** |  |  | **7438** |  | $**(32664)** | **(2387)** | $**97021** | **7857** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 | $3593 | 199 | $515 |  |  | 30 |  | $(3079) | (172) | $1029 | 57 |
| &nbsp;&nbsp;&nbsp;Class P2 | 39055 | 2202 | 26869 |  |  | 1558 |  | (78851) | (4405) | (12927 | (645 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**42648** | **2401** | $**27384** |  |  | **1588** |  | $**(81930)** | **(4577)** | $**(11898** | **(588** |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 345

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class P1 | $578 | 62 | $69 | 8 | $(323) | (37) | $324 | 33 |
| &nbsp;&nbsp;&nbsp;Class P2 | 5403 | 564 | 4206 | 470 | (15947) | (1788) | (6338) | (754) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**5981** | **626** | $**4275** | **478** | $**(16270)** | **(1825)** | $**(6014)** | **(721)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class P1 | $887 | 80 | $14 | 1 | $(531) | (48) | $370 | 33 |
| &nbsp;&nbsp;&nbsp;Class P2 | 12803 | 1181 | 917 | 80 | (14744) | (1323) | (1024) | (62) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**13690** | **1261** | $**931** | **81** | $**(15275)** | **(1371)** | $**(654)** | **(29)** |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase <br> (decrease)** | **Net increase <br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class P1 | $1026 | 86 | $127 | 11 | $(498) | (43) | $655 | 54 |
| &nbsp;&nbsp;&nbsp;Class P2 | 22662 | 1947 | 14544 | 1281 | (39363) | (3307) | (2157) | (79) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**23688** | **2033** | $**14671** | **1292** | $**(39861)** | **(3350)** | $**(1502)** | **(25)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class P1 | $971 | 80 | $40 | 3 | $(343) | (29) | $668 | 54 |
| &nbsp;&nbsp;&nbsp;Class P2 | 9743 | 800 | 5979 | 487 | (51273) | (4254) | (35551) | (2967) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**10714** | **880** | $**6019** | **490** | $**(51616)** | **(4283)** | $**(34883)** | **(2913)** |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net decrease** | **Net decrease** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class P1 | $49558 | 3678 | $87716 | 6731 | $(157932) | (11880) | $(20658) | (1471) |
| &nbsp;&nbsp;&nbsp;Class P2 | 13539 | 1010 | 12087 | 932 | (28848) | (2135) | (3222) | (193) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**63097** | **4688** | $**99803** | **7663** | $**(186780)** | **(14015)** | $**(23880)** | **(1664)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class P1 | $64192 | 4303 | $60096 | 4023 | $(175764) | (11680) | $(51476) | (3354) |
| &nbsp;&nbsp;&nbsp;Class P2 | 14838 | 1008 | 8072 | 546 | (35819) | (2404) | (12909) | (850) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**79030** | **5311** | $**68168** | **4569** | $**(211583)** | **(14084)** | $**(64385)** | **(4204)** |

---

Refer to the end of the tables for footnotes.

346 American Funds Insurance Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class P1 | $1649 | 120 | $430 | 34 | $(675) | (52) | $1404 | 102 |
| &nbsp;&nbsp;&nbsp;Class P2 | 38665 | 2998 | 138534 | 11152 | (283108) | (22026) | (105909) | (7876) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**40314** | **3118** | $**138964** | **11186** | $**(283783)** | **(22078)** | $**(104505)** | **(7774)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class P1 | $2097 | 141 | $114 | 8 | $(899) | (60) | $1312 | 89 |
| &nbsp;&nbsp;&nbsp;Class P2 | 57616 | 4016 | 38113 | 2632 | (351072) | (24507) | (255343) | (17859) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**59713** | **4157** | $**38227** | **2640** | $**(351971)** | **(24567)** | $**(254031)** | **(17770)** |

---

---

| | |
|:---|:---|
| \* | Includes exchanges between share classes of the fund. |
| <sup>†</sup> | Amount less than one thousand. |

---

**11. Ownership concentration**

At December 31, 2022, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 18% and 17% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

**12. Investment transactions and other disclosures**

The following tables present additional information for each fund for the year ended December 31, 2022 (dollars in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** | **Washington<br> Mutual<br> Investors<br> Fund** |
| Purchases of investment securities\* | $2020468 | $1224731 |  | $10017065 | $2810699 | $1260720 | $2833147 |
| Sales of investment securities\* | 2146215 | 1218842 |  | 10662318 | 2867081 | 1624730 | 3802409 |
| Non-U.S. taxes paid on dividend income | 6202 | 2117 |  | 9817 | 9312 | 3655 | 1964 |
| Non-U.S. taxes paid on interest income |  |  |  |  |  | 5 |  |
| Non-U.S. taxes paid on realized gains | 1408 | 5338 |  |  | 8023 | 4440 |  |
| Non-U.S. taxes provided on unrealized appreciation | 5103 | 9184 |  |  | 25364 | 8906 |  |
|  | **Capital<br>World<br>Growth<br>and Income<br>Fund** | **Growth-**<br> **Income**<br> **Fund** |  | **International**<br> **Growth**<br> **and Income**<br> **Fund** | **Capital**<br> **Income**<br> **Builder** | **Asset**<br> **Allocation**<br> **Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund** |
| Purchases of investment securities\* | $749437 | $8339283 |  | $142556 | $1242326 | $27267262 | $392565 |
| Sales of investment securities\* | 985479 | 12308349 |  | 139199 | 1167109 | 28617726 | 407112 |
| Non-U.S. taxes paid on dividend income | 2593 | 9673 |  | 744 | 1500 | 9616 | 372 |
| Non-U.S. taxes paid on interest income |  |  |  |  |  |  | 11 |
| Non-U.S. taxes paid on realized gains | 173 |  | <sup>†</sup> | 51 | 46 |  | 43 |
| Non-U.S. taxes provided on unrealized appreciation | 568 |  |  | 58 | 349 | 2592 | 83 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 347

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Bond<br> Fund<br> of America** | **Capital<br> World Bond<br> Fund** | **American<br> High-Income<br> Trust** | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br> Bond<br> Fund** | **U.S.<br> Government<br> Securities<br> Fund** |
| Purchases of investment securities\* | $38975446 | $1910865 | $293093 | $1134922 | $— | $9478478 |
| Sales of investment securities\* | 37928493 | 2233596 | 378913 | 1243904 |  | 9100700 |
| Non-U.S. taxes paid on interest income | 22 | 135 |  |  |  |  |
| Non-U.S. taxes paid on realized gains |  | 333 |  |  |  |  |
| Non-U.S. taxes provided on unrealized appreciation |  | 117 |  |  |  |  |
|  | **Managed**<br> **Risk**<br> **Growth**<br> **Fund** | **Managed**<br> **Risk**<br> **International**<br> **Fund** | **Managed**<br> **Risk**<br> **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth-**<br> **Income**<br> **Fund** | **Managed**<br> **Risk**<br> **Asset**<br> **Allocation**<br> **Fund** |  |
| Purchases of investment securities\* | $528842 | $121812 | $269212 | $1486050 | $1104342 |  |
| Sales of investment securities\* | 453254 | 107992 | 219710 | 1431021 | 1086607 |  |

---

---

| | |
|:---|:---|
| \* | Excludes short-term securities and U.S. government obligations, if any. |
| <sup>†</sup> | Amount less than one thousand. |

---

348 American Funds Insurance Series

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Global Growth Fund** | **Global Growth Fund** | | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $45.46 | $.34 | $(11.34) | $(11.00) | $(.31) | $(3.97) | $(4.28) | $30.18 | (24.54)% | $3104 | .53% | .46% | 1.01% |
| 12/31/2021 | 41.16 | .25 | 6.48 | 6.73 | (.26) | (2.17) | (2.43) | 45.46 | 16.72 | 4270 | .55 | .54 | .56 |
| 12/31/2020 | 32.57 | .20 | 9.56 | 9.76 | (.21) | (.96) | (1.17) | 41.16 | 30.79 | 3309 | .56 | .56 | .59 |
| 12/31/2019 | 25.74 | .32 | 8.60 | 8.92 | (.41) | (1.68) | (2.09) | 32.57 | 35.61 | 2515 | .56 | .56 | 1.07 |
| 12/31/2018 | 30.51 | .29 | (2.65) | (2.36) | (.28) | (2.13) | (2.41) | 25.74 | (8.81) | 1942 | .55 | .55 | .98 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 45.28 | .26 | (11.31) | (11.05) | (.22) | (3.97) | (4.19) | 30.04 | (24.73) | 14 | .78 | .71 | .78 |
| 12/31/2021 | 41.02 | .14 | 6.46 | 6.60 | (.17) | (2.17) | (2.34) | 45.28 | 16.45 | 18 | .80 | .79 | .33 |
| 12/31/2020 | 32.47 | .12 | 9.52 | 9.64 | (.13) | (.96) | (1.09) | 41.02 | 30.49 | 12 | .81 | .81 | .34 |
| 12/31/2019 | 25.69 | .25 | 8.55 | 8.80 | (.34) | (1.68) | (2.02) | 32.47 | 35.22 | 8 | .81 | .81 | .83 |
| 12/31/2018 | 30.46 | .23 | (2.66) | (2.43) | (.21) | (2.13) | (2.34) | 25.69 | (9.02) | 5 | .80 | .80 | .77 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 44.94 | .25 | (11.21) | (10.96) | (.22) | (3.97) | (4.19) | 29.79 | (24.74) | 3234 | .78 | .71 | .76 |
| 12/31/2021 | 40.72 | .13 | 6.41 | 6.54 | (.15) | (2.17) | (2.32) | 44.94 | 16.42 | 4559 | .80 | .80 | .30 |
| 12/31/2020 | 32.24 | .12 | 9.44 | 9.56 | (.12) | (.96) | (1.08) | 40.72 | 30.47 | 4387 | .81 | .81 | .34 |
| 12/31/2019 | 25.50 | .24 | 8.51 | 8.75 | (.33) | (1.68) | (2.01) | 32.24 | 35.28 | 3895 | .81 | .81 | .83 |
| 12/31/2018 | 30.24 | .22 | (2.63) | (2.41) | (.20) | (2.13) | (2.33) | 25.50 | (9.04) | 3306 | .80 | .80 | .73 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 44.57 | .17 | (11.12) | (10.95) | (.14) | (3.97) | (4.11) | 29.51 | (24.92) | 584 | 1.03 | .96 | .52 |
| 12/31/2021 | 40.45 | .03 | 6.35 | 6.38 | (.09) | (2.17) | (2.26) | 44.57 | 16.14 | 744 | 1.05 | 1.04 | .07 |
| 12/31/2020 | 32.05 | .03 | 9.38 | 9.41 | (.05) | (.96) | (1.01) | 40.45 | 30.17 | 533 | 1.06 | 1.06 | .09 |
| 12/31/2019 | 25.39 | .17 | 8.45 | 8.62 | (.28) | (1.68) | (1.96) | 32.05 | 34.87 | 382 | 1.06 | 1.06 | .57 |
| 12/31/2018 | 30.13 | .14 | (2.60) | (2.46) | (.15) | (2.13) | (2.28) | 25.39 | (9.24) | 249 | 1.05 | 1.05 | .47 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 349

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> (loss)<br> to average<br> net assets<sup>2</sup>** |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $34.17 | $.05 | $(9.50) | $(9.45) | $— | $(8.50) | $(8.50) | $16.22 | (29.37)% | $916 | .72% | .69% | .24% |
| 12/31/2021 | 32.64 | (.02) | 2.32 | 2.30 |  | (.77) | (.77) | 34.17 | 6.98 | 1707 | .74 | .74 | (.07) |
| 12/31/2020 | 26.80 | (.01) | 7.49 | 7.48 | (.05) | (1.59) | (1.64) | 32.64 | 30.04 | 2391 | .75 | .75 | (.06) |
| 12/31/2019 | 21.75 | .12 | 6.61 | 6.73 | (.10) | (1.58) | (1.68) | 26.80 | 31.84 | 2050 | .75 | .75 | .48 |
| 12/31/2018 | 25.38 | .11 | (2.51) | (2.40) | (.09) | (1.14) | (1.23) | 21.75 | (10.31) | 1453 | .73 | .73 | .42 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 33.93 | —<sup>4</sup> | (9.43) | (9.43) |  | (8.50) | (8.50) | 16.00 | (29.54) | 4 | .97 | .94 | —<sup>5</sup> |
| 12/31/2021 | 32.49 | (.07) | 2.28 | 2.21 |  | (.77) | (.77) | 33.93 | 6.73 | 5 | .99 | .99 | (.21) |
| 12/31/2020 | 26.74 | (.09) | 7.48 | 7.39 | (.05) | (1.59) | (1.64) | 32.49 | 29.72 | 1 | .99 | .99 | (.33) |
| 12/31/2019 | 21.71 | .05 | 6.61 | 6.66 | (.05) | (1.58) | (1.63) | 26.74 | 31.56 | 1 | .99 | .99 | .22 |
| 12/31/2018 | 25.36 | .05 | (2.52) | (2.47) | (.04) | (1.14) | (1.18) | 21.71 | (10.56) | —<sup>6</sup> | .98 | .98 | .21 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 32.94 | —<sup>4</sup> | (9.14) | (9.14) |  | (8.50) | (8.50) | 15.30 | (29.55) | 1762 | .97 | .94 | —<sup>5</sup> |
| 12/31/2021 | 31.56 | (.10) | 2.25 | 2.15 |  | (.77) | (.77) | 32.94 | 6.74 | 2521 | .99 | .99 | (.30) |
| 12/31/2020 | 26.02 | (.08) | 7.25 | 7.17 | (.04) | (1.59) | (1.63) | 31.56 | 29.72 | 2653 | 1.00 | 1.00 | (.31) |
| 12/31/2019 | 21.16 | .05 | 6.43 | 6.48 | (.04) | (1.58) | (1.62) | 26.02 | 31.52 | 2363 | 1.00 | 1.00 | .22 |
| 12/31/2018 | 24.72 | .04 | (2.44) | (2.40) | (.02) | (1.14) | (1.16) | 21.16 | (10.55) | 2056 | .98 | .98 | .17 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 32.96 | (.05) | (9.13) | (9.18) |  | (8.50) | (8.50) | 15.28 | (29.69) | 261 | 1.22 | 1.19 | (.25) |
| 12/31/2021 | 31.67 | (.18) | 2.24 | 2.06 |  | (.77) | (.77) | 32.96 | 6.43 | 344 | 1.24 | 1.24 | (.53) |
| 12/31/2020 | 26.16 | (.14) | 7.27 | 7.13 | (.03) | (1.59) | (1.62) | 31.67 | 29.39 | 268 | 1.25 | 1.25 | (.56) |
| 12/31/2019 | 21.28 | (.01) | 6.47 | 6.46 | —<sup>4</sup> | (1.58) | (1.58) | 26.16 | 31.24 | 206 | 1.25 | 1.25 | (.04) |
| 12/31/2018 | 24.91 | (.02) | (2.46) | (2.48) | (.01) | (1.14) | (1.15) | 21.28 | (10.80) | 146 | 1.24 | 1.24 | (.08) |

---

Refer to the end of the tables for footnotes.

350 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses<br> to average<br> net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> (loss)<br> to average<br> net assets** |
| **Growth Fund** | **Growth Fund** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $127.58 | $.58 | $(37.03) | $(36.45) | $(.53) | $(14.31) | $(14.84) | $76.29 | (29.75)% | $13660 | .35% | .64% |
| 12/31/2021 | 120.22 | .46 | 24.29 | 24.75 | (.58) | (16.81) | (17.39) | 127.58 | 22.30 | 19783 | .34 | .37 |
| 12/31/2020 | 81.22 | .43 | 41.28 | 41.71 | (.53) | (2.18) | (2.71) | 120.22 | 52.45 | 15644 | .35 | .46 |
| 12/31/2019 | 69.96 | .83 | 19.63 | 20.46 | (.76) | (8.44) | (9.20) | 81.22 | 31.11 | 10841 | .35 | 1.09 |
| 12/31/2018 | 77.85 | .64 | .25 | .89 | (.54) | (8.24) | (8.78) | 69.96 | (.01) | 8474 | .34 | .81 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 126.70 | .39 | (36.79) | (36.40) | (.38) | (14.31) | (14.69) | 75.61 | (29.93) | 187 | .60 | .45 |
| 12/31/2021 | 119.59 | .16 | 24.11 | 24.27 | (.35) | (16.81) | (17.16) | 126.70 | 21.97 | 121 | .59 | .13 |
| 12/31/2020 | 80.92 | .20 | 41.05 | 41.25 | (.40) | (2.18) | (2.58) | 119.59 | 52.07 | 60 | .60 | .21 |
| 12/31/2019 | 69.77 | .65 | 19.55 | 20.20 | (.61) | (8.44) | (9.05) | 80.92 | 30.79 | 18 | .60 | .85 |
| 12/31/2018 | 77.74 | .47 | .24 | .71 | (.44) | (8.24) | (8.68) | 69.77 | (.26) | 10 | .59 | .60 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 126.28 | .35 | (36.62) | (36.27) | (.29) | (14.31) | (14.60) | 75.41 | (29.94) | 14452 | .60 | .38 |
| 12/31/2021 | 119.18 | .15 | 24.03 | 24.18 | (.27) | (16.81) | (17.08) | 126.28 | 21.97 | 21986 | .59 | .12 |
| 12/31/2020 | 80.57 | .19 | 40.89 | 41.08 | (.29) | (2.18) | (2.47) | 119.18 | 52.10 | 20594 | .60 | .21 |
| 12/31/2019 | 69.48 | .63 | 19.47 | 20.10 | (.57) | (8.44) | (9.01) | 80.57 | 30.77 | 15885 | .60 | .83 |
| 12/31/2018 | 77.35 | .44 | .27 | .71 | (.34) | (8.24) | (8.58) | 69.48 | (.25) | 13701 | .59 | .55 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 128.68 | .42 | (37.35) | (36.93) | (.35) | (14.31) | (14.66) | 77.09 | (29.89) | 188 | .53 | .45 |
| 12/31/2021 | 121.13 | .24 | 24.47 | 24.71 | (.35) | (16.81) | (17.16) | 128.68 | 22.07 | 302 | .52 | .19 |
| 12/31/2020 | 81.84 | .26 | 41.56 | 41.82 | (.35) | (2.18) | (2.53) | 121.13 | 52.20 | 279 | .53 | .28 |
| 12/31/2019 | 70.44 | .69 | 19.77 | 20.46 | (.62) | (8.44) | (9.06) | 81.84 | 30.86 | 213 | .53 | .90 |
| 12/31/2018 | 78.32 | .50 | .26 | .76 | (.40) | (8.24) | (8.64) | 70.44 | (.18) | 187 | .52 | .62 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 123.79 | .12 | (35.87) | (35.75) | (.09) | (14.31) | (14.40) | 73.64 | (30.11) | 2409 | .85 | .14 |
| 12/31/2021 | 117.24 | (.15) | 23.59 | 23.44 | (.08) | (16.81) | (16.89) | 123.79 | 21.69 | 3214 | .84 | (.13) |
| 12/31/2020 | 79.41 | (.04) | 40.24 | 40.20 | (.19) | (2.18) | (2.37) | 117.24 | 51.71 | 2347 | .85 | (.04) |
| 12/31/2019 | 68.64 | .44 | 19.19 | 19.63 | (.42) | (8.44) | (8.86) | 79.41 | 30.44 | 1513 | .85 | .59 |
| 12/31/2018 | 76.56 | .24 | .28 | .52 | (.20) | (8.24) | (8.44) | 68.64 | (.50) | 1076 | .84 | .31 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 351

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses<br> to average<br> net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets** |
| **International Fund** | **International Fund** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $22.70 | $.34 | $(4.79) | $(4.45) | $(.34) | $(2.60) | $(2.94) | $15.31 | (20.57)% | $3157 | .54% | 1.95% |
| 12/31/2021 | 23.64 | .38 | (.67) | (.29) | (.65) |  | (.65) | 22.70 | (1.23) | 4747 | .55 | 1.57 |
| 12/31/2020 | 20.86 | .14 | 2.82 | 2.96 | (.18) |  | (.18) | 23.64 | 14.28 | 5652 | .55 | .71 |
| 12/31/2019 | 17.66 | .30 | 3.74 | 4.04 | (.34) | (.50) | (.84) | 20.86 | 23.21 | 5353 | .54 | 1.54 |
| 12/31/2018 | 21.71 | .34 | (2.97) | (2.63) | (.40) | (1.02) | (1.42) | 17.66 | (12.94) | 4811 | .53 | 1.62 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 22.61 | .30 | (4.78) | (4.48) | (.30) | (2.60) | (2.90) | 15.23 | (20.80) | 10 | .79 | 1.73 |
| 12/31/2021 | 23.55 | .33 | (.67) | (.34) | (.60) |  | (.60) | 22.61 | (1.47) | 12 | .80 | 1.39 |
| 12/31/2020 | 20.80 | .08 | 2.81 | 2.89 | (.14) |  | (.14) | 23.55 | 13.96 | 10 | .80 | .43 |
| 12/31/2019 | 17.62 | .25 | 3.72 | 3.97 | (.29) | (.50) | (.79) | 20.80 | 22.90 | 7 | .79 | 1.27 |
| 12/31/2018 | 21.67 | .27 | (2.93) | (2.66) | (.37) | (1.02) | (1.39) | 17.62 | (13.11) | 5 | .78 | 1.32 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 22.60 | .29 | (4.76) | (4.47) | (.30) | (2.60) | (2.90) | 15.23 | (20.79) | 3164 | .79 | 1.71 |
| 12/31/2021 | 23.54 | .33 | (.68) | (.35) | (.59) |  | (.59) | 22.60 | (1.49) | 4190 | .80 | 1.35 |
| 12/31/2020 | 20.78 | .09 | 2.80 | 2.89 | (.13) |  | (.13) | 23.54 | 13.97 | 4481 | .80 | .46 |
| 12/31/2019 | 17.60 | .25 | 3.72 | 3.97 | (.29) | (.50) | (.79) | 20.78 | 22.88 | 4311 | .79 | 1.29 |
| 12/31/2018 | 21.63 | .29 | (2.95) | (2.66) | (.35) | (1.02) | (1.37) | 17.60 | (13.13) | 3875 | .78 | 1.40 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 22.76 | .31 | (4.81) | (4.50) | (.31) | (2.60) | (2.91) | 15.35 | (20.76) | 16 | .72 | 1.78 |
| 12/31/2021 | 23.69 | .34 | (.67) | (.33) | (.60) |  | (.60) | 22.76 | (1.39) | 21 | .73 | 1.41 |
| 12/31/2020 | 20.92 | .10 | 2.81 | 2.91 | (.14) |  | (.14) | 23.69 | 14.00 | 25 | .73 | .53 |
| 12/31/2019 | 17.70 | .27 | 3.75 | 4.02 | (.30) | (.50) | (.80) | 20.92 | 23.05 | 25 | .72 | 1.37 |
| 12/31/2018 | 21.75 | .31 | (2.98) | (2.67) | (.36) | (1.02) | (1.38) | 17.70 | (13.10) | 24 | .71 | 1.48 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 22.31 | .25 | (4.71) | (4.46) | (.26) | (2.60) | (2.86) | 14.99 | (21.02) | 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | .27 | (.67) | (.40) | (.54) |  | (.54) | 22.31 | (1.71) | 459 | 1.05 | 1.13 |
| 12/31/2020 | 20.54 | .04 | 2.76 | 2.80 | (.09) |  | (.09) | 23.25 | 13.66 | 423 | 1.05 | .21 |
| 12/31/2019 | 17.40 | .20 | 3.69 | 3.89 | (.25) | (.50) | (.75) | 20.54 | 22.67 | 379 | 1.04 | 1.03 |
| 12/31/2018 | 21.42 | .23 | (2.93) | (2.70) | (.30) | (1.02) | (1.32) | 17.40 | (13.41) | 295 | 1.03 | 1.13 |

---

Refer to the end of the tables for footnotes.

352 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br>beginning <br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **New World Fund** | **New World Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $31.83 | $.37 | $(7.17) | $(6.80) | $(.39) | $(2.34) | $(2.73) | $22.30 | (21.86)% | $1610 | .68% | .57% | 1.48% |
| 12/31/2021 | 31.59 | .29 | 1.38 | 1.67 | (.36) | (1.07) | (1.43) | 31.83 | 5.16 | 2443 | .74 | .56 | .88 |
| 12/31/2020 | 25.84 | .15 | 5.93 | 6.08 | (.06) | (.27) | (.33) | 31.59 | 23.89 | 2309 | .76 | .64 | .58 |
| 12/31/2019 | 20.98 | .28 | 5.79 | 6.07 | (.29) | (.92) | (1.21) | 25.84 | 29.47 | 2129 | .76 | .76 | 1.18 |
| 12/31/2018 | 25.30 | .27 | (3.65) | (3.38) | (.27) | (.67) | (.94) | 20.98 | (13.83) | 1702 | .77 | .77 | 1.11 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 31.70 | .30 | (7.15) | (6.85) | (.32) | (2.34) | (2.66) | 22.19 | (22.09) | 9 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.43 | .17 | 1.41 | 1.58 | (.24) | (1.07) | (1.31) | 31.70 | 4.90 | 12 | .99 | .81 | .54 |
| 12/31/2020 | 25.74 | .07 | 5.92 | 5.99 | (.03) | (.27) | (.30) | 31.43 | 23.63 | 18 | 1.01 | .87 | .26 |
| 12/31/2019 | 20.92 | .22 | 5.76 | 5.98 | (.24) | (.92) | (1.16) | 25.74 | 29.11 | 4 | 1.01 | 1.01 | .92 |
| 12/31/2018 | 25.25 | .21 | (3.64) | (3.43) | (.23) | (.67) | (.90) | 20.92 | (14.02) | 2 | 1.02 | 1.02 | .91 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 31.48 | .30 | (7.10) | (6.80) | (.32) | (2.34) | (2.66) | 22.02 | (22.10) | 764 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.25 | .20 | 1.38 | 1.58 | (.28) | (1.07) | (1.35) | 31.48 | 4.92 | 1086 | .99 | .81 | .63 |
| 12/31/2020 | 25.59 | .08 | 5.87 | 5.95 | (.02) | (.27) | (.29) | 31.25 | 23.58 | 1109 | 1.01 | .89 | .34 |
| 12/31/2019 | 20.79 | .22 | 5.73 | 5.95 | (.23) | (.92) | (1.15) | 25.59 | 29.15 | 981 | 1.01 | 1.01 | .93 |
| 12/31/2018 | 25.07 | .20 | (3.61) | (3.41) | (.20) | (.67) | (.87) | 20.79 | (14.04) | 843 | 1.02 | 1.02 | .85 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 31.24 | .24 | (7.03) | (6.79) | (.27) | (2.34) | (2.61) | 21.84 | (22.25) | 701 | 1.18 | 1.07 | .99 |
| 12/31/2021 | 31.04 | .12 | 1.36 | 1.48 | (.21) | (1.07) | (1.28) | 31.24 | 4.63 | 906 | 1.24 | 1.06 | .38 |
| 12/31/2020 | 25.47 | .02 | 5.83 | 5.85 | (.01) | (.27) | (.28) | 31.04 | 23.29 | 807 | 1.26 | 1.14 | .08 |
| 12/31/2019 | 20.71 | .16 | 5.70 | 5.86 | (.18) | (.92) | (1.10) | 25.47 | 28.82 | 646 | 1.26 | 1.26 | .67 |
| 12/31/2018 | 24.99 | .14 | (3.59) | (3.45) | (.16) | (.67) | (.83) | 20.71 | (14.25) | 464 | 1.27 | 1.27 | .61 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 353

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $18.09 | $.31 | $(1.69) | $(1.38) | $(.30) | $(3.72) | $(4.02) | $12.69 | (8.28)% | $5507 | .41% | .26% | 2.13% |
| 12/31/2021 | 14.35 | .29 | 3.73 | 4.02 | (.28) |  | (.28) | 18.09 | 28.12 | 6766 | .42 | .31 | 1.79 |
| 12/31/2020 | 13.56 | .25 | .95 | 1.20 | (.26) | (.15) | (.41) | 14.35 | 9.04 | 5684 | .43 | .43 | 2.00 |
| 12/31/2019 | 12.38 | .30 | 2.25 | 2.55 | (.30) | (1.07) | (1.37) | 13.56 | 21.66 | 5559 | .42 | .42 | 2.28 |
| 12/31/2018 | 14.96 | .31 | (1.44) | (1.13) | (.31) | (1.14) | (1.45) | 12.38 | (8.45) | 4810 | .41 | .41 | 2.13 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 17.96 | .27 | (1.67) | (1.40) | (.23) | (3.72) | (3.95) | 12.61 | (8.45) | 64 | .66 | .51 | 1.76 |
| 12/31/2021 | 14.28 | .27 | 3.67 | 3.94 | (.26) |  | (.26) | 17.96 | 27.70 | 169 | .67 | .53 | 1.62 |
| 12/31/2020 | 13.51 | .23 | .93 | 1.16 | (.24) | (.15) | (.39) | 14.28 | 8.79 | 25 | .67 | .67 | 1.78 |
| 12/31/2019 | 12.35 | .26 | 2.24 | 2.50 | (.27) | (1.07) | (1.34) | 13.51 | 21.35 | 9 | .67 | .67 | 2.03 |
| 12/31/2018 | 14.94 | .26 | (1.42) | (1.16) | (.29) | (1.14) | (1.43) | 12.35 | (8.67) | 3 | .66 | .66 | 1.84 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 17.83 | .26 | (1.65) | (1.39) | (.26) | (3.72) | (3.98) | 12.46 | (8.45) | 2775 | .66 | .51 | 1.88 |
| 12/31/2021 | 14.15 | .25 | 3.67 | 3.92 | (.24) |  | (.24) | 17.83 | 27.78 | 3426 | .67 | .56 | 1.54 |
| 12/31/2020 | 13.39 | .22 | .91 | 1.13 | (.22) | (.15) | (.37) | 14.15 | 8.68 | 3082 | .68 | .68 | 1.75 |
| 12/31/2019 | 12.24 | .26 | 2.22 | 2.48 | (.26) | (1.07) | (1.33) | 13.39 | 21.38 | 3093 | .67 | .67 | 2.03 |
| 12/31/2018 | 14.80 | .27 | (1.42) | (1.15) | (.27) | (1.14) | (1.41) | 12.24 | (8.66) | 2850 | .66 | .66 | 1.88 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 17.71 | .23 | (1.64) | (1.41) | (.24) | (3.72) | (3.96) | 12.34 | (8.69) | 1098 | .91 | .77 | 1.64 |
| 12/31/2021 | 14.06 | .21 | 3.65 | 3.86 | (.21) |  | (.21) | 17.71 | 27.51 | 1104 | .92 | .81 | 1.30 |
| 12/31/2020 | 13.31 | .19 | .91 | 1.10 | (.20) | (.15) | (.35) | 14.06 | 8.47 | 788 | .93 | .93 | 1.51 |
| 12/31/2019 | 12.19 | .23 | 2.20 | 2.43 | (.24) | (1.07) | (1.31) | 13.31 | 21.03 | 621 | .92 | .92 | 1.78 |
| 12/31/2018 | 14.77 | .23 | (1.42) | (1.19) | (.25) | (1.14) | (1.39) | 12.19 | (8.92) | 368 | .91 | .91 | 1.62 |

---

Refer to the end of the tables for footnotes.

354 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $18.42 | $.32 | $(3.28) | $(2.96) | $(.34) | $(3.45) | $(3.79) | $11.67 | (17.13)% | $548 | .57% | .41% | 2.36% |
| 12/31/2021 | 16.67 | .38 | 2.10 | 2.48 | (.33) | (.40) | (.73) | 18.42 | 15.03 | 812 | .63 | .47 | 2.14 |
| 12/31/2020 | 15.92 | .22 | 1.14 | 1.36 | (.23) | (.38) | (.61) | 16.67 | 9.03 | 657 | .66 | .66 | 1.49 |
| 12/31/2019 | 13.02 | .31 | 3.67 | 3.98 | (.32) | (.76) | (1.08) | 15.92 | 31.39 | 625 | .65 | .65 | 2.08 |
| 12/31/2018 | 15.81 | .29 | (1.62) | (1.33) | (.28) | (1.18) | (1.46) | 13.02 | (9.36) | 492 | .63 | .63 | 1.94 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18.34 | .28 | (3.25) | (2.97) | (.31) | (3.45) | (3.76) | 11.61 | (17.29) | 6 | .82 | .66 | 2.13 |
| 12/31/2021 | 16.62 | .37 | 2.06 | 2.43 | (.31) | (.40) | (.71) | 18.34 | 14.71 | 7 | .88 | .70 | 2.08 |
| 12/31/2020 | 15.88 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.62 | 8.78 | 2 | .90 | .90 | 1.23 |
| 12/31/2019 | 13.00 | .26 | 3.68 | 3.94 | (.30) | (.76) | (1.06) | 15.88 | 31.04 | 2 | .90 | .90 | 1.77 |
| 12/31/2018 | 15.81 | .26 | (1.63) | (1.37) | (.26) | (1.18) | (1.44) | 13.00 | (9.62) | 1 | .88 | .88 | 1.74 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18.38 | .28 | (3.26) | (2.98) | (.31) | (3.45) | (3.76) | 11.64 | (17.33) | 983 | .82 | .66 | 2.11 |
| 12/31/2021 | 16.63 | .33 | 2.11 | 2.44 | (.29) | (.40) | (.69) | 18.38 | 14.78 | 1340 | .88 | .73 | 1.85 |
| 12/31/2020 | 15.89 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.63 | 8.73 | 1349 | .91 | .91 | 1.23 |
| 12/31/2019 | 12.99 | .27 | 3.68 | 3.95 | (.29) | (.76) | (1.05) | 15.89 | 31.14 | 1366 | .90 | .90 | 1.84 |
| 12/31/2018 | 15.78 | .26 | (1.63) | (1.37) | (.24) | (1.18) | (1.42) | 12.99 | (9.63) | 1228 | .88 | .88 | 1.70 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18.04 | .24 | (3.20) | (2.96) | (.28) | (3.45) | (3.73) | 11.35 | (17.57) | 188 | 1.07 | .91 | 1.86 |
| 12/31/2021 | 16.35 | .29 | 2.06 | 2.35 | (.26) | (.40) | (.66) | 18.04 | 14.46 | 225 | 1.13 | .97 | 1.65 |
| 12/31/2020 | 15.63 | .14 | 1.12 | 1.26 | (.16) | (.38) | (.54) | 16.35 | 8.55 | 166 | 1.16 | 1.16 | .97 |
| 12/31/2019 | 12.81 | .23 | 3.61 | 3.84 | (.26) | (.76) | (1.02) | 15.63 | 30.73 | 145 | 1.15 | 1.15 | 1.56 |
| 12/31/2018 | 15.60 | .21 | (1.60) | (1.39) | (.22) | (1.18) | (1.40) | 12.81 | (9.89) | 95 | 1.13 | 1.13 | 1.43 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 355

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and <br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses<br> to average<br> net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $67.35 | $.85 | $(11.50) | $(10.65) | $(.83) | $(5.66) | $(6.49) | $50.21 | (16.28)% | $19692 | .29% | 1.54% |
| 12/31/2021 | 55.38 | .79 | 12.64 | 13.43 | (.86) | (.60) | (1.46) | 67.35 | 24.42 | 25507 | .29 | 1.28 |
| 12/31/2020 | 50.71 | .75 | 6.02 | 6.77 | (.80) | (1.30) | (2.10) | 55.38 | 13.81 | 22903 | .29 | 1.52 |
| 12/31/2019 | 45.39 | 1.00 | 10.40 | 11.40 | (.92) | (5.16) | (6.08) | 50.71 | 26.46 | 21057 | .29 | 2.05 |
| 12/31/2018 | 50.22 | .84 | (1.25) | (.41) | (.84) | (3.58) | (4.42) | 45.39 | (1.55) | 16783 | .28 | 1.65 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 67.02 | .71 | (11.44) | (10.73) | (.70) | (5.66) | (6.36) | 49.93 | (16.48) | 28 | .54 | 1.30 |
| 12/31/2021 | 55.16 | .65 | 12.55 | 13.20 | (.74) | (.60) | (1.34) | 67.02 | 24.08 | 32 | .53 | 1.04 |
| 12/31/2020 | 50.54 | .63 | 5.99 | 6.62 | (.70) | (1.30) | (2.00) | 55.16 | 13.55 | 16 | .54 | 1.28 |
| 12/31/2019 | 45.28 | .89 | 10.36 | 11.25 | (.83) | (5.16) | (5.99) | 50.54 | 26.14 | 11 | .54 | 1.82 |
| 12/31/2018 | 50.15 | .72 | (1.25) | (.53) | (.76) | (3.58) | (4.34) | 45.28 | (1.78) | 7 | .53 | 1.43 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 66.44 | .70 | (11.33) | (10.63) | (.69) | (5.66) | (6.35) | 49.46 | (16.50) | 11508 | .54 | 1.29 |
| 12/31/2021 | 54.66 | .63 | 12.45 | 13.08 | (.70) | (.60) | (1.30) | 66.44 | 24.10 | 15319 | .54 | 1.03 |
| 12/31/2020 | 50.08 | .62 | 5.93 | 6.55 | (.67) | (1.30) | (1.97) | 54.66 | 13.54 | 14012 | .54 | 1.27 |
| 12/31/2019 | 44.90 | .87 | 10.27 | 11.14 | (.80) | (5.16) | (5.96) | 50.08 | 26.14 | 13586 | .53 | 1.80 |
| 12/31/2018 | 49.71 | .71 | (1.23) | (.52) | (.71) | (3.58) | (4.29) | 44.90 | (1.79) | 12035 | .53 | 1.40 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 67.48 | .75 | (11.51) | (10.76) | (.73) | (5.66) | (6.39) | 50.33 | (16.43) | 125 | .47 | 1.36 |
| 12/31/2021 | 55.49 | .68 | 12.65 | 13.33 | (.74) | (.60) | (1.34) | 67.48 | 24.18 | 166 | .47 | 1.10 |
| 12/31/2020 | 50.81 | .66 | 6.02 | 6.68 | (.70) | (1.30) | (2.00) | 55.49 | 13.60 | 154 | .47 | 1.34 |
| 12/31/2019 | 45.47 | .91 | 10.43 | 11.34 | (.84) | (5.16) | (6.00) | 50.81 | 26.24 | 156 | .46 | 1.87 |
| 12/31/2018 | 50.29 | .75 | (1.25) | (.50) | (.74) | (3.58) | (4.32) | 45.47 | (1.72) | 140 | .46 | 1.47 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 65.57 | .56 | (11.18) | (10.62) | (.57) | (5.66) | (6.23) | 48.72 | (16.70) | 1630 | .79 | 1.05 |
| 12/31/2021 | 53.99 | .48 | 12.28 | 12.76 | (.58) | (.60) | (1.18) | 65.57 | 23.80 | 1928 | .79 | .79 |
| 12/31/2020 | 49.52 | .49 | 5.85 | 6.34 | (.57) | (1.30) | (1.87) | 53.99 | 13.25 | 1407 | .79 | 1.02 |
| 12/31/2019 | 44.47 | .74 | 10.18 | 10.92 | (.71) | (5.16) | (5.87) | 49.52 | 25.86 | 1216 | .79 | 1.56 |
| 12/31/2018 | 49.31 | .58 | (1.23) | (.65) | (.61) | (3.58) | (4.19) | 44.47 | (2.05) | 899 | .78 | 1.15 |

---

Refer to the end of the tables for footnotes.

356 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $19.62 | $.39 | $(3.09) | $(2.70) | $(.28) | $(7.70) | $(7.98) | $8.94 | (15.00)% | $13 | .64% | .54% | 3.29% |
| 12/31/2021 | 19.01 | .54 | .53 | 1.07 | (.46) |  | (.46) | 19.62 | 5.64 | 30 | .67 | .67 | 2.70 |
| 12/31/2020 | 18.18 | .27 | .85 | 1.12 | (.29) |  | (.29) | 19.01 | 6.24 | 1120 | .68 | .68 | 1.70 |
| 12/31/2019 | 15.35 | .46 | 3.03 | 3.49 | (.47) | (.19) | (.66) | 18.18 | 23.06 | 1140 | .66 | .66 | 2.73 |
| 12/31/2018 | 17.72 | .45 | (2.39) | (1.94) | (.43) |  | (.43) | 15.35 | (11.00) | 1034 | .65 | .65 | 2.62 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 19.39 | .35 | (3.05) | (2.70) | (.29) | (7.70) | (7.99) | 8.70 | (15.31) | 5 | .88 | .79 | 3.15 |
| 12/31/2021 | 18.97 | .50 | .52 | 1.02 | (.60) |  | (.60) | 19.39 | 5.39 | 6 | .94 | .92 | 2.50 |
| 12/31/2020 | 18.15 | .22 | .85 | 1.07 | (.25) |  | (.25) | 18.97 | 5.98 | 3 | .93 | .93 | 1.38 |
| 12/31/2019 | 15.33 | .41 | 3.04 | 3.45 | (.44) | (.19) | (.63) | 18.15 | 22.76 | 2 | .91 | .91 | 2.41 |
| 12/31/2018 | 17.70 | .41 | (2.39) | (1.98) | (.39) |  | (.39) | 15.33 | (11.24) | 2 | .90 | .90 | 2.35 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 19.38 | .36 | (3.05) | (2.69) | (.29) | (7.70) | (7.99) | 8.70 | (15.25) | 162 | .88 | .78 | 3.24 |
| 12/31/2021 | 18.95 | .48 | .53 | 1.01 | (.58) |  | (.58) | 19.38 | 5.37 | 211 | .93 | .92 | 2.44 |
| 12/31/2020 | 18.12 | .23 | .85 | 1.08 | (.25) |  | (.25) | 18.95 | 6.01 | 221 | .93 | .93 | 1.43 |
| 12/31/2019 | 15.30 | .42 | 3.02 | 3.44 | (.43) | (.19) | (.62) | 18.12 | 22.76 | 257 | .91 | .91 | 2.49 |
| 12/31/2018 | 17.66 | .41 | (2.38) | (1.97) | (.39) |  | (.39) | 15.30 | (11.23) | 230 | .90 | .90 | 2.38 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 19.23 | .33 | (3.04) | (2.71) | (.26) | (7.70) | (7.96) | 8.56 | (15.52) | 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | .44 | .51 | .95 | (.54) |  | (.54) | 19.23 | 5.09 | 132 | 1.18 | 1.17 | 2.21 |
| 12/31/2020 | 18.01 | .19 | .83 | 1.02 | (.21) |  | (.21) | 18.82 | 5.73 | 112 | 1.18 | 1.18 | 1.19 |
| 12/31/2019 | 15.22 | .37 | 3.01 | 3.38 | (.40) | (.19) | (.59) | 18.01 | 22.47 | 101 | 1.16 | 1.16 | 2.18 |
| 12/31/2018 | 17.58 | .36 | (2.36) | (2.00) | (.36) |  | (.36) | 15.22 | (11.46) | 71 | 1.15 | 1.15 | 2.10 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 357

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.17 | $.37 | $(1.21) | $(.84) | $(.34) | $— | $(.34) | $10.99 | (6.90)% | $586 | .44% | .26% | 3.31% |
| 12/31/2021 | 10.87 | .37 | 1.28 | 1.65 | (.35) |  | (.35) | 12.17 | 15.31 | 563 | .53 | .27 | 3.19 |
| 12/31/2020 | 10.73 | .31 | .15 | .46 | (.32) |  | (.32) | 10.87 | 4.64 | 621 | .53 | .35 | 3.07 |
| 12/31/2019 | 9.37 | .32 | 1.36 | 1.68 | (.32) |  | (.32) | 10.73 | 18.16 | 533 | .53 | .53 | 3.17 |
| 12/31/2018 | 10.40 | .31 | (1.00) | (.69) | (.32) | (.02) | (.34) | 9.37 | (6.77) | 317 | .54 | .54 | 3.08 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.15 | .34 | (1.19) | (.85) | (.32) |  | (.32) | 10.98 | (7.06) | 10 | .69 | .52 | 3.06 |
| 12/31/2021 | 10.86 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.15 | 14.95 | 10 | .78 | .52 | 2.94 |
| 12/31/2020 | 10.72 | .28 | .16 | .44 | (.30) |  | (.30) | 10.86 | 4.38 | 6 | .78 | .60 | 2.81 |
| 12/31/2019 | 9.36 | .29 | 1.37 | 1.66 | (.30) |  | (.30) | 10.72 | 17.90 | 6 | .78 | .78 | 2.84 |
| 12/31/2018 | 10.39 | .28 | (.99) | (.71) | (.30) | (.02) | (.32) | 9.36 | (7.01) | 2 | .79 | .79 | 2.82 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.16 | .34 | (1.20) | (.86) | (.32) |  | (.32) | 10.98 | (7.13) | 13 | .69 | .51 | 3.06 |
| 12/31/2021 | 10.87 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.16 | 14.94 | 13 | .78 | .52 | 2.93 |
| 12/31/2020 | 10.72 | .29 | .16 | .45 | (.30) |  | (.30) | 10.87 | 4.48 | 8 | .78 | .60 | 2.83 |
| 12/31/2019 | 9.36 | .30 | 1.35 | 1.65 | (.29) |  | (.29) | 10.72 | 17.89 | 6 | .78 | .78 | 2.91 |
| 12/31/2018 | 10.40 | .28 | (1.00) | (.72) | (.30) | (.02) | (.32) | 9.36 | (7.08) | 4 | .79 | .79 | 2.83 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.14 | .31 | (1.20) | (.89) | (.29) |  | (.29) | 10.96 | (7.37) | 530 | .94 | .76 | 2.81 |
| 12/31/2021 | 10.85 | .31 | 1.27 | 1.58 | (.29) |  | (.29) | 12.14 | 14.68 | 559 | 1.03 | .77 | 2.69 |
| 12/31/2020 | 10.71 | .26 | .15 | .41 | (.27) |  | (.27) | 10.85 | 4.11 | 462 | 1.03 | .85 | 2.55 |
| 12/31/2019 | 9.35 | .27 | 1.36 | 1.63 | (.27) |  | (.27) | 10.71 | 17.62 | 454 | 1.03 | 1.03 | 2.68 |
| 12/31/2018 | 10.38 | .26 | (1.00) | (.74) | (.27) | (.02) | (.29) | 9.35 | (7.25) | 352 | 1.04 | 1.04 | 2.58 |

---

Refer to the end of the tables for footnotes.

358 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses<br> to average<br> net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $29.08 | $.52 | $(4.24) | $(3.72) | $(.51) | $(2.65) | $(3.16) | $22.20 | (13.19)% | $15138 | .30% | 2.15% |
| 12/31/2021 | 26.50 | .48 | 3.54 | 4.02 | (.50) | (.94) | (1.44) | 29.08 | 15.40 | 18836 | .30 | 1.71 |
| 12/31/2020 | 24.05 | .43 | 2.59 | 3.02 | (.46) | (.11) | (.57) | 26.50 | 12.71 | 19238 | .30 | 1.80 |
| 12/31/2019 | 21.29 | .51 | 3.94 | 4.45 | (.50) | (1.19) | (1.69) | 24.05 | 21.54 | 17730 | .29 | 2.21 |
| 12/31/2018 | 23.71 | .48 | (1.43) | (.95) | (.44) | (1.03) | (1.47) | 21.29 | (4.35) | 14627 | .28 | 2.04 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 28.97 | .46 | (4.22) | (3.76) | (.46) | (2.65) | (3.11) | 22.10 | (13.43) | 27 | .55 | 1.95 |
| 12/31/2021 | 26.42 | .42 | 3.52 | 3.94 | (.45) | (.94) | (1.39) | 28.97 | 15.13 | 24 | .55 | 1.49 |
| 12/31/2020 | 23.99 | .37 | 2.58 | 2.95 | (.41) | (.11) | (.52) | 26.42 | 12.43 | 14 | .55 | 1.56 |
| 12/31/2019 | 21.26 | .45 | 3.92 | 4.37 | (.45) | (1.19) | (1.64) | 23.99 | 21.19 | 11 | .54 | 1.95 |
| 12/31/2018 | 23.69 | .42 | (1.42) | (1.00) | (.40) | (1.03) | (1.43) | 21.26 | (4.58) | 7 | .53 | 1.82 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 28.74 | .46 | (4.19) | (3.73) | (.45) | (2.65) | (3.10) | 21.91 | (13.41) | 4228 | .55 | 1.90 |
| 12/31/2021 | 26.21 | .41 | 3.49 | 3.90 | (.43) | (.94) | (1.37) | 28.74 | 15.10 | 5473 | .55 | 1.46 |
| 12/31/2020 | 23.79 | .37 | 2.56 | 2.93 | (.40) | (.11) | (.51) | 26.21 | 12.46 | 5242 | .55 | 1.55 |
| 12/31/2019 | 21.08 | .45 | 3.89 | 4.34 | (.44) | (1.19) | (1.63) | 23.79 | 21.23 | 5154 | .54 | 1.96 |
| 12/31/2018 | 23.49 | .41 | (1.41) | (1.00) | (.38) | (1.03) | (1.41) | 21.08 | (4.60) | 4668 | .53 | 1.78 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 29.12 | .48 | (4.25) | (3.77) | (.47) | (2.65) | (3.12) | 22.23 | (13.37) | 28 | .48 | 1.97 |
| 12/31/2021 | 26.53 | .43 | 3.55 | 3.98 | (.45) | (.94) | (1.39) | 29.12 | 15.22 | 36 | .48 | 1.53 |
| 12/31/2020 | 24.08 | .39 | 2.59 | 2.98 | (.42) | (.11) | (.53) | 26.53 | 12.50 | 33 | .48 | 1.62 |
| 12/31/2019 | 21.32 | .47 | 3.93 | 4.40 | (.45) | (1.19) | (1.64) | 24.08 | 21.30 | 32 | .47 | 2.02 |
| 12/31/2018 | 23.73 | .43 | (1.41) | (.98) | (.40) | (1.03) | (1.43) | 21.32 | (4.49) | 29 | .46 | 1.85 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 28.56 | .39 | (4.16) | (3.77) | (.39) | (2.65) | (3.04) | 21.75 | (13.66) | 5380 | .80 | 1.66 |
| 12/31/2021 | 26.06 | .34 | 3.47 | 3.81 | (.37) | (.94) | (1.31) | 28.56 | 14.84 | 6337 | .80 | 1.22 |
| 12/31/2020 | 23.67 | .31 | 2.54 | 2.85 | (.35) | (.11) | (.46) | 26.06 | 12.16 | 5131 | .80 | 1.30 |
| 12/31/2019 | 20.99 | .39 | 3.87 | 4.26 | (.39) | (1.19) | (1.58) | 23.67 | 20.92 | 4493 | .79 | 1.71 |
| 12/31/2018 | 23.40 | .35 | (1.40) | (1.05) | (.33) | (1.03) | (1.36) | 20.99 | (4.83) | 3594 | .78 | 1.54 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 359

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $14.73 | $.26 | $(2.37) | $(2.11) | $— | $(.07) | $(.07) | $12.55 | (14.33)% | $96 | .59% | .58% | 1.99% |
| 12/31/2021 | 14.19 | .18 | 1.37 | 1.55 | (.19) | (.82) | (1.01) | 14.73 | 11.05 | 120 | .73 | .73 | 1.24 |
| 12/31/2020 | 13.51 | .17 | 1.24 | 1.41 | (.19) | (.54) | (.73) | 14.19 | 10.53 | 139 | .72 | .72 | 1.29 |
| 12/31/2019 | 11.67 | .24 | 2.17 | 2.41 | (.20) | (.37) | (.57) | 13.51 | 20.79 | 134 | .72 | .72 | 1.88 |
| 12/31/2018 | 12.75 | .23 | (.96) | (.73) | (.20) | (.15) | (.35) | 11.67 | (5.81) | 110 | .72 | .72 | 1.82 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 3 | .84 | .84 | 1.71 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.83 | 4 | .98 | .98 | 1.02 |
| 12/31/2020 | 13.49 | .14 | 1.23 | 1.37 | (.16) | (.54) | (.70) | 14.16 | 10.25 | 3 | .97 | .97 | 1.03 |
| 12/31/2019 | 11.65 | .21 | 2.17 | 2.38 | (.17) | (.37) | (.54) | 13.49 | 20.54 | 2 | .97 | .97 | 1.63 |
| 12/31/2018 | 12.74 | .18 | (.94) | (.76) | (.18) | (.15) | (.33) | 11.65 | (6.03) | 2 | .98 | .98 | 1.44 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 158 | .84 | .83 | 1.73 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.79 | 208 | .98 | .98 | 1.01 |
| 12/31/2020 | 13.48 | .14 | 1.23 | 1.37 | (.15) | (.54) | (.69) | 14.16 | 10.30 | 208 | .97 | .97 | 1.03 |
| 12/31/2019 | 11.65 | .21 | 2.16 | 2.37 | (.17) | (.37) | (.54) | 13.48 | 20.44 | 207 | .97 | .97 | 1.64 |
| 12/31/2018 | 12.72 | .20 | (.96) | (.76) | (.16) | (.15) | (.31) | 11.65 | (6.01) | 185 | .97 | .97 | 1.57 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 14.53 | .19 | (2.33) | (2.14) |  | (.07) | (.07) | 12.32 | (14.73) | 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12) | (.82) | (.94) | 14.53 | 10.46 | 135 | 1.23 | 1.23 | .77 |
| 12/31/2020 | 13.36 | .10 | 1.22 | 1.32 | (.12) | (.54) | (.66) | 14.02 | 10.00 | 105 | 1.22 | 1.22 | .78 |
| 12/31/2019 | 11.55 | .18 | 2.14 | 2.32 | (.14) | (.37) | (.51) | 13.36 | 20.21 | 94 | 1.22 | 1.22 | 1.37 |
| 12/31/2018 | 12.63 | .17 | (.96) | (.79) | (.14) | (.15) | (.29) | 11.55 | (6.31) | 69 | 1.22 | 1.22 | 1.34 |

---

Refer to the end of the tables for footnotes.

360 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.21 | $.31 | $(1.67) | $(1.36) | $(.32) | $(.12) | $(.44) | $9.41 | (12.26)% | $6370 | .39% | .20% | 3.09% |
| 12/31/2021 | 11.89 | .21 | (.23) | (.02) | (.19) | (.47) | (.66) | 11.21 | (.14) | 8555 | .39 | .26 | 1.84 |
| 12/31/2020 | 11.17 | .23 | .87 | 1.10 | (.27) | (.11) | (.38) | 11.89 | 9.96 | 6844 | .40 | .40 | 2.00 |
| 12/31/2019 | 10.47 | .30 | .71 | 1.01 | (.31) |  | (.31) | 11.17 | 9.70 | 6481 | .39 | .39 | 2.76 |
| 12/31/2018 | 10.82 | .29 | (.35) | (.06) | (.28) | (.01) | (.29) | 10.47 | (.45) | 5962 | .38 | .38 | 2.70 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.16 | .31 | (1.69) | (1.38) | (.31) | (.12) | (.43) | 9.35 | (12.49) | 220 | .64 | .45 | 3.15 |
| 12/31/2021 | 11.84 | .18 | (.23) | (.05) | (.16) | (.47) | (.63) | 11.16 | (.36) | 12 | .64 | .51 | 1.59 |
| 12/31/2020 | 11.13 | .20 | .87 | 1.07 | (.25) | (.11) | (.36) | 11.84 | 9.68 | 9 | .65 | .65 | 1.74 |
| 12/31/2019 | 10.45 | .27 | .71 | .98 | (.30) |  | (.30) | 11.13 | 9.36 | 7 | .64 | .64 | 2.48 |
| 12/31/2018 | 10.80 | .26 | (.33) | (.07) | (.27) | (.01) | (.28) | 10.45 | (.60) | 3 | .63 | .63 | 2.50 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.06 | .28 | (1.66) | (1.38) | (.29) | (.12) | (.41) | 9.27 | (12.58) | 2844 | .64 | .45 | 2.84 |
| 12/31/2021 | 11.73 | .18 | (.22) | (.04) | (.16) | (.47) | (.63) | 11.06 | (.31) | 3729 | .64 | .52 | 1.57 |
| 12/31/2020 | 11.02 | .20 | .86 | 1.06 | (.24) | (.11) | (.35) | 11.73 | 9.73 | 3840 | .65 | .65 | 1.75 |
| 12/31/2019 | 10.34 | .27 | .70 | .97 | (.29) |  | (.29) | 11.02 | 9.36 | 3561 | .64 | .64 | 2.51 |
| 12/31/2018 | 10.69 | .26 | (.34) | (.08) | (.26) | (.01) | (.27) | 10.34 | (.71) | 3524 | .63 | .63 | 2.45 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.01 | .26 | (1.65) | (1.39) | (.27) | (.12) | (.39) | 9.23 | (12.75) | 787 | .89 | .70 | 2.61 |
| 12/31/2021 | 11.69 | .15 | (.22) | (.07) | (.14) | (.47) | (.61) | 11.01 | (.59) | 891 | .89 | .76 | 1.34 |
| 12/31/2020 | 11.00 | .17 | .85 | 1.02 | (.22) | (.11) | (.33) | 11.69 | 9.38 | 714 | .90 | .90 | 1.48 |
| 12/31/2019 | 10.33 | .24 | .70 | .94 | (.27) |  | (.27) | 11.00 | 9.08 | 502 | .89 | .89 | 2.25 |
| 12/31/2018 | 10.68 | .23 | (.33) | (.10) | (.24) | (.01) | (.25) | 10.33 | (.89) | 366 | .88 | .88 | 2.22 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 361

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.79 | $.25 | $(2.30) | $(2.05) | $(.03) | $(.16) | $(.19) | $9.55 | (17.43)% | $663 | .51% | .48% | 2.43% |
| 12/31/2021 | 12.94 | .25 | (.85) | (.60) | (.24) | (.31) | (.55) | 11.79 | (4.73) | 988 | .60 | .50 | 2.06 |
| 12/31/2020 | 12.12 | .26 | .95 | 1.21 | (.18) | (.21) | (.39) | 12.94 | 10.17 | 1219 | .59 | .52 | 2.08 |
| 12/31/2019 | 11.42 | .31 | .61 | .92 | (.22) |  | (.22) | 12.12 | 8.08 | 1077 | .58 | .58 | 2.60 |
| 12/31/2018 | 11.88 | .30 | (.44) | (.14) | (.28) | (.04) | (.32) | 11.42 | (1.14) | 1015 | .57 | .57 | 2.56 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.76 | .22 | (2.30) | (2.08) | (.02) | (.16) | (.18) | 9.50 | (17.69) | 1 | .76 | .73 | 2.19 |
| 12/31/2021 | 12.91 | .23 | (.85) | (.62) | (.22) | (.31) | (.53) | 11.76 | (4.88) | 1 | .85 | .75 | 1.85 |
| 12/31/2020 | 12.10 | .23 | .95 | 1.18 | (.16) | (.21) | (.37) | 12.91 | 9.89 | 1 | .83 | .76 | 1.83 |
| 12/31/2019 | 11.41 | .28 | .60 | .88 | (.19) |  | (.19) | 12.10 | 7.75 | 1 | .83 | .83 | 2.35 |
| 12/31/2018 | 11.87 | .27 | (.43) | (.16) | (.26) | (.04) | (.30) | 11.41 | (1.29) | 1 | .82 | .82 | 2.36 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.70 | .22 | (2.29) | (2.07) | (.02) | (.16) | (.18) | 9.45 | (17.70) | 765 | .76 | .73 | 2.18 |
| 12/31/2021 | 12.84 | .22 | (.84) | (.62) | (.21) | (.31) | (.52) | 11.70 | (4.92) | 1030 | .85 | .75 | 1.82 |
| 12/31/2020 | 12.03 | .22 | .95 | 1.17 | (.15) | (.21) | (.36) | 12.84 | 9.90 | 1058 | .84 | .77 | 1.83 |
| 12/31/2019 | 11.34 | .28 | .60 | .88 | (.19) |  | (.19) | 12.03 | 7.77 | 1002 | .83 | .83 | 2.35 |
| 12/31/2018 | 11.79 | .27 | (.43) | (.16) | (.25) | (.04) | (.29) | 11.34 | (1.33) | 1032 | .82 | .82 | 2.32 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.57 | .19 | (2.25) | (2.06) | (.02) | (.16) | (.18) | 9.33 | (17.84) | 53 | 1.01 | .98 | 1.94 |
| 12/31/2021 | 12.71 | .19 | (.84) | (.65) | (.18) | (.31) | (.49) | 11.57 | (5.18) | 66 | 1.10 | 1.00 | 1.57 |
| 12/31/2020 | 11.92 | .19 | .94 | 1.13 | (.13) | (.21) | (.34) | 12.71 | 9.62 | 61 | 1.09 | 1.02 | 1.58 |
| 12/31/2019 | 11.24 | .24 | .60 | .84 | (.16) |  | (.16) | 11.92 | 7.54 | 49 | 1.08 | 1.08 | 2.09 |
| 12/31/2018 | 11.70 | .24 | (.43) | (.19) | (.23) | (.04) | (.27) | 11.24 | (1.61) | 40 | 1.07 | 1.07 | 2.09 |

---

Refer to the end of the tables for footnotes.

362 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $10.19 | $.56 | $(1.47) | $(.91) | $(.75) | $— | $(.75) | $8.53 | (9.01)% | $224 | .47% | .32% | 5.95% |
| 12/31/2021 | 9.80 | .51 | .34 | .85 | (.46) |  | (.46) | 10.19 | 8.74 | 278 | .53 | .37 | 4.95 |
| 12/31/2020 | 9.87 | .61 | .17 | .78 | (.85) |  | (.85) | 9.80 | 8.21 | 123 | .52 | .52 | 6.46 |
| 12/31/2019 | 9.34 | .67 | .52 | 1.19 | (.66) |  | (.66) | 9.87 | 12.85 | 525 | .51 | .51 | 6.71 |
| 12/31/2018 | 10.19 | .64 | (.84) | (.20) | (.65) |  | (.65) | 9.34 | (2.15) | 501 | .50 | .50 | 6.32 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.16 | .53 | (1.46) | (.93) | (.72) |  | (.72) | 8.51 | (9.29) | 1 | .72 | .57 | 5.70 |
| 12/31/2021 | 9.78 | .49 | .33 | .82 | (.44) |  | (.44) | 10.16 | 8.42 | 1 | .78 | .64 | 4.75 |
| 12/31/2020 | 9.86 | .56 | .20 | .76 | (.84) |  | (.84) | 9.78 | 7.94 | 1 | .78 | .78 | 5.85 |
| 12/31/2019 | 9.33 | .65 | .51 | 1.16 | (.63) |  | (.63) | 9.86 | 12.61 | 1 | .75 | .75 | 6.47 |
| 12/31/2018 | 10.18 | .62 | (.84) | (.22) | (.63) |  | (.63) | 9.33 | (2.35) | 1 | .75 | .75 | 6.11 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 9.98 | .52 | (1.43) | (.91) | (.72) |  | (.72) | 8.35 | (9.26) | 521 | .72 | .57 | 5.68 |
| 12/31/2021 | 9.61 | .48 | .33 | .81 | (.44) |  | (.44) | 9.98 | 8.42 | 673 | .78 | .65 | 4.80 |
| 12/31/2020 | 9.70 | .55 | .19 | .74 | (.83) |  | (.83) | 9.61 | 7.94 | 665 | .78 | .78 | 5.88 |
| 12/31/2019 | 9.19 | .64 | .50 | 1.14 | (.63) |  | (.63) | 9.70 | 12.55 | 667 | .76 | .76 | 6.45 |
| 12/31/2018 | 10.03 | .61 | (.83) | (.22) | (.62) |  | (.62) | 9.19 | (2.34) | 661 | .75 | .75 | 6.07 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.24 | .54 | (1.47) | (.93) | (.73) |  | (.73) | 8.58 | (9.25) | 9 | .65 | .50 | 5.76 |
| 12/31/2021 | 9.84 | .50 | .34 | .84 | (.44) |  | (.44) | 10.24 | 8.60 | 10 | .71 | .58 | 4.86 |
| 12/31/2020 | 9.92 | .57 | .19 | .76 | (.84) |  | (.84) | 9.84 | 7.93 | 10 | .71 | .71 | 5.94 |
| 12/31/2019 | 9.38 | .66 | .52 | 1.18 | (.64) |  | (.64) | 9.92 | 12.70 | 10 | .69 | .69 | 6.52 |
| 12/31/2018 | 10.23 | .63 | (.85) | (.22) | (.63) |  | (.63) | 9.38 | (2.33) | 10 | .68 | .68 | 6.14 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.99 | .55 | (1.58) | (1.03) | (.70) |  | (.70) | 9.26 | (9.53) | 77 | .97 | .82 | 5.44 |
| 12/31/2021 | 10.54 | .50 | .36 | .86 | (.41) |  | (.41) | 10.99 | 8.18 | 90 | 1.03 | .89 | 4.52 |
| 12/31/2020 | 10.56 | .57 | .22 | .79 | (.81) |  | (.81) | 10.54 | 7.74 | 69 | 1.03 | 1.03 | 5.58 |
| 12/31/2019 | 9.96 | .67 | .54 | 1.21 | (.61) |  | (.61) | 10.56 | 12.27 | 63 | 1.01 | 1.01 | 6.21 |
| 12/31/2018 | 10.82 | .63 | (.90) | (.27) | (.59) |  | (.59) | 9.96 | (2.64) | 31 | 1.00 | 1.00 | 5.83 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 363

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $10.63 | $.07 | $(1.10) | $(1.03) | $(.15) | $— | $(.15) | $9.45 | (9.76)% | $1 | .45% | .25% | .70% |
| 12/31/2021 | 11.11 | .06 | (.09) | (.03) | (.08) | (.37) | (.45) | 10.63 | (.32) | 231 | .49 | .29 | .58 |
| 12/31/2020 | 10.56 | .10 | .64 | .74 | (.17) | (.02) | (.19) | 11.11 | 6.98 | 224 | .48 | .36 | .93 |
| 12/31/2019 | 10.30 | .24 | .30 | .54 | (.28) |  | (.28) | 10.56 | 5.30 | 210 | .47 | .47 | 2.26 |
| 12/31/2018 | 10.47 | .20 | (.14) | .06 | (.23) |  | (.23) | 10.30 | .58 | 209 | .48 | .48 | 1.97 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.59 | .19 | (1.24) | (1.05) | (.20) |  | (.20) | 9.34 | (10.03) | 2 | .69 | .54 | 1.91 |
| 12/31/2021 | 11.08 | .04 | (.10) | (.06) | (.06) | (.37) | (.43) | 10.59 | (.47) | 2 | .74 | .54 | .33 |
| 12/31/2020 | 10.55 | .07 | .63 | .70 | (.15) | (.02) | (.17) | 11.08 | 6.63 | 1 | .73 | .59 | .61 |
| 12/31/2019 | 10.28 | .22 | .30 | .52 | (.25) |  | (.25) | 10.55 | 5.09 | 1 | .71 | .71 | 2.04 |
| 12/31/2018 | 10.46 | .18 | (.14) | .04 | (.22) |  | (.22) | 10.28 | .36 | 1 | .73 | .73 | 1.77 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.61 | .18 | (1.23) | (1.05) | (.20) |  | (.20) | 9.36 | (9.94) | 46 | .69 | .54 | 1.87 |
| 12/31/2021 | 11.09 | .04 | (.10) | (.06) | (.05) | (.37) | (.42) | 10.61 | (.57) | 58 | .74 | .54 | .33 |
| 12/31/2020 | 10.54 | .08 | .63 | .71 | (.14) | (.02) | (.16) | 11.09 | 6.72 | 58 | .73 | .60 | .68 |
| 12/31/2019 | 10.28 | .21 | .31 | .52 | (.26) |  | (.26) | 10.54 | 5.04 | 56 | .72 | .72 | 2.01 |
| 12/31/2018 | 10.45 | .18 | (.15) | .03 | (.20) |  | (.20) | 10.28 | .32 | 57 | .73 | .73 | 1.72 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.49 | .16 | (1.22) | (1.06) | (.18) |  | (.18) | 9.25 | (10.16) | 40 | .94 | .79 | 1.66 |
| 12/31/2021 | 10.97 | .01 | (.09) | (.08) | (.03) | (.37) | (.40) | 10.49 | (.78) | 43 | .99 | .79 | .08 |
| 12/31/2020 | 10.44 | .04 | .63 | .67 | (.12) | (.02) | (.14) | 10.97 | 6.38 | 37 | .98 | .85 | .41 |
| 12/31/2019 | 10.19 | .18 | .31 | .49 | (.24) |  | (.24) | 10.44 | 4.80 | 28 | .97 | .97 | 1.71 |
| 12/31/2018 | 10.38 | .15 | (.15) | —<sup>4</sup> | (.19) |  | (.19) | 10.19 | .07 | 24 | .98 | .98 | 1.49 |

---

Refer to the end of the tables for footnotes.

364 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from<br> investment operations<sup>1</sup>** | **Income (loss) from<br> investment operations<sup>1</sup>** | **Income (loss) from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> end<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of <br> expenses<br> to average<br> net assets** |<br>**Ratio of<br> net income<br> (loss)<br> to average<br> net assets** |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.27 | $.17 | $(.01) | $.16 | $(.08) | $— | $(.08) | $11.35 | 1.42% | $51 | .32% | 1.48% |
| 12/31/2021 | 11.31 | (.03) | (.01) | (.04) |  |  |  | 11.27 | (.35) | 37 | .37 | (.28) |
| 12/31/2020 | 11.30 | .02 | .02 | .04 | (.03) |  | (.03) | 11.31 | .34 | 44 | .37 | .16 |
| 12/31/2019 | 11.31 | .22 | —<sup>4</sup> | .22 | (.23) |  | (.23) | 11.30 | 1.92 | 30 | .36 | 1.92 |
| 12/31/2018 | 11.29 | .18 | —<sup>4</sup> | .18 | (.16) |  | (.16) | 11.31 | 1.58 | 37 | .35 | 1.60 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.28 | .16 | (.01) | .15 | (.08) |  | (.08) | 11.35 | 1.32 | —<sup>6</sup> | .31 | 1.40 |
| 12/31/2021 | 11.31 | (.03) | —<sup>4</sup> | (.03) |  |  |  | 11.28 | (.27) | —<sup>6</sup> | .36 | (.28) |
| 12/31/2020 | 11.30 | .03 | .01 | .04 | (.03) |  | (.03) | 11.31 | .32 | —<sup>6</sup> | .35 | .26 |
| 12/31/2019 | 11.31 | .22 | —<sup>4</sup> | .22 | (.23) |  | (.23) | 11.30 | 1.92 | —<sup>6</sup> | .37 | 1.90 |
| 12/31/2018 | 11.29 | .18 | —<sup>4</sup> | .18 | (.16) |  | (.16) | 11.31 | 1.58 | —<sup>6</sup> | .35 | 1.60 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.93 | .13 | —<sup>4</sup> | .13 | (.06) |  | (.06) | 11.00 | 1.17 | 297 | .57 | 1.23 |
| 12/31/2021 | 10.99 | (.06) | —<sup>4</sup> | (.06) |  |  |  | 10.93 | (.55) | 245 | .62 | (.53) |
| 12/31/2020 | 11.01 | —<sup>4</sup> | —<sup>4</sup> | —<sup>4</sup> | (.02) |  | (.02) | 10.99 | .03 | 288 | .62 | (.05) |
| 12/31/2019 | 11.03 | .18 | —<sup>4</sup> | .18 | (.20) |  | (.20) | 11.01 | 1.62 | 230 | .61 | 1.66 |
| 12/31/2018 | 11.01 | .15 | —<sup>4</sup> | .15 | (.13) |  | (.13) | 11.03 | 1.36 | 247 | .60 | 1.34 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.07 | .13 | —<sup>4</sup> | .13 | (.06) |  | (.06) | 11.14 | 1.19 | 4 | .50 | 1.19 |
| 12/31/2021 | 11.12 | (.05) | —<sup>4</sup> | (.05) |  |  |  | 11.07 | (.45) | 5 | .55 | (.46) |
| 12/31/2020 | 11.13 | —<sup>4</sup> | .02 | .02 | (.03) |  | (.03) | 11.12 | .13 | 4 | .55 | .03 |
| 12/31/2019 | 11.14 | .20 | —<sup>4</sup> | .20 | (.21) |  | (.21) | 11.13 | 1.76 | 3 | .54 | 1.74 |
| 12/31/2018 | 11.12 | .16 | (.01) | .15 | (.13) |  | (.13) | 11.14 | 1.38 | 4 | .53 | 1.42 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.00 | .12 | (.03) | .09 | (.04) |  | (.04) | 11.05 | .83 | 80 | .82 | 1.05 |
| 12/31/2021 | 11.08 | (.09) | .01 | (.08) |  |  |  | 11.00 | (.72) | 46 | .87 | (.79) |
| 12/31/2020 | 11.13 | (.04) | .01 | (.03) | (.02) |  | (.02) | 11.08 | (.25) | 40 | .87 | (.35) |
| 12/31/2019 | 11.15 | .16 | —<sup>4</sup> | .16 | (.18) |  | (.18) | 11.13 | 1.40 | 22 | .86 | 1.40 |
| 12/31/2018 | 11.13 | .12 | .01 | .13 | (.11) |  | (.11) | 11.15 | 1.14 | 18 | .86 | 1.11 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 365

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.67 | $.32 | $(1.56) | $(1.24) | $(.44) | $— | $(.44) | $9.99 | (10.75)% | $242 | .36% | .22% | 2.90% |
| 12/31/2021 | 13.04 | .18 | (.26) | (.08) | (.18) | (1.11) | (1.29) | 11.67 | (.44) | 522 | .39 | .29 | 1.50 |
| 12/31/2020 | 12.34 | .16 | 1.07 | 1.23 | (.26) | (.27) | (.53) | 13.04 | 10.09 | 429 | .38 | .38 | 1.21 |
| 12/31/2019 | 11.94 | .25 | .43 | .68 | (.28) |  | (.28) | 12.34 | 5.69 | 1418 | .37 | .37 | 2.07 |
| 12/31/2018 | 12.08 | .24 | (.13) | .11 | (.25) |  | (.25) | 11.94 | .91 | 1445 | .36 | .36 | 2.02 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.63 | .29 | (1.55) | (1.26) | (.41) |  | (.41) | 9.96 | (10.93) | 4 | .60 | .47 | 2.70 |
| 12/31/2021 | 13.00 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.63 | (.65) | 5 | .64 | .53 | 1.28 |
| 12/31/2020 | 12.32 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 13.00 | 9.75 | 4 | .64 | .64 | .69 |
| 12/31/2019 | 11.93 | .22 | .43 | .65 | (.26) |  | (.26) | 12.32 | 5.42 | 2 | .62 | .62 | 1.82 |
| 12/31/2018 | 12.08 | .22 | (.14) | .08 | (.23) |  | (.23) | 11.93 | .70 | 1 | .61 | .61 | 1.82 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.53 | .29 | (1.54) | (1.25) | (.41) |  | (.41) | 9.87 | (10.95) | 1059 | .61 | .47 | 2.69 |
| 12/31/2021 | 12.89 | .15 | (.25) | (.10) | (.15) | (1.11) | (1.26) | 11.53 | (.62) | 1391 | .64 | .54 | 1.24 |
| 12/31/2020 | 12.21 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 12.89 | 9.80 | 1439 | .64 | .64 | .73 |
| 12/31/2019 | 11.82 | .22 | .42 | .64 | (.25) |  | (.25) | 12.21 | 5.31 | 1343 | .62 | .62 | 1.82 |
| 12/31/2018 | 11.96 | .21 | (.14) | .07 | (.21) |  | (.21) | 11.82 | .73 | 1323 | .61 | .61 | 1.77 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.70 | .30 | (1.57) | (1.27) | (.41) |  | (.41) | 10.02 | (10.90) | 6 | .54 | .40 | 2.76 |
| 12/31/2021 | 13.07 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.70 | (.62) | 9 | .57 | .47 | 1.31 |
| 12/31/2020 | 12.37 | .10 | 1.12 | 1.22 | (.25) | (.27) | (.52) | 13.07 | 9.91 | 10 | .57 | .57 | .78 |
| 12/31/2019 | 11.97 | .23 | .43 | .66 | (.26) |  | (.26) | 12.37 | 5.49 | 9 | .55 | .55 | 1.88 |
| 12/31/2018 | 12.11 | .22 | (.14) | .08 | (.22) |  | (.22) | 11.97 | .71 | 9 | .54 | .54 | 1.84 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.52 | .26 | (1.54) | (1.28) | (.38) |  | (.38) | 9.86 | (11.19) | 190 | .85 | .72 | 2.45 |
| 12/31/2021 | 12.88 | .12 | (.25) | (.13) | (.12) | (1.11) | (1.23) | 11.52 | (.88) | 238 | .89 | .79 | .98 |
| 12/31/2020 | 12.22 | .05 | 1.10 | 1.15 | (.22) | (.27) | (.49) | 12.88 | 9.48 | 272 | .89 | .89 | .42 |
| 12/31/2019 | 11.84 | .19 | .42 | .61 | (.23) |  | (.23) | 12.22 | 5.14 | 124 | .87 | .87 | 1.56 |
| 12/31/2018 | 11.98 | .18 | (.12) | .06 | (.20) |  | (.20) | 11.84 | .50 | 91 | .86 | .86 | 1.53 |

---

Refer to the end of the tables for footnotes.

366 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> before<br> waivers/<br> reimburse-<br> ments<sup>7</sup>** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> after<br> waivers/<br> reimburse-<br> ments<sup>2,7</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,8,9</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $18.53 | $.06 | $(4.46) | $(4.40) | $(.22) | $(2.54) | $(2.76) | $11.37 | (24.62)% | $9 | .41% | .36% | .69% | .47% |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18) | (.74) | (.92) | 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
| 12/31/2020 | 13.78 | .07 | 4.20 | 4.27 | (.12) | (.68) | (.80) | 17.25 | 32.45 | 11 | .42 | .37 | .72 | .49 |
| 12/31/2019 | 12.30 | .15 | 2.44 | 2.59 | (.19) | (.92) | (1.11) | 13.78 | 22.01 | 6 | .42 | .37 | .73 | 1.19 |
| 12/31/2018 | 13.22 | .11 | (.04) | .07 | (.10) | (.89) | (.99) | 12.30 | (.04)<sup>10</sup> | 3 | .42<sup>10</sup> | .37<sup>10</sup> | .71<sup>10</sup> | .82<sup>10</sup> |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18.42 | .03 | (4.45) | (4.42) | (.18) | (2.54) | (2.72) | 11.28 | (24.88) | 445 | .67 | .62 | .95 | .20 |
| 12/31/2021 | 17.11 | (.01) | 2.16 | 2.15 | (.10) | (.74) | (.84) | 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07) |
| 12/31/2020 | 13.71 | .03 | 4.16 | 4.19 | (.11) | (.68) | (.79) | 17.11 | 32.03 | 554 | .67 | .62 | .97 | .20 |
| 12/31/2019 | 12.21 | .09 | 2.45 | 2.54 | (.12) | (.92) | (1.04) | 13.71 | 21.74 | 434 | .68 | .63 | .99 | .73 |
| 12/31/2018 | 13.14 | .06 | (.04) | .02 | (.06) | (.89) | (.95) | 12.21 | (.37) | 340 | .68 | .63 | .97 | .46 |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $10.55 | $.15 | $(1.75) | $(1.60) | $(.34) | $— | $(.34) | $8.61 | (15.27)%<sup>10</sup> | $2 | .44%<sup>10</sup> | .37%<sup>10</sup> | .87%<sup>10</sup> | 1.70%<sup>10</sup> |
| 12/31/2021 | 11.07 | .24 | (.67) | (.43) | (.09) |  | (.09) | 10.55 | (3.92)<sup>10</sup> | 2 | .44<sup>10</sup> | .36<sup>10</sup> | .87<sup>10</sup> | 2.12<sup>10</sup> |
| 12/31/2020 | 11.01 | .08 | .22 | .30 | (.16) | (.08) | (.24) | 11.07 | 3.13<sup>10</sup> | 2 | .43<sup>10</sup> | .35<sup>10</sup> | .86<sup>10</sup> | .82<sup>10</sup> |
| 12/31/2019 | 9.82 | .17 | 1.54 | 1.71 | (.20) | (.32) | (.52) | 11.01 | 17.91<sup>10</sup> | 1 | .41<sup>10</sup> | .33<sup>10</sup> | .84<sup>10</sup> | 1.64<sup>10</sup> |
| 12/31/2018 | 11.25 | .32 | (1.44) | (1.12) | (.26) | (.05) | (.31) | 9.82 | (10.11)<sup>10</sup> | —<sup>6</sup> | .33<sup>10</sup> | .28<sup>10</sup> | .77<sup>10</sup> | 3.02<sup>10</sup> |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.48 | .12 | (1.74) | (1.62) | (.28) |  | (.28) | 8.58 | (15.54) | 124 | .70 | .63 | 1.13 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65) | (.45) | (.06) |  | (.06) | 10.48 | (4.13) | 160 | .71 | .63 | 1.14 | 1.79 |
| 12/31/2020 | 10.92 | .04 | .23 | .27 | (.12) | (.08) | (.20) | 10.99 | 2.80 | 168 | .71 | .63 | 1.14 | .42 |
| 12/31/2019 | 9.76 | .13 | 1.55 | 1.68 | (.20) | (.32) | (.52) | 10.92 | 17.64 | 165 | .71 | .63 | 1.14 | 1.21 |
| 12/31/2018 | 11.15 | .16 | (1.32) | (1.16) | (.18) | (.05) | (.23) | 9.76 | (10.50) | 151 | .69 | .64 | 1.13 | 1.49 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.95 | $.23 | $(1.38) | $(1.15) | $(.56) | $— | $(.56) | $11.24 | (8.92)%<sup>10</sup> | $3 | .41%<sup>10</sup> | .36%<sup>10</sup> | .75%<sup>10</sup> | 1.96%<sup>10</sup> |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24) |  | (.24) | 12.95 | 17.46<sup>10</sup> | 2 | .41<sup>10</sup> | .36<sup>10</sup> | .77<sup>10</sup> | 1.33<sup>10</sup> |
| 12/31/2020 | 12.01 | .18 | (.35) | (.17) | (.26) | (.34) | (.60) | 11.24 | (.93)<sup>10</sup> | 2 | .40<sup>10</sup> | .35<sup>10</sup> | .76<sup>10</sup> | 1.66<sup>10</sup> |
| 12/31/2019 | 11.28 | .25 | 1.28 | 1.53 | (.20) | (.60) | (.80) | 12.01 | 14.14<sup>10</sup> | 1 | .38<sup>10</sup> | .33<sup>10</sup> | .74<sup>10</sup> | 2.14<sup>10</sup> |
| 12/31/2018 | 13.04 | .40 | (1.27) | (.87) | (.45) | (.44) | (.89) | 11.28 | (6.99)<sup>10</sup> | —<sup>6</sup> | .33<sup>10</sup> | .28<sup>10</sup> | .67<sup>10</sup> | 3.21<sup>10</sup> |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.88 | .19 | (1.37) | (1.18) | (.52) |  | (.52) | 11.18 | (9.16) | 321 | .67 | .62 | 1.01 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20) |  | (.20) | 12.88 | 17.11 | 371 | .68 | .62 | 1.03 | .91 |
| 12/31/2020 | 11.91 | .13 | (.33) | (.20) | (.19) | (.34) | (.53) | 11.18 | (1.25) | 355 | .68 | .63 | 1.04 | 1.18 |
| 12/31/2019 | 11.21 | .18 | 1.31 | 1.49 | (.19) | (.60) | (.79) | 11.91 | 13.88 | 365 | .68 | .63 | 1.04 | 1.62 |
| 12/31/2018 | 12.96 | .19 | (1.10) | (.91) | (.40) | (.44) | (.84) | 11.21 | (7.38) | 336 | .68 | .63 | 1.02 | 1.49 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 367

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> before<br> waivers/<br> reimburse-<br> ments<sup>7</sup>** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> after<br> waivers/<br> reimburse-<br> ments<sup>2,7</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,8,9</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $15.73 | $.18 | $(2.79) | $(2.61) | $(.30) | $(.31) | $(.61) | $12.51 | (16.74)% | $1833 | .41% | .36% | .65% | 1.33% |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21) | (.20) | (.41) | 15.73 | 15.32 | 2328 | .41 | .36 | .66 | .96 |
| 12/31/2020 | 13.76 | .17 | 1.08 | 1.25 | (.26) | (.74) | (1.00) | 14.01 | 9.85 | 2120 | .41 | .36 | .66 | 1.24 |
| 12/31/2019 | 11.73 | .22 | 2.01 | 2.23 | (.10) | (.10) | (.20) | 13.76 | 19.14 | 1987 | .42 | .37 | .67 | 1.71 |
| 12/31/2018 | 12.66 | (.02) | (.15) | (.17) | (.19) | (.57) | (.76) | 11.73 | (1.66) | 1662 | .40 | .35 | .64 | (.20) |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 15.64 | .15 | (2.78) | (2.63) | (.26) | (.31) | (.57) | 12.44 | (16.93) | 268 | .66 | .61 | .90 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17) | (.20) | (.37) | 15.64 | 15.05 | 340 | .66 | .61 | .91 | .70 |
| 12/31/2020 | 13.69 | .14 | 1.07 | 1.21 | (.23) | (.74) | (.97) | 13.93 | 9.58 | 315 | .66 | .61 | .91 | 1.02 |
| 12/31/2019 | 11.67 | .19 | 2.00 | 2.19 | (.07) | (.10) | (.17) | 13.69 | 18.84 | 283 | .67 | .62 | .92 | 1.47 |
| 12/31/2018 | 12.58 | .16 | (.36) | (.20) | (.14) | (.57) | (.71) | 11.67 | (1.97) | 230 | .69 | .64 | .93 | 1.25 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $15.33 | $.24 | $(2.34) | $(2.10) | $(.32) | $(.48) | $(.80) | $12.43 | (13.75)% | $7 | .41% | .36% | .64% | 1.80% |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27) |  | (.27) | 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
| 12/31/2020 | 13.81 | .25 | .51 | .76 | (.21) | (.52) | (.73) | 13.84 | 6.10 | 5 | .41 | .36 | .66 | 1.91 |
| 12/31/2019 | 12.23 | .26 | 1.92 | 2.18 | (.03) | (.57) | (.60) | 13.81 | 18.25 | 2 | .41 | .36 | .65 | 2.01 |
| 12/31/2018 | 13.59 | .22 | (.80) | (.58) | (.25) | (.53) | (.78) | 12.23 | (4.63) | 2 | .37 | .32 | .59 | 1.67 |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 14.93 | .18 | (2.25) | (2.07) | (.29) | (.48) | (.77) | 12.09 | (13.97) | 2182 | .66 | .61 | .89 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20) |  | (.20) | 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |
| 12/31/2020 | 13.46 | .15 | .56 | .71 | (.20) | (.52) | (.72) | 13.45 | 5.88 | 2773 | .66 | .61 | .91 | 1.15 |
| 12/31/2019 | 12.22 | .19 | 1.93 | 2.12 | (.31) | (.57) | (.88) | 13.46 | 17.98 | 2830 | .66 | .61 | .90 | 1.51 |
| 12/31/2018 | 13.55 | .17 | (.79) | (.62) | (.18) | (.53) | (.71) | 12.22 | (4.89) | 2541 | .62 | .57 | .84 | 1.27 |

---

Refer to the end of the tables for footnotes.

368 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes**<br>**excluding mortgage dollar roll transactions<sup>11,12</sup>** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Capital Income Builder | 48% | 60% | 110% | 44% | 42% |
| Asset Allocation Fund | 42 | 45 | 49 | 47 | 34 |
| American Funds Global Balanced Fund | 111 | 36 | 68 | 60 | 30 |
| The Bond Fund of America | 77 | 87 | 72 | 146 | 98 |
| Capital World Bond Fund | 114 | 64 | 88 | 110 | 78 |
| American Funds Mortgage Fund | 56 | 38 | 123 | 84 | 60 |
| U.S. Government Securities Fund | 77 | 126 | 112 | 103 | 76 |
| **Portfolio turnover rate for all share classes** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **including mortgage dollar roll transactions<sup>11,12</sup>** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Global Growth Fund | 29% | 18% | 17% | 14% | 25% |
| Global Small Capitalization Fund | 40 | 29 | 38 | 50 | 43 |
| Growth Fund | 29 | 25 | 32 | 21 | 35 |
| International Fund | 42 | 44 | 40 | 32 | 29 |
| New World Fund | 40 | 43 | 70 | 38 | 58 |
| Washington Mutual Investors Fund | 30 | 90 | 40 | 37 | 49 |
| Capital World Growth and Income Fund | 42 | 85 | 36 | 29 | 49 |
| Growth-Income Fund | 25 | 24 | 33 | 27 | 39 |
| International Growth and Income Fund | 48 | 41 | 56 | 28 | 38 |
| Capital Income Builder | 126 | 93 | 184 | 72 | 98 |
| Asset Allocation Fund | 118 | 124 | 145 | 79 | 86 |
| American Funds Global Balanced Fund | 126 | 39 | 86 | 74 | 51 |
| The Bond Fund of America | 415 | 456 | 461 | 373 | 514 |
| Capital World Bond Fund | 188 | 91 | 145 | 159 | 125 |
| American High-Income Trust | 34 | 56 | 78 | 58 | 67 |
| American Funds Mortgage Fund | 1141 | 975 | 1143 | 350 | 811 |
| Ultra-Short Bond Fund | —<sup>13</sup> | —<sup>13</sup> | —<sup>13</sup> | —<sup>13</sup> | —<sup>13</sup> |
| U.S. Government Securities Fund | 695 | 433 | 867 | 277 | 446 |
| Managed Risk Growth Fund | 97 | 32 | 80 | 10 | 7 |
| Managed Risk International Fund | 82 | 24 | 71 | 8 | 8 |
| Managed Risk Washington Mutual Investors Fund | 70 | 16 | 101 | 13 | 11 |
| Managed Risk Growth-Income Fund | 67 | 13 | 38 | 6 | 14 |
| Managed Risk Asset Allocation Fund | 48 | 5 | 30 | 8 | 12 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> Amount less than $.01.

<sup>5</sup> Amount less than .01%.

<sup>6</sup> Amount less than $1 million.

<sup>7</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>8</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.

<sup>9</sup> Unaudited.

<sup>10</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

<sup>11</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>12</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>13</sup> Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

American Funds Insurance Series 369

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund<sup>®</sup>, Washington Mutual Investors Fund, Capital World Growth and Income Fund<sup>®</sup>, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder<sup>®</sup>, Asset Allocation Fund, American Funds<sup>®</sup> Global Balanced Fund, The Bond Fund of America<sup>®</sup>, Capital World Bond Fund<sup>®</sup>, American High-Income Trust<sup>®</sup>, American Funds Mortgage Fund<sup>®</sup>, Ultra-Short Bond Fund, U.S. Government Securities Fund<sup>®</sup>, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund<sup>®</sup>, Washington Mutual Investors Fund, Capital World Growth and Income Fund<sup>®</sup>, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder<sup>®</sup>, Asset Allocation Fund, American Funds<sup>®</sup> Global Balanced Fund (formerly Global Balanced Fund), The Bond Fund of America<sup>®</sup>, Capital World Bond Fund<sup>®</sup>, American High Income Trust<sup>®</sup>, American Funds Mortgage Fund<sup>®</sup>, Ultra-Short Bond Fund, U.S. Government Securities Fund<sup>®</sup>, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Los Angeles, California<br> February 13, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

370 American Funds Insurance Series

---

| | |
|:---|:---|
| Expense example | **unaudited** |

---

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

**Actual expenses:**

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes:**

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

**Notes:**

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series 371

Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> account value<br> 7/1/2022** | **Ending<br> account value<br> 12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1</sup>** | **Annualized<br> expense<br> ratio** |
| **Global Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1045.68 | $2.11 | .41% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.14 | 2.09 | .41 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1044.04 | 3.40 | .66 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1043.99 | 3.40 | .66 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1042.74 | 4.69 | .91 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.62 | 4.63 | .91 |
| **Global Small Capitalization Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1038.40 | $3.34 | .65% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1021.93 | 3.31 | .65 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1036.94 | 4.62 | .90 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1020.67 | 4.58 | .90 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1037.29 | 4.62 | .90 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1020.67 | 4.58 | .90 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1035.94 | 5.90 | 1.15 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1019.41 | 5.85 | 1.15 |
| **Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1000.70 | $1.77 | .35% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.44 | 1.79 | .35 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 999.41 | 3.02 | .60 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 999.43 | 3.02 | .60 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 999.93 | 2.67 | .53 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.53 | 2.70 | .53 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 998.12 | 4.28 | .85 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.92 | 4.33 | .85 |
| **International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1025.33 | $2.71 | .53% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.53 | 2.70 | .53 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1024.07 | 3.98 | .78 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.27 | 3.97 | .78 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1023.84 | 3.98 | .78 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.27 | 3.97 | .78 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1024.24 | 3.62 | .71 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1021.63 | 3.62 | .71 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1022.83 | 5.25 | 1.03 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.01 | 5.24 | 1.03 |
| **New World Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1024.46 | $2.91 | .57% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.33 | 2.91 | .57 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1022.80 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.07 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1022.92 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.07 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1021.54 | 5.45 | 1.07 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1019.81 | 5.45 | 1.07 |

---

Refer to the end of the tables for footnotes.

372 American Funds Insurance Series

Expense example (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> account value<br> 7/1/2022** | **Ending<br> account value<br> 12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1</sup>** | **Annualized<br> expense<br> ratio** |
| **Washington Mutual Investors Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1052.84 | $1.40 | .27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.84 | 1.38 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1052.10 | 2.69 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1052.45 | 2.69 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1051.21 | 3.98 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1051.64 | $2.12 | .41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.14 | 2.09 | .41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1050.71 | 3.41 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1050.34 | 3.41 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1048.71 | 4.70 | .91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.62 | 4.63 | .91 |
| **Growth-Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1042.31 | $1.49 | .29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.74 | 1.48 | .29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1041.04 | 2.78 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.48 | 2.75 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1041.03 | 2.78 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.48 | 2.75 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1041.33 | 2.42 | .47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.84 | 2.40 | .47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1039.68 | 4.06 | .79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.22 | 4.02 | .79 |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1049.28 | $3.00 | .58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.28 | 2.96 | .58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1047.38 | 4.28 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.02 | 4.23 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1048.38 | 4.29 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.02 | 4.23 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1046.04 | 5.57 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1019.76 | 5.50 | 1.08 |
| **Capital Income Builder** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1030.31 | $1.38 | .27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.84 | 1.38 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1029.07 | 2.66 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1028.17 | 2.66 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1026.94 | 3.93 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 373

Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **account value**<br> **7/1/2022** | **Ending**<br> **account value**<br> **12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1</sup>** | **Annualized**<br> **expense**<br> **ratio** |
| **Asset Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1030.72 | $1.54 | .30% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.69 | 1.53 | .30 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1029.04 | 2.81 | .55 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.43 | 2.80 | .55 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1029.79 | 2.81 | .55 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.43 | 2.80 | .55 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1029.98 | 2.46 | .48 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.79 | 2.45 | .48 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1027.95 | 4.09 | .80 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.17 | 4.08 | .80 |
| **American Funds Global Balanced Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1023.65 | $2.65 | .52% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1022.93 | 3.93 | .77 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1022.09 | 3.92 | .77 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1021.56 | 5.20 | 1.02 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.06 | 5.19 | 1.02 |
| **The Bond Fund of America** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $974.47 | $1.00 | .20% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1024.20 | 1.02 | .20 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 973.31 | 2.24 | .45 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.94 | 2.29 | .45 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 972.85 | 2.24 | .45 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.94 | 2.29 | .45 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 971.88 | 3.48 | .70 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.68 | 3.57 | .70 |
| **Capital World Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $983.53 | $2.40 | .48% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.79 | 2.45 | .48 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 982.42 | 3.65 | .73 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.53 | 3.72 | .73 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 982.33 | 3.65 | .73 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.53 | 3.72 | .73 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 981.07 | 4.89 | .98 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.27 | 4.99 | .98 |
| **American High-Income Trust** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1038.86 | $1.59 | .31% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.64 | 1.58 | .31 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1037.88 | 2.88 | .56 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1037.22 | 2.88 | .56 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1038.14 | 2.52 | .49 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.74 | 2.50 | .49 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1036.07 | 4.16 | .81 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.12 | 4.13 | .81 |

---

Refer to the end of the tables for footnotes.

374 American Funds Insurance Series

Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> account value<br> 7/1/2022** | **Ending<br> account value<br> 12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1</sup>** | **Annualized<br> expense<br> ratio** |
| **American Funds Mortgage Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $968.01 | $1.64 | .33% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.54 | 1.68 | .33 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 966.87 | 2.88 | .58 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.28 | 2.96 | .58 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 967.70 | 2.93 | .59 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.23 | 3.01 | .59 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 966.53 | 4.16 | .84 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.97 | 4.28 | .84 |
| **Ultra-Short Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1013.26 | $1.57 | .31% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.64 | 1.58 | .31 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1013.23 | 1.52 | .30 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1023.69 | 1.53 | .30 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1012.64 | 2.84 | .56 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1012.86 | 2.49 | .49 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.74 | 2.50 | .49 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1010.10 | 4.10 | .81 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.12 | 4.13 | .81 |
| **U.S. Government Securities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $960.56 | $1.09 | .22% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1024.10 | 1.12 | .22 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 959.29 | 2.27 | .46 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.89 | 2.35 | .46 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 959.68 | 2.27 | .46 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.89 | 2.35 | .46 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 959.92 | 1.93 | .39 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1023.24 | 1.99 | .39 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 958.46 | 3.50 | .71 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.63 | 3.62 | .71 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 375

Expense example (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br> account value<br> 7/1/2022** | **Ending<br> account value<br> 12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1,2</sup>** | **Annualized**<br> **expense ratio<sup>2</sup>** | **Effective**<br> **expenses paid**<br> **during period<sup>3</sup>** | **Effective**<br> **annualized**<br> **expense ratio<sup>4</sup>** |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $968.78 | $1.84 | .37% | $3.42 | .69% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.34 | 1.89 | .37 | 3.52 | .69 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 967.08 | 3.07 | .62 | 4.71 | .95 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.08 | 3.16 | .62 | 4.84 | .95 |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $1004.86 | $1.82 | .36% | $4.40 | .87% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.39 | 1.84 | .36 | 4.43 | .87 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 1003.52 | 3.13 | .62 | 5.71 | 1.13 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.08 | 3.16 | .62 | 5.75 | 1.13 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $1005.83 | $1.87 | .37% | $3.79 | .75% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.34 | 1.89 | .37 | 3.82 | .75 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 1004.38 | 3.18 | .63 | 5.10 | 1.01 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.03 | 3.21 | .63 | 5.14 | 1.01 |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $989.69 | $1.81 | .36% | $3.26 | .65% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.39 | 1.84 | .36 | 3.31 | .65 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 989.03 | 3.06 | .61 | 4.51 | .90 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.13 | 3.11 | .61 | 4.58 | .90 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $1007.60 | $1.82 | .36% | $3.24 | .64% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.39 | 1.84 | .36 | 3.26 | .64 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 1006.19 | 3.03 | .60 | 4.50 | .89 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 | 4.53 | .89 |

---

<sup>1</sup> The "expenses paid during period" are equal to the "annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

<sup>2</sup> The "expenses paid during period" and "annualized expense ratio" do not include the expenses of the underlying funds in which each fund invests.

<sup>3</sup> The "effective expenses paid during period" are equal to the "effective annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).

<sup>4</sup> The "effective annualized expense ratio" reflects the net annualized expense ratio of the class plus the class's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

376 American Funds Insurance Series

---

| | |
|:---|:---|
| Liquidity Risk Management Program | **unaudited** |

---

The series has adopted a liquidity risk management program (the "program"). The series' board has designated Capital Research and Management Company ("CRMC") as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund's investments, limiting the amount of each fund's illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC's process of determining the degree of liquidity of each fund's investments is supported by one or more third-party liquidity assessment vendors.

The series' board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund's liquidity risk.

American Funds Insurance Series 377

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378 American Funds Insurance Series

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American Funds Insurance Series 379

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380 American Funds Insurance Series

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American Funds Insurance Series 381

Board of trustees and other officers

Independent trustees<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and year of birth** | **Year first**<br> **elected**<br> **a trustee**<br> **of the series<sup>2</sup>** | **Principal occupation(s) during past five years** | **Number of**<br> **portfolios in**<br> **fund complex**<br> **overseen by**<br> **trustee** | **Other directorships<sup>3</sup>**<br> **held by trustee** |
| **Francisco G. Cigarroa, MD,** 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 |  |
| **James G. Ellis,** 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 96 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation |
| **Nariman Farvardin,** 1956 | 2018 | President, Stevens Institute of Technology | 91 |  |
| **Jennifer C. Feikin,** 1968 | 2022 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents | 97 | Hertz Global Holdings, Inc. |
| **Leslie Stone Heisz,** 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 97 | Edwards Lifesciences; Public Storage |
| **Mary Davis Holt,** 1950 | 2015–2016; 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003) | 87 |  |
| **Merit E. Janow,** 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated |
| **Margaret Spellings,** 1957<br> Chair of the Board (Independent and Non-Executive) | 2010 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 |  |
| **Alexandra Trower,** 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 |  |
| **Paul S. Williams,** 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc. |

---

Interested trustees<sup>4,5</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Name, year of birth and**<br> **position with series** | **Year first**<br> **elected** <br> **a trustee**<br> **or officer**<br> **of the series<sup>2</sup>** | **Number of**<br> **portfolios in**<br> **fund complex**<br> **overseen by**<br> **trustee** | **Other directorships<sup>3</sup>**<br> **held by trustee** |
| **Donald D. O'Neal,** 1960<br> Co-President and Trustee | 1998 Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company<sup>5</sup> | 35 |  |
| **Michael C. Gitlin,** 1970<br> Trustee | 2019 Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.<sup>5</sup> | 86 |  |

---

**The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.**

382 American Funds Insurance Series

Other officers<sup>5</sup>

---

| | | |
|:---|:---|:---|
| **Name, year of birth and**<br> **position with series** | **Year first**<br> **elected**<br> **an officer**<br> **of the series<sup>2</sup>** | **Principal occupation(s) during past five years and positions held with affiliated entities**<br> **or the principal underwriter of the series** |
| **Alan N. Berro,** 1960<br> Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Maria Manotok,** 1974 Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group Companies Global<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group International, Inc.<sup>5</sup> |
| **Michael W. Stockton,** 1967<br> Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Patrice Collette,** 1967<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.<sup>5</sup> |
| **Peter Eliot,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Irfan M. Furniturewala,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Sung Lee,** 1966 <br> Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital International, Inc.<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Keiko McKibben,** 1969<br> Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company |
| **Carlos A. Schonfeld,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited<sup>5</sup> |
| **Alan J. Wilson,** 1961 <br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company |
| **Steven I. Koszalka,** 1964<br> Secretary | 2003 | Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Gregory F. Niland,** 1971<br> Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company |
| **Susan K. Countess,** 1966<br> Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company |
| **Sandra Chuon,** 1972<br> Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company |
| **Brian C. Janssen,** 1972<br> Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |

---

<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the series within the meaning of the Investment Company Act of 1940.

<sup>2</sup> Trustees and officers of the series serve until their resignation, removal or retirement.

<sup>3</sup> This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.

<sup>4</sup> The term interested trustee refers to a trustee who is an "interested person" within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).

<sup>5</sup> Company affiliated with Capital Research and Management Company.

American Funds Insurance Series 383

**Office of the series**<br> 333 South Hope Street<br> Los Angeles, CA 90071-1406

**Investment adviser**<br> Capital Research and Management Company<br> 333 South Hope Street<br> Los Angeles, CA 90071-1406

**Investment subadviser**<br> Milliman Financial Risk Management LLC<br> (Managed Risk Funds only)<br> 71 South Wacker Drive, 31st Floor<br> Chicago, IL 60606-4637

**Custodian of assets**<br> State Street Bank and Trust Company<br> One Lincoln Street<br> Boston, MA 02111-2900

**Counsel**<br> Morgan, Lewis & Bockius LLP<br> One Federal Street<br> Boston, MA 02110-1726

**Independent registered public accounting firm**<br> PricewaterhouseCoopers LLP<br> 601 South Figueroa Street<br> Los Angeles, CA 90017-3874

384 American Funds Insurance Series

**Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/afis.**

"American Funds Proxy Voting Procedures and Principles" — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet's methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group<sup>®</sup> as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds' participation in market gains. The use of the managed risk strategy could cause the funds' returns to lag those of the applicable underlying funds in certain rising market conditions.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright© 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage<sup><sup>®</sup></sup>

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System<sup>TM</sup> — has resulted in superior outcomes.

**Aligned with investor success**

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.<sup>1</sup>

**The Capital System**

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

**American Funds Insurance Series' superior outcomes**

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.<sup>2</sup> Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.<sup>3</sup> We strive to keep management fees competitive. Over the past 20 years, most funds' fees have been below industry averages.<sup>4</sup>

<sup>1</sup> Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.

<sup>2</sup> Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund's inception through December 31, 2021. Periods covered are the shorter of the fund's lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.

<sup>3</sup> Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor's 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in "lockstep," in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.

<sup>4</sup> Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

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|:---|:---|
| **American Funds Insurance Series<sup>®</sup><br> Portfolio Series**<br>Annual report<br> for the year ended<br> December 31, 2022 | ![](g382964image_033.jpg) |

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**Portfolios that invest<br> in global companies<br> for the long term**

American Funds Insurance Series — Portfolio Series, from Capital Group, serves as an underlying investment vehicle for variable annuities and insurance products. For over 90 years, Capital has invested with a long-term focus based on thorough research and attention to risk.

**American Funds Global Growth Portfolio<sup>SM</sup>** seeks to provide long-term growth of capital.

**American Funds Growth and Income Portfolio<sup>SM</sup>** seeks to provide long-term growth of capital while providing current income.

**American Funds Managed Risk Growth Portfolio<sup>SM</sup>** seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**American Funds Managed Risk Growth and Income Portfolio<sup>SM</sup>** seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.

**American Funds Managed Risk Global Allocation Portfolio<sup>SM</sup>** seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

**Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2022. Also shown are the estimated gross and net expense ratios as of the series prospectus dated May 1, 2023 (unaudited):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cumulative<br>total returns** | **Average annual <br> total returns** | **Average annual <br> total returns** | **Gross** | **Gross** | **Net** | **Net** |
|  | **1 year** | **5 years** | **Lifetime\*** | **expense ratio** | **expense ratio** | **expense ratio** | **expense ratio** |
| American Funds Global Growth Portfolio, Class 4 | –24.75% | 4.67% | 6.22% | 0.98 | % | 0.98 | % |
| American Funds Growth and Income Portfolio, Class 4 | –15.74 | 4.63 | 5.26 | 0.80 |  | 0.80 |  |
| American Funds Managed Risk Growth Portfolio, Class P2 | –20.36 | 2.84 | 3.87 | 1.00 |  | 0.95 |  |
| American Funds Managed Risk Growth and Income Portfolio, Class P2 | –15.10 | 2.36 | 3.30 | 0.96 |  | 0.91 |  |
| American Funds Managed Risk Global Allocation Portfolio, Class P2 | –18.25 | 1.03 | 2.20 | 1.08 | <sup>†</sup> | 1.03 | <sup>†</sup> |

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\* Since May 1, 2015, for all funds. <br> <sup>†</sup> The expense ratio is restated to reflect current fees.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund's daily net assets for the three managed risk portfolios. Investment results and net expense ratios shown reflect the waiver, without which the results would have been lower and the expenses would have been higher. This waiver will be in effect through at least May 1, 2024, unless modified or terminated by the series board. The waiver may only be modified or terminated with the approval of the series board. Refer to the fund's most recent prospectus for details.

Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the funds' prospectuses. These risks may be heightened in connection with investments in developing countries. Small-company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. The return of principal for bond funds and funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds' participation in market gains. The use of the managed risk strategy could cause the funds' returns to lag those of the underlying funds in certain market conditions. Refer to the funds' prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

**Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.**

Contents

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| | |
|:---|:---|
| 1 | Letter to investors |
| 4 | The value of a hypothetical $10,000 investment |
|  | **Investment portfolios** |
| 8 | American Funds Global Growth Portfolio |
| 9 | American Funds Growth and Income Portfolio |
| 11 | American Funds Managed Risk Growth Portfolio |
| 13 | American Funds Managed Risk Growth and Income Portfolio |
| 15 | American Funds Managed Risk Global Allocation Portfolio |
| 17 | Financial statements |
| 39 | Board of trustees and other officers |

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Fellow investors:

We are pleased to present this annual report for American Funds Insurance Series (AFIS) — Portfolio Series, a suite of funds that offers variable annuity investors objective-based portfolios to help meet retirement goals. The investment adviser's Portfolio Solutions Committee develops the allocation approach and selects the underlying funds in which the fund invests. The members of the Portfolio Solutions Committee, who are jointly and primarily responsible for the portfolio management of the fund, include Alan N. Berro, Michelle J. Black, Samir Mathur, Wesley K. Phoa, John R. Queen, William L. Robbins and Andrew B. Suzman.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times, and all but one sector declined in the MSCI All Country World Index (ACWI)<sup>1</sup>. Communication services, consumer discretionary and information technology stocks suffered the biggest losses.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top sector in the S&P 500 Index for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

The S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined by 18.11%. The Bloomberg U.S. Aggregate Index,<sup>3</sup> which measures investment-grade U.S. bonds (rated BBB/Baa and above), was down 13.01%.

**American Funds Global Growth Portfolio** declined by 24.75%. Its benchmark, the MSCI ACWI,<sup>1,4</sup> a free float-adjusted, market capitalization-weighted index designed to measure the results of more than 40 developed and emerging equity markets, fell by 18.36%. The Morningstar U.S. Insurance World Large-Stock Growth Category Average,<sup>5</sup> a peer fund comparison for the insurance industry that includes portfolios that invest the majority of their assets in the U.S., Europe and Japan (and typically have 20%–60% of assets in the U.S.), was down 26.11%.

**American Funds Growth and Income Portfolio** fell by 15.74%. It's benchmark, the AFIS Growth and Income Portfolio Series Custom Index<sup>6</sup> declined 15.35%. The Morningstar U.S. Insurance Allocation — 50% to 70% Equity Category Average,<sup>5</sup> a peer fund comparison for the insurance industry that includes funds that seek to provide both income and capital appreciation by investing in multiple asset classes including stocks, bonds and cash, was down 16.01%.

**American Funds Managed Risk Growth Portfolio** was down 20.36%. The S&P 500 Managed Risk Index — Moderate<sup>7</sup> fell 13.13%.

Past results are not predictive of results in future periods.

See page 2 for footnotes.

American Funds Insurance Series – Portfolio Series 1

**American Funds Managed Risk Growth and Income Portfolio** decreased 15.10%. The S&P 500 Managed Risk Index —Moderate<sup>7</sup> fell 13.13%.

**American Funds Managed Risk Global Allocation Portfolio** finished down 18.25%. The S&P Global LargeMidCap Managed Risk Index — Moderate<sup>7</sup> was down 14.78%.

Historically, stock markets have experienced periods of volatility, and we know these events can be unsettling for shareholders. We strive to construct portfolios we believe will decline less than the market during periods of correction. In line with this idea, American Funds Global Growth Portfolio and American Funds Growth and Income Portfolio are more conservatively positioned than their benchmark indexes. It is also important to emphasize that all the managed risk portfolios employ a specific risk-management overlay. As such, the funds seek to buffer the effects of volatility and provide a measure of downside protection.

Thank you for placing your trust in us and for your investment in the American Funds Insurance Series — Portfolio Series.

Sincerely,

![](g382964image_035.jpg)

Donald D. O'Neal

Co-President

![](g382964image_036.jpg)

Alan N. Berro

Co-President

February 17, 2023

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest) are assigned by credit agencies such as Standard & Poor's, Moody's and/or Finch as an indication of an issuer's creditworthiness.

Past results are not predictive of results in future periods.

<sup>1</sup> Source: MSCI.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Source: Bloomberg Index Services Ltd.

<sup>4</sup> MSCI index results reflect dividends net of withholding taxes. Source: MSCI.

<sup>5</sup> Source: Morningstar, Inc.© 2023 All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from this information. Past performance is no guarantee of future results.

<sup>6</sup> The American Funds Insurance Series Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.

<sup>7</sup> Source: S&P Dow Jones Indices LLC. The S&P Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index. These indices are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC.

2 American Funds Insurance Series – Portfolio Series

**Results at a glance**

For periods ended December 31, 2022, with all distributions reinvested

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| | | | |
|:---|:---|:---|:---|
|  | Cumulative <br> total returns | Average annual <br> total returns | Average annual <br> total returns |
|  | 1 year | 5 years | Lifetime<br>(since 5/1/15) |
| **American Funds Global Growth Portfolio (Class 4)** | **–24.75%** | **4.67%** | **6.22%** |
| MSCI ACWI (All Country World Index)<sup>1</sup> | –18.36 | 5.23 | 6.26 |
| Morningstar U.S. Insurance World Large-Stock Growth Category Average<sup>2</sup> | –26.11 | 5.30 | 6.51 |
| **American Funds Growth and Income Portfolio (Class 4)** | **–15.74** | **4.63** | **5.26** |
| AFIS Growth and Income Portfolio Series Custom Index<sup>3</sup> | –15.35 | 4.26 | 5.11 |
| Morningstar U.S. Insurance — 50% to 70% Equity Allocation Category Average<sup>2</sup> | –16.01 | 3.55 | 4.40 |
| **American Funds Managed Risk Growth Portfolio (Class P2)** | **–20.36** | **2.84** | **3.87** |
| S&P 500 Managed Risk Index — Moderate<sup>4</sup> | –13.13 | 4.99 | 5.72 |
| **American Funds Managed Risk Growth and Income Portfolio (Class P2)** | **–15.10** | **2.36** | **3.30** |
| S&P 500 Managed Risk Index — Moderate<sup>4</sup> | –13.13 | 4.99 | 5.72 |
| **American Funds Managed Risk Global Allocation Portfolio (Class P2)** | **–18.25** | **1.03** | **2.20** |
| S&P Global LargeMidCap Managed Risk Index — Moderate<sup>4</sup> | –14.78 | 2.88 | 3.54 |
| S&P 500 Index<sup>3</sup> | –18.11 | 9.42 | 10.20 |
| Bloomberg U.S. Aggregate Index<sup>3</sup> | –13.01 | 0.02 | 0.77 |
| Bloomberg Global Aggregate Index<sup>5</sup> | –16.25 | –1.66 | –0.15 |
| MSCI ACWI ex USA<sup>6</sup> | –16.00 | 0.88 | 2.49 |

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The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

<sup>1</sup> MSCI ACWI is a free float-adjusted, market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Index results reflect dividends net of withholding taxes. Source: MSCI.

<sup>2</sup> Source: Morningstar, Inc.

<sup>3</sup> The American Funds Insurance Series Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC. The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. Source: MSCI. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.

<sup>4</sup> The S&P Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index. Source: S&P Dow Jones Indices LLC. These indices are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC.

<sup>5</sup> Bloomberg Global Aggregate Index represents the global investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.

<sup>6</sup> The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. Source: MSCI.

The Portfolio Series features five objective-based portfolios that offer retirement investors a structured approach with broad diversification.

The funds invest in underlying American Funds Insurance Series funds that are aligned to help investors pursue retirement goals such as accumulating assets, planning an income strategy or preserving capital.

The managed risk strategy is operated by Milliman Financial Risk Management LLC.

American Funds Insurance Series – Portfolio Series 3

The value of a hypothetical $10,000 investment

(for the year ended December 31, 2022, with all distributions reinvested)

*Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.*

**Global Growth Portfolio**

![](g382964image_037.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br> (since 5/1/15)** |
| **Class 4 shares** | –24.75% | 4.67% | 6.22% |

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**Growth and Income Portfolio**

![](g382964image_038.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br> (since 5/1/15)** |
| **Class 4 shares** | –15.74% | 4.63% | 5.26% |

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4 American Funds Insurance Series – Portfolio Series

**Managed Risk Growth Portfolio**

![](g382964image_039.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br> (since 5/1/15)** |
| **Class P2 shares** | –20.36% | 2.84% | 3.87% |

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**Managed Risk Growth and Income Portfolio**

![](g382964image_040.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br>(since 5/1/15)** |
| **Class P2 shares** | –15.10% | 2.36% | 3.30% |

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**Managed Risk Global Allocation Portfolio**

![](g382964image_041.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br> (since 5/1/15)** |
| **Class P2 shares** | –18.25% | 1.03% | 2.20% |

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The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Results reflect dividends net of withholding taxes. Source: MSCI.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> The American Funds Insurance Series Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. MSCI index results reflect dividends net of withholding taxes.

<sup>4</sup> Source: Bloomberg Index Services Ltd.

<sup>5</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee equal to 0.05% of the funds' net assets for the three managed risk portfolios. Investment results shown reflect the waiver, without which the results would have been lower. This waiver will be in effect through at least May 1, 2023, unless modified or terminated by the series board. The waiver may only be modified or terminated with the approval of the series board. Refer to the funds' most recent prospectuses for details.

<sup>6</sup> Source: S&P Dow Jones Indices LLC. The S&P Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. These indexes are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the managed risk strategy for the managed risk funds.

American Funds Insurance Series – Portfolio Series 5

**American Funds Global Growth Portfolio**

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| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 30.0% | Global Growth Fund |
| 20.0% | Growth Fund |
| 15.0% | Global Small Capitalization Fund |
| 10.0% | International Fund |
| 5.0% | New World Fund |
| 20.0% | Capital World Growth and Income Fund |

---

The fund's investment objective is to provide long-term growth of capital. The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) Funds in different combinations and weightings. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income funds. Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks.

For the 12 months ended December 31, 2022, the fund's shares declined 24.75%. All the underlying funds had negative returns.

**American Funds Growth and Income Portfolio**

---

| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 9.8% | Growth Fund |
| 20.1% | Capital World Growth and Income Fund |
| 20.1% | Growth-Income Fund |
| 10.0% | Asset Allocation Fund |
| 10.1% | Capital Income Builder Fund |
| 29.9% | The Bond Fund of America |

---

The fund's investment objective is to provide long-term growth of capital while providing current income. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed income funds.

For the 12 months ended December 31, 2022, the fund's shares were down 15.74%. All the underlying funds had negative returns.

**American Funds Managed Risk Growth Portfolio**

---

| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 29.8% | Growth Fund |
| 15.0% | Global Growth Fund |
| 10.0% | Global Small Capitalization Fund |
| 15.0% | Growth-Income Fund |
| 5.0% | Washington Mutual Investors Fund |
| 19.0% | The Bond Fund of America |
| 6.2% | Cash & equivalents in support of managed risk strategy\*<sup>,†</sup> |

---

The fund's investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income and fixed income funds. The managed risk strategy was modestly additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

For the 12 months ended December 31, 2022, the fund's shares dropped 20.36%. All the underlying funds had negative returns.

See page 7 for footnotes.

6 American Funds Insurance Series – Portfolio Series

**American Funds Managed Risk Growth and Income Portfolio**

---

| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 10.0% | Growth Fund |
| 25.0% | Capital World Growth and Income Fund |
| 25.0% | Growth-Income Fund |
| 5.0% | Asset Allocation Fund |
| 15.0% | Capital Income Builder Fund |
| 14.4% | The Bond Fund of America |
| 5.6% | Cash & equivalents in support of managed risk strategy\*<sup>,†</sup> |

---

The fund's investment objective is to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed income funds. The managed risk strategy was additive to returns overall. Within the strategy, the equity future overlay contributed while the Treasury future and option overlays detracted.

For the 12 months ended December 31, 2022, the fund's shares declined 15.10%. All the underlying funds had negative returns.

**American Funds Managed Risk Global Allocation Portfolio**

---

| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 24.9% | Global Growth Fund |
| 20.0% | Capital World Growth and Income Fund |
| 10.0% | Asset Allocation Fund |
| 24.9% | Global Balanced Fund |
| 15.0% | Capital World Bond Fund |
| 5.2% | Cash & equivalents in support of managed risk strategy\*<sup>,†</sup> |

---

The fund's investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds may include growth, growth-and-income, equity-income, balanced, asset allocation and fixed income funds. The managed risk strategy was modestly additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

For the 12 months ended December 31, 2022, the fund's shares fell 18.25%. All the underlying funds had negative returns.

---

| | |
|:---|:---|
| \* | Cash and equivalents includes short-term securities, accrued income and other assets less liabilities. It also may include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public. |
| <sup>†</sup> | The managed risk strategy is operated by Milliman Financial Risk Management LLC. Futures contracts may not provide an effective hedge of the underlying securities because changes in the prices of futures contracts may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the fund from market declines and will limit the fund's participation in market gains. The use of the managed risk strategy could cause the fund's return to lag that of the underlying funds in certain rising market conditions. |
| The Portfolio Series funds are actively monitored; allocations and funds may change. | The Portfolio Series funds are actively monitored; allocations and funds may change. |

---

Allocations may not achieve fund objectives. The portfolios' risks are directly related to the risks of the underlying funds. Underlying fund allocations are as of December 2022. Allocation percentages and underlying funds are subject to the Portfolio Solutions Committee's discretion and will evolve over time. Underlying funds may be added or removed during the year.

American Funds Insurance Series – Portfolio Series 7

American Funds<sup>®</sup> Global Growth Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 80.06%** | Shares | Value<br> (000) |
| American Funds Insurance Series - Global Growth Fund, Class 1 | 609300 | $18388 |
| American Funds Insurance Series - Growth Fund, Class 1 | 160232 | 12224 |
| American Funds Insurance Series - Global Small Capitalization Fund, Class 1<sup>1</sup> | 569453 | 9237 |
| American Funds Insurance Series - International Fund, Class 1 | 401899 | 6153 |
| American Funds Insurance Series - New World Fund, Class 1 | 138894 | 3097 |
| **Total growth funds** (cost: $58,722,000) |  | **49099** |
| **Growth-and-income funds 20.02%** |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | **1052166** | **12279** |
| **Total growth-and-income funds** (cost: $13,978,000) |  | **12279** |
| **Total investment securities 100.08%** (cost: $72,700,000) |  | **61378** |
| Other assets less liabilities (0.08)% |  | (51) |
| **Net assets 100.00%** |  | $**61327** |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 80.06%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Growth Fund, Class 1 | $25184 | $3928 | $1954 | $(484) | $(8286) | $18388 | $185 | $2268 |
| American Funds Insurance Series - Growth Fund, Class 1 | 16742 | 4136 | 1668 | (540) | (6446) | 12224 | 80 | 1931 |
| American Funds Insurance Series - Global Small Capitalization Fund, Class 1<sup>1</sup> | 12680 | 4444 | 764 | (395) | (6728) | 9237 |  | 3329 |
| American Funds Insurance Series - International Fund, Class 1 | 8437 | 1573 | 1126 | (355) | (2376) | 6153 | 132 | 900 |
| American Funds Insurance Series - New World Fund, Class 1 | 4217 | 538 | 388 | (104) | (1166) | 3097 | 53 | 300 |
|  |  |  |  |  |  | 49099 |  |  |
| **Growth-and-income funds 20.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 16853 | 4060 | 2584 | (254) | (5796) | 12279 | 338 | 2897 |
| **Total 100.08%** |  |  |  | $**(2132)** | $**(30798)** | $**61378** | $**788** | $**11625** |

---

<br> <sup>1</sup> Fund did not produce income during the last 12 months. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

8 American Funds Insurance Series – Portfolio Series

American Funds<sup>®</sup> Growth and Income Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 9.86%** | Shares | Value<br> (000) |
| American Funds Insurance Series - Growth Fund, Class 1 | **420345** | $**32068** |
| **Total growth funds** (cost: $32,534,000) |  | **32068** |
| **Growth-and-income funds 40.19%** |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 5602737 | 65384 |
| American Funds Insurance Series - Growth-Income Fund, Class 1 | 1301174 | 65332 |
| **Total growth-and-income funds** (cost: $146,427,000) |  | **130716** |
| **Asset allocation funds 10.01%** |  |  |
| American Funds Insurance Series - Asset Allocation Fund, Class 1 | **1466444** | **32555** |
| **Total asset allocation funds** (cost: $41,375,000) |  | **32555** |
| **Equity-income funds 10.10%** |  |  |
| American Funds Insurance Series - Capital Income Builder, Class 1 | **2988378** | **32842** |
| **Total equity-income funds** (cost: $28,991,000) |  | **32842** |
| **Fixed income funds 29.92%** |  |  |
| American Funds Insurance Series - The Bond Fund of America, Class 1 | **10341834** | **97317** |
| **Total fixed income funds** (cost: $115,183,000) |  | **97317** |
| **Total investment securities 100.08%** (cost: $364,510,000) |  | **325498** |
| Other assets less liabilities (0.08)% |  | (270) |
| **Net assets 100.00%** |  | $**325228** |

---

<br> American Funds Insurance Series – Portfolio Series 9

American Funds<sup>®</sup> Growth and Income Portfolio (continued)

**Investments in affiliates<sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 9.86%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth Fund, Class 1 | $37645 | $12860 | $1769 | $(467) | $(16201) | $32068 | $207 | $4750 |
| **Growth-and-income funds 40.19%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 75361 | 22903 | 3572 | (1379) | (27929) | 65384 | 1763 | 14711 |
| American Funds Insurance Series - Growth-Income Fund, Class 1 | 75346 | 12638 | 2939 | (401) | (19312) | 65332 | 1037 | 6454 |
|  |  |  |  |  |  | 130716 |  |  |
| **Asset allocation funds 10.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Asset Allocation Fund, Class 1 | 37647 | 4167 | 141 | (38) | (9080) | 32555 | 722 | 3432 |
| **Equity-income funds 10.10%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital Income Builder, Class 1 | 37800 | 1200 | 2637 | (10) | (3511) | 32842 | 1027 |  |
| **Fixed income funds 29.92%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - The Bond Fund of America, Class 1 | 113219 | 16185 | 14077 | (1190) | (16820) | 97317 | 3262 | 1145 |
| **Total 100.08%** |  |  |  | $**(3485)** | $**(92853)** | $**325498** | $**8018** | $**30492** |

---

<br> <sup>1</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

10 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Growth Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 54.89%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | 6180000 | $471472 |
| American Funds Insurance Series – Global Growth Fund, Class 1 | 7813452 | 235810 |
| American Funds Insurance Series – Global Small Capitalization Fund, Class 1<sup>1</sup> | 9692149 | 157207 |
| **Total growth funds** (cost: $974,627,000) |  | **864489** |
| **Growth-and-income funds 19.96%** |  |  |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 4696475 | 235810 |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 6194116 | 78603 |
| **Total growth-and-income funds** (cost: $338,430,000) |  | **314413** |
| **Fixed income funds 18.96%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **31732625** | **298604** |
| **Total fixed income funds** (cost: $324,846,000) |  | **298604** |
| **Short-term securities 2.30%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>2</sup> | **36195248** | **36195** |
| **Total short-term securities** (cost: $36,195,000) |  | **36195** |
| **Options purchased 0.05%** |  |  |
| Options purchased\* |  | **820** |
| **Total options purchased** (cost: $4,575,000) |  | **820** |
| **Total investment securities 96.16%** (cost: $1,678,673,000) |  | **1514521** |
| Other assets less liabilities 3.84% |  | 60507 |
| **Net assets 100.00%** |  | $**1575028** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 260 | USD | 99827 | USD | 2700.00 | 3/17/2023 | $107 |
| S&P 500 Index | 520 |  | 199654 |  | 2800.00 | 3/17/2023 | 260 |
| S&P 500 Index | 390 |  | 149740 |  | 2850.00 | 3/17/2023 | 208 |
| S&P 500 Index | 365 |  | 140142 |  | 2900.00 | 3/17/2023 | 245 |
|  |  |  |  |  |  |  | $820 |

---

<br> American Funds Insurance Series – Portfolio Series 11

American Funds Managed Risk Growth Portfolio (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 1003 | &nbsp;&nbsp;March 2023 | USD108,253 | $(632) |
| Nikkei 225 Index Contracts | Short | 55 | &nbsp;&nbsp;March 2023 | (10812) | 736 |
| Japanese Yen Currency Contracts | Short | 124 | &nbsp;&nbsp;March 2023 | (11946) | (503) |
| FTSE 100 Index Contracts | Short | 193 | &nbsp;&nbsp;March 2023 | (17428) | (22) |
| British Pound Currency Contracts | Short | 241 | &nbsp;&nbsp;March 2023 | (18201) | 450 |
| Russell 2000 Mini Index Contracts | Short | 289 | &nbsp;&nbsp;March 2023 | (25589) | 639 |
| Mini MSCI Emerging Market Index Contracts | Short | 949 | &nbsp;&nbsp;March 2023 | (45523) | 679 |
| S&P Mid 400 E-mini Index Contracts | Short | 219 | &nbsp;&nbsp;March 2023 | (53493) | 990 |
| Euro Stoxx 50 Index Contracts | Short | 1686 | &nbsp;&nbsp;March 2023 | (68269) | 3645 |
| Euro Currency Contracts | Short | 558 | &nbsp;&nbsp;March 2023 | (75009) | (199) |
| S&P 500 E-mini Index Contracts | Short | 2413 | &nbsp;&nbsp;March 2023 | (465830) | 12739 |
|  |  |  |  |  | $18522 |

---

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> (loss) gain<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 54.89%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Growth Fund, Class 1 | $594971 | $610806 | $485512 | $(74595) | $(174198) | $471472 | $3035 | $73126 |
| American Funds Insurance Series – Global Growth Fund, Class 1 | 298430 | 199629 | 157673 | (63977) | (40599) | 235810 | 2306 | 28510 |
| American Funds Insurance Series – Global Small Capitalization Fund, Class 1<sup>1</sup> | 198324 | 193830 | 120373 | (49894) | (64680) | 157207 |  | 55512 |
|  |  |  |  |  |  | 864489 |  |  |
| **Growth-and-income funds 19.96%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 298430 | 174061 | 163203 | 27479 | (100957) | 235810 | 3775 | 24366 |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 100106 | 60366 | 54457 | 6411 | (33823) | 78603 | 1724 | 18483 |
|  |  |  |  |  |  | 314413 |  |  |
| **Fixed income funds 18.96%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 398536 | 265026 | 303889 | (50923) | (10146) | 298604 | 10438 | 3634 |
| **Total 93.81%** |  |  |  | $**(205499)** | $**(424403)** | $**1477506** | $**21278** | $**203631** |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

12 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Growth and Income Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 9.98%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | **1662632** | $**126842** |
| **Total growth funds** (cost: $139,120,000) |  | **126842** |
| **Growth-and-income funds 49.93%** |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 27182977 | 317226 |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 6317971 | 317226 |
| **Total growth-and-income funds** (cost: $712,977,000) |  | **634452** |
| **Asset allocation funds 4.99%** |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | **2856806** | **63421** |
| **Total asset allocation funds** (cost: $74,571,000) |  | **63421** |
| **Equity-income funds 14.97%** |  |  |
| American Funds Insurance Series – Capital Income Builder Fund, Class 1 | **17312400** | **190263** |
| **Total equity-income funds** (cost: $186,414,000) |  | **190263** |
| **Fixed income funds 14.47%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **19544014** | **183909** |
| **Total fixed income funds** (cost: $200,329,000) |  | **183909** |
| **Short-term securities 2.26%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **28679353** | **28679** |
| **Total short-term securities** (cost: $28,679,000) |  | **28679** |
| **Options purchased 0.05%** |  |  |
| Options purchased\* |  | **594** |
| **Total options purchased** (cost: $3,164,000) |  | **594** |
| **Total investment securities 96.65%** (cost: $1,345,254,000) |  | **1228160** |
| Other assets less liabilities 3.35% |  | 42621 |
| **Net assets 100.00%** |  | $**1270781** |

---

**\*Options purchased**

**Put**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 100 | USD38,395 | USD2,700.00 | 3/17/2023 | $41 |
| S&P 500 Index | 300 | 115185 | 2800.00 | 3/17/2023 | 150 |
| S&P 500 Index | 405 | 155500 | 2850.00 | 3/17/2023 | 215 |
| S&P 500 Index | 280 | 107506 | 2900.00 | 3/17/2023 | 188 |
|  |  |  |  |  | $594 |

---

<br> American Funds Insurance Series – Portfolio Series 13

American Funds Managed Risk Growth and Income Portfolio (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 720 | &nbsp;&nbsp;March 2023 | USD77,709 | $(251) |
| Russell 2000 Mini Index Contracts | Short | 39 | &nbsp;&nbsp;March 2023 | (3453) | 85 |
| Nikkei 225 Index Contracts | Short | 60 | &nbsp;&nbsp;March 2023 | (11795) | 773 |
| Japanese Yen Currency Contracts | Short | 137 | &nbsp;&nbsp;March 2023 | (13198) | (550) |
| FTSE 100 Index Contracts | Short | 226 | &nbsp;&nbsp;March 2023 | (20407) | (29) |
| British Pound Currency Contracts | Short | 283 | &nbsp;&nbsp;March 2023 | (21374) | 507 |
| S&P Mid 400 E-mini Index Contracts | Short | 121 | &nbsp;&nbsp;March 2023 | (29556) | 494 |
| Mini MSCI Emerging Market Index Contracts | Short | 688 | &nbsp;&nbsp;March 2023 | (33003) | 384 |
| Euro Stoxx 50 Index Contracts | Short | 1229 | &nbsp;&nbsp;March 2023 | (49764) | 2002 |
| Euro Currency Contracts | Short | 419 | &nbsp;&nbsp;March 2023 | (56324) | (159) |
| S&P 500 E-mini Index Contracts | Short | 1760 | &nbsp;&nbsp;March 2023 | (339768) | 8554 |
|  |  |  |  |  | $11810 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> (loss) gain<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 9.98%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Growth Fund, Class 1 | $152822 | $182784 | $143439 | $(28675) | $(36650) | $126842 | $812 | $19581 |
| **Growth-and-income funds 49.93%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 382784 | 303748 | 225697 | (17063) | (126546) | 317226 | 8493 | 72892 |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 382784 | 278821 | 248906 | 30763 | (126236) | 317226 | 5044 | 32314 |
|  |  |  |  |  |  | 634452 |  |  |
| **Asset allocation funds 4.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | 77139 | 32563 | 28374 | (6205) | (11702) | 63421 | 1412 | 6848 |
| **Equity-income funds 14.97%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Capital Income Builder Fund, Class 1 | 229961 | 80029 | 99546 | 16756 | (36937) | 190263 | 6034 |  |
| **Fixed income funds 14.47%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 229961 | 161401 | 171292 | (28820) | (7341) | 183909 | 6301 | 2213 |
| **Total 94.34%** |  |  |  | $**(33244)** | $**(345412)** | $**1198887** | $**28096** | $**133848** |

---

<br> <sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

14 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Global Allocation Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 24.95%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Global Growth Fund, Class 1 | **3082175** | $**93020** |
| **Total growth funds** (cost: $99,633,000) |  | **93020** |
| **Growth-and-income funds 19.96%** |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | **6377301** | **74423** |
| **Total growth-and-income funds** (cost: $85,463,000) |  | **74423** |
| **Asset allocation funds 9.98%** |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | **1676992** | **37229** |
| **Total asset allocation funds** (cost: $39,765,000) |  | **37229** |
| **Balanced funds 24.94%** |  |  |
| American Funds Insurance Series – American Funds Global Balanced Fund, Class 1<sup>1</sup> | **7411955** | **93020** |
| **Total balanced funds** (cost: $96,573,000) |  | **93020** |
| **Fixed income funds 14.97%** |  |  |
| American Funds Insurance Series – Capital World Bond Fund, Class 1 | **5845671** | **55826** |
| **Total fixed income funds** (cost: $59,716,000) |  | **55826** |
| **Short-term securities 2.38%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>2</sup> | **8870516** | **8871** |
| **Total short-term securities** (cost: $8,871,000) |  | **8871** |
| **Options purchased 0.05%** |  |  |
| Options purchased\* |  | **196** |
| **Total options purchased** (cost: $1,050,000) |  | **196** |
| **Total investment securities 97.23%** (cost: $391,071,000) |  | **362585** |
| Other assets less liabilities 2.77% |  | 10312 |
| **Net assets 100.00%** |  | $**372897** |

---

**\*Options purchased**

**Put**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 35 | USD13,438 | USD2,700.00 | 3/17/2023 | $14 |
| S&P 500 Index | 95 | 36475 | 2800.00 | 3/17/2023 | 48 |
| S&P 500 Index | 145 | 55673 | 2850.00 | 3/17/2023 | 77 |
| S&P 500 Index | 85 | 32636 | 2900.00 | 3/17/2023 | 57 |
|  |  |  |  |  | $196 |

---

<br> American Funds Insurance Series – Portfolio Series 15

American Funds Managed Risk Global Allocation Portfolio (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 195 | March 2023 | USD21,046 | $(32) |
| Russell 2000 Mini Index Contracts | Short | 12 | March 2023 | (1062) | 24 |
| Nikkei 225 Index Contracts | Short | 18 | March 2023 | (3538) | 245 |
| Japanese Yen Currency Contracts | Short | 41 | March 2023 | (3950) | (169) |
| S&P Mid 400 E-mini Index Contracts | Short | 22 | March 2023 | (5374) | 76 |
| FTSE 100 Index Contracts | Short | 74 | March 2023 | (6682) | (13) |
| British Pound Currency Contracts | Short | 93 | March 2023 | (7024) | 162 |
| Mini MSCI Emerging Market Index Contracts | Short | 311 | March 2023 | (14919) | 203 |
| Euro Stoxx 50 Index Contracts | Short | 589 | March 2023 | (23849) | 938 |
| Euro Currency Contracts | Short | 195 | March 2023 | (26213) | (77) |
| S&P 500 E-mini Index Contracts | Short | 332 | March 2023 | (64093) | 1542 |
|  |  |  |  |  | $2899 |

---

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> (loss) gain<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 24.95%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Global Growth Fund, Class 1 | $120215 | $101081 | $86466 | $(17519) | $(24291) | $93020 | $917 | $11561 |
| **Growth-and-income funds 19.96%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 96446 | 68848 | 55497 | (698) | (34676) | 74423 | 2021 | 17806 |
| **Asset allocation funds 9.98%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | 47995 | 19622 | 19466 | 446 | (11368) | 37229 | 834 | 4164 |
| **Balanced funds 24.94%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – American Funds Global Balanced Fund, Class 1<sup>1</sup> | 120215 | 35303 | 45375 | (544) | (16579) | 93020 |  | 568 |
| **Fixed income funds 14.97%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Capital World Bond Fund, Class 1 | 72221 | 46740 | 49395 | (12487) | (1253) | 55826 | 181 | 987 |
| **Total 94.80%** |  |  |  | $**(30802)** | $**(88167)** | $**353518** | $**3953** | $**35086** |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

16 American Funds Insurance Series – Portfolio Series

Financial statements

---

| | |
|:---|:---|
| **Statements of assets and liabilities** <br> **at December 31, 2022** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Global<br> Growth<br> Portfolio** | **Growth and<br> Income<br> Portfolio** | **Managed Risk<br> Growth<br> Portfolio** | **Managed Risk<br> Growth and<br> Income<br> Portfolio** | **Managed<br> Risk<br> Global<br> Allocation<br> Portfolio** |
| **Assets:** | **Assets:** |  |  |  |  |  |
| Investment securities, at value: | Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | Unaffiliated issuers | $— | $— | $37015 | $29273 | $9067 |
| Affiliated issuers | Affiliated issuers | 61378 | 325498 | 1477506 | 1198887 | 353518 |
| Cash collateral pledged for futures contracts | Cash collateral pledged for futures contracts |  |  | 46390 | 33122 | 8615 |
| Receivables for: | Receivables for: |  |  |  |  |  |
| Sales of investments | Sales of investments | 40 | 113 | 14088 | 9253 | 1576 |
| Sales of fund's shares | Sales of fund's shares | — \* | — \* | 224 |  |  |
| Dividends | Dividends |  |  | 156 | 124 | 39 |
| Variation margin on futures contracts | Variation margin on futures contracts |  |  | 3861 | 2748 | 958 |
|  |  | 61418 | 325611 | 1579240 | 1273407 | 373773 |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |
| Payables for: | Payables for: |  |  |  |  |  |
| Purchases of investments | Purchases of investments |  |  | 952 | 720 | 275 |
| Repurchases of fund's shares | Repurchases of fund's shares | 40 | 113 | 1394 | 373 | 128 |
| Investment advisory services | Investment advisory services |  |  | 135 | 109 | 32 |
| Insurance administrative fees | Insurance administrative fees | 38 | 200 | 985 | 791 | 234 |
| Services provided by related parties | Services provided by related parties | 13 | 68 | 328 | 265 | 78 |
| Trustees' deferred compensation | Trustees' deferred compensation | — \* | 2 | 11 | 9 | 3 |
| Variation margin on futures contracts | Variation margin on futures contracts |  |  | 407 | 359 | 126 |
|  |  | 91 | 383 | 4212 | 2626 | 876 |
| **Net assets at December 31, 2022** | **Net assets at December 31, 2022** | $61327 | $325228 | $1575028 | $1270781 | $372897 |
| **Net assets consist of:** | **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | Capital paid in on shares of beneficial interest | $64008 | $335831 | $1748600 | $1308993 | $407471 |
| Total accumulated loss | Total accumulated loss | (2681) | (10603) | (173572) | (38212) | (34574) |
| **Net assets at December 31, 2022** | **Net assets at December 31, 2022** | $61327 | $325228 | $1575028 | $1270781 | $372897 |
| Investment securities, at cost: | Investment securities, at cost: |  |  |  |  |  |
| Unaffiliated issuers | Unaffiliated issuers | $— | $— | $40770 | $31843 | $9921 |
| Affiliated issuers | Affiliated issuers | 72700 | 364510 | 1637903 | 1313411 | 381150 |
| Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 4:** | Net assets | $61327 | $325228 |  |  |  |
|  | Shares outstanding | 5527 | 29903 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share | $11.09 | $10.88 |  |  |  |
| **Class P2:** | Net assets |  |  | $1575028 | $1270781 | $372897 |
|  | Shares outstanding | Not applicable | Not applicable | 169362 | 128603 | 39896 |
|  | Net asset value per share |  |  | $9.30 | $9.88 | $9.35 |

---

\* Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series – Portfolio Series 17

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** <br> **for the year ended December 31, 2022** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global<br> Growth<br> Portfolio** | **Growth and<br> Income<br> Portfolio** | **Managed Risk<br> Growth<br> Portfolio** | **Managed Risk<br>Growth and<br> Income<br> Portfolio** | **Managed<br>Risk<br>Global<br> Allocation<br> Portfolio** |
| **Investment income:** |  |  |  |  |  |
| Income: |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $— | $— | $814 | $628 | $189 |
| Affiliated issuers | 788 | 8018 | 21278 | 28096 | 3953 |
|  | 788 | 8018 | 22092 | 28724 | 4142 |
| **Fees and expenses:** |  |  |  |  |  |
| Investment advisory services |  |  | 2542 | 2013 | 611 |
| Distribution services | 167 | 837 | 4237 | 3354 | 1019 |
| Insurance administrative services | 167 | 837 | 4237 | 3354 | 1019 |
| Transfer agent services | — \* | — \* | — \* | — \* | — \* |
| Accounting and administrative services |  |  | 92 | 75 | 29 |
| Reports to shareholders | 1 | 4 | 11 | 9 | 3 |
| Registration statement and prospectus | 1 | 4 | 18 | 11 | 3 |
| Trustees' compensation | — \* | — \* | 2 | 1 | — \* |
| Auditing and legal | 2 | 8 | 41 | 33 | 10 |
| Custodian | 6 | 26 | 3 | 3 | 4 |
| Other | — \* | — \* | 1 | 1 | — \* |
| Total fees and expenses before waivers | 344 | 1716 | 11184 | 8854 | 2698 |
| Less waivers of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers |  |  | 848 | 672 | 204 |
| Total fees and expenses after waivers | 344 | 1716 | 10336 | 8182 | 2494 |
| Net investment income | 444 | 6302 | 11756 | 20542 | 1648 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized (loss) gain on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers |  |  | (11359) | (10694) | (2781) |
| Affiliated issuers | (2132) | (3485) | (205499) | (33244) | (30802) |
| Futures contracts |  |  | (1952) | (8831) | (5949) |
| Currency transactions |  |  | (190) | (304) | (54) |
| Capital gain distributions received from affiliated issuers | 11625 | 30492 | 203631 | 133848 | 35086 |
|  | 9493 | 27007 | (15369) | 80775 | (4500) |
| Net unrealized (depreciation) appreciation on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers |  |  | 446 | 1072 | 117 |
| Affiliated issuers | (30798) | (92853) | (424403) | (345412) | (88167) |
| Futures contracts |  |  | 19387 | 12550 | 2667 |
|  | (30798) | (92853) | (404570) | (331790) | (85383) |
| Net realized gain (loss) and unrealized depreciation | (21305) | (65846) | (419939) | (251015) | (89883) |
| **Net decrease in net assets resulting from operations** | $(20861) | $(59544) | $(408183) | $(230473) | $(88235) |

---

\* Amount less than one thousand.

Refer to the notes to financial statements.

18 American Funds Insurance Series – Portfolio Series

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth<br> Portfolio** | **Global Growth<br> Portfolio** | **Growth and Income<br> Portfolio** | **Growth and Income<br> Portfolio** | **Managed Risk<br> Growth Portfolio** | **Managed Risk<br> Growth Portfolio** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $444 | $381 | $6302 | $4363 | $11756 | $4460 |
| Net realized gain (loss) | 9493 | 8596 | 27007 | 29430 | (15369) | 282863 |
| Net unrealized (depreciation) appreciation | (30798) | 804 | (92853) | 5432 | (404570) | (87129) |
| Net (decrease) increase in net assets resulting from operations | (20861) | 9781 | (59544) | 39225 | (408183) | 200194 |
| **Distributions paid to shareholders** | (9974) | (1572) | (35419) | (10434) | (259110) | (18360) |
| **Net capital share transactions** | 8118 | 5159 | 43477 | 35193 | 248176 | 59229 |
| **Total (decrease) increase in net assets** | (22717) | 13368 | (51486) | 63984 | (419117) | 241063 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 84044 | 70676 | 376714 | 312730 | 1994145 | 1753082 |
| End of year | $61327 | $84044 | $325228 | $376714 | $1575028 | $1994145 |
|  | **Managed Risk<br> Growth and Income<br> Portfolio** | **Managed Risk<br> Growth and Income<br> Portfolio** | **Managed Risk<br> Global Allocation<br> Portfolio** | **Managed Risk<br> Global Allocation<br> Portfolio** |  |  |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |  |  |
|  | 2022 | 2021 | 2022 | 2021 |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $20542 | $15751 | $1648 | $3149 |  |  |
| Net realized gain (loss) | 80775 | 121319 | (4500) | 44187 |  |  |
| Net unrealized (depreciation) appreciation | (331790) | 14188 | (85383) | (8638) |  |  |
| Net (decrease) increase in net assets resulting from operations | (230473) | 151258 | (88235) | 38698 |  |  |
| **Distributions paid to shareholders** | (112305) | (16939) | (40195) | (3407) |  |  |
| **Net capital share transactions** | 79014 | 10702 | 18917 | (949) |  |  |
| **Total (decrease) increase in net assets** | (263764) | 145021 | (109513) | 34342 |  |  |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 1534545 | 1389524 | 482410 | 448068 |  |  |
| End of year | $1270781 | $1534545 | $372897 | $482410 |  |  |

---

Refer to the notes to financial statements.

American Funds Insurance Series – Portfolio Series 19

Notes to financial statements

**1. Organization**

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company with 34 different funds (the "funds"), including five funds in the series covered in this report. The other 29 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance Series report and six funds in the series are covered in the American Funds Insurance Series — Target Date Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), three of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund in the American Funds Insurance Series – Portfolio Series are as follows:

**Global Growth Portfolio** — Seeks to provide long-term growth of capital.

**Growth and Income Portfolio** — Seeks to provide long-term growth of capital while providing current income.

**Managed Risk Growth Portfolio** — Seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Growth and Income Portfolio** — Seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.

**Managed Risk Global Allocation Portfolio** — Seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund offers one share class (Class 4 for Global Growth Portfolio and Growth and Income Portfolio, and Class P2 for the three managed risk funds). Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

20 American Funds Insurance Series – Portfolio Series

**Fees and expenses** — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Distributions paid to shareholders** — Income dividends and capital gain distributions paid to shareholders are recorded on each fund's ex-dividend date.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in each fund's statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation**

**Security valuation** — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund's statement of additional information. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued.

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Fair Valuation Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group.

**Classifications** — The series' investment adviser classifies each fund's assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of December 31, 2022, all of the investment securities held by each fund were classified as Level 1.

**4. Risk factors**

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Allocation risk** — Investments in each fund are subject to risks related to the investment adviser's allocation choices. The selection of the underlying funds and the allocation of each fund's assets could cause each fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. Some of the funds may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. To the extent that any of the funds that invest in the non-diversified investment company invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on that fund's investment results.

American Funds Insurance Series – Portfolio Series 21

**Fund structure** — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by a fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund's investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

**Underlying fund risks** — Because each fund's investments consist of underlying funds, each fund's risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in each fund and the applicable underlying funds.

**Market conditions** — The prices of, and the income generated by, the securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of each fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in income-oriented stocks** — The value of an underlying fund's securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds' portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

22 American Funds Insurance Series – Portfolio Series

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying funds' rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the underlying fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in small companies** — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds' securities could cause the value of the underlying funds' shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds' investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

American Funds Insurance Series – Portfolio Series 23

**Liquidity risk** — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or try to limit losses, or may be forced to sell at a loss.

**Management** — The investment adviser to the funds and to the underlying funds actively manages each underlying fund's investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Investing in options and futures contracts** — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, a fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.

**Short positions** — A fund may suffer losses from short positions in futures and options contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

24 American Funds Insurance Series – Portfolio Series

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in future delivery contracts** — The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund's market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of the underlying fund.

**Investing in securities backed by the U.S. government** — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

**Asset allocation** — A certain fund's percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Currency** — The prices of, and the income generated by, many debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund's securities denominated in such currencies would generally fall and vice versa.

**Nondiversification risk** — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than a diversified fund. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on a managed risk fund's investment results.

**Management** — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

American Funds Insurance Series – Portfolio Series 25

**5. Certain investment techniques**

**Options contracts** — The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the fund will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the fund obtains the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the fund pays the current market price, or the option premium, for the option.

The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire premium. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in the fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in the fund's statement of operations. The average month-end notional amount of options contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $845,906,000, $739,642,000 and $205,037,000, respectively.

**Futures contracts** — The managed risk funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract. When initial margin is deposited with brokers, a receivable is recorded in each fund's statement of assets and liabilities.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations. The average month-end notional amount of futures contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $1,394,639,000, $1,600,393,000 and $551,847,000, respectively.

The tables on the following page identify the location and fair value amounts on each fund's statement of assets and liabilities and the effect on each fund's statement of operations resulting from the managed risk funds' use of options purchased and futures contracts as of December 31, 2022 (dollars in thousands):

26 American Funds Insurance Series – Portfolio Series

**Managed Risk Growth Portfolio**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers\* | $820 | Investment securities from unaffiliated issuers\* | $— |
| Futures | Currency | Unrealized appreciation<sup>†</sup> | 450 | Unrealized depreciation<sup>†</sup> | 702 |
| Futures | Equity | Unrealized appreciation<sup>†</sup> | 19428 | Unrealized depreciation<sup>†</sup> | 22 |
| Futures | Interest | Unrealized appreciation<sup>†</sup> |  | Unrealized depreciation<sup>†</sup> | 632 |
|  |  |  | $20698 |  | $1356 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(11359) | Net unrealized appreciation on investments in unaffiliated issuers | $446 |
| Futures | Currency | Net realized gain on futures contracts | 3921 | Net unrealized depreciation on futures contracts | (168) |
| Futures | Equity | Net realized gain on futures contracts | 12464 | Net unrealized appreciation on futures contracts | 20103 |
| Futures | Interest | Net realized loss on futures contracts | (18337) | Net unrealized depreciation on futures contracts | (548) |
|  |  |  | $(13311) |  | $19833 |

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**Managed Risk Growth and Income Portfolio**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers\* | $594 | Investment securities from unaffiliated issuers\* | $— |
| Futures | Currency | Unrealized appreciation<sup>†</sup> | 507 | Unrealized depreciation<sup>†</sup> | 709 |
| Futures | Equity | Unrealized appreciation<sup>†</sup> | 12292 | Unrealized depreciation<sup>†</sup> | 29 |
| Futures | Interest | Unrealized appreciation<sup>†</sup> |  | Unrealized depreciation<sup>†</sup> | 251 |
|  |  |  | $13393 |  | $989 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(10694) | Net unrealized appreciation on investments in unaffiliated issuers | $1072 |
| Futures | Currency | Net realized gain on futures contracts | 5166 | Net unrealized depreciation on futures contracts | (125) |
| Futures | Equity | Net realized gain on futures contracts | 2807 | Net unrealized appreciation on futures contracts | 12783 |
| Futures | Interest | Net realized loss on futures contracts | (16804) | Net unrealized depreciation on futures contracts | (108) |
|  |  |  | (19525) |  | $13622 |

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Refer to the end of the tables for footnotes.

American Funds Insurance Series – Portfolio Series 27

**Managed Risk Global Allocation Portfolio**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers\* | $196 | Investment securities from unaffiliated issuers\* | $— |
| Futures | Currency | Unrealized appreciation<sup>†</sup> | 162 | Unrealized depreciation<sup>†</sup> | 246 |
| Futures | Equity | Unrealized appreciation<sup>†</sup> | 3028 | Unrealized depreciation<sup>†</sup> | 13 |
| Futures | Interest | Unrealized appreciation<sup>†</sup> |  | Unrealized depreciation<sup>†</sup> | 32 |
|  |  |  | $3386 |  | $291 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(2781) | Net unrealized appreciation on investments in unaffiliated issuers | $117 |
| Futures | Currency | Net realized gain on futures contracts | 1663 | Net unrealized depreciation on futures contracts | (83) |
| Futures | Equity | Net realized loss on futures contracts | (3328) | Net unrealized appreciation on futures contracts | 2756 |
| Futures | Interest | Net realized loss on futures contracts | (4284) | Net unrealized depreciation on futures contracts | (6) |
|  |  |  | $(8730) |  | $2784 |

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| | |
|:---|:---|
| \* | Includes options purchased as reported in the fund's investment portfolio. |
| <sup>†</sup> | Includes cumulative appreciation/depreciation on futures contracts as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities. |

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**Collateral** — Funds that invest in futures contracts participate in a collateral program. The program calls for each fund to pledge highly liquid assets, such as cash or U.S. government securities, as collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund's investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**6. Taxation and distributions**

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses and capital losses related to sales of certain securities within 30 days of purchase. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

28 American Funds Insurance Series – Portfolio Series

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global<br> Growth<br> Portfolio** | **Growth and<br> Income<br> Portfolio** | **Managed<br> Risk Growth<br> Portfolio** | **Managed<br> Risk Growth<br> and Income<br> Portfolio** | **Managed<br> Risk Global<br> Allocation<br> Portfolio** |
| Undistributed ordinary income | $537 | $5747 | $17068 | $19332 | $2811 |
| Undistributed long-term capital gains | 8800 | 25351 | 272779 | 182472 | 34930 |
| Gross unrealized appreciation on investments | 841 | 6662 | 4492 | 7191 | 1100 |
| Gross unrealized depreciation on investments | (12860) | (48360) | (467911) | (247207) | (73415) |
| Net unrealized depreciation on investments | (12019) | (41698) | (463419) | (240016) | (72315) |
| Cost of investments | 73397 | 367196 | 1996462 | 1479986 | 437799 |
| Reclassification to total accumulated loss from capital paid in on shares of beneficial interest | (1) |  |  |  |  |

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Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Portfolio**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class 4 | $1799 | $8175 | $9974 | $214 | $1358 | $1572 |

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**Growth and Income Portfolio**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class 4 | $10097 | $25322 | $35419 | $5732 | $4702 | $10434 |

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**Managed Risk Growth Portfolio**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class P2 | $29570 | $229540 | $259110 | $18360 | $— | $18360 |

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**Managed Risk Growth and Income Portfolio**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class P2 | $34140 | $78165 | $112305 | $16939 | $— | $16939 |

---

**Managed Risk Global Allocation Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class P2 | $6466 | $33729 | $40195 | $3407 | $— | $3407 |

---

American Funds Insurance Series – Portfolio Series 29

**7. Fees and transactions**

CRMC, the series' investment adviser, is the parent company of American Funds Distributors<sup>®</sup>, Inc. ("AFD"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, AFD and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on an annual rate of 0.150% of daily net assets for the three managed risk funds. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — CRMC waived a portion of the investment advisory services fees equal to 0.05% of each fund's daily net assets for the three managed risk funds. For the year ended December 31, 2022, total investment advisory services fees waived by CRMC were $1,724,000. CRMC does not intend to recoup these waivers. Investment advisory services fees are presented in each fund's statement of operations gross of the waivers from CRMC.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.25% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 4 | 0.25% | 0.25% |
| Class P2 | 0.25 | 0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for all share classes. Under the plan, each share class pays 0.25% of each insurance company's respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC to provide administrative services to all of the funds. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. CRMC receives administrative services fee at the annual rate of 0.03% of average daily net assets from the Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The three managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which each fund compensates BNY Mellon for providing accounting and administrative services. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

30 American Funds Insurance Series – Portfolio Series

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation in each fund's statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**8. Indemnifications**

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Capital share transactions**

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Portfolio**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class 4 | $6416 | 505 | $9974 | 853 | $(8272) | (678) | $8118 | 680 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class 4 | $12509 | 747 | $1572 | 93 | $(8922) | (529) | $5159 | 311 |
| **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class 4 | $32757 | 2764 | $35420 | 3125 | $(24700) | (2083) | $43477 | 3806 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class 4 | $46703 | 3326 | $10433 | 745 | $(21943) | (1582) | $35193 | 2489 |
| **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class P2 | $66751 | 6086 | $259110 | 26420 | $(77685) | (7596) | $248176 | 24910 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class P2 | $129307 | 9721 | $18360 | 1371 | $(88438) | (6636) | $59229 | 4456 |

---

American Funds Insurance Series – Portfolio Series 31

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** |
|  | **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class P2 | $48413 | 4527 | $112305 | 10888 | $(81704) | (7614) | $79014 | 7801 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class P2 | $64009 | 5216 | $16939 | 1367 | $(70246) | (5764) | $10702 | 819 |
| **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class P2 | $12516 | 1158 | $40195 | 4150 | $(33794) | (3420) | $18917 | 1888 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class P2 | $22259 | 1801 | $3407 | 275 | $(26615) | (2176) | $(949) | (100) |

---

**10. Ownership concentration**

At December 31, 2022, Managed Risk Growth and Income Portfolio held 18% and 17% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of American Funds Insurance Series -American Funds Global Balanced Fund.

**11. Investment transactions**

Each fund engaged in purchases and sales of investment securities during the year ended December 31, 2022, as follows (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global<br> Growth<br> Portfolio** | **Growth and<br> Income<br> Portfolio** | **Managed<br> Risk<br> Growth<br> Portfolio** | **Managed<br> Risk<br> Growth and<br> Income<br> Portfolio** | **Managed<br> Risk<br> Global<br> Allocation<br> Portfolio** |
| Purchases of investment securities\* | $18679 | $69953 | $1503718 | $1039346 | $271594 |
| Sales of investment securities\* | 8484 | 25136 | 1285107 | 917254 | 256199 |

---

\* Excludes short-term securities and U.S. government obligations, if any.

32 American Funds Insurance Series – Portfolio Series

Financial highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distribu-<br> tions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> before<br> waivers/<br> reimburse-<br> ments<sup>3</sup>** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> after<br> waivers/<br> reimburse-<br> ments<sup>2,3</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,4,5</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $17.34 | $.08 | $(4.30) | $(4.22) | $(.31) | $(1.72) | $(2.03) | $11.09 | (24.75)% | $61 | .51% | .51% | .98% | .66% |
| 12/31/2021 | 15.58 | .08 | 2.02 | 2.10 | (.05) | (.29) | (.34) | 17.34 | 13.49 | 84 | .52 | .52 | 1.04 | .48 |
| 12/31/2020 | 13.35 | .03 | 2.91 | 2.94 | (.12) | (.59) | (.71) | 15.58 | 23.80 | 71 | .55 | .55 | 1.15 | .24 |
| 12/31/2019 | 10.68 | .12 | 3.18 | 3.30 | (.09) | (.54) | (.63) | 13.35 | 31.67 | 54 | .61 | .56 | 1.18 | .97 |
| 12/31/2018 | 12.17 | .08 | (1.22) | (1.14) | (.12) | (.23) | (.35) | 10.68 | (9.77) | 36 | .59 | .58 | 1.20 | .69 |
| **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $14.44 | $.22 | $(2.46) | $(2.24) | $(.31) | $(1.01) | $(1.32) | $10.88 | (15.74)% | $325 | .51% | .51% | .80% | 1.88% |
| 12/31/2021 | 13.25 | .18 | 1.44 | 1.62 | (.23) | (.20) | (.43) | 14.44 | 12.32 | 377 | .52 | .52 | .84 | 1.28 |
| 12/31/2020 | 12.13 | .18 | 1.53 | 1.71 | (.22) | (.37) | (.59) | 13.25 | 14.86 | 313 | .52 | .52 | .91 | 1.49 |
| 12/31/2019 | 10.59 | .22 | 1.81 | 2.03 | (.19) | (.30) | (.49) | 12.13 | 19.57 | 257 | .52 | .52 | .96 | 1.92 |
| 12/31/2018 | 11.40 | .20 | (.58) | (.38) | (.16) | (.27) | (.43) | 10.59 | (3.51) | 168 | .53 | .53 | .97 | 1.81 |
| **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $13.80 | $.07 | $(2.80) | $(2.73) | $(.19) | $(1.58) | $(1.77) | $9.30 | (20.36)% | $1575 | .66% | .61% | .99% | .69% |
| 12/31/2021 | 12.52 | .03 | 1.38 | 1.41 | (.13) |  | (.13) | 13.80 | 11.29 | 1994 | .66 | .61 | 1.01 | .24 |
| 12/31/2020 | 11.61 | .07 | 1.38 | 1.45 | (.13) | (.41) | (.54) | 12.52 | 13.35 | 1753 | .66 | .61 | 1.03 | .65 |
| 12/31/2019 | 10.28 | .13 | 1.80 | 1.93 | (.14) | (.46) | (.60) | 11.61 | 19.26 | 1474 | .66 | .61 | 1.02 | 1.20 |
| 12/31/2018 | 11.16 | .12 | (.53) | (.41) | (.14) | (.33) | (.47) | 10.28 | (3.98) | 1073 | .66 | .61 | 1.00 | 1.06 |
| **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** |  |  |  |  |  |  |  |  |  |  |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.70 | $.16 | $(2.05) | $(1.89) | $(.28) | $(.65) | $(.93) | $9.88 | (15.10)% | $1271 | .66% | .61% | .99% | 1.53% |
| 12/31/2021 | 11.58 | .13 | 1.13 | 1.26 | (.14) |  | (.14) | 12.70 | 10.93 | 1535 | .66 | .61 | 1.04 | 1.07 |
| 12/31/2020 | 11.55 | .13 | .39 | .52 | (.18) | (.31) | (.49) | 11.58 | 4.96 | 1390 | .66 | .61 | 1.05 | 1.16 |
| 12/31/2019 | 10.18 | .18 | 1.74 | 1.92 | (.18) | (.37) | (.55) | 11.55 | 19.29 | 1288 | .67 | .62 | 1.08 | 1.66 |
| 12/31/2018 | 11.13 | .17 | (.67) | (.50) | (.17) | (.28) | (.45) | 10.18 | (4.72) | 974 | .66 | .61 | 1.07 | 1.54 |
| **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** |  |  |  |  |  |  |  |  |  |  |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.69 | $.04 | $(2.32) | $(2.28) | $(.17) | $(.89) | $(1.06) | $9.35 | (18.25)% | $373 | .66% | .61% | 1.11% | .40% |
| 12/31/2021 | 11.76 | .08 | .94 | 1.02 | (.09) |  | (.09) | 12.69 | 8.70 | 482 | .67 | .62 | 1.19 | .68 |
| 12/31/2020 | 11.60 | .07 | .52 | .59 | (.12) | (.31) | (.43) | 11.76 | 5.65 | 448 | .68 | .63 | 1.20 | .61 |
| 12/31/2019 | 10.07 | .13 | 1.89 | 2.02 | (.15) | (.34) | (.49) | 11.60 | 20.44 | 424 | .68 | .63 | 1.20 | 1.20 |
| 12/31/2018 | 11.04 | .14 | (.88) | (.74) | (.10) | (.13) | (.23) | 10.07 | (6.90) | 325 | .68 | .63 | 1.20 | 1.27 |

---

Refer to the next page for footnotes.

American Funds Insurance Series – Portfolio Series 33

Financial highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Portfolio turnover rate** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Global Growth Portfolio | 13% | 36% | 14% | 14% | 12% |
| Growth and Income Portfolio | 7 | 36 | 7 | 6 | 5 |
| Managed Risk Growth Portfolio | 80 | 46 | 80 | 6 | 4 |
| Managed Risk Growth and Income Portfolio | 72 | 44 | 73 | 5 | 4 |
| Managed Risk Global Allocation Portfolio | 66 | 29 | 49 | 6 | 3 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers/reimbursements from CRMC. During the years shown, CRMC waived a portion of investment advisory services fees on each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the funds.

<sup>3</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>4</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.

<sup>5</sup> Unaudited.

34 American Funds Insurance Series – Portfolio Series

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of American Funds Global Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Managed Risk Growth Portfolio, American Funds Managed Risk Growth and Income Portfolio and American Funds Managed Risk Global Allocation Portfolio

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of American Funds Global Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Managed Risk Growth Portfolio, American Funds Managed Risk Growth and Income Portfolio and American Funds Managed Risk Global Allocation Portfolio (five of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California<br> February 17, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

American Funds Insurance Series – Portfolio Series 35

---

| | |
|:---|:---|
| Expense example | **unaudited** |

---

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

**Actual expenses:**

The first line of each share class in the tables on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes:**

The second line of each share class in the tables on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

**Notes:**

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

36 American Funds Insurance Series – Portfolio Series

Expense example (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning <br> account value <br> 7/1/2022** | **Ending <br> account value <br> 12/31/2022** | **Expenses <br> paid during <br> period<sup>1,2</sup>** | **Annualized <br> expense ratio<sup>2</sup>** | **Effective <br> expenses paid<br> during period<sup>3</sup>** | **Effective <br> annualized <br> expense ratio<sup>4</sup>** |
| **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** |  |  |  |  |
| Class 4 – actual return | $1000.00 | $1030.53 | $2.61 | .51% | $5.02 | .98% |
| Class 4 – assumed 5% return | 1000.00 | 1022.63 | 2.60 | .51 | 4.99 | .98 |
| **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** |  |  |  |  |
| Class 4 – actual return | $1000.00 | $1015.72 | $2.59 | .51% | $4.06 | .80% |
| Class 4 – assumed 5% return | 1000.00 | 1022.63 | 2.60 | .51 | 4.08 | .80 |
| **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** |  |  |  |  |
| Class P2 – actual return | $1000.00 | $981.66 | $3.05 | .61% | $4.94 | .99% |
| Class P2 – assumed 5% return | 1000.00 | 1022.13 | 3.11 | .61 | 5.04 | .99 |
| **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** |  |  |  |  |
| Class P2 – actual return | $1000.00 | $992.56 | $3.06 | .61% | $4.97 | .99% |
| Class P2 – assumed 5% return | 1000.00 | 1022.13 | 3.11 | .61 | 5.04 | .99 |
| **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** |  |  |  |  |
| Class P2 – actual return | $1000.00 | $994.42 | $3.07 | .61% | $5.58 | 1.11% |
| Class P2 – assumed 5% return | 1000.00 | 1022.13 | 3.11 | .61 | 5.65 | 1.11 |

---

<sup>1</sup> The "expenses paid during period" are equal to the "annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

<sup>2</sup> The "expenses paid during period" and "annualized expense ratio" do not include the expenses of the underlying funds in which each fund invests.

<sup>3</sup> The "effective expenses paid during period" are equal to the "effective annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).

<sup>4</sup> The "effective annualized expense ratio" reflects the net annualized expense ratio of the class plus the class's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

American Funds Insurance Series – Portfolio Series 37

---

| | |
|:---|:---|
| Liquidity Risk Management Program | **unaudited** |

---

The series has adopted a liquidity risk management program (the "program"). The series' board has designated Capital Research and Management Company ("CRMC") as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund's investments, limiting the amount of each fund's illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC's process of determining the degree of liquidity of each fund's investments is supported by one or more third-party liquidity assessment vendors.

The series' board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund's liquidity risk.

38 American Funds Insurance Series – Portfolio Series

Board of trustees and other officers

Independent trustees<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and year of birth** | **Year first<br> elected<br> a trustee<br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years** | **Number of<br> portfolios in<br> fund complex<br> overseen by<br> trustee** | **Other directorships<sup>3</sup> held by trustee** |
| **Francisco G. Cigarroa, MD,** 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 |  |
| **James G. Ellis,** 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 96 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation |
| **Nariman Farvardin,** 1956 | 2018 | President, Stevens Institute of Technology | 91 |  |
| **Jennifer C. Feikin,** 1968 | 2022 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents | 97 | Hertz Global Holdings, Inc. |
| **Leslie Stone Heisz,** 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 97 | Edwards Lifesciences; Public Storage |
| **Mary Davis Holt,** 1950 | 2015–2016;<br> 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003) | 87 |  |
| **Merit E. Janow,** 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated |
| **Margaret Spellings,** 1957<br> Chair of the Board<br> (Independent and<br> Non-Executive) | 2010 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 |  |
| **Alexandra Trower,** 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 |  |
| **Paul S. Williams,** 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc. |
| Interested trustees<sup>4,5</sup> | Interested trustees<sup>4,5</sup> | Interested trustees<sup>4,5</sup> |  |  |
| **Name, year of birth and<br> position with series** | **Year first<br> elected<br> a trustee<br> or officer<br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years<br> and positions held with affiliated entities or<br> the principal underwriter of the series** | **Number of<br> portfolios in<br> fund complex<br> overseen by<br> trustee** | **Other directorships<sup>3</sup> held by trustee** |
| **Donald D. O'Neal,** 1960 <br> Co-President and Trustee | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company<sup>5</sup> | 35 |  |
| **Michael C. Gitlin,** 1970 <br> Trustee | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.<sup>5</sup> | 86 |  |

---

**The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.**

American Funds Insurance Series – Portfolio Series 39

Other officers<sup>5</sup>

---

| | | |
|:---|:---|:---|
| **Name, year of birth and<br> position with series** | **Year first<br> elected<br> an officer<br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years and positions held with affiliated entities<br> or the principal underwriter of the series** |
| **Alan N. Berro,** 1960 <br> Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Maria Manotok,** 1974 <br> Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group Companies Global<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group International, Inc.<sup>5</sup> |
| **Michael W. Stockton,** 1967<br> Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Patrice Collette,** 1967<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.<sup>5</sup> |
| **Peter Eliot,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Irfan M. Furniturewala,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Sung Lee,** 1966<br> Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital International, Inc.<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Keiko McKibben,** 1969<br> Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company |
| **Carlos A. Schonfeld,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited<sup>5</sup> |
| **Alan J. Wilson,** 1961<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company |
| **Steven I. Koszalka,** 1964<br> Secretary | 2003 | Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Gregory F. Niland,** 1971<br> Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company |
| **Susan K. Countess,** 1966<br> Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company |
| **Sandra Chuon,** 1972<br> Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company |
| **Brian C. Janssen,** 1972<br> Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |

---

<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the series within the meaning of the Investment Company Act of 1940.

<sup>2</sup> Trustees and officers of the series serve until their resignation, removal or retirement.

<sup>3</sup> This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.

<sup>4</sup> The term interested trustee refers to a trustee who is an "interested person" within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).

<sup>5</sup> Company affiliated with Capital Research and Management Company.

40 American Funds Insurance Series – Portfolio Series

**Office of the series**

333 South Hope Street<br> Los Angeles, CA 90071-1406

**Investment adviser**

Capital Research and Management Company<br> 333 South Hope Street<br> Los Angeles, CA 90071-1406

**Investment subadviser**

Milliman Financial Risk Management LLC<br> (Managed Risk Funds only)<br> 71 South Wacker Drive, 31st Floor<br> Chicago, IL 60606

**Custodian of assets**

State Street Bank and Trust Company<br> One Lincoln Street<br> Boston, MA 02111

**Counsel**

Morgan, Lewis & Bockius LLP<br> One Federal Street<br> Boston, MA 02110-1726

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP<br> 601 South Figueroa Street<br> Los Angeles, CA 90017-3874

**Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/individual/investments.**

"Proxy Voting Guidelines for American Funds Insurance Series — Portfolio Series" — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

American Funds Insurance Series — Portfolio Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of American Funds Insurance Series — Portfolio Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series — Portfolio Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright© 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

American Funds Insurance Series – Portfolio Series 41

The Capital Advantage<sup>®</sup>

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System<sup>TM</sup> — has resulted in superior outcomes.

**Aligned with investor success**

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.<sup>1</sup>

**The Capital System**

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

**American Funds Insurance Series' superior outcomes**

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.<sup>2</sup> Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.<sup>3</sup> We strive to keep management fees competitive. Over the past 20 years, most funds' fees have been below industry averages.<sup>4</sup>

<sup>1</sup> Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.

<sup>2</sup> Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund's inception through December 31, 2021. Periods covered are the shorter of the fund's lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.

<sup>3</sup> Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor's 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in "lockstep," in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.

<sup>4</sup> Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

![](g382964image_042.jpg)

---

| | |
|:---|:---|
| **American Funds Insurance Series<sup>®</sup> <br> Target Date Series**<br>Annual report<br> for the year ended<br> December 31, 2022 | ![](g382964image_043.jpg) |

---

![](g382964image_044.jpg)

**Offering variable<br> annuity investors<br> a balanced approach<br> to building and<br> preserving wealth<br> through retirement**

Depending on the proximity to its target date, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, each fund seeks to balance total return and stability over time.

American Funds, by Capital Group, is one of the nation's largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

**Fund results shown in this report, unless otherwise indicated, are for Class 4 shares at net asset value. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Each target date fund is composed of a mix of the American Funds and is subject to the risks and returns of the underlying funds. Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Small company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Investments in mortgage-related securities involve additional risks, such as prepayment risk, as more fully described in the prospectus. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. While not directly correlated to changes in interest rates, the values of inflation linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations. Fund shares of U.S. Government Securities Fund<sup>®</sup> are not guaranteed by the U.S. government.

The funds' allocation strategy does not guarantee that investors' retirement savings goals will be met. The allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The funds may seek dividend income to help dampen risk while maintaining equity exposure, and may invest in fixed income securities to help provide current income, capital preservation and inflation protection. The funds' risks are directly related to the risks of the underlying funds. Refer to the series prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the series.

**Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.**

Contents

---

| | |
|:---|:---|
| 1 | Letter to investors |
| 4 | The value of a $10,000 investment |
| 6 | Investment approach for American Funds Insurance Series – Target Date Series |
|  | **Investment portfolios** |
| 7 | American Funds IS 2035 Target Date Fund |
| 9 | American Funds IS 2030 Target Date Fund |
| 11 | American Funds IS 2025 Target Date Fund |
| 13 | American Funds IS 2020 Target Date Fund |
| 15 | American Funds IS 2015 Target Date Fund |
| 17 | American Funds IS 2010 Target Date Fund |
| 19 | Financial statements |
| 43 | Board of trustees and other officers |

---

Fellow investors:

It is our pleasure to present the annual report for American Funds Insurance Series<sup>®</sup> — Target Date Series for the year ended December 31, 2022.

All six of the funds declined amid a wide market downturn. However, three of the six funds outpaced their respective S&P Target Date Index<sup>1</sup> (as shown in the table on page 3). We continue to maintain a long-term perspective regarding the series' results – balancing investors' need to build wealth with the need to preserve it near and during retirement. Although comparisons with indexes can provide insights, we believe a comparison of absolute returns should be accompanied by an analysis of risk to fully assess whether a target date series is meeting its objectives.

**About the series**

Launched December 6, 2019, the series offers a suite of funds that offer variable annuity investors objective-based portfolios to help meet retirement goals. It is managed by the Target Date Solutions Committee ("the Committee"), a group of seasoned investment professionals with varied backgrounds, diverse investment approaches and decades of experience. The members of the committee include Michelle J. Black, David A. Hoag, Jessica C. Spaly, Samir Mathur, Wesley K. Phoa, Bradley J. Vogt and Shannon Ward.

In managing the series, the Committee carefully selects a mix of individual American Funds, employing an objective-based framework supported by rigorous analysis. The Committee regularly monitors each fund in the series.

**Investment objectives**

Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the funds seek to balance total return and stability over time.

**The investment environment**

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Communication services, consumer discretionary and information technology stocks suffered the biggest losses. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. equities had their worst year since 2008 as the S&P 500 Index<sup>2</sup> fell 18.11%. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index<sup>3</sup> lost 12.46% in one of the worst bond market

See page 2 for footnotes.

Past results are not predictive of results in future periods.

American Funds Insurance Series – Target Date Series 1

declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies.

For the fiscal year, the MSCI All Country World Index ex USA<sup>4</sup> fell 16.00%. The Bloomberg U.S. Aggregate Index<sup>5</sup> declined 13.01%, while the Bloomberg Global Aggregate Index<sup>6</sup> was down 16.25%.

**Inside the series**

Over the year ended December 31, 2022, the more conservative 2010, 2015 and 2020 funds beat their respective S&P Target Date Index. These funds benefited from the relative resiliency of their underlying fixed income funds, resulting in a positive excess return for eight out of the 10 underlying funds.

Despite declines for American High-Income Trust<sup>®</sup> (8.84%) and American Funds Mortgage Fund<sup>®</sup> (9.74%), both fixed income funds outpaced their benchmarks, by 2.34 and 2.07 percentage points, respectively. Capital World Bond Fund<sup>®</sup> was the relative laggard among the fixed income funds, declining by 17.17% for the year, versus a 16.25% decline for its benchmark, resulting in a difference of –0.92 percentage points.

Results in the underlying equity funds were mixed as growth-oriented stocks declined across the board. However, 11 of the 17 underlying equity funds outpaced their benchmarks, led by American Mutual Fund<sup>®</sup> and Washington Mutual Investors Fund, which exceeded by 13.92 and 9.93 percentage points, respectively.

Over their lifetimes, Target Date Series funds have outpaced their benchmarks by an average of 0.66%.

**Looking ahead**

Big questions remain about how the U.S. economy will do in 2023. It is possible that the delayed impact of higher rates will keep growth slow, or even cause a mild recession. However, we have confidence in the long-term trajectory of the economy and the stock market has likely digested much of the potential bad news already, given the decline this year. Investors have reason for hope, as we've already taken a measure of pain, in both stocks and bonds. Inflation may persist above the levels we've been used to the past 10 years, but is likely to gently decline over the coming year from the 6.5% figure published in January 2023. That would be good news on its own, and would also lighten the upward pressure we've seen on interest rates this past year. The global negative impact of COVID-19 has already persisted longer than anyone predicted back in early 2020, but should also decline with time, particularly as China has decided to end lockdowns. That will eventually help economic growth.

Thus, as 2023 progresses we may see, out of many fears, a reason for optimism. The ongoing war in Ukraine remains a wild card, and we hope it does not spill over into a larger conflict. That may be the biggest risk to a mildly positive outlook for stocks. There can still be bumps in the road, but with our world-class research, we will continue to focus on finding those companies with the best fundamentals and the best risk-versus-return tradeoffs. We believe that we will find plenty of attractive securities for the long term in this environment. In the event of periods of volatility, we remain committed to our process, and will look for opportunities at that time as well.

Our time-tested process is based on extensive research, a long-term framework and close attention to valuation, and has resulted in superior outcomes for investors over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

![](g382964image_045.jpg)

Donald D. O'Neal<br> Co-President

![](g382964image_046.jpg)

Alan N. Berro<br> Co-President

February 17, 2023

Past results are not predictive of results in future periods.

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: S&P Dow Jones Indices LLC. The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

<sup>2</sup> Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

<sup>4</sup> Source: MSCI. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes.

<sup>5</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/ or Fitch as an indication of an issuer's creditworthiness.

<sup>6</sup> Source: Bloomberg Index Services Ltd. Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets.

2 American Funds Insurance Series – Target Date Series

**Results at a glance**

For periods ended December 31, 2022, with all distributions reinvested

---

| | | | |
|:---|:---|:---|:---|
|  | Cumulative<br> total returns | Average annual<br> total returns | |
| Class 4 shares | 1 year | Lifetime<br> (since 12/6/19) | Expense<br> ratio |
| **American Funds IS 2035 Target Date Fund** | **–16.79%** | **4.36%** | **0.86%** |
| S&P Target Date 2035 Index | –14.99 | 3.97 |  |
| **American Funds IS 2030 Target Date Fund** | **–14.87** | **3.49** | **0.63** |
| S&P Target Date 2030 Index | –13.96 | 3.33 |  |
| **American Funds IS 2025 Target Date Fund** | **–13.25** | **3.21** | **0.86** |
| S&P Target Date 2025 Index | –13.13 | 2.77 |  |
| **American Funds IS 2020 Target Date Fund** | **–11.51** | **2.88** | **0.84** |
| S&P Target Date 2020 Index | –12.81 | 1.93 |  |
| **American Funds IS 2015 Target Date Fund** | **–10.63** | **2.82** | **0.83** |
| S&P Target Date 2015 Index | –12.16 | 1.91 |  |
| **American Funds IS 2010 Target Date Fund** | **–9.56** | **2.67** | **0.83** |
| S&P Target Date 2010 Index | –11.44 | 1.59 |  |
| S&P 500 Index | –18.11 | 8.46 |  |
| MSCI All Country World Index (ACWI) ex USA | –16.00 | 1.31 |  |
| Bloomberg U.S. Aggregate Index | –13.01 | –2.61 |  |

---

The target date funds invest in Class R-6 shares of the underlying funds.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/ or expense reimbursements, without which they would have been lower. Expense ratios are as of the series prospectus dated May 1, 2023 (unaudited), and are restated to reflect current fees. Visit capitalgroup.com/afis for more information.

Past results are not predictive of results in future periods.

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. Source: S&P Dow Jones Indices LLC.

S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC.

MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure developed and emerging equity markets excluding the U.S., and its results reflect dividends net of withholding taxes. Source: MSCI.

Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.

American Funds Insurance Series – Target Date Series 3

The value of a $10,000 investment

(for periods ended December 31, 2022, with all distributions reinvested)

*Fund results shown are for Class 4 shares and reflect a hypothetical $10,000 investment. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis.*

**2035 Fund**

![](g382964image_047.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –16.79% | 4.36% | 0.86% |

---

**2030 Fund**

![](g382964image_048.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –14.87% | 3.49% | 0.63% |

---

**2025 Fund**

![](g382964image_049.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –13.25% | 3.21% | 0.86% |

---

**2020 Fund**

![](g382964image_050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –11.51% | 2.88% | 0.84% |

---

4 American Funds Insurance Series – Target Date Series

**2015 Fund**

![](g382964image_051.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –10.63% | 2.82% | 0.83% |

---

**2010 Fund**

![](g382964image_052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –9.56% | 2.67% | 0.83% |

---

Past results are not predictive of results in future periods.

<sup>1</sup> The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. Source: S&P Dow Jones Indices LLC.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Expense ratios are as of the series prospectus dated May 1, 2023, and are restated to reflect current fees. Visit capitalgroup.com/afis for more information.

The results shown are before taxes on fund distributions and sale of fund shares.

American Funds Insurance Series – Target Date Series 5

Investment approach for American Funds Insurance Series – Target Date Series

The glide path illustrates the investment approach of the funds by showing how investments in the various fund categories will change over time. Each fund's asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. As you can see, even into retirement a fairly substantial portion will remain invested in funds that concentrate on stocks. We believe that with retirement lasting two decades or longer for many people, an equity component makes sense, particularly in the early years of retirement. The allocations shown reflect the target allocations as of December 31, 2022.

**American Funds Insurance Series — Target Date Series glide path**

![](g382964image_053.jpg)

The Target Date Solutions Committee continually monitors the funds in the series. Each target date fund will continue to be managed for approximately 30 years after the fund reaches its target date. The target date is the year that corresponds roughly to the year in which an investor is assumed to retire and begin taking withdrawals. The funds may be subject to an allocation approach that will not meet an investor's retirement goals. The funds' investment adviser anticipates that the funds will invest their assets within a range that deviates no more than 10% above or below these allocations. The investment adviser will monitor the funds on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.

6 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2035 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 28.65%** | Shares | Value<br> (000) |
| AMCAP Fund, Class R-6<sup>1</sup> | 1856 | $57 |
| The Growth Fund of America, Class R-6 | 1153 | 57 |
| SMALLCAP World Fund, Inc., Class R-6 | 734 | 43 |
| New Perspective Fund, Class R-6 | 865 | 41 |
| American Funds Global Insight Fund, Class R-6 | 1943 | 36 |
| The New Economy Fund, Class R-6 | 326 | 14 |
| New World Fund, Inc., Class R-6 | 107 | 7 |
| **Total growth funds (cost: $249,000)** |  | **255** |
| **Growth-and-income funds 31.80%** |  |  |
| American Mutual Fund, Class R-6 | 1288 | 62 |
| Capital World Growth and Income Fund, Class R-6 | 1212 | 62 |
| Fundamental Investors, Class R-6 | 948 | 57 |
| Washington Mutual Investors Fund, Class R-6 | 928 | 48 |
| The Investment Company of America, Class R-6 | 868 | 36 |
| International Growth and Income Fund, Class R-6 | 559 | 18 |
| **Total growth-and-income funds (cost: $269,000)** |  | **283** |
| **Equity-income funds 7.64%** |  |  |
| The Income Fund of America, Class R-6 | 1576 | 36 |
| Capital Income Builder, Class R-6 | 510 | 32 |
| **Total equity-income funds (cost: $65,000)** |  | **68** |
| **Balanced funds 13.03%** |  |  |
| American Balanced Fund, Class R-6 | 2471 | 71 |
| American Funds Global Balanced Fund, Class R-6 | 1372 | 45 |
| **Total balanced funds (cost: $110,000)** |  | **116** |
| **Fixed income funds 18.99%** |  |  |
| U.S. Government Securities Fund, Class R-6 | 3617 | 44 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 4072 | 37 |
| American Funds Mortgage Fund, Class R-6 | 2958 | 27 |
| American Funds Multi-Sector Income Fund, Class R-6 | 2582 | 23 |
| Intermediate Bond Fund of America, Class R-6 | 1289 | 16 |
| American Funds Strategic Bond Fund, Class R-6 | 1126 | 11 |
| Capital World Bond Fund, Class R-6 | 662 | 11 |
| **Total fixed income funds (cost: $168,000)** |  | **169** |
| **Total investment securities 100.11% (cost: $861,000)** |  | **891** |
| Other assets less liabilities (0.11)% |  | (1) |
| **Net assets 100.00%** |  | $**890** |

---

American Funds Insurance Series – Target Date Series 7

American Funds<sup>®</sup> IS 2035 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> (loss) gain <br> (000)** | **Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 28.65%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6<sup>1</sup> | $10 | $63 | $16 | $(1) | $1 | $57 | $— | $—<sup>3</sup> |
| The Growth Fund of America, Class R-6 | 10 | 64 | 14 | (1) | (2) | 57 | —<sup>3</sup> | 1 |
| SMALLCAP World Fund, Inc., Class R-6 | 7 | 47 | 11 | (1) | 1 | 43 | —<sup>3</sup> |  |
| New Perspective Fund, Class R-6 | 8 | 45 | 12 | —<sup>3</sup> | —<sup>3</sup> | 41 | —<sup>3</sup> | 1 |
| American Funds Global Insight Fund, Class R-6 | 5 | 38 | 9 | —<sup>3</sup> | 2 | 36 | —<sup>3</sup> |  |
| The New Economy Fund, Class R-6 | 4 | 15 | 4 | (1) | —<sup>3</sup> | 14 | —<sup>3</sup> |  |
| New World Fund, Inc., Class R-6 | 2 | 7 | 2 | —<sup>3</sup> | —<sup>3</sup> | 7 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 255 |  |  |
| **Growth-and-income funds 31.80%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | 10 | 68 | 17 | —<sup>3</sup> | 1 | 62 | 1 | 1 |
| Capital World Growth and Income Fund, Class R-6 | 10 | 67 | 18 | —<sup>3</sup> | 3 | 62 | 1 |  |
| Fundamental Investors, Class R-6 | 10 | 62 | 15 | (1) | 1 | 57 | 1 | 1 |
| Washington Mutual Investors Fund, Class R-6 | 8 | 52 | 13 | —<sup>3</sup> | 1 | 48 | —<sup>3</sup> | 1 |
| The Investment Company of America, Class R-6 | 6 | 39 | 9 | —<sup>3</sup> | —<sup>3</sup> | 36 | —<sup>3</sup> | 1 |
| International Growth and Income Fund, Class R-6 | 3 | 19 | 5 | —<sup>3</sup> | 1 | 18 | —<sup>3</sup> | —<sup>3</sup> |
|  |  |  |  |  |  | 283 |  |  |
| **Equity-income funds 7.64%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 | 6 | 39 | 9 | —<sup>3</sup> | —<sup>3</sup> | 36 | 1 | 1 |
| Capital Income Builder, Class R-6 | 5 | 35 | 9 | —<sup>3</sup> | 1 | 32 | 1 |  |
|  |  |  |  |  |  | 68 |  |  |
| **Balanced funds 13.03%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 11 | 77 | 19 | —<sup>3</sup> | 2 | 71 | 1 | —<sup>3</sup> |
| American Funds Global Balanced Fund, Class R-6 | 7 | 48 | 12 | —<sup>3</sup> | 2 | 45 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 116 |  |  |
| **Fixed income funds 18.99%** |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund, Class R-6 | 10 | 49 | 15 | (1) | 1 | 44 | —<sup>3</sup> |  |
| American Funds Inflation Linked Bond Fund, Class R-6 | 4 | 44 | 10 | —<sup>3</sup> | (1) | 37 | 2 |  |
| American Funds Mortgage Fund, Class R-6 | 2 | 31 | 7 | —<sup>3</sup> | 1 | 27 | —<sup>3</sup> |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 29 | 6 | —<sup>3</sup> | —<sup>3</sup> | 23 | —<sup>3</sup> |  |
| Intermediate Bond Fund of America, Class R-6 | 2 | 19 | 5 | —<sup>3</sup> | —<sup>3</sup> | 16 | —<sup>3</sup> |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 14 | 3 | —<sup>3</sup> | —<sup>3</sup> | 11 | —<sup>3</sup> |  |
| Capital World Bond Fund, Class R-6 | 2 | 13 | 5 | —<sup>3</sup> | 1 | 11 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 169 |  |  |
| **Total 100.11%** |  |  |  | $(6) | $16 | $891 | $8 | $7 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

8 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2030 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 19.07%** | Shares | Value<br> (000) |
| AMCAP Fund, Class R-6<sup>1</sup> | 950 | $29 |
| The Growth Fund of America, Class R-6 | 465 | 23 |
| American Funds Global Insight Fund, Class R-6 | 922 | 17 |
| SMALLCAP World Fund, Inc., Class R-6 | 234 | 13 |
| New Perspective Fund, Class R-6 | 247 | 12 |
| **Total growth funds (cost: $109,000)** |  | **94** |
| **Growth-and-income funds 28.80%** |  |  |
| American Mutual Fund, Class R-6 | 716 | 35 |
| Capital World Growth and Income Fund, Class R-6 | 670 | 34 |
| Washington Mutual Investors Fund, Class R-6 | 477 | 25 |
| Fundamental Investors, Class R-6 | 343 | 21 |
| The Investment Company of America, Class R-6 | 408 | 17 |
| International Growth and Income Fund, Class R-6 | 313 | 10 |
| **Total growth-and-income funds (cost: $148,000)** |  | **142** |
| **Equity-income funds 8.11%** |  |  |
| Capital Income Builder, Class R-6 | 317 | 20 |
| The Income Fund of America, Class R-6 | 880 | 20 |
| **Total equity-income funds (cost: $41,000)** |  | **40** |
| **Balanced funds 12.98%** |  |  |
| American Balanced Fund, Class R-6 | 1378 | 39 |
| American Funds Global Balanced Fund, Class R-6 | 767 | 25 |
| **Total balanced funds (cost: $70,000)** |  | **64** |
| **Fixed income funds 31.24%** |  |  |
| American Funds Inflation Linked Bond Fund, Class R-6 | 3027 | 27 |
| American Funds Mortgage Fund, Class R-6 | 2743 | 25 |
| U.S. Government Securities Fund, Class R-6 | 2013 | 25 |
| Intermediate Bond Fund of America, Class R-6 | 1674 | 21 |
| The Bond Fund of America, Class R-6 | 1822 | 21 |
| American Funds Multi-Sector Income Fund, Class R-6 | 1663 | 15 |
| American Funds Strategic Bond Fund, Class R-6 | 1051 | 10 |
| Capital World Bond Fund, Class R-6 | 615 | 10 |
| **Total fixed income funds (cost: $166,000)** |  | **154** |
| **Total investment securities 100.20% (cost: $534,000)** |  | **494** |
| Other assets less liabilities (0.20)% |  | (1) |
| **Net assets 100.00%** |  | $**493** |

---

American Funds Insurance Series – Target Date Series 9

American Funds<sup>®</sup> IS 2030 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss <br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 19.07%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6<sup>1</sup> | $17 | $21 | $2 | $—<sup>3</sup> | $(7) | $29 | $— | $1 |
| The Growth Fund of America, Class R-6 | 14 | 18 | 2 | (1) | (6) | 23 | —<sup>3</sup> | 1 |
| American Funds Global Insight Fund, Class R-6 | 10 | 10 | 1 | —<sup>3</sup> | (2) | 17 | —<sup>3</sup> |  |
| SMALLCAP World Fund, Inc., Class R-6 | 9 | 9 | 1 | (1) | (3) | 13 | —<sup>3</sup> |  |
| New Perspective Fund, Class R-6 | 7 | 9 | 1 | —<sup>3</sup> | (3) | 12 | —<sup>3</sup> | —<sup>3</sup> |
|  |  |  |  |  |  | 94 |  |  |
| **Growth-and-income funds 28.80%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | 20 | 22 | 4 | —<sup>3</sup> | (3) | 35 | 1 | 1 |
| Capital World Growth and Income Fund, Class R-6 | 19 | 23 | 4 | —<sup>3</sup> | (4) | 34 | 1 |  |
| Washington Mutual Investors Fund, Class R-6 | 14 | 16 | 2 | —<sup>3</sup> | (3) | 25 | —<sup>3</sup> | 1 |
| Fundamental Investors, Class R-6 | 13 | 14 | 3 | —<sup>3</sup> | (3) | 21 | —<sup>3</sup> | —<sup>3</sup> |
| The Investment Company of America, Class R-6 | 10 | 11 | 1 | —<sup>3</sup> | (3) | 17 | —<sup>3</sup> | 1 |
| International Growth and Income Fund, Class R-6 | 6 | 6 | 1 | —<sup>3</sup> | (1) | 10 | —<sup>3</sup> | —<sup>3</sup> |
|  |  |  |  |  |  | 142 |  |  |
| **Equity-income funds 8.11%** |  |  |  |  |  |  |  |  |
| Capital Income Builder, Class R-6 | 11 | 12 | 2 | —<sup>3</sup> | (1) | 20 | 1 |  |
| The Income Fund of America, Class R-6 | 11 | 13 | 2 | —<sup>3</sup> | (2) | 20 | 1 | 1 |
|  |  |  |  |  |  | 40 |  |  |
| **Balanced funds 12.98%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 22 | 25 | 3 | (1) | (4) | 39 | 1 | —<sup>3</sup> |
| American Funds Global Balanced Fund, Class R-6 | 14 | 15 | 2 | —<sup>3</sup> | (2) | 25 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 64 |  |  |
| **Fixed income funds 31.24%** |  |  |  |  |  |  |  |  |
| American Funds Inflation Linked Bond Fund, Class R-6 | 12 | 21 | 2 | —<sup>3</sup> | (4) | 27 | 2 |  |
| American Funds Mortgage Fund, Class R-6 | 14 | 16 | 3 | —<sup>3</sup> | (2) | 25 | —<sup>3</sup> |  |
| U.S. Government Securities Fund, Class R-6 | 18 | 17 | 7 | (1) | (2) | 25 | 1 |  |
| Intermediate Bond Fund of America, Class R-6 | 16 | 16 | 9 | (1) | (1) | 21 | 1 |  |
| The Bond Fund of America, Class R-6 | 6 | 18 | 2 | —<sup>3</sup> | (1) | 21 | —<sup>3</sup> | —<sup>3</sup> |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 16 | 1 | —<sup>3</sup> | —<sup>3</sup> | 15 | —<sup>3</sup> |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 12 | 1 | —<sup>3</sup> | (1) | 10 | —<sup>3</sup> |  |
| Capital World Bond Fund, Class R-6 | 14 | 9 | 10 | (3) | —<sup>3</sup> | 10 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 154 |  |  |
| **Total 100.20%** |  |  |  | $(8) | $(58) | $494 | $9 | $6 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

10 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2025 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 10.68%** | Shares | Value<br> (000) |
| AMCAP Fund, Class R-6<sup>1</sup> | 1860 | $57 |
| American Funds Global Insight Fund, Class R-6 | 2301 | 42 |
| The Growth Fund of America, Class R-6 | 442 | 22 |
| New Perspective Fund, Class R-6 | 256 | 12 |
| SMALLCAP World Fund, Inc., Class R-6 | 208 | 12 |
| **Total growth funds** (cost: $173,000) |  | **145** |
| **Growth-and-income funds 25.70%** |  |  |
| American Mutual Fund, Class R-6 | 1817 | 88 |
| Capital World Growth and Income Fund, Class R-6 | 1704 | 88 |
| Washington Mutual Investors Fund, Class R-6 | 1329 | 69 |
| Fundamental Investors, Class R-6 | 693 | 42 |
| The Investment Company of America, Class R-6 | 1016 | 42 |
| International Growth and Income Fund, Class R-6 | 624 | 20 |
| **Total growth-and-income funds (cost: $360,000)** |  | **349** |
| **Equity-income funds 11.12%** |  |  |
| The Income Fund of America, Class R-6 | 3850 | 87 |
| Capital Income Builder, Class R-6 | 1021 | 64 |
| **Total equity-income funds (cost: $158,000)** |  | **151** |
| **Balanced funds 12.66%** |  |  |
| American Balanced Fund, Class R-6 | 3838 | 110 |
| American Funds Global Balanced Fund, Class R-6 | 1917 | 62 |
| **Total balanced funds (cost: $187,000)** |  | **172** |
| **Fixed income funds 39.91%** |  |  |
| The Bond Fund of America, Class R-6 | 8869 | 101 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 10183 | 93 |
| Intermediate Bond Fund of America, Class R-6 | 6002 | 75 |
| American Funds Mortgage Fund, Class R-6 | 8224 | 74 |
| U.S. Government Securities Fund, Class R-6 | 5399 | 66 |
| American Funds Multi-Sector Income Fund, Class R-6 | 5460 | 49 |
| American Funds Strategic Bond Fund, Class R-6 | 3551 | 34 |
| Capital World Bond Fund, Class R-6 | 1683 | 27 |
| American High-Income Trust, Class R-6 | 2539 | 23 |
| **Total fixed income funds (cost: $609,000)** |  | **542** |
| **Total investment securities 100.07% (cost: $1,487,000)** |  | **1359** |
| Other assets less liabilities (0.07)% |  | (1) |
| **Net assets 100.00%** |  | $**1358** |

---

American Funds Insurance Series – Target Date Series 11

American Funds<sup>®</sup> IS 2025 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of** | | | **Net** | **Net** | **Value of** | | **Capital gain** |
|  | **affiliates at** | | | **realized** | **unrealized** | **affiliates at** | **Dividend** | **distributions** |
|  | **1/1/2022** | **Additions** | **Reductions** | **loss** | **depreciation** | **12/31/2022** | **income** | **received** |
|  | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** |
| **Growth funds 10.68%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6<sup>1</sup> | $57 | $29 | $6 | $(2) | $(21) | $57 | $— | $4 |
| American Funds Global Insight Fund, Class R-6 | 35 | 15 | 2 | —<sup>3</sup> | (6) | 42 | 1 |  |
| The Growth Fund of America, Class R-6 | 29 | 11 | 7 | (3) | (8) | 22 | —<sup>3</sup> | 1 |
| New Perspective Fund, Class R-6 | 15 | 5 | 3 | (1) | (4) | 12 | —<sup>3</sup> | 1 |
| SMALLCAP World Fund, Inc., Class R-6 | 14 | 5 | 3 | (1) | (3) | 12 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 145 |  |  |
| **Growth-and-income funds 25.70%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | 77 | 32 | 14 | —<sup>3</sup> | (7) | 88 | 2 | 2 |
| Capital World Growth and Income Fund, Class R-6 | 77 | 37 | 10 | (2) | (14) | 88 | 2 |  |
| Washington Mutual Investors Fund, Class R-6 | 59 | 25 | 6 | —<sup>3</sup> | (9) | 69 | 2 | 3 |
| Fundamental Investors, Class R-6 | 36 | 17 | 2 | (1) | (8) | 42 | 1 | 1 |
| The Investment Company of America, Class R-6 | 36 | 17 | 2 | (1) | (8) | 42 | 1 | 2 |
| International Growth and Income Fund, Class R-6 | 19 | 8 | 3 | (1) | (3) | 20 | 1 | —<sup>3</sup> |
|  |  |  |  |  |  | 349 |  |  |
| **Equity-income funds 11.12%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 | 64 | 35 | 2 | —<sup>3</sup> | (10) | 87 | 3 | 3 |
| Capital Income Builder, Class R-6 | 51 | 22 | 3 | —<sup>3</sup> | (6) | 64 | 2 |  |
|  |  |  |  |  |  | 151 |  |  |
| **Balanced funds 12.66%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 94 | 38 | 6 | (1) | (15) | 110 | 2 | 1 |
| American Funds Global Balanced Fund, Class R-6 | 53 | 21 | 3 | —<sup>3</sup> | (9) | 62 | 1 |  |
|  |  |  |  |  |  | 172 |  |  |
| **Fixed income funds 39.91%** |  |  |  |  |  |  |  |  |
| The Bond Fund of America, Class R-6 | 68 | 47 |  |  | (14) | 101 | 3 | —<sup>3</sup> |
| American Funds Inflation Linked Bond Fund, Class R-6 | 64 | 46 | —<sup>3</sup> | —<sup>3</sup> | (17) | 93 | 6 |  |
| Intermediate Bond Fund of America, Class R-6 | 100 | 41 | 56 | (5) | (5) | 75 | 2 |  |
| American Funds Mortgage Fund, Class R-6 | 60 | 26 | 3 | —<sup>3</sup> | (9) | 74 | 2 |  |
| U.S. Government Securities Fund, Class R-6 | 63 | 24 | 11 | (2) | (8) | 66 | 2 |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 50 |  |  | (1) | 49 | 1 |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 37 |  |  | (3) | 34 | 1 |  |
| Capital World Bond Fund, Class R-6 | 54 | 27 | 42 | (10) | (2) | 27 | 1 |  |
| American High-Income Trust, Class R-6 | 20 | 16 | 9 | (1) | (3) | 23 | 1 |  |
|  |  |  |  |  |  | 542 |  |  |
| **Total 100.07%** |  |  |  | $(31) | $(193) | $1359 | $37 | $18 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

12 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2020 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 4.32%** | Shares | Value<br> (000) |
| American Funds Global Insight Fund, Class R-6 | 3548 | $65 |
| AMCAP Fund, Class R-6<sup>1</sup> | 1496 | 46 |
| **Total growth funds (cost: $136,000)** |  | **111** |
| **Growth-and-income funds 22.93%** |  |  |
| American Mutual Fund, Class R-6 | 3190 | 155 |
| Capital World Growth and Income Fund, Class R-6 | 2700 | 139 |
| Washington Mutual Investors Fund, Class R-6 | 2478 | 129 |
| The Investment Company of America, Class R-6 | 1889 | 78 |
| Fundamental Investors, Class R-6 | 1286 | 77 |
| International Growth and Income Fund, Class R-6 | 361 | 11 |
| **Total growth-and-income funds (cost: $626,000)** |  | **589** |
| **Equity-income funds 16.23%** |  |  |
| The Income Fund of America, Class R-6 | 11947 | 270 |
| Capital Income Builder, Class R-6 | 2334 | 147 |
| **Total equity-income funds (cost: $439,000)** |  | **417** |
| **Balanced funds 12.18%** |  |  |
| American Balanced Fund, Class R-6 | 7245 | 208 |
| American Funds Global Balanced Fund, Class R-6 | 3246 | 105 |
| **Total balanced funds (cost: $354,000)** |  | **313** |
| **Fixed income funds 44.42%** |  |  |
| The Bond Fund of America, Class R-6 | 17831 | 203 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 21777 | 199 |
| American Funds Mortgage Fund, Class R-6 | 17012 | 153 |
| Intermediate Bond Fund of America, Class R-6 | 12145 | 151 |
| U.S. Government Securities Fund, Class R-6 | 10343 | 127 |
| American Funds Multi-Sector Income Fund, Class R-6 | 11538 | 103 |
| American High-Income Trust, Class R-6 | 8446 | 77 |
| American Funds Strategic Bond Fund, Class R-6 | 8009 | 76 |
| Capital World Bond Fund, Class R-6 | 3221 | 52 |
| **Total fixed income funds (cost: $1,305,000)** |  | **1141** |
| **Total investment securities 100.08% (cost: $2,860,000)** |  | **2571** |
| Other assets less liabilities (0.08)% |  | (2) |
| **Net assets 100.00%** |  | $**2569** |

---

American Funds Insurance Series – Target Date Series 13

American Funds<sup>®</sup> IS 2020 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of** | | | **Net** | **Net** | **Value of** | | **Capital gain** |
|  | **affiliates at** | | | **realized** | **unrealized** | **affiliates at** | **Dividend** | **distributions** |
|  | **1/1/2022** | **Additions** | **Reductions** | **loss** | **depreciation** | **12/31/2022** | **income** | **received** |
|  | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** |
| **Growth funds 4.32%** |  |  |  |  |  |  |  |  |
| American Funds Global Insight Fund, Class R-6 | $78 | $3 | $3 | $—<sup>3</sup> | $(13) | $65 | $1 | $— |
| AMCAP Fund, Class R-6<sup>1</sup> | 66 | 6 | 4 | (1) | (21) | 46 |  | 4 |
|  |  |  |  |  |  | 111 |  |  |
| **Growth-and-income funds 22.93%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | 179 | 11 | 20 | —<sup>3</sup> | (15) | 155 | 4 | 4 |
| Capital World Growth and Income Fund, Class R-6 | 167 | 15 | 11 | (3) | (29) | 139 | 4 |  |
| Washington Mutual Investors Fund, Class R-6 | 149 | 14 | 13 | (1) | (20) | 129 | 3 | 6 |
| The Investment Company of America, Class R-6 | 90 | 11 | 4 | (1) | (18) | 78 | 1 | 4 |
| Fundamental Investors, Class R-6 | 89 | 10 | 3 | (1) | (18) | 77 | 1 | 3 |
| International Growth and Income Fund, Class R-6 | 18 | 1 | 5 | (1) | (2) | 11 | —<sup>3</sup> | —<sup>3</sup> |
|  |  |  |  |  |  | 589 |  |  |
| **Equity-income funds 16.23%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 | 286 | 33 | 12 | (1) | (36) | 270 | 10 | 9 |
| Capital Income Builder, Class R-6 | 161 | 8 | 6 | —<sup>3</sup> | (16) | 147 | 6 |  |
|  |  |  |  |  |  | 417 |  |  |
| **Balanced funds 12.18%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 239 | 9 | 6 | (1) | (33) | 208 | 4 | 1 |
| American Funds Global Balanced Fund, Class R-6 | 119 | 7 | 2 | —<sup>3</sup> | (19) | 105 | 2 |  |
|  |  |  |  |  |  | 313 |  |  |
| **Fixed income funds 44.42%** |  |  |  |  |  |  |  |  |
| The Bond Fund of America, Class R-6 | 239 | 11 | 11 | (1) | (35) | 203 | 6 | —<sup>3</sup> |
| American Funds Inflation Linked Bond Fund, Class R-6 | 209 | 39 | 12 | (1) | (36) | 199 | 12 |  |
| American Funds Mortgage Fund, Class R-6 | 179 | 6 | 11 | (1) | (20) | 153 | 3 |  |
| Intermediate Bond Fund of America, Class R-6 | 268 | 10 | 105 | (9) | (13) | 151 | 5 |  |
| U.S. Government Securities Fund, Class R-6 | 149 | 7 | 9 | (1) | (19) | 127 | 4 |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 108 | 3 | —<sup>3</sup> | (2) | 103 | 3 |  |
| American High-Income Trust, Class R-6 | 149 | 8 | 60 | (8) | (12) | 77 | 6 |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 83 |  |  | (7) | 76 | 3 |  |
| Capital World Bond Fund, Class R-6 | 149 | 4 | 74 | (19) | (8) | 52 | 2 |  |
|  |  |  |  |  |  | 1141 |  |  |
| **Total 100.08%** |  |  |  | $(50) | $(392) | $2571 | $80 | $31 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

14 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2015 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 1.21%** | Shares | Value<br> (000) |
| American Funds Global Insight Fund, Class R-6 | 11156 | $205 |
| AMCAP Fund, Class R-6<sup>1</sup> | 3314 | 102 |
| **Total growth funds (cost: $368,000)** |  | **307** |
| **Growth-and-income funds 20.97%** |  |  |
| American Mutual Fund, Class R-6 | 31567 | 1529 |
| Capital World Growth and Income Fund, Class R-6 | 24724 | 1275 |
| Washington Mutual Investors Fund, Class R-6 | 21618 | 1124 |
| The Investment Company of America, Class R-6 | 18632 | 768 |
| Fundamental Investors, Class R-6 | 10180 | 613 |
| **Total growth-and-income funds (cost: $5,248,000)** |  | **5309** |
| **Equity-income funds 18.72%** |  |  |
| The Income Fund of America, Class R-6 | 141629 | 3206 |
| Capital Income Builder, Class R-6 | 24321 | 1531 |
| **Total equity-income funds (cost: $4,773,000)** |  | **4737** |
| **Balanced funds 11.46%** |  |  |
| American Balanced Fund, Class R-6 | 65382 | 1881 |
| American Funds Global Balanced Fund, Class R-6 | 31386 | 1020 |
| **Total balanced funds (cost: $3,126,000)** |  | **2901** |
| **Fixed income funds 47.72%** |  |  |
| The Bond Fund of America, Class R-6 | 189097 | 2152 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 221536 | 2020 |
| Intermediate Bond Fund of America, Class R-6 | 158357 | 1968 |
| American Funds Mortgage Fund, Class R-6 | 167052 | 1502 |
| American Funds Multi-Sector Income Fund, Class R-6 | 112535 | 1007 |
| American Funds Strategic Bond Fund, Class R-6 | 95717 | 903 |
| Short-Term Bond Fund of America, Class R-6 | 80585 | 762 |
| American High-Income Trust, Class R-6 | 83620 | 758 |
| Capital World Bond Fund, Class R-6 | 31313 | 505 |
| U.S. Government Securities Fund, Class R-6 | 40890 | 501 |
| **Total fixed income funds (cost: $13,399,000)** |  | **12078** |
| **Total investment securities 100.08% (cost: $26,914,000)** |  | **25332** |
| Other assets less liabilities (0.08)% |  | (21) |
| **Net assets 100.00%** |  | $**25311** |

---

American Funds Insurance Series – Target Date Series 15

American Funds<sup>®</sup> IS 2015 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of** | **Value of** | | | | **Net** | **Net** | **Value of** | | **Capital gain** |
|  | **affiliates at** | **affiliates at** | | | | **realized** | **unrealized** | **affiliates at** | **Dividend** | **distributions** |
|  | **1/1/2022** | **1/1/2022** | **Additions** | **Additions** | **Reductions** | **loss** | **depreciation** | **12/31/2022** | **income** | **received** |
|  | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** |
| **Growth funds 1.21%** |  |  |  |  |  |  |  |  |  |  |
| American Funds Global Insight Fund, Class R-6 | $| 231 | $| 71 | $57 | $(6) | $(34) | $205 | $3 | $— |
| AMCAP Fund, Class R-6<sup>1</sup> |  | 115 |  | 48 | 18 | (3) | (40) | 102 |  | 7 |
|  |  |  |  |  |  |  |  | 307 |  |  |
| **Growth-and-income funds 20.97%** | **Growth-and-income funds 20.97%** | **Growth-and-income funds 20.97%** | **Growth-and-income funds 20.97%** | **Growth-and-income funds 20.97%** |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 |  | 1150 |  | 621 | 132 | (2) | (108) | 1529 | 31 | 41 |
| Capital World Growth and Income Fund, Class R-6 |  | 959 |  | 615 | 97 | (14) | (188) | 1275 | 26 |  |
| Washington Mutual Investors Fund, Class R-6 |  | 882 |  | 495 | 121 | (3) | (129) | 1124 | 22 | 42 |
| The Investment Company of America, Class R-6 |  | 576 |  | 364 | 36 | (4) | (132) | 768 | 11 | 31 |
| Fundamental Investors, Class R-6 |  | 499 |  | 271 | 41 | (4) | (112) | 613 | 10 | 18 |
|  |  |  |  |  |  |  |  | 5309 |  |  |
| **Equity-income funds 18.72%** |  |  |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 |  | 2376 |  | 1286 | 104 | (3) | (349) | 3206 | 99 | 107 |
| Capital Income Builder, Class R-6 |  | 1148 |  | 560 | 45 | (2) | (130) | 1531 | 51 |  |
|  |  |  |  |  |  |  |  | 4737 |  |  |
| **Balanced funds 11.46%** |  |  |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 |  | 1450 |  | 686 | 23 | (3) | (229) | 1881 | 33 | 9 |
| American Funds Global Balanced Fund, Class R-6 |  | 763 |  | 410 | 18 | (4) | (131) | 1020 | 16 |  |
|  |  |  |  |  |  |  |  | 2901 |  |  |
| **Fixed income funds 47.72%** |  |  |  |  |  |  |  |  |  |  |
| The Bond Fund of America, Class R-6 |  | 1532 |  | 966 | 65 | (5) | (276) | 2152 | 54 | 2 |
| American Funds Inflation Linked Bond Fund, Class R-6 |  | 1344 |  | 1128 | 135 | (7) | (310) | 2020 | 125 |  |
| Intermediate Bond Fund of America, Class R-6 |  | 2106 |  | 971 | 899 | (73) | (137) | 1968 | 51 |  |
| American Funds Mortgage Fund, Class R-6 |  | 1148 |  | 560 | 46 | (3) | (157) | 1502 | 30 |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  |  |  | 1035 | 8 | —<sup>3</sup> | (20) | 1007 | 24 |  |
| American Funds Strategic Bond Fund, Class R-6 |  |  |  | 979 | 7 | —<sup>3</sup> | (69) | 903 | 35 |  |
| Short-Term Bond Fund of America, Class R-6 |  | 382 |  | 422 | 14 | (1) | (27) | 762 | 11 |  |
| American High-Income Trust, Class R-6 |  | 959 |  | 356 | 408 | (49) | (100) | 758 | 49 |  |
| Capital World Bond Fund, Class R-6 |  | 956 |  | 375 | 623 | (154) | (49) | 505 | 18 |  |
| U.S. Government Securities Fund, Class R-6 |  | 574 |  | 122 | 117 | (12) | (66) | 501 | 15 |  |
|  |  |  |  |  |  |  |  | 12078 |  |  |
| **Total 100.08%** |  |  |  |  |  | $(352) | $(2793) | $25332 | $714 | $257 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

16 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2010 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth-and-income funds 17.67%** | Shares | Value<br> (000) |
| American Mutual Fund, Class R-6 | 480502 | $23276 |
| Washington Mutual Investors Fund, Class R-6 | 332424 | 17289 |
| Capital World Growth and Income Fund, Class R-6 | 318494 | 16422 |
| The Investment Company of America, Class R-6 | 315240 | 13000 |
| Fundamental Investors, Class R-6 | 100483 | 6054 |
| **Total growth-and-income funds (cost: $77,876,000)** |  | **76041** |
| **Equity-income funds 22.60%** |  |  |
| The Income Fund of America, Class R-6 | 3041645 | 68833 |
| Capital Income Builder, Class R-6 | 451261 | 28411 |
| **Total equity-income funds (cost: $101,401,000)** |  | **97244** |
| **Balanced funds 9.81%** |  |  |
| American Balanced Fund, Class R-6 | 1047795 | 30145 |
| American Funds Global Balanced Fund, Class R-6 | 371303 | 12067 |
| **Total balanced funds (cost: $46,107,000)** |  | **42212** |
| **Fixed income funds 50.00%** |  |  |
| Intermediate Bond Fund of America, Class R-6 | 3531254 | 43894 |
| The Bond Fund of America, Class R-6 | 3629297 | 41301 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 3489751 | 31827 |
| Short-Term Bond Fund of America, Class R-6 | 3095463 | 29252 |
| American Funds Mortgage Fund, Class R-6 | 3157007 | 28382 |
| American Funds Strategic Bond Fund, Class R-6 | 1822389 | 17185 |
| American Funds Multi-Sector Income Fund, Class R-6 | 1633420 | 14619 |
| American High-Income Trust, Class R-6 | 566427 | 5132 |
| Capital World Bond Fund, Class R-6 | 219810 | 3541 |
| **Total fixed income funds (cost: $236,591,000)** |  | **215133** |
| **Total investment securities 100.08% (cost: $461,975,000)** |  | **430630** |
| Other assets less liabilities (0.08)% |  | (352) |
| **Net assets 100.00%** |  | $**430278** |

---

American Funds Insurance Series – Target Date Series 17

American Funds<sup>®</sup> IS 2010 Target Date Fund (continued)

**Investments in affiliates<sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of** | | | **Net** | **Net** | **Value of** | | **Capital gain** |
|  | **affiliates at** | | | **realized** | **unrealized** | **affiliates at** | **Dividend** | **distributions** |
|  | **1/1/2022** | **Additions** | **Reductions** | **loss** | **depreciation** | **12/31/2022** | **income** | **received** |
|  | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** |
| **Growth-and-income funds 17.67%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | $17676 | $9162 | $1762 | $(63) | $(1737) | $23276 | $481 | $632 |
| Washington Mutual Investors Fund, Class R-6 | 12626 | 7580 | 860 | (84) | (1973) | 17289 | 345 | 665 |
| Capital World Growth and Income Fund, Class R-6 | 13257 | 7996 | 1979 | (226) | (2626) | 16422 | 366 |  |
| The Investment Company of America, Class R-6 | 9469 | 6746 | 875 | (138) | (2202) | 13000 | 201 | 546 |
| Fundamental Investors, Class R-6 | 5050 | 2714 | 511 | (83) | (1116) | 6054 | 106 | 187 |
|  |  |  |  |  |  | 76041 |  |  |
| **Equity-income funds 22.60%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 | 47346 | 30485 | 1423 | (143) | (7432) | 68833 | 2153 | 2336 |
| Capital Income Builder, Class R-6 | 20201 | 11006 | 377 | (35) | (2384) | 28411 | 951 |  |
|  |  |  |  |  |  | 97244 |  |  |
| **Balanced funds 9.81%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 22095 | 11896 | 144 | (20) | (3682) | 30145 | 535 | 157 |
| American Funds Global Balanced Fund, Class R-6 | 10100 | 4007 | 234 | (31) | (1775) | 12067 | 206 |  |
|  |  |  |  |  |  | 42212 |  |  |
| **Fixed income funds 50.00%** |  |  |  |  |  |  |  |  |
| Intermediate Bond Fund of America, Class R-6 | 49239 | 23264 | 23632 | (2031) | (2946) | 43894 | 1210 |  |
| The Bond Fund of America, Class R-6 | 27776 | 18877 |  |  | (5352) | 41301 | 1043 | 43 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 19570 | 17439 | 201 | (22) | (4959) | 31827 | 1961 |  |
| Short-Term Bond Fund of America, Class R-6 | 22095 | 12501 | 3977 | (194) | (1173) | 29252 | 470 |  |
| American Funds Mortgage Fund, Class R-6 | 20201 | 11132 |  |  | (2951) | 28382 | 556 |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 18546 |  |  | (1361) | 17185 | 667 |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 15020 | 72 | (4) | (325) | 14619 | 348 |  |
| American High-Income Trust, Class R-6 | 9469 | 1936 | 4914 | (598) | (761) | 5132 | 414 |  |
| Capital World Bond Fund, Class R-6 | 9469 | 2016 | 6089 | (1478) | (377) | 3541 | 153 |  |
|  |  |  |  |  |  | 215133 |  |  |
| **Total 100.08%** |  |  |  | $(5150) | $(45132) | $430630 | $12166 | $4566 |

---

<sup>1</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

18 American Funds Insurance Series – Target Date Series

Financial statements

---

| | |
|:---|:---|
| **Statements of assets and liabilities** <br> **at December 31, 2022** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2025 Fund** | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2010 Fund** |
| **Assets:** | **Assets:** | | | | | | |
| Investment securities of affiliated issuers, at value | Investment securities of affiliated issuers, at value | $891 | $494 | $1359 | $2571 | $25332 | $430630 |
| Cash | Cash | — \* | — \* | — \* | — \* | 1 |  |
| Receivables for: | Receivables for: |  |  |  |  |  |  |
| Sales of investments | Sales of investments | — \* | — \* | — \* | — \* | 1 |  |
| Sales of fund's shares | Sales of fund's shares |  |  |  |  |  | 253 |
| Dividends and capital gain distributions | Dividends and capital gain distributions | — \* | — \* | 2 | 3 | 29 | 499 |
| Total assets | Total assets | 891 | 494 | 1361 | 2574 | 25363 | 431382 |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |  |
| Payables for: | Payables for: |  |  |  |  |  |  |
| Purchases of investments | Purchases of investments | — \* | 1 | 2 | 3 | 29 | 747 |
| Repurchases of fund's shares | Repurchases of fund's shares | — \* | — \* | — \* | — \* | 2 | 5 |
| Insurance administrative fees | Insurance administrative fees | 1 | — \* | 1 | 1 | 15 | 254 |
| Services provided by related parties | Services provided by related parties | — \* | — \* | — \* | 1 | 6 | 98 |
| Total liabilities | Total liabilities | 1 | 1 | 3 | 5 | 52 | 1104 |
| **Net assets at December 31, 2022** | **Net assets at December 31, 2022** | $890 | $493 | $1358 | $2569 | $25311 | $430278 |
| **Net assets consist of:** | **Net assets consist of:** |  |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | Capital paid in on shares of beneficial interest | $853 | $530 | $1484 | $2852 | $26698 | $457163 |
| Total distributable earnings (accumulated loss) | Total distributable earnings (accumulated loss) | 37 | (37) | (126) | (283) | (1387) | (26885) |
| **Net assets at December 31, 2022** | **Net assets at December 31, 2022** | $890 | $493 | $1358 | $2569 | $25311 | $430278 |
| Investment securities from affiliated issuers, at cost | Investment securities from affiliated issuers, at cost | $861 | $534 | $1487 | $2860 | $26914 | $461975 |
| Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized |  |  |  |  |  |  |
| **Class 1:** | **Net assets** | $12 | $11 | $11 | $11 | $11 | $11 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $9.95 | $9.95 | $10.17 | $10.06 | $10.09 | $10.17 |
| **Class 1A:** | **Net assets** | $11 | $11 | $11 | $11 | $11 | $11 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $9.95 | $9.95 | $10.17 | $10.06 | $10.08 | $10.17 |
| **Class 2:** | **Net assets** | $11 | $11 | $11 | $11 | $11 | $11 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $9.95 | $9.95 | $10.17 | $10.06 | $10.08 | $10.17 |
| **Class 4:** | **Net assets** | $856 | $460 | $1325 | $2536 | $25278 | $430245 |
|  | Shares outstanding | 87 | 47 | 131 | 254 | 2519 | 42536 |
|  | Net asset value per share | $9.90 | $9.92 | $10.13 | $10.01 | $10.04 | $10.11 |

---

\* Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series – Target Date Series 19

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** <br> **for the year ended December 31, 2022** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2025 Fund** | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2010 Fund** |
| **Investment income:** |  |  |  |  |  |  |
| Income: |  |  |  |  |  |  |
| Dividends from affiliated issuers | $8 | $9 | $37 | $80 | $714 | $12166 |
| **Fees and expenses\*:** |  |  |  |  |  |  |
| Distribution services |  | 1 | 3 | 7 | 55 | 946 |
| Insurance administrative services |  | 1 | 3 | 7 | 55 | 946 |
| Transfer agent services |  |  |  |  |  |  |
| Reports to shareholders | 1 |  |  |  | 1 | 28 |
| Registration statement and prospectus |  |  |  |  | 1 | 21 |
| Auditing and legal |  |  | 1 | 1 | 4 | 78 |
| Custodian |  |  |  |  | 2 | 36 |
| Other |  |  |  |  | 1 | 12 |
| Total fees and expenses | 1 | 2 | 7 | 15 | 119 | 2067 |
| Net investment income | 7 | 7 | 30 | 65 | 595 | 10099 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |  |
| Net realized loss on investments in affiliated issuers | (6) | (8) | (31) | (50) | (352) | (5150) |
| Capital gain distributions received from affiliated issuers | 7 | 6 | 18 | 31 | 257 | 4566 |
|  | 1 | (2 | (13 | (19 | (95 | (584 |
| Net unrealized appreciation (depreciation) on investments in affiliated issuers | 16 | (58 | (193 | (392 | (2793 | (45132 |
| Net realized gain (loss) and unrealized appreciation (depreciation) | 17 | (60 | (206 | (411 | (2888 | (45716 |
| **Net increase (decrease) in net assets resulting from operations** | $24 | $(53 | $(176 | $(346 | $(2293 | $(35617 |

---

---

| | |
|:---|:---|
| \* | Additional information related to class-specific fees and expenses is included in the notes to financial statements. |
| <sup>†</sup> | Amount less than one thousand. |

---

Refer to the notes to financial statements.

20 American Funds Insurance Series – Target Date Series

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2025 Fund** | **IS 2025 Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $7 | $2 | $7 | $3 | $30 | $13 |
| Net realized gain (loss) | 1 | 8 | (2) | 15 | (13) | 39 |
| Net unrealized appreciation (depreciation) | 16 | 8 | (58) | 14 | (193) | 25 |
| Net increase (decrease) in net assets resulting from operations | 24 | 18 | (53) | 32 | (176) | 77 |
| **Distributions paid to shareholders** | (10) | (2) | (20) | (3) | (61) | (10) |
| **Net capital share transactions** | 734 | 2 | 290 | 74 | 451 | 549 |
| **Total increase (decrease) in net assets** | 748 | 18 | 217 | 103 | 214 | 616 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 142 | 124 | 276 | 173 | 1144 | 528 |
| End of year | $890 | $142 | $493 | $276 | $1358 | $1144 |
|  | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2010 Fund** | **IS 2010 Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $65 | $35 | $595 | $268 | $10099 | $3575 |
| Net realized gain (loss) | (19) | 73 | (95) | 531 | (584) | 6436 |
| Net unrealized appreciation (depreciation) | (392) | 45 | (2793) | 594 | (45132) | 6256 |
| Net increase (decrease) in net assets resulting from operations | (346) | 153 | (2293) | 1393 | (35617) | 16267 |
| **Distributions paid to shareholders** | (132) | (22) | (964) | (198) | (13384) | (2239) |
| **Net capital share transactions** | 66 | 1804 | 9434 | 6227 | 163880 | 175011 |
| **Total increase (decrease) in net assets** | (412) | 1935 | 6177 | 7422 | 114879 | 189039 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 2981 | 1046 | 19134 | 11712 | 315399 | 126360 |
| End of year | $2569 | $2981 | $25311 | $19134 | $430278 | $315399 |

---

Refer to the notes to financial statements.

American Funds Insurance Series – Target Date Series 21

Notes to financial statements

**1. Organization**

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company with 34 different funds (the "funds"), including six funds in the American Funds Insurance Series — Target Date Series covered in this report. The other 28 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance Series report and five funds in the series are covered in the American Funds Insurance Series — Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

Each fund in the American Funds Insurance Series — Target Date Series is designed for investors who plan to retire in, or close to, the year designated in the fund's name. Depending on its proximity to its target date, each fund seeks to achieve the following objectives to varying degrees: growth, income and conservation of capital. As each fund approaches and passes its target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds. Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the "underlying funds") in different combinations and weightings. CRMC is also the investment adviser of the underlying funds.

Each fund offers four share classes (Classes 1, 1A, 2 and 4). Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

**Fees and expenses** — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends and capital gain distributions paid to shareholders are recorded on each fund's ex-dividend date.

22 American Funds Insurance Series – Target Date Series

**3. Valuation**

**Security valuation** — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund's statement of additional information. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Fair Valuation Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group.

**Classifications** — The series' investment adviser classifies each fund's assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of December 31, 2022, all of the investment securities held by each fund were classified as Level 1.

**4. Risk factors**

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Allocation risk** — Investments in each fund are subject to risks related to the investment adviser's allocation choices. The selection of the underlying funds and the allocation of each fund's assets could cause each fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, each fund's equity exposure may result in investment volatility that could reduce an investor's available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk each fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.

**Fund structure** — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund's investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

American Funds Insurance Series – Target Date Series 23

**Underlying fund risks** — Because each fund's investments consist of underlying funds, each fund's risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in each fund and the applicable underlying funds, as described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds' investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

**Investing in stocks** — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund's securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund's assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting, and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds' portfolios. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

24 American Funds Insurance Series – Target Date Series

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds' securities could cause the value of the underlying funds' shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds' investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund's assets will consist of underlying funds that primarily invest in bonds.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as "junk bonds."

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in securities backed by the U.S. government** — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk, and credit risk.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce an underlying fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund.

American Funds Insurance Series – Target Date Series 25

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund's use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund's returns and increase the underlying fund's price volatility. The underlying fund's counterparty to a derivative transaction (including, if applicable, the underlying fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and system failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Interest rate risk** — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Liquidity risk** — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or try to limit losses, or may be forced to sell at a loss.

**Management** — The investment adviser to the funds and to the underlying funds actively manages each underlying fund's investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**5. Taxation and distributions**

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

26 American Funds Insurance Series – Target Date Series

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses, capital losses related to sales of certain securities within 30 days of purchase, and net capital losses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **IS 2035<br> Fund** | **IS 2030<br> Fund** | **IS 2025<br> Fund** | **IS 2020<br> Fund** | **IS 2015<br> Fund** | **IS 2010<br> Fund** |
| Undistributed ordinary income | $11 | $5 | $15 | $30 | $303 | $5077 |
| Undistributed long-term capital gain | 7 | 1 |  |  |  | 480 |
| Capital loss carryforward\* |  |  | (11) | (16) | (25) |  |
| Gross unrealized appreciation on investments | 24 |  | 3 | 5 | 204 | 481 |
| Gross unrealized depreciation on investments | (4) | (43) | (133) | (301) | (1869) | (32923) |
| Net unrealized appreciation (depreciation) on investments | 20 | (43) | (130) | (296) | (1665) | (32442) |
| Cost of investments | 871 | 537 | 1489 | 2867 | 26997 | 463072 |

---

<br> \* Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **IS 2035 Fund**<br>**Share class** | **Ordinary<br> income** | | **Long-term<br> capital gains** | | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | | **Long-term<br> capital gains** | | **Total<br> distributions<br> paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 3 |  | 7 |  | 10 |  | 1 |  | 1 |  | 2 |  |
| **Total** | $**3** |  | $**7** |  | $**10** |  | $**1** |  | $**1** |  | $**2** |  |
| **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** |  |  |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **Share class** | **Ordinary<br> income** |  | **Long-term<br> capital gains** |  | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** |  | **Long-term<br> capital gains** |  | **Total<br> distributions<br> paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 10 |  | 10 |  | 20 |  | 2 |  | 1 |  | 3 |  |
| **Total** | $**10** |  | $**10** |  | $**20** |  | $**2** |  | $**1** |  | $**3** |  |

---

Refer to the next page for footnote.

American Funds Insurance Series – Target Date Series 27

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **IS 2025 Fund**<br>**Share class** | **Ordinary<br> income** | | **Long-term<br> capital gains** | | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | | **Long-term<br> capital gains** | | **Total<br> distributions<br> paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 32 |  | 29 |  | 61 |  | 5 |  | 5 |  | 10 |  |
| **Total** | $**32** |  | $**29** |  | $**61** |  | $**5** |  | $**5** |  | $**10** |  |
| **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** |  |  |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **Share class** | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 74 |  | 58 |  | 132 |  | 15 |  | 7 |  | 22 |  |
| **Total** | $**74** |  | $**58** |  | $**132** |  | $**15** |  | $**7** |  | $**22** |  |
| **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** |  |  |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **Share class** | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 580 |  | 384 |  | 964 |  | 142 |  | 56 |  | 198 |  |
| **Total** | $**580** |  | $**384** |  | $**964** |  | $**142** |  | $**56** |  | $**198** |  |
| **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** |  |  |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **Share class** | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 7953 |  | 5431 |  | 13384 |  | 1695 |  | 544 |  | 2239 |  |
| **Total** | $**7953** |  | $**5431** |  | $**13384** |  | $**1695** |  | $**544** |  | $**2239** |  |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

28 American Funds Insurance Series – Target Date Series

**6. Fees and transactions**

CRMC, the series' investment adviser, is the parent company of American Funds Distributors<sup>®</sup>, Inc. ("AFD"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, AFD and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments are based on an annualized percentage of average net assets as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00% | 0.25% |
| Class 2 | 0.25 | 0.25 |
| Class 4 | 0.25 | 0.25 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A and 4 shares. Under the plan, each share class pays 0.25% of each insurance company's respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. In addition, the funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each underlying fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets for Class R-6 shares. Currently CRMC receives an administrative services fee at the annual rate of 0.03% of the average daily net assets of the Class R-6 shares of each underlying fund for CRMC's provision of administrative services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

American Funds Insurance Series – Target Date Series 29

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| **IS 2035 Fund**<br>**Share class** | <br>**Distribution**<br> **services** | <br>**Insurance**<br> **administrative**<br> **services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | — \* | — \* |
| **Total class-specific expenses** | **$—** **\*** | **$—** **\*** |
| **IS 2030 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 1 | 1 |
| **Total class-specific expenses** | **$1** | **$1** |
| **IS 2025 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 3 | 3 |
| **Total class-specific expenses** | **$3** | **$3** |
| **IS 2020 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 7 | 7 |
| **Total class-specific expenses** | **$7** | **$7** |
| **IS 2015 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 55 | 55 |
| **Total class-specific expenses** | **$55** | **$55** |
| **IS 2010 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 946 | 946 |
| **Total class-specific expenses** | **$946** | **$946** |

---

\* Amount less than one thousand.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation in each fund's statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**7. Indemnifications**

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

30 American Funds Insurance Series – Target Date Series

**8. Capital share transactions**

Capital share transactions in each fund were as follows (dollars and shares in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **IS 2035 Fund**<br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | | | | | |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 956 | 101 | 7 | 1 | (232) | (23) | 731 | 79 |
| **Total net increase (decrease)** | $**956** | **101** | $**10** | **1** | $**(232)** | **(23)** | $**734** | **79** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | — \* | — \* | 2 | — \* | — \* | — \* | 2 | — \* |
| **Total net increase** | $**—** **\*** | **—** **\*** | $**2** | **—** **\*** | $**—** **\*** | **—** **\*** | $**2** | **—** **\*** |
| **IS 2030 Fund** |  |  |  |  |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 309 | 30 | 18 | 2 | (40) | (4) | 287 | 28 |
| **Total net increase (decrease)** | $**309** | **30** | $**21** | **2** | $**(40)** | **(4)** | $**290** | **28** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 188 | 16 | 3 | — \* | (117) | (10) | 74 | 6 |
| **Total net increase (decrease)** | $**188** | **16** | $**3** | **—** **\*** | $**(117)** | **(10)** | $**74** | **6** |

---

Refer to the end of the tables for footnote.

American Funds Insurance Series – Target Date Series 31

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **<br> Reinvestments of<br> distributions** | **<br> Reinvestments of<br> distributions** | **<br> Repurchases** | **<br> Repurchases** | **Net increase** | **Net increase** |
| **IS 2025 Fund**<br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | | | | | |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 456 | 40 | 58 | 6 | (66) | (6) | 448 | 40 |
| **Total net increase (decrease)** | $**456** | **40** | $**61** | **6** | $**(66)** | **(6)** | $**451** | **40** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 573 | 49 | 10 | 1 | (34) | (3) | 549 | 47 |
| **Total net increase (decrease)** | $**573** | **49** | $**10** | **1** | $**(34)** | **(3)** | $**549** | **47** |
| **IS 2020 Fund** |  |  |  |  |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **<br> **Repurchases** | **<br> **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 57 | 5 | 130 | 13 | (124) | (11) | 63 | 7 |
| **Total net increase (decrease)** | $**57** | **5** | $**133** | **13** | $**(124)** | **(11)** | $**66** | **7** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 2214 | 190 | 22 | 2 | (432) | (38) | 1804 | 154 |
| **Total net increase (decrease)** | $**2214** | **190** | $**22** | **2** | $**(432)** | **(38)** | $**1804** | **154** |
| **IS 2015 Fund** |  |  |  |  |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 9603 | 905 | 961 | 96 | (1133) | (108) | 9431 | 893 |
| **Total net increase (decrease)** | $**9603** | **905** | $**964** | **96** | $**(1133)** | **(108)** | $**9434** | **893** |
| **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 7058 | 621 | 198 | 17 | (1029) | (90) | 6227 | 548 |
| **Total net increase (decrease)** | $**7058** | **621** | $**198** | **17** | $**(1029)** | **(90)** | $**6227** | **548** |

---

Refer to the end of the tables for footnote.

32 American Funds Insurance Series – Target Date Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **IS 2010 Fund**<br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 163223 | 15214 | 13384 | 1321 | (12728) | (1232) | 163879 | 15303 |
| **Total net increase (decrease)** | $**163223** | **15214** | $**13385** | **1321** | $**(12728)** | **(1232)** | $**163880** | **15303** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 175669 | 15529 | 2239 | 195 | (2897) | (259) | 175011 | 15465 |
| **Total net increase (decrease)** | $**175669** | **15529** | $**2239** | **195** | $**(2897)** | **(259)** | $**175011** | **15465** |

---

\* Amount less than one thousand.

**9. Investment transactions**

Each fund engaged in purchases and sales of investment securities of affiliated issuers during the year ended December 31, 2022, as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2025 Fund** | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2010 Fund** |
| Purchases of investment securities\* | $983 | $350 | $631 | $402 | $12341 | $212323 |
| Sales of investment securities\* | 244 | 67 | 193 | 373 | 3015 | 47052 |

---

\* Excludes short-term securities and U.S. government obligations, if any.

American Funds Insurance Series – Target Date Series 33

Financial highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distribu-<br> tions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of**<br>**expenses<br> to average<br> net assets<br> before<br> reimburse-<br> ments<sup>3</sup>** | **Ratio of**<br>**expenses<br> to average<br> net assets<br> after<br> reimburse-<br> ments<sup>3</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,4,5</sup>** |<br>**Ratio of**<br> **net income**<br> **to average**<br> **net assets<sup>2</sup>** |
| **IS 2035 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.93 | $.22 | $(2.35) | $(2.13) | $(.09) | $(.76) | $(.85) | $9.95 | (16.33)% | $—<sup>6</sup> | .03% | .03% | .37% | 2.04% |
| 12/31/2021 | 11.39 | .17 | 1.58 | 1.75 | (.10) | (.11) | (.21) | 12.93 | 15.46 | —<sup>6</sup> | 4.86 | .06 | .40 | 1.40 |
| 12/31/2020 | 10.19 | .15 | 1.43 | 1.58 | (.12) | (.26) | (.38) | 11.39 | 16.03 | —<sup>6</sup> | 46.43 | .06 | .42 | 1.52 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .08 | .19 | .27 | (.08) |  | (.08) | 10.19 | 2.70<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .37<sup>10</sup> | .75<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.93 | .22 | (2.35) | (2.13) | (.09) | (.76) | (.85) | 9.95 | (16.33) | —<sup>6</sup> | .03 | .03 | .37 | 2.04 |
| 12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10) | (.11) | (.21) | 12.93 | 15.56 | —<sup>6</sup> | 4.86 | .06 | .40 | 1.40 |
| 12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12) | (.26) | (.38) | 11.38 | 15.93 | —<sup>6</sup> | 46.43 | .06 | .42 | 1.51 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .08 | .19 | .27 | (.08) |  | (.08) | 10.19 | 2.70<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .37<sup>10</sup> | .75<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.93 | .22 | (2.35) | (2.13) | (.09) | (.76) | (.85) | 9.95 | (16.33)<sup>11</sup> | —<sup>6</sup> | .03<sup>11</sup> | .03<sup>11</sup> | .37<sup>11</sup> | 2.04<sup>11</sup> |
| 12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10) | (.11) | (.21) | 12.93 | 15.56<sup>11</sup> | —<sup>6</sup> | 4.86<sup>11</sup> | .06<sup>11</sup> | .40<sup>11</sup> | 1.40<sup>11</sup> |
| 12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12) | (.26) | (.38) | 11.38 | 15.93<sup>11</sup> | —<sup>6</sup> | 46.43<sup>11</sup> | .06<sup>11</sup> | .42<sup>11</sup> | 1.51<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .08 | .19 | .27 | (.08) |  | (.08) | 10.19 | 2.70<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .37<sup>10,11</sup> | .75<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.92 | .28 | (2.47) | (2.19) | (.07) | (.76) | (.83) | 9.90 | (16.79) | 1 | .50 | .50 | .84 | 2.70 |
| 12/31/2021 | 11.39 | .12 | 1.58 | 1.70 | (.06) | (.11) | (.17) | 12.92 | 14.99 | —<sup>6</sup> | 5.31 | .49 | .83 | .97 |
| 12/31/2020 | 10.19 | .35 | 1.22 | 1.57 | (.11) | (.26) | (.37) | 11.39 | 16.01 | —<sup>6</sup> | 52.83 | .18 | .54 | 3.35 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .08 | .19 | .27 | (.08) |  | (.08) | 10.19 | 2.70<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .37<sup>10</sup> | .75<sup>9</sup> |
| **IS 2030 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.41 | $.24 | $(2.04) | $(1.80) | $(.14) | $(.52) | $(.66) | $9.95 | (14.44)% | $—<sup>6</sup> | .04% | .04% | .36% | 2.29% |
| 12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12) | (.07) | (.19) | 12.41 | 13.07 | —<sup>6</sup> | 2.53 | .06 | .38 | 1.59 |
| 12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13) | (.21) | (.34) | 11.14 | 13.41 | —<sup>6</sup> | 45.36 | .06 | .41 | 1.71 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .16 | .23 | (.08) |  | (.08) | 10.15 | 2.28<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .35<sup>10</sup> | .69<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.41 | .24 | (2.04) | (1.80) | (.14) | (.52) | (.66) | 9.95 | (14.44) | —<sup>6</sup> | .04 | .04 | .36 | 2.29 |
| 12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12) | (.07) | (.19) | 12.41 | 13.07 | —<sup>6</sup> | 2.53 | .06 | .38 | 1.59 |
| 12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13) | (.21) | (.34) | 11.14 | 13.41 | —<sup>6</sup> | 45.36 | .06 | .41 | 1.71 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .16 | .23 | (.08) |  | (.08) | 10.15 | 2.28<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .35<sup>10</sup> | .69<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.41 | .24 | (2.04) | (1.80) | (.14) | (.52) | (.66) | 9.95 | (14.44)<sup>11</sup> | —<sup>6</sup> | .04<sup>11</sup> | .04<sup>11</sup> | .36<sup>11</sup> | 2.29<sup>11</sup> |
| 12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12) | (.07) | (.19) | 12.41 | 13.07<sup>11</sup> | —<sup>6</sup> | 2.53<sup>11</sup> | .06<sup>11</sup> | .38<sup>11</sup> | 1.59<sup>11</sup> |
| 12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13) | (.21) | (.34) | 11.14 | 13.41<sup>11</sup> | —<sup>6</sup> | 45.36<sup>11</sup> | .06<sup>11</sup> | .41<sup>11</sup> | 1.72<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .16 | .23 | (.08) |  | (.08) | 10.15 | 2.28<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .35<sup>10,11</sup> | .69<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.40 | .25 | (2.10) | (1.85) | (.11) | (.52) | (.63) | 9.92 | (14.87) | —<sup>6</sup> | .52 | .52 | .84 | 2.38 |
| 12/31/2021 | 11.14 | .13 | 1.27 | 1.40 | (.07) | (.07) | (.14) | 12.40 | 12.55 | —<sup>6</sup> | 2.93 | .53 | .85 | 1.10 |
| 12/31/2020 | 10.15 | .46 | .87 | 1.33 | (.13) | (.21) | (.34) | 11.14 | 13.39 | —<sup>6</sup> | 44.54 | .25 | .60 | 4.38 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .16 | .23 | (.08) |  | (.08) | 10.15 | 2.28<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .35<sup>10</sup> | .69<sup>9</sup> |

---

Refer to the end of the tables for footnotes.

34 American Funds Insurance Series – Target Date Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distribu-<br> tions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of**<br>**expenses<br> to average<br> net assets<br> before<br> reimburse-<br> ments<sup>3</sup>** | **Ratio of**<br>**expenses<br> to average<br> net assets<br> after<br> reimburse-<br> ments<sup>3</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,4,5</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **IS 2025 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.27 | $.28 | $(1.87) | $(1.59) | $(.21) | $(.30) | $(.51) | $10.17 | (12.87)% | $—<sup>6</sup> | .04% | .04% | .35% | 2.63% |
| 12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09) | (.08) | (.17) | 12.27 | 11.42 | —<sup>6</sup> | 1.26 | .06 | .37 | 1.77 |
| 12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19) | (.05) | (.24) | 11.17 | 12.75 | —<sup>6</sup> | 20.72 | .06 | .38 | 1.85 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .13 | .20 | (.08) |  | (.08) | 10.12 | 1.98<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .33<sup>10</sup> | .66<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.27 | .28 | (1.87) | (1.59) | (.21) | (.30) | (.51) | 10.17 | (12.87) | —<sup>6</sup> | .04 | .04 | .35 | 2.63 |
| 12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09) | (.08) | (.17) | 12.27 | 11.42 | —<sup>6</sup> | 1.26 | .06 | .37 | 1.77 |
| 12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19) | (.05) | (.24) | 11.17 | 12.75 | —<sup>6</sup> | 20.72 | .06 | .38 | 1.85 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .13 | .20 | (.08) |  | (.08) | 10.12 | 1.98<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .33<sup>10</sup> | .66<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.27 | .28 | (1.87) | (1.59) | (.21) | (.30) | (.51) | 10.17 | (12.87)<sup>11</sup> | —<sup>6</sup> | .04<sup>11</sup> | .04<sup>11</sup> | .35<sup>11</sup> | 2.63<sup>11</sup> |
| 12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09) | (.08) | (.17) | 12.27 | 11.42<sup>11</sup> | —<sup>6</sup> | 1.26<sup>11</sup> | .06<sup>11</sup> | .37<sup>11</sup> | 1.77<sup>11</sup> |
| 12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19) | (.05) | (.24) | 11.17 | 12.75<sup>11</sup> | —<sup>6</sup> | 20.72<sup>11</sup> | .06<sup>11</sup> | .38<sup>11</sup> | 1.85<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .13 | .20 | (.08) |  | (.08) | 10.12 | 1.98<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .33<sup>10,11</sup> | .66<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.22 | .24 | (1.87) | (1.63) | (.16) | (.30) | (.46) | 10.13 | (13.25) | 1 | .54 | .54 | .85 | 2.21 |
| 12/31/2021 | 11.16 | .18 | 1.02 | 1.20 | (.06) | (.08) | (.14) | 12.22 | 10.77 | 1 | 1.35 | .55 | .86 | 1.48 |
| 12/31/2020 | 10.12 | .20 | 1.06 | 1.26 | (.17) | (.05) | (.22) | 11.16 | 12.42 | 1 | 7.44 | .54 | .86 | 1.93 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .13 | .20 | (.08) |  | (.08) | 10.12 | 1.98<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .33<sup>10</sup> | .66<sup>9</sup> |
| **IS 2020 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.97 | $.31 | $(1.64) | $(1.33) | $(.27) | $(.31) | $(.58) | $10.06 | (11.08)% | $—<sup>6</sup> | .05% | .05% | .34% | 2.94% |
| 12/31/2021 | 10.94 | .24 | .93 | 1.17 | (.09) | (.05) | (.14) | 11.97 | 10.68 | —<sup>6</sup> | .68 | .06 | .35 | 2.09 |
| 12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19) | (.02) | (.21) | 10.94 | 10.52 | —<sup>6</sup> | 14.67 | .06 | .36 | 2.41 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.68<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .31<sup>10</sup> | .65<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.97 | .31 | (1.64) | (1.33) | (.27) | (.31) | (.58) | 10.06 | (11.08) | —<sup>6</sup> | .05 | .05 | .34 | 2.94 |
| 12/31/2021 | 10.95 | .24 | .92 | 1.16 | (.09) | (.05) | (.14) | 11.97 | 10.58 | —<sup>6</sup> | .68 | .06 | .35 | 2.09 |
| 12/31/2020 | 10.09 | .25 | .82 | 1.07 | (.19) | (.02) | (.21) | 10.95 | 10.62 | —<sup>6</sup> | 14.67 | .06 | .36 | 2.41 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.68<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .31<sup>10</sup> | .65<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.97 | .31 | (1.64) | (1.33) | (.27) | (.31) | (.58) | 10.06 | (11.08)<sup>11</sup> | —<sup>6</sup> | .05<sup>11</sup> | .05<sup>11</sup> | .34<sup>11</sup> | 2.94<sup>11</sup> |
| 12/31/2021 | 10.94 | .24 | .93 | 1.17 | (.09) | (.05) | (.14) | 11.97 | 10.68<sup>11</sup> | —<sup>6</sup> | .68<sup>11</sup> | .06<sup>11</sup> | .35<sup>11</sup> | 2.09<sup>11</sup> |
| 12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19) | (.02) | (.21) | 10.94 | 10.52<sup>11</sup> | —<sup>6</sup> | 14.67<sup>11</sup> | .06<sup>11</sup> | .36<sup>11</sup> | 2.41<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.68<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .31<sup>10,11</sup> | .65<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.91 | .26 | (1.63) | (1.37) | (.22) | (.31) | (.53) | 10.01 | (11.51) | 3 | .55 | .55 | .84 | 2.42 |
| 12/31/2021 | 10.92 | .23 | .87 | 1.10 | (.06) | (.05) | (.11) | 11.91 | 10.10 | 3 | .94 | .56 | .85 | 1.96 |
| 12/31/2020 | 10.09 | .29 | .73 | 1.02 | (.17) | (.02) | (.19) | 10.92 | 10.15 | 1 | 5.79 | .54 | .84 | 2.75 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.68<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .31<sup>10</sup> | .65<sup>9</sup> |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series – Target Date Series 35

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distribu-<br> tions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of**<br>**expenses**<br> **to average**<br> **net assets**<br> **before**<br> **reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br>**expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments<sup>3</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,4,5</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **IS 2015 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.79 | $.32 | $(1.52) | $(1.20) | $(.23) | $(.27) | $(.50) | $10.09 | (10.13)% | $—<sup>6</sup> | .04% | .04% | .33% | 3.03% |
| 12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13) | (.04) | (.17) | 11.79 | 10.26 | —<sup>6</sup> | .12 | .06 | .34 | 2.16 |
| 12/31/2020 | 10.09 | .76 | .20 | .96 | (.20) | —<sup>12</sup> | (.20) | 10.85 | 9.62 | —<sup>6</sup> | 7.60 | .06 | .35 | 7.46 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.69<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .65<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.79 | .32 | (1.53) | (1.21) | (.23) | (.27) | (.50) | 10.08 | (10.13) | —<sup>6</sup> | .04 | .04 | .33 | 3.03 |
| 12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13) | (.04) | (.17) | 11.79 | 10.26 | —<sup>6</sup> | .12 | .06 | .34 | 2.16 |
| 12/31/2020 | 10.09 | .76 | .20 | .96 | (.20) | —<sup>12</sup> | (.20) | 10.85 | 9.62 | —<sup>6</sup> | 7.60 | .06 | .35 | 7.46 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.69<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .65<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.79 | .32 | (1.53) | (1.21) | (.23) | (.27) | (.50) | 10.08 | (10.13)<sup>11</sup> | —<sup>6</sup> | .04<sup>11</sup> | .04<sup>11</sup> | .33<sup>11</sup> | 3.03<sup>11</sup> |
| 12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13) | (.04) | (.17) | 11.79 | 10.26<sup>11</sup> | —<sup>6</sup> | .12<sup>11</sup> | .06<sup>11</sup> | .34<sup>11</sup> | 2.16<sup>11</sup> |
| 12/31/2020 | 10.09 | .76 | .20 | .96 | (.20) | —<sup>12</sup> | (.20) | 10.85 | 9.62<sup>11</sup> | —<sup>6</sup> | 7.60<sup>11</sup> | .06<sup>11</sup> | .35<sup>11</sup> | 7.46<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.69<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .30<sup>10,11</sup> | .65<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.75 | .29 | (1.55) | (1.26) | (.18) | (.27) | (.45) | 10.04 | (10.63) | 25 | .54 | .54 | .83 | 2.71 |
| 12/31/2021 | 10.83 | .20 | .85 | 1.05 | (.09) | (.04) | (.13) | 11.75 | 9.74 | 19 | .62 | .56 | .84 | 1.76 |
| 12/31/2020 | 10.09 | .27 | .65 | .92 | (.18) | —<sup>12</sup> | (.18) | 10.83 | 9.20 | 12 | .93 | .56 | .85 | 2.58 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.69<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .65<sup>9</sup> |
| **IS 2010 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.63 | $.32 | $(1.38) | $(1.06) | $(.22) | $(.18) | $(.40) | $10.17 | (9.15)% | $—<sup>6</sup> | .04% | .04% | .32% | 3.00% |
| 12/31/2021 | 10.76 | .23 | .76 | .99 | (.09) | (.03) | (.12) | 11.63 | 9.28 | —<sup>6</sup> | .08 | .06 | .33 | 2.07 |
| 12/31/2020 | 10.08 | .25 | .65 | .90 | (.22) | —<sup>12</sup> | (.22) | 10.76 | 9.02 | —<sup>6</sup> | .10 | .08 | .37 | 2.51 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .06 | .09 | .15 | (.07) |  | (.07) | 10.08 | 1.54<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .62<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.63 | .32 | (1.38) | (1.06) | (.22) | (.18) | (.40) | 10.17 | (9.15) | —<sup>6</sup> | .04 | .04 | .32 | 3.00 |
| 12/31/2021 | 10.76 | .23 | .76 | .99 | (.09) | (.03) | (.12) | 11.63 | 9.28 | —<sup>6</sup> | .08 | .06 | .33 | 2.07 |
| 12/31/2020 | 10.08 | .26 | .64 | .90 | (.22) | —<sup>12</sup> | (.22) | 10.76 | 9.02 | —<sup>6</sup> | .10 | .08 | .37 | 2.51 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .06 | .09 | .15 | (.07) |  | (.07) | 10.08 | 1.54<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .62<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.63 | .32 | (1.38) | (1.06) | (.22) | (.18) | (.40) | 10.17 | (9.15)<sup>11</sup> | —<sup>6</sup> | .04<sup>11</sup> | .04<sup>11</sup> | .32<sup>11</sup> | 3.00<sup>11</sup> |
| 12/31/2021 | 10.76 | .23 | .76 | .99 | (.09) | (.03) | (.12) | 11.63 | 9.28<sup>11</sup> | —<sup>6</sup> | .08<sup>11</sup> | .06<sup>11</sup> | .33<sup>11</sup> | 2.07<sup>11</sup> |
| 12/31/2020 | 10.08 | .25 | .65 | .90 | (.22) | —<sup>12</sup> | (.22) | 10.76 | 9.02<sup>11</sup> | —<sup>6</sup> | .10<sup>11</sup> | .08<sup>11</sup> | .37<sup>11</sup> | 2.51<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .06 | .09 | .15 | (.07) |  | (.07) | 10.08 | 1.54<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .30<sup>10,11</sup> | .62<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.58 | .28 | (1.40) | (1.12) | (.17) | (.18) | (.35) | 10.11 | (9.56) | 430 | .55 | .55 | .83 | 2.67 |
| 12/31/2021 | 10.74 | .20 | .73 | .93 | (.06) | (.03) | (.09) | 11.58 | 8.75 | 315 | .58 | .56 | .83 | 1.81 |
| 12/31/2020 | 10.08 | .24 | .62 | .86 | (.20) | —<sup>12</sup> | (.20) | 10.74 | 8.55 | 126 | .55 | .55 | .84 | 2.36 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .06 | .09 | .15 | (.07) |  | (.07) | 10.08 | 1.54<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | <sup>—</sup> <sup>9</sup> | .30<sup>10</sup> | .62<sup>9</sup> |

---

Refer to the end of the tables for footnotes.

36 American Funds Insurance Series – Target Date Series

Financial highlights (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Portfolio turnover rate for all share classes** | **2022** | **2021** | **2020** | **2019** |
| IS 2035 Fund | &nbsp;&nbsp;88% | &nbsp;&nbsp;18% | &nbsp;&nbsp;48% | —%<sup>13</sup> |
| IS 2030 Fund | &nbsp;&nbsp;21 | &nbsp;&nbsp;60 | 45 | —<sup>13</sup> |
| IS 2025 Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;10 | 10 | —<sup>13</sup> |
| IS 2020 Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;30 | 15 | —<sup>13</sup> |
| IS 2015 Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | 5 | —<sup>13</sup> |
| IS 2010 Fund | &nbsp;&nbsp;12 | 7 | 1 | —<sup>13</sup> |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain reimbursements from CRMC. During some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for each of the funds. No expenses were accrued on any of the funds during the period December 6, 2019, commencement of operations, through December 31, 2019.

<sup>3</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>4</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.

<sup>5</sup> Unaudited.

<sup>6</sup> Amount less than $1 million.

<sup>7</sup> Based on operations for a period that is less than a full year.

<sup>8</sup> For the period December 6, 2019, commencement of operations, through December 31, 2019.

<sup>9</sup> Not annualized.

<sup>10</sup> Annualized.

<sup>11</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

<sup>12</sup> Amount less than $.01.

<sup>13</sup> There was no turnover.

American Funds Insurance Series – Target Date Series 37

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of American Funds IS 2035 Target Date Fund, American Funds IS 2030 Target Date Fund, American Funds IS 2025 Target Date Fund, American Funds IS 2020 Target Date Fund, American Funds IS 2015 Target Date Fund and American Funds IS 2010 Target Date Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of American Funds IS 2035 Target Date Fund, American Funds IS 2030 Target Date Fund, American Funds IS 2025 Target Date Fund, American Funds IS 2020 Target Date Fund, American Funds IS 2015 Target Date Fund and American Funds IS 2010 Target Date Fund (six of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 17, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

38 American Funds Insurance Series – Target Date Series

---

| | |
|:---|:---|
| Expense example | **unaudited** |

---

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

**Actual expenses:**

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes:**

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

**Notes:**

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series – Target Date Series 39

Expense example (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>7/1/2022** | **Ending<br>account value<br>12/31/2022** | **Expenses<br>paid during<br>period<sup>1,2</sup>** | **Annualized<br>expense ratio<sup>2</sup>** | **Effective<br>expenses paid<br>during period<sup>3</sup>** | **Effective<br>annualized<br>expense ratio<sup>4</sup>** |
| **IS 2035 Fund** | | | | | | |
| Class 1 – actual return | $1000.00 | $1021.08 | $.15 | .03% | $1.88 | .37% |
| Class 1 – assumed 5% return | 1000.00 | 1025.05 | .15 | .03 | 1.89 | .37 |
| Class 1A – actual return | 1000.00 | 1021.08 | .15 | .03 | 1.88 | .37 |
| Class 1A – assumed 5% return | 1000.00 | 1025.05 | .15 | .03 | 1.89 | .37 |
| Class 2 – actual return | 1000.00 | 1021.08 | .15 | .03 | 1.88 | .37 |
| Class 2 – assumed 5% return | 1000.00 | 1025.05 | .15 | .03 | 1.89 | .37 |
| Class 4 – actual return | 1000.00 | 1018.58 | 2.59 | .51 | 4.32 | .85 |
| Class 4 – assumed 5% return | 1000.00 | 1022.63 | 2.60 | .51 | 4.33 | .85 |
| **IS 2030 Fund** |  |  |  |  |  |  |
| Class 1 – actual return | $1000.00 | $1015.39 | $.30 | .06% | $1.93 | .38% |
| Class 1 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.94 | .38 |
| Class 1A – actual return | 1000.00 | 1015.39 | .30 | .06 | 1.93 | .38 |
| Class 1A – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.94 | .38 |
| Class 2 – actual return | 1000.00 | 1015.39 | .30 | .06 | 1.93 | .38 |
| Class 2 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.94 | .38 |
| Class 4 – actual return | 1000.00 | 1013.00 | 2.74 | .54 | 4.36 | .86 |
| Class 4 – assumed 5% return | 1000.00 | 1022.48 | 2.75 | .54 | 4.38 | .86 |
| **IS 2025 Fund** |  |  |  |  |  |  |
| Class 1 – actual return | $1000.00 | $1011.23 | $.30 | .06% | $1.88 | .37% |
| Class 1 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.89 | .37 |
| Class 1A – actual return | 1000.00 | 1011.23 | .30 | .06 | 1.88 | .37 |
| Class 1A – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.89 | .37 |
| Class 2 – actual return | 1000.00 | 1011.23 | .30 | .06 | 1.88 | .37 |
| Class 2 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.89 | .37 |
| Class 4 – actual return | 1000.00 | 1008.18 | 2.78 | .55 | 4.35 | .86 |
| Class 4 – assumed 5% return | 1000.00 | 1022.43 | 2.80 | .55 | 4.38 | .86 |
| **IS 2020 Fund** |  |  |  |  |  |  |
| Class 1 – actual return | $1000.00 | $1010.11 | $.30 | .06% | $1.77 | .35% |
| Class 1 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.79 | .35 |
| Class 1A – actual return | 1000.00 | 1010.11 | .30 | .06 | 1.77 | .35 |
| Class 1A – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.79 | .35 |
| Class 2 – actual return | 1000.00 | 1010.11 | .30 | .06 | 1.77 | .35 |
| Class 2 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.79 | .35 |
| Class 4 – actual return | 1000.00 | 1007.75 | 2.83 | .56 | 4.30 | .85 |
| Class 4 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 | 4.33 | .85 |
| **IS 2015 Fund** |  |  |  |  |  |  |
| Class 1 – actual return | $1000.00 | $1010.09 | $.25 | .05% | $1.72 | .34% |
| Class 1 – assumed 5% return | 1000.00 | 1024.95 | .26 | .05 | 1.73 | .34 |
| Class 1A – actual return | 1000.00 | 1010.09 | .25 | .05 | 1.72 | .34 |
| Class 1A – assumed 5% return | 1000.00 | 1024.95 | .26 | .05 | 1.73 | .34 |
| Class 2 – actual return | 1000.00 | 1010.09 | .25 | .05 | 1.72 | .34 |
| Class 2 – assumed 5% return | 1000.00 | 1024.95 | .26 | .05 | 1.73 | .34 |
| Class 4 – actual return | 1000.00 | 1007.60 | 2.83 | .56 | 4.30 | .85 |
| Class 4 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 | 4.33 | .85 |

---

Refer to the next page for footnotes.

40 American Funds Insurance Series – Target Date Series

Expense example (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>7/1/2022** | **Ending<br>account value<br>12/31/2022** | **Expenses<br>paid during<br>period<sup>1,2</sup>** | **Annualized<br>expense ratio<sup>2</sup>** | **Effective<br>expenses paid<br>during period<sup>3</sup>** | **Effective<br>annualized<br>expense ratio<sup>4</sup>** |
| **IS 2010 Fund** | | | | | | |
| Class 1 – actual return | $1000.00 | $1007.44 | $.30 | .06% | $1.72 | .34% |
| Class 1 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.73 | .34 |
| Class 1A – actual return | 1000.00 | 1007.44 | .30 | .06 | 1.72 | .34 |
| Class 1A – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.73 | .34 |
| Class 2 – actual return | 1000.00 | 1007.44 | .30 | .06 | 1.72 | .34 |
| Class 2 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.73 | .34 |
| Class 4 – actual return | 1000.00 | 1005.87 | 2.83 | .56 | 4.25 | .84 |
| Class 4 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 | 4.28 | .84 |

---

<sup>1</sup> The "expenses paid during period" are equal to the "annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

<sup>2</sup> The "expenses paid during period" and "annualized expense ratio" do not include the expenses of the underlying funds in which each fund invests.

<sup>3</sup> The "effective expenses paid during period" are equal to the "effective annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).

<sup>4</sup> The "effective annualized expense ratio" reflects the net annualized expense ratio of the class plus the class's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

American Funds Insurance Series – Target Date Series 41

---

| | |
|:---|:---|
| Liquidity Risk Management Program | **unaudited** |

---

The series has adopted a liquidity risk management program (the "program"). The series' board has designated Capital Research and Management Company ("CRMC") as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund's investments, limiting the amount of each fund's illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC's process of determining the degree of liquidity of each fund's investments is supported by one or more third-party liquidity assessment vendors.

The series' board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund's liquidity risk.

42 American Funds Insurance Series – Target Date Series

Board of trustees and other officers

Independent trustees<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and year of birth** | **Year first <br> elected <br> a trustee <br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years** | **Number of <br> portfolios in <br> fund complex <br> overseen by <br> trustee** | **Other directorships<sup>3</sup> held by trustee** |
| **Francisco G. Cigarroa, MD,** 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 |  |
| **James G. Ellis,** 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 96 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation |
| **Nariman Farvardin,** 1956 | 2018 | President, Stevens Institute of Technology | 91 |  |
| **Jennifer C. Feikin,** 1968 | 2022 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents | 97 | Hertz Global Holdings, Inc. |
| **Leslie Stone Heisz,** 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 97 | Edwards Lifesciences; Public Storage |
| **Mary Davis Holt,** 1950 | 2015–2016;<br> 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003) | 87 |  |
| **Merit E. Janow,** 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated |
| **Margaret Spellings,** 1957 <br> Chair of the Board <br> (Independent and Non-Executive) | 2010 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 |  |
| **Alexandra Trower,** 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 |  |
| **Paul S. Williams,** 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc. |
| Interested trustees<sup>4,5</sup> | Interested trustees<sup>4,5</sup> | Interested trustees<sup>4,5</sup> |  |  |
| **Name, year of birth and <br>position with series** | **Year first <br> elected <br> a trustee <br> or officer <br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years <br> and positions held with affiliated entities or <br> the principal underwriter of the series** | **Number of <br> portfolios in <br> fund complex <br> overseen by <br> trustee** | **Other directorships<sup>3</sup> held by trustee** |
| **Donald D. O'Neal,** 1960<br> Co-President and Trustee | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company<sup>5</sup> | 35 |  |
| **Michael C. Gitlin,** 1970<br> Trustee | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.<sup>5</sup> | 86 |  |

---

**The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.**

American Funds Insurance Series – Target Date Series 43

Other officers<sup>5</sup>

---

| | | |
|:---|:---|:---|
| **Name, year of birth and<br>position with series** | **Year first<br>elected<br>an officer<br>of the series<sup>2</sup>** | **Principal occupation(s) during past five years and positions held with affiliated entities <br> or the principal underwriter of the series** |
| **Alan N. Berro,** 1960<br> Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Maria Manotok,** 1974<br> Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group Companies Global<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group International, Inc.<sup>5</sup> |
| **Michael W. Stockton,** 1967<br> Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Patrice Collette,** 1967<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.<sup>5</sup> |
| **Peter Eliot,** 1971 <br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Irfan M. Furniturewala,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Sung Lee,** 1966<br> Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital International, Inc.<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Keiko McKibben,** 1969<br> Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company |
| **Carlos A. Schonfeld,** 1971<br>Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited<sup>5</sup> |
| **Alan J. Wilson,** 1961<br>Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company |
| **Steven I. Koszalka,** 1964<br>Secretary | 2003 | Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Gregory F. Niland,** 1971<br>Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company |
| **Susan K. Countess,** 1966<br>Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company |
| **Sandra Chuon,** 1972<br>Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company |
| **Brian C. Janssen,** 1972<br>Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |

---

<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the series within the meaning of the Investment Company Act of 1940.

<sup>2</sup> Trustees and officers of the series serve until their resignation, removal or retirement.

<sup>3</sup> This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.

<sup>4</sup> The term interested trustee refers to a trustee who is an "interested person" within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).

<sup>5</sup> Company affiliated with Capital Research and Management Company.

44 American Funds Insurance Series – Target Date Series

**Office of the series**

333 South Hope Street

Los Angeles, CA 90071-1406

**Investment adviser**

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

**Custodian of assets**

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

**Counsel**

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

**Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.**

"Proxy Voting Guidelines for American Funds Insurance Series — Target Date Series" — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

American Funds Insurance Series — Target Date Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of American Funds Insurance Series — Target Date Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series — Target Date Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright© 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage<sup>®</sup>

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System<sup>TM</sup> — has resulted in superior outcomes.

**Aligned with investor success**

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.<sup>1</sup>

**The Capital System**

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

**American Funds Insurance Series' superior outcomes** 

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.<sup>2</sup> Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.<sup>3</sup> We strive to keep management fees competitive. Over the past 20 years, most funds' fees have been below industry averages.<sup>4</sup>

---

| | |
|:---|:---|
| <sup>1</sup> | Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022. |
| <sup>2</sup> | Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund's inception through December 31, 2021. Periods covered are the shorter of the fund's lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. |
| <sup>3</sup> | Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor's 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in "lockstep," in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction. |
| <sup>4</sup> | Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds. |
| All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies. | All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies. |

---

![](g382964image_054.jpg)

------

(b) Not applicable.

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions (the "Code of Ethics"). During the period covered by this report, no material amendments were made to the provisions of the Code of Ethics, nor did the registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

**Item 3. Audit Committee Financial Expert.** 

The registrant's Board of Trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Robert J. Boulware, Susan C. Gause, Nancy Hawthorne, and Dawn M. Vroegop have each been determined to be an "audit committee financial expert" and each is "independent" (as each term is defined in Item 3 of Form N-CSR).

**Item 4. Principal Accountant Fees and Services.** 

Information provided in response to Item 4 includes amounts billed during the applicable time period for services rendered by Deloitte & Touche LLP ("Deloitte"), the registrant's principal accountant.

(a) Audit Fees

The aggregate fees billed for professional services rendered by Deloitte for the audit of the registrant's annual financial statements and for services that are normally provided by Deloitte in connection with statutory and regulatory filings for the fiscal years ended December 31, 2021 and December 31, 2022 were $2,568,503 and $2,575,395, respectively.

(b) Audit-Related Fees

During the fiscal years ended December 31, 2021 and December 31, 2022, Deloitte billed $84,910 and $88,299, respectively, for assurance and related services that relate directly to the operations and financial reporting of the registrant, the registrant's investment adviser or any other entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant. Represent fees for services rendered to the registrant for 17f-2 security count procedures for select portfolios for the years ended December 31, 2021 and 2022.

(c) Tax Fees

The aggregate fees billed for professional services rendered by Deloitte for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2021 and December 31, 2022 were $297,143 and $311,570, respectively. Represent fees for services rendered to the registrant for review of tax returns for the fiscal years ended December 31, 2021 and December 31, 2022.

During the fiscal years ended December 31, 2021 and December 31, 2022, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the registrant were billed by Deloitte to the registrant's investment adviser or any other entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant.

------

(d) All Other Fees

The registrant was not billed for any other products or services provided by Deloitte for the fiscal years ended December 31, 2021 and December 31, 2022 other than the services reported in paragraphs (a) through (c) above.

During the fiscal years ended December 31, 2021 and December 31, 2022, no fees for other products or services that relate directly to the operations and financial reporting of the registrant, other than the services reported in paragraphs (a) through (c) above, were billed by Deloitte to the registrant's investment adviser or any other entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant.

(e)(1) The registrant's Audit Committee has established pre-approval procedures pursuant to paragraph (c)(7)(i)(B) of Rule 2-01 of Regulation S-X, which include regular pre-approval procedures and interim pre-approval procedures. Under the regular pre-approval procedures, the Audit Committee pre-approves at its regularly scheduled meetings audit and non-audit services that are required to be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. Under the interim pre-approval procedures, any member of the Audit Committee who is an independent Trustee is authorized to pre-approve proposed services that arise between regularly scheduled Audit Committee meetings and that need to commence prior to the next regularly scheduled Audit Committee meeting. Such Audit Committee member must report to the Audit Committee at its next regularly scheduled meeting on the pre-approval decision.

(2) Not applicable.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and adviser affiliates that provide ongoing services to the registrant for 2021 and 2022 were $142,033 and $43,280, respectively.

(h) The Audit Committee of the registrant's Board of Trustees considered the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services are compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

------

**Item 6. Investments.** 

(a) Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

The registrant does not have procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 11. Controls and Procedures.** 

(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Not applicable.

(b) Not applicable.

------

**Item 13. Exhibits** 

(a)(1) [Code of Ethics is attached hereto.](d382964dex99codeeth.htm)

(a)(2) [The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d382964dex99cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

(b)(1) [The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d382964dex99906cert.htm)

(b)(2) [The certification required under Section 906 of the Sarbanes-Oxley Act of 2002, regarding American Funds Growth Portfolio, a series of the Trust, by American Funds Insurance Series, is attached hereto.](d382964dex99906cert.htm#ex99_906b2382964_11)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**BRIGHTHOUSE FUNDS TRUST I** 

---

| | |
|:---|:---|
| By: | <u>/s/ Kristi Slavin</u> |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |
| Date: | March 6, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Kristi Slavin</u> |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |
| Date: | March 6, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Alan R. Otis</u> |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |
| Date: | March 6, 2023 |

---

## Ex-99.Code

**Exhibit 13(a)(1)** 

**BRIGHTHOUSE FUNDS:** 

**Brighthouse Funds Trust I** 

**Brighthouse Funds Trust II** 

**Code of Ethics Pursuant to Section 406** 

**Of the Sarbanes-Oxley Act of 2002** 

**<u>For Principal Executive and Senior Financial Officers</u>** 

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by each Trust and applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or persons performing similar functions ("Covered Officers," as set forth in <u>Exhibit A</u>) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files
with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the prompt internal reporting of violations of this Code to an appropriate person or persons identified in
this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

**II.** **Covered Officers Should Handle Conflicts of Interest Ethically** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not engage in certain transactions (such as the purchase or sale of portfolio securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trusts and, as applicable, BIA, the Subadvisers, and the Trusts' principal underwriter, administrator, and transfer agent ("Service Providers"; each of BIA and the Trusts' principal underwriter and transfer agent,

------

respectively, shall be referred to herein as the "Affiliated Service Providers") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trusts and an Affiliated Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers shall, in the normal course of their duties (whether for the Trusts or for an Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that shall have different effects on the Affiliated Service Providers and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Trusts and their Affiliated Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, other applicable laws and the Trusts' organizational documents, such activities shall be deemed to have been handled ethically and not to have involved any violation of this Code. In addition, it is recognized by the Board that the Covered Officers may also be directors, officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest or to a violation of this Code.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● use the Covered Officer's personal influence or personal relationships to influence investment decisions
or financial reporting by the Trusts whereby the Covered Officer, or a member of the Covered Officer's family, would knowingly benefit personally to the detriment of the Trusts and their shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● use the Covered Officer's position with the Trust for private economic gain to the Covered Officer, the
Covered Officer's family or any other person, or in a manner detrimental to the interests of the Trust and its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● exercise inappropriate influence in connection with the Covered Officer's official duties that causes the
Trusts to violate applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer, or a member of the Covered Officer's family, rather than the benefit of the Trusts; or retaliate against any other person or entity doing business with the Trusts for reports of potential violations of this Code or applicable laws that
are made in good faith.

------

There are some relationships that should always be disclosed to the CCO of the Trusts ("Code Officer"). These relationships are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the Trusts, other than an Affiliated Service Provider or an affiliate of an Affiliated Service Provider. This disclosure requirement shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered
Officer's ownership does not exceed $50,000 of the outstanding securities of the relevant class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with an Affiliated Service Provider or its affiliates. This disclosure requirement shall not apply to or
otherwise limit (i) the ownership of publicly traded securities so long as the Covered Officer's ownership does not exceed $50,000 of the particular class of security outstanding or (ii) the receipt by an Affiliated Service Provider
or its affiliate of research or other benefits in exchange for "soft dollars."

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Each Covered Officer should review the relevant disclosure pertaining to the Trusts and disclosure
requirements generally applicable to the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Trusts to others, whether within or outside the Trusts, including to the Board and auditors, and to governmental regulators and self- regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● each Covered Officer should, to the extent appropriate within the Covered Officer's area of
responsibility, consult with other officers and employees of the Trusts, the Affiliated Service Providers, auditors, other entities doing business with the Trust or with counsel to the Trust with the goal of promoting full, fair, accurate, timely
and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC (which for the sake of clarity, does not include any sales literature; or omitting prospectuses or "tombstone" advertising prepared by
the Trusts' principal underwriter) and in other public communications made by the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations by (i) adhering personally to such standards and restrictions and (ii) encouraging and counseling other persons involved with the Trusts to adhere to such standards and restrictions.

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**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to the Trusts that the Covered Officer has received, read, and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● annually thereafter affirm to the Trusts that the Covered Officer has complied with the requirements of this
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire as well as
with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● notify the Code Officer promptly if the Covered Officer knows of any material violation of this Code. Failure
to do so is itself a violation of this Code.

The Code Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Code Officer may consult with internal or external counsel or accountants to assist with the application and interpretation of this Code.

Requests for waivers from this Code shall be submitted in writing to the Code Officer. The Audit Committee of the Board shall be authorized to grant waivers, as it deems appropriate. Any changes to or waivers of this Code shall, to the extent required, be disclosed as provided by SEC rules.

The Trusts shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Code Officer shall take all appropriate action to investigate any potential material violations reported
to the Code Officer, which may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if, after such investigation, the Code Officer believes that no material violation has occurred, the Code
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any matter that the Code Officer believes is a material violation shall be reported to the President of the
applicable Trust (if the violation is by someone other than the President) and the Audit Committee of the Board (together, the "Committee");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the Committee concurs that a material violation has occurred, it shall consider appropriate action, which
may include disclosure to the full Board of the affected Trust, review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of an Affiliated Service Provider or its board; and/or
disciplinary action (which may include the dismissal of the Covered Officer as an officer or employee of the Trusts);

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**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Trusts and their Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board.

**VII.** **Internal Use** 

The Code is intended solely for internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Board, the Covered Officers, the Code Officer, the Service Providers and their affiliates, outside audit firms, legal counsel to the Trusts, and legal counsel to the Independent Trustees.

**EFFECTIVE AS OF:** May 22, 2012

**REVISED AS OF**: May 25, 2016; January 3, 2017; January 2, 2018; May 19, 2021

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**<u>Exhibit A</u>**

<u>Persons Covered by this Code of Ethics</u>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Trust** | **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer** | **Principal**<br> **Accounting Officer** |
| &nbsp;&nbsp; Brighthouse<br> Funds Trust I | Kristi Slavin, President and Chief Executive Officer<br>| Alan R. Otis, CFO and Treasurer | Alan R. Otis, CFO and Treasurer |
| &nbsp;&nbsp; Brighthouse<br> Funds Trust II | Kristi Slavin, President and Chief Executive Officer<br>| Alan R. Otis, CFO and Treasurer | Alan R. Otis, CFO and Treasurer |

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## Ex-99.Cert

**Exhibit 13(a)(2)** 

**<u>CERTIFICATIONS</u>**

I, Kristi Slavin, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust
I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | March 6, 2023 |
| By: | <u>/s/ Kristi Slavin</u> |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

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I, Alan R. Otis, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | March 6, 2023 |
| By: | <u>/s/ Alan R. Otis</u> |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |

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## Exhibit 99.906

**Exhibit 13(b)(1)** 

Kristi Slavin, and Alan R. Otis, of Brighthouse Funds Trust I (the "Trust"), each certify that:

1. This Form N-CSR filing for the Trust (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

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| | |
|:---|:---|
| By: | <u>/s/ Kristi Slavin</u> |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |
|  By:  | <u>/s/ Alan R. Otis</u> |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |

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Date: March 6, 2023

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**Exhibit 13(b)(2)** 

**AMERICAN FUNDS CERTIFICATION PURSUANT TO SECTION 906** 

I, Steven I. Koszalka, in my capacity as Secretary of the American Funds Insurance Series, certify that in compliance with Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and Item 11 of Form N-CSR, the Principal Executive Officer and Treasurer of American Funds Insurance Series ("AFIS") intend to certify to the U.S. Securities and Exchange Commission ("SEC") with respect to the attached PDFs of the Series (Quarterly, Semi-annual or Annual) report and disclose that they have concluded without qualification that the disclosure controls and procedures relating to AFIS are effective. Brighthouse Funds Trust I may rely on these certifications, which will be made in connection with AFIS' filings with the SEC on forms N-CSR and N-PORT, which can be found at https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000729528&owner=include&count=40.

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| | |
|:---|:---|
| /s/ Steven I. Koszalka<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 16, 2023<br>|
| Steven I. Koszalka | Date |
| Secretary, |  |
| American Funds Insurance Series |  |

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